Bengara-II southeast Asia production sharing contract expires

Source: Continental Energy Corporation

Continental Energy Corporation (CPPXF) (the "Company") an emerging energy company concentrating its efforts in Southeast Asia, today announced that Kunlun Energy Ltd., acting in its capacity as operator of the Bengara-II Production Sharing Contract ("PSC") has terminated negotiations with the Indonesian government for an extension of the PSC's term. Consequently the PSC shall be relinquished and allowed to expire in accordance with its terms.

The Company's CEO, Richard L. McAdoo said, "We are disappointed that agreeable terms for an extension could not be worked out with the Indonesian government but with respect to Kunlun's decision in this regard, the door is now open for the Company to re-acquire a participation in the same block under new PSC terms, with a new PSC time clock, and at a higher participating interest when the block comes out for public tender in 2013. To that end, we intend to establish a joint bid group with other local industry players to present a competitive bid for the new Bengara-II PSC. Our years of experience involving the block provide the Company with a decided competitive advantage."


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