Fax: +61 2 9247 6225 Artist & Entertainment Group Limited ABN 67...

Fax: +61 2 9247 6225
Artist & Entertainment Group Limited
ABN 67 097 771 581
Level 2 Hudson House 131 Macquarie Street Sydney NSW 2000
GPO Box 3723 Sydney NSW 2001


ANNOUNCEMENT

(ASX: AEM) Monday, 24 March 2014


Update on the Wailawi Oil and Gas Project

Further to the Company's previous announcement to the Market on 20 December 2013 regarding the
Wailawi Oil and Gas Project, Artist & Entertainment Group Limited (AEM) is pleased to announce that further
significant progress has now been made by Centre Energy Petroleum Limited (CEP) in its acquisition of an
interest in the Wailawi Oil and Gas Project.

AEM is proposing to acquire 100% of CEP following completion of CEP's acquisition of an interest in the
Wailawi Oil and Gas Project subject to an EGM to be held to obtain Shareholder approval for:

1. the acquisition of CEP for AU $12.8m through issue of shares;
2. the consolidation of AEM shares to AU $0.20 (twenty cents) per share;
3. the issue of a prospectus to raise a minimum of AU $3.5 million and a maximum of AU$4.5 million to
fund development and exploration; and
4. the change of the company name to Enhanced Oil and Gas Recovery Limited (ASX code EOR).

As the business of oil and gas exploration and extraction constitutes a significant change in the nature of the
business of AEM, the Company is required to re-comply with Chapters 1 and 2 of the ASX Listing Rules, as if it
were applying for admission to the official list of the ASX.

As previously announced, CEP, which is a Hong Kong registered company, and Perusda Benuo Taka (Perusda)
have formed the Indonesian registered joint venture company called PT Benuo Taka Wailawi (JVCo). CEP and
Perusda are the principal shareholders of the JVCo with CEP having an economic interest of 80% in JVCo.

AEM is pleased to announce that all regulatory approvals for the final registration of JVCo have been
obtained, including approvals from the Indonesia Investment Coordinating Board (BKPM)and the Ministry of
Law.

Furthermore, AEM has been advised by CEP that all conditions precedent to the release of the Cooperation
Agreement by SKK Migas have been satisfied, including the payment of the US$200,000 signing fee and the
US$1,500,000 performance guarantee. With the satisfaction of these conditions precedent, CEP is now
seeking the issue of the Perusda’s written consent to the assignment of Perusda’s participating interest in the
Cooperation Agreement to JVCo.

AEM will provide further updates to the market regarding the completion of the assignment of Perusda's
participating interest in the Cooperation Agreement to CEP.



For further information contact

Graham Kavanagh Siew Hong Koh
Joint Company Secretary Director
Tel: +61 2 9256 9988 Tel: +61 2 9256 9902