Nuenco has executed a service agreement with a highly...

Nuenco has executed a service agreement with a highly experienced, United States based oil and gas industry consultant to generate new oil and gas investment opportunities for the Company. Under this service agreement, the consultant will be entitled to a maximum of 1,500,000 unlisted options exercisable at 4 cents each on or before 30 June 2011, subject to the identification and successful completion of 3 new commercial oil and gas projects. Such projects are yet to be acquired by the Company and for the vesting milestones to be satisfied, the consultant must identify and develop each of the 3 new prospect opportunities on behalf of the Company.