Continental appoints EMFI to arrange financing for Bangkudulis field development project
Thursday, March 18 2004 - 11:52 PM WIB
Dallas-based junior oil company Continental Energy Corporation announced Thursday it has signed an agreement with Emerging Markets Finance International, LLC, (EMFI) based in Denver and London, to arrange $5,000,000 of project financing for its Bangkudulis Field Development Project in East Kalimantan.
Continental had filed the Plan of Development (POD) for the Bangkudulis Oil Field with the Government of Indonesia.
"Assuming a successful funding effort, we should be drilling in the third quarter of 2004, and have production from the Bangkudulis Field prior to year end," said James D. Eger, Continental's Vice President and CIO."
Continental is expecting to complete Phase 1 of Bangkudulis development nine months from start with crude flow rate of 1,500 barrels per day.
Continental has 100 percent working interest in Bangkudulis TAC through its subsidiary GAT Bangkudulis Petroleum Company Ltd. (GATB). A local company is entitled to 30% of GATB's net after tax profits. (alex)