EWC ups gas reserves from Sengkang PSC

In a report issued to the Company dated 26 August 2008, Helix RDS have confirmed that effective from 1 July 2008, our Sengkang gas reserves can be formally and officially upgraded.

The Directors of Energy World Corporation Limited (EWC) are pleased to announce that following an extensive and detailed review of the Sengkang gas reserves by Helix RDS using dynamic information obtained from 10 years of uninterrupted gas production, we can now increase the Sengkang proved and probable (2P) gas reserves to 700 BCF.

In addition to the upgrade of gas reserves highlighted above. Helix RDS have identified thirty prospects, that is, potential accumulations of gas within the Sengkang Contract Area, giving substantial additional prospective gas resource in excess of 2.25 TCF. (This is sufficient gas to produce an additional 4 million tons per annum of LNG for 10 years.) Further to these prospects, there are also numerous leads in the Sengkang Contract Area which require more data acquisition or evaluation that could increase the prospective resource from the Sengkang field to between 5 TCF to 7 TCF.

This new independent evaluation by Helix RDS further re-enforces the Company?s strategy to develop this gas field as a major power and LNG production facility. (end of release)

Note: EWC holds 100 percent interest in Sengkang PSC, onshore South Sulawesi.