Continental Energy Corporation Retains Emerging Markets Finance International to Arrange Financing for its Bangkudulis Field Development Project
LONDON, March 19, 2004 -- Continental Energy Corporation (OTC BB:CPPXF.OB - News) today announced that it has signed
an agreement with Emerging Markets Finance International, LLC, (EMFI) based in Denver and London, to arrange $5,000,000
of project financing for its Bangkudulis Field Development Project in East Kalimantan, Indonesia.
"Now that we have filed the Plan of Development for the Bangkudulis Oil Field with the Government of Indonesia,
we are ready to proceed with drilling the wells needed to establish production and a revenue stream," said Richard
L. McAdoo, President and CEO of Continental. "EMFI has specific recent experience in arranging the funding of
international oil development projects similar to ours. Its knowledge of the international oil business is a big plus
for us in communicating the merits of our properties to funding sources. We are confident that EMFI will enable us to
conclude project financing to get our Bangkudulis Field into production." "Continental has assembled a very
impressive management and technical team, with a demonstrated track record of implementing similar projects such as
Bangkudulis," said John Works, Managing Director of EMFI. "Continental has demonstrated the economic viability
of commercial development of the Bangkudulis field reserves as evidenced by its recently submitted Plan of Development
to the Indonesian government. We very much look forward to a successful financial close." "Assuming a
successful funding effort, we should be drilling in the third quarter of 2004, and have production from the Bangkudulis
Field prior to yearend," added James D. Eger, Continental's Vice President and CIO. "The revenues from
Bangkudulis Field production will enable us to aggressively explore our other Indonesian properties." About
Emerging Markets Finance International, LLC: Emerging Markets Finance International (EMFI) is a leading emerging markets
international energy advisor and arranger, with oil & gas as its core area of expertise. The EMFI team is one of the
world's leading energy financial advisors and arrangers for international emerging markets projects, and has
developed a solid reputation in the marketplace for advising and arranging finance for quality transactions. EMFI's
long-term experience in the energy sector, and more specifically its intimate knowledge of Russia, Central & Eastern
Europe, Central Asia, the Middle East, North Africa, West Africa, and Latin & South America, makes the firm
extremely well suited to act as financial advisor and arranger for a wide variety of financial transactions. For further
information, see http://www.emfi.biz About Continental Energy Corporation: Continental Energy Corporation is a small oil
and gas exploration company, focused entirely on making a major oil or gas discovery in Indonesia. There it has
successfully acquired production sharing contracts granting exclusive petroleum exploration and production rights to two
high potential exploration concession areas, the Bengara-II and Yapen Blocks, totaling over 3 million acres; and a third
concession for the development of the Bangkudulis Oil Field. Continental concentrates its efforts in Indonesia, one of
the few places in the world where large tracts of highly prospective acreage can be accumulated. Indonesia has a long
and successful history of oil and gas exploration and geological conditions are proven to be excellent for petroleum
accumulation. Management has long experience in-country, and solid relationships with both industry and government at
all levels. A strong and growing domestic demand for both crude oil and natural gas provides expanding and nearby
markets for any production Continental establishes. For further information, see http://www.continentalenergy.com. Safe
Harbor Statement: No securities regulatory authority has either approved or disapproved the contents of this news
release. Certain matters discussed within this press release may be forward-looking statements within the meaning of the
"Safe Harbor'' provisions of the Private Securities Litigation Reform Act of 1995. Although Continental
believes the expectations reflected in such forward-looking statements including reserves estimates, production
forecasts, feasibility reports and economic evaluations are based on reasonable expectations and assumptions, it can
give no assurance that its expectations will be attained. Factors that could cause actual results to differ materially
from expectations include financial performance, oil and gas prices, drilling program results, regulatory changes,
political risk, terrorism, changes in local or national economic conditions and other risks detailed from time to time
in Continental's periodic filings with the U.S. Securities Exchange Commission.
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