Continental Energy seeks funds for Indonesian business expansion

Dallas-based small exploration firm Continental Energy Corporation on Tuesday announced that it has engaged the services of Alternative Energy Finance Ltd. London, to provide financial advice and source fresh capital from European and Middle East investors.

The company said the funds would be used to finance its planned expansion program in Indonesia, including acquisition of new concessions.

The company is planning to engage in 4-well exploration drilling in its Bengara-II Block in East Kalimantan next year, funded by the US$6 million funds it secured from sale of its Yapen Block interest in Papua earlier this year.

The company said the funds raised would also be used to fast track the early development of Makapan Gas-Condensate Field in the Bengara-II block."

The company did not say the amount of funds it sought.(alex)