🕐05.04.13 - 02:27 Uhr

NEW GUINEA ENERGY [ASX: NGE] - INDEPENDENT ASSESSMENT OF SIGNIFICANT OIL TARGET IN PPL 267





Fortbridge Media Release

New Guinea Energy [ASX: NGE] - Independent Assessment of Significant Oil Target in PPL 267

New Guinea Energy Limited (ASX:NGE), Operator and 100% equity owner of Petroleum Prospecting Licence (PPL) 267 is pleased to announce the results of an independent technical review of prospective resources by Gaffney, Cline & Associates (GCA), a qualified reserves evaluator.

In its announcement on 4 March 2013, NGE declared that it believes it has identified a significant oil target in the licence that has the potential to contain more than 50 million barrels of petroleum initially in place, with an expectation that approximately one third of this would be recoverable oil.

GCA�s assessment concurs that PPL 267 is most likely an oil play, and have identified a lead with structural closure at the Alene and Toro reservoir levels with unrisked P50 (Best Case) Potentially Recoverable Prospective Resources totaling 21.6 million stock tank barrels with a Geological Chance of Success of 12%. Additional technical work is required before the leads are considered mature and can be classified as prospects ready for drilling. A subsequent discovery would warrant the reclassification of these volumes as a contingent resource.

"We are very encouraged that independent experts with no vested interest in NGE support our view of the possibility of a significant oil target in PPL 267 close to the mouth of the Bamu River near the southern coastline of PNG," said NGEs CEO Grant Worner. "If exploration is successful, and with potentially more than 20 million barrels of recoverable oil, this target�s proximity to water-borne transportation routes should facilitate comparatively low finding and development costs and be helpful in converting a discovery into a revenue generating asset in a relatively short timeframe."

Please see the attached announcement for more details.

For further information, please contact:

Dan Kendrick
General Manager - Technical and Operations

Or

Grant Worner
Chief Executive Officer
Phone: +61 2 9252 0010

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