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 LNG Energy has assembled a world class portfolio of acreage in Papua New Guinea ("PNG") and holds a 100% interest in approximately 5.5 million acres of prospective oil and natural gas properties comprising five large licenses (see map). The current licenses, renewed in 2008, have a six-year term along with new work and expenditure commitments for each Petroleum Prospecting License ("PPL").
2009 has seen an acceleration of investment interest in PNG, culminating with two significant developments; (1) a US$15 Billion Liquefied Natural Gas development project, lead by ExxonMobil, was granted Final Investment Decision, FID, on Dec. 7th, 2009 (2) InterOil's gas discovery at Antelope #1,March 2009, achieved a World Record during testing operations of 382 MMscf/d, followed by Antelope #2, December 2009, surpassing the #1 well's record at 705 MMscf/d The presence of large reserves of oil and gas within PNG has been known for many years, but it is only with the advent of a Liquified Natural Gas facility and burgeoning demand in Asia that the production of significant quantities of natural gas in PNG will become economically viable. We are very excited about the notable exploration successes in PNG and are looking forward to the upcoming year's opportunities. Planned activity in 2010 The 2010 exploration work program will consist of acquiring high resolution airborne magnetic and gravity data over substantially all of LNG Energy's petroleum prospecting licenses, ("PPL"). Post acquisition magnetic and gravity data modeling, 2D and 3D, will lead to a portfolio of exploration prospects for high grading and possible further investigation to maturity of a drilling inventory. Activity in prior years In 2009, LNG Energy engaged a specialist, third party to provide a complete range of secure, accessible data archival and management services. Presently, the LNG Energy team can promptly access this data, as needed, from anywhere in the world where internet access exists. A total of $20 million including over $11 million on the development of PRL 13 and over $2 million on PPL 319 and PPL 322 has been expended to date. LNG Energy has also recently expended an additional $2 million preparing to drill a new well on the Kuru anticline, the site of two gas discovery wells located on PRL 13. PPL 319 and PRL 13 lie on PNG's major hydrocarbon trend (see Licence Location Map) and are located only 30 km southeast of the Southeastern Gobe oil and gas field. Over several years, LNG Energy has built a management team that is concentrating on working with government officials and local villagers to ensure that the various stakeholders are kept fully informed of the Company's plans and activities as part of its commitment to involve the local communities in its work program.  DAfseth at conference Click to enlarge
 DAfseth Signing new licences Click to enlarge
 Kuru Base Camp (Kuru 3 derrick) Click to enlarge
 LNG Office Click to enlarge
 LNG Office in Port Moresby Click to enlarge
.jpg) LNG Office Click to enlarge
 Port Moresby harbor Click to enlarge
 Welcome at Kuru Base Camp Click to enlarge
 Port Moresby Click to enlarge
 LNG booth at NAPE Expo in Feb 2010 Click to enlarge
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