FLEX LNG: Seismic Survey Spies 3Tcf of Gas Resources

FLEX LNG announced that the Anita and Wombat 2-D seismic surveys offshore Timor-Leste have been successfully completed. Preliminary results support a significant increase in the estimated gas resources of the main Chuditch structure and surrounding structures. Compared to the previous resource estimates the most recent analysis shows a potential increase in the Gas Initially In Place (GIIP) of up to 30-40%. This would bring the estimated GIIP figure for the Chuditch Main, Chuditch West and Wombat structures to a combined total of more than 3 tcf.

Commenting on the survey, Chief Executive Officer of FLEX LNG, Philip Fjeld stated, "We are excited that the 2009 survey confirmed the potential for substantial additional gas resources.

"Recent developments have shown the potential for floating LNG to monetize numerous gas resources in Australia and South-east Asia. We are hopeful that over time a number of these projects will be developed utilizing FLEX LNG Producers."