Release: Madura, Simenggaris blocks update

The following is a release from CityView Corporation Limited entitled ?COMPANY UPDATE? to the Australian Stock Exchange.

August 25, 2003 -- CityView Corporation Limited has received the following update from its Joint Venture partner and Operating Shareholder, PT Medco Energi Internasional Tbk:

1. MADURA CONCESSION
The Operator is conducting a full evaluation of the concession in order to advise the Partners of Medco Madura Pty Ltd the recommended operational activities for year 2004.

Telaga Structure
The Operator continues to study the testing and drilling results of the Telaga well with Halliburton to determine the benefit of an acid fracing program for the Telaga well. It is anticipated that the study will be completed shortly.

Tambuku Structure
The Operator is continuing the re-evaluation of the Tambuku structure to determine the benefit of returning to the well for further testing in conjunction with the Telaga well.

Sebaya Structure
The Operator is completing the processing of 8 seismic lines on the structure to confirm formation characteristics and to determine a drilling location on the structure in consideration of drilling delineation well.

2. SIMENGGARIS CONCESSION
The Operator is currently completing a study of the concession to determine the areas to be relinquished on completion of the 6th year of the Production Sharing Contract. 25% of the concession is due to be relinquished on February 24, 2004.

Bangku Besar Structure
The Operator is presently releasing tender documents for a drilling rig to drill the Bangku Besar #1 well. Depending on rig availability it is anticipated that the well will be drilled late 2003 or early 2004.

Sesayap Structure
The Operator anticipates confirming the drilling of the Sesayap B well after drilling and testing the Bangku Besar #1 well, based on the results of the well. (end of release)

Editor?s note: Australian-based CityView has a 25 percent gross interest in both the Madura joint operating block (JOB), located in Madura Island, off the coast of Surabaya, and Simenggaris JOB, located in East Kalimantan. Medco is the operator of both blocks.