April 2007

Malaysia; MISC to supply FSO to Petronas Posted Saturday, April 28, 2007 - 10:08 by petromin
MISC Berhad had entered into a Bareboat Charter Party Contract with PETRONAS Carigali Sdn Bhd, a wholly owned subsidiary of PETRONAS for the supply, delivery and bareboat charter of a Floating, Storage and Offloading ("FSO") facility for the PM318 Abu Cluster Development Project.

The Abu Cluster field is a marginal oil field located in shallow waters, offshore Terengganu.

The repair, life extension and conversion of the FSO was undertaken by Malaysia Marine and Heavy Engineering Sdn Bhd, a subsidiary of MISC Berhad, in Pasir Gudang.

The contract value of the award is approximately US $85 � US $100 million for a charter period of 10 years with an option to extend for another 5 years. Estimated Capex is approximately US $80 � US $95 million.

The above transaction is regarded as Related Party Transaction whereby, Petronas Carigali Sdn Bhd is a wholly owned subsidiary of PETRONAS, one of the major shareholders of MISC Berhad. The percentage ratios for the above transaction is below 5%. No approval from shareholders is required for this transaction.

To the best of our knowledge and save for the above, none of MISC's Directors, Substantial Shareholders and persons' connected to them has any direct or indirect interest in the above transaction.

Malaysia's oil output growth to continue in long term Posted Saturday, April 28, 2007 - 10:06 by petromin
Malaysia�s oil output is forecast to continue to grow in the long term after a series of world-class deepwater discoveries, an analyst said.

�In stark contrast to the outlook at the turn of the last decade, when production declines from core legacy fields were a major concern, a series of world-class deepwater discoveries have set the scene for a resurgence in output,� said Kate Broughton, head of oils research at Wood Mackenzie, an international energy and life sciences consultancy firm.

Globally, Wood Mackenzie�s field-by-field research showed strong supply growth would prevail in the short term, with total global capacity forecast to grow steadily from 86.3 million barrels per day (bpd) in 2006 to 96.7 million bpd in 2010.

In a statement yesterday, Broughton said non-Opec peak oil � or the point of maximum production of oil � would not occur before 2014.

Disputing views that any pinnacle was within sight, Wood Mackenzie�s in-depth field-by-field research provides evidence that strong supply growth will prevail in the short term.

In fact, barring unexpected disruptions to production, total global capacity was forecast to grow steadily from 86.3 million bpd in 2006 to 96.7 million bpd in 2010, Broughton said.

The picture for the Asia Pacific region is, however, less bullish with India being the only country to make it to the top 10 contributors to non-Opec oil and natural gas liquids supply growth to 2012.

Thailand grants JSX 1.5M more acres Posted Saturday, April 28, 2007 - 10:04 by petromin
JSX Energy Inc. has been awarded Petroleum Concessions L3/48 and L9/48 by Thailand's Ministry of Energy. These new blocks are located in Sukhothai & Lampang provinces; a highly prospective yet under-explored region of northwest Thailand.
"Our patience and hard work has been rewarded," stated Luc Desmarais, JSX's President & CEO. "With a total of three concessions and 2,500,000 acres under exclusive license, our technical experts will now accelerate their analysis of all available data, with a view to drilling high probability targets as quickly as possible."

JSX has agreed to jointly explore & develop the fields with Interra Resources of Singapore and the two companies have been planning their strategy since first agreeing to work together in December last year. Aside from reinterpreting 100 kilometres of reprocessed 2D seismic, JSX geophysicists are also analyzing Bouguer gravity data, Landsat-7 Imagery, and "Digital Elevation Model" data collected from the Space Shuttle Endeavour during the Shuttle Radar Topography Mission in 2000. New and valuable information has emerged from the combined data that will greatly enhance target selection for the upcoming drilling program.

JSX Energy Inc. is an aggressive exploration company focused on high growth opportunities in Thailand's petroleum sector. Management is comprised of leading experts in Thailand's energy Industry who have positioned the Company to benefit from revised government policies designed to increase domestic production.