Release: CityView: Well Report - Sebaya #2 Madura Island

January 6, 2005 -- CityView Corporation Limited (?CityView?) (ASX:CVI) has received the following information from the Operating Shareholder, PT Medco Energi Internasional TBK (?Medco?):

OPERATOR: Medco Madura ? Pertamina JOB
WELL: Sebaya #2
RIG: P.T Apexindo
SPUD: 11.30hrs ? 29 November 2004
TARGET DEPTH: Programmed for 5170 feet SS (sub-sea) or 5,990 feet KB
PRESENT DEPTH: 3910 feet and ran 9 5/8? inch casing shoe cemented at 3890 feet.

Formation Objective:
Primary:
? Tuban Formation (Early Miocene, alternating shale and sandstone, intercalations of limestone) Reference drill stem tests 1 & 2 in Sebaya 1. Zones depths: 4300 - 5850 feet.
Secondary:
? Tawun Formation (Middle Miocene, predominantly claystone / siltstone, intercalations of sandstone, and limestone streaks) Reference drill stem tests 3 & 4 in Sebaya 1, Zone depths 2200 to 4000 feet.

Present Activity Summary:
? 9 5/8? casing cemented at 3890 feet, wellhead/BOP installed and tested.
? Lay down 12?? BHA and pick up Tesco Top Drive while waiting on Drawworks transmission repair.

Next Operation:
? Drill out 9 5/8? casing shoe, run formation pressure integrity test. Drill to 6000 feet penetrating primary objectives between 4300 and 5900 feet. (end of release)