Elnusa: Monthly exploration report-Feb.2009

(12 March 2009)--Bangkanai Block PSC is located in Bangkanai, Central Kalimantan. The block originally awarded by Government of Indonesia in December 2003, for 30 years contract to Elnusa Bangkanai Energy Ltd (EBE).

Currently, the Company holds 100% shareholding in EBE. Through farm in agreement, EBE currently holds 50.01% working interest (WI) in this block.

Exploration Activities
- Drilling Activities ? Land clearance for Sungai Lahei-1 well road and location, building a jetty, helipad and logistic field office in Luwe Hulu in relation with drilling preparation for Sungai Lahei-1 exploratory well.

- Result- None

- Next Plan:
- Continue to clear the location completing the jetty and logistic field office in Luwe Hulu, followed by building the road and location of Sungai Lehei-1 exploratory well. (US$348,174)
- Preparation to do seismic acuisation and processing, completed to build an explosive bunker for seismic activity while waiting for tender process of seismic acquisition contract. (US$ 44,512.24)

Cost: US$ 392,686.24 (end of release)