Release: Energy World: Sign MoU with PGN

(9 September 2009)--The Directors of Energy World Corporation Limited are pleased to announce that a memorandum of Understanding (MOU) was signed in Jakarta on 7 September 2009 between its wholly owned Subsidiary Company, Energy Equity Epic (Sengkang) Pty Ltd. (EEES) and PT. Perusahaan Gas Negara (Persero) Tbk, (PGN), a public state owned limited liability Company that currently operates gas pipelines in Java and Sumatra, Indonesia.

The MOU covers the Supply to PGN of between 1.5 and 5 million metric tons of LNG per annum (MTPA) with deliveries expected to commence from 2012 for an initial 5 year period. Gas for the LNG will be sourced from EEES Sengkang PSC Block, South Sulawesi and LNG will be produced from our midscale modular LNG production facility located in Wajo region, South Sulawesi.

PGN will deliver the LNG to its customers in the Indonesian domestic market. These Customers include PLN, the Indonesia Government State Owned Power Generating Company.

Following the execution of this MOU the Parties will discuss and negotiate a Heads of Agreement (HOA) leading to the formulisation of contractual arrangements.(end of release)