Energy buys RI gas fields

Energy buys RI gas fields

VANCOUVER (Dow Jones): Continental Energy Corp acquired two
oil and natural gas exploration properties in Indonesia for about
US$1.4 million cash and 1.9 million common shares.

The company said Wednesday in a press release that it bought
the prospects by purchasing two related British Virgin Island
holding companies, Apex (Bengara-II) Ltd and Apex (Yapen) Ltd,
whose only assets are the Indonesian sites.

Continental bought Apex (Bengara-II) Ltd for $1.2 million cash
and 850,000 shares, and its sister company, Apex (Yapen) Ltd, for
$150,000 cash and 1 million shares.

Continental said Apex (Bengara-II) Ltd holds a 30-year
production sharing contract with Pertamina, Indonesia's state oil
company, for oil and natural gas exploration and production
rights to the 1.2 million-acre Bengara-II contract area in the
Tarakan Basin of Kalimantan.

Seismic data from Bengara-II indicates three to five geologic
structures with "substantial" oil and natural gas potential,
Continental said.