2013 annual report, page-11

Dear fellow shareholders, I appreciate your jottings and the fact that dissent is not disloyalty for we all share the same hope for this company and therefore its shareholders. Adding to recent discussions, although it appears PNG has been airbrushed out to a large degree in the latest AR ,I can assure you BA has been own there several times recently (within the last month). I suspect it is to do more with powerstations than LNG plants.Possibly Madang/ Lae ,300MW .I believe this position has far more to do with PNG politics than anything else. SE said at last years AGM ,"we are very happy and willing to do business in PNG if they want us." However looking at Interoil message boards you soon realise it is quite complex/frustrating.
Sengkang gas reserves , on past notes, Shell did the original seismic surveys in the 1980s EWC received this information when it settled with Elpaso. Estimated at 3-5 TCF in the Sengkang Contract Area. These seismics along with the gas flow rates and change in rates/pressure over time was more recently ,last few years, was reanalysed by RS Helix International Certifiers. It has been previously stated that Tokyo Gas prior to it signing its agreement with EWC (What ever happen to that?, that's right they are still having meetings evidently) Tokyo Gas estimated there to be approx. 3TCF in an area of 40% of the contract area using the said available data and their own personal etc.
The current seismic has been done to conform to the correct requirements of SKKMigas and the RI which states that a certifier acceptable to its national authorities must be used. This seismic along with the 4 wells drilled in the WASAMBO POD , showing pressure and flow rates ,will allow for a large official increase in the certified reserves.
Not included in this drill program ,but scheduled next given the approved further development by SKKMigas is the drilling of North Minyak Tanah. See Annual report pg 25/26. Many years ago after a AGM I spoke to someone about the gas reserves etc and along with assurances of existing seismic analysis,gas pressure /flow rates, an off the cuff remark was made that most people were unaware of the "big elephant in the bottom of the field" This is a speculative statement and time will tell, in the mean time check out the AR and look at the size of that prospect lead , it dwarfs the current Kampung Baru field . This is only my opinion . Cheers Doc.