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Gold/Mining/Energy : KERM'S KORNER

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To: Kerm Yerman who wrote (9247)	2/26/1998 12:28:00 AM
From: Arnie	of 15196

ACQUISITION / CityView Energy acquires Former ARCO Block 1998-02-25 OSBORNE PARK, WESTERN AUS CityView Energy Corporation Limited ("CityView") is pleased to announce that on 24 February 1998 the Minister of Mines and Energy and the President Director of Pertamina (Indonesia's state oil and gas Company) signed the Production Sharing JOB Contract granting Genindo Western Petroleum Pty Ltd the legal title to the Simenggaris Block North East Kalimantan. Genindo Western Petroleum Pty Ltd is owned 85% CityView and 15% PT Genindo Citra Perkasa. The Simenggaris Block comprises 2734 square kilometres in the prolific oil and gas Tarakan Basin region. The Block holds the potential for the discovery of multiple mid-size oil and gas fields. Several gas markets have been identified for the Block with gas prices of approximately US$2.20 per MCF expected. These markets include a future fertilizer plant and also the methanol plant of Bunyu Island which is suffering from feedstock shortages. The initial work program will concentrate on the Sesayap gas-condensate prospect which is a fault-closed 4000 acre structure located on the western side of the Block. ARCO drilled the Sesayap-A1 and A2 wells in the late 1970's at a time when gas was not profitable. The A1 well tested 25 MMCFGPD and 65 BOPD from highly porous upper Miocene sandstones: the A2 well was a successful sidetrack. The prospect has proven and probable reserves of 200 BCF with upside potential of 335 BCF. Two 1500 metre wells will be drilled in 1998-99 to upgrade reserves to proven. Yours faithfully (signed) 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 Capital Structure: Fully Diluted: 12,607,068 Float: 5,522,049

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