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Gold/Mining/Energy : KERM'S KORNER

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To: Kerm Yerman who wrote (8908)	2/9/1998 6:54:00 PM
From: Arnie	of 15196

FIELD ACTIVITIES / CityVIew Energy update on Block GSEC 74 Philippines 1998-02-09 OSBORNE PARK, WESTERN AU MMC Exploration & Production (Philippines) Pte Ltd has been advised by Arco Philippines Inc that they expect to spud Well No. Hippo-1 in Block GSEC 74 in the Southern Sulu Sea between February 11 and 13 1998. The seismic amplitude anomalies ("bright spots") to be tested by the well lie at depths respectively of approximately 3,200 feet (975 metres), 5,300 feet (1,615 metres) and 9,000 feet (2,743) metres) : it is anticipated that these targets will be reached approximately in 15, 25 and 45 days respectively. MMC Exploration & Production (Philippines) Pte Ltd holds a net 12.5% interest in Block GSEC 74. MMC Exploration & Production (Philippines) Pte Ltd is owned 51% MMC Exploration and Production BV and 49% CityView Energy Corporation Limited's wholly owned subsidiary Western Resources N.L. Yours faithfully A P WOODS Company Secretary/Chief Financial Officer For further information contact Australia - CityView Energy North America - Zoya Financial Chris Vander Boom Steve Basra/Jasbir Gill Tel: 011-61-89-474-1333 Tel: 416-214-2368 Fax: 011-61-89-474-5997 Fax: 416-214-2771 cityviewenergy.com email.jazz@wwonline.com

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