LNG Energy Ltd.

LNG Energy Ltd.

April 07, 2010 05:00 ET

LNG Announces Acquisition of High Resolution Airborne Magnetic and Gravity Survey Over PPL 319 and PRL 13 in Papua New Guinea

VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 7, 2010) - LNG Energy Ltd. ("LNG" or the "Company") (TSX VENTURE:LNG) is pleased to announce that it commenced the acquisition of High Resolution Airborne Magnetic ("HRAM") and Gravity data over its southern licenses in Papua New Guinea, PPL 319 and PRL 13, in mid-February 2010. Sander Geophysics Limited ("SGL") of Ottawa, Ontario (http://www.sgl.com) is conducting the fixed-wing acquisition of this high resolution survey at a minimum drape altitude of 150m, with an 800m normal traverse and 3200m control line spacing. In-field Quality Control and Project Management is being provided by Erwin Ebner of ELS Consulting Inc. out of Calgary, Alberta.

Once the southern licenses have been completed in early April, 2010, SGL will move onto LNG's northern licenses; PPL 320, PPL 321 & PPL 322 to complete the remainder of the HRAM and Gravity program, using similar data acquisition parameters. Based upon current estimates the acquisition of the data over the entire 25,000 km of the northern and southern licenses should be completed by June 2010.

LNG has entered into a contract with Integrated Geophysics Corporation ("IGC") of Houston, Texas (http://igcworld.com) to interpret the HRAM and Gravity dataset. IGC's proprietary analysis incorporates existing seismic, wells and all available surface geological control with the recently acquired HRAM and Gravity dataset, to provide a comprehensive and fully integrated interpretation. IGC's deliverables will include maps of Magnetic Basement Structure, Gravity Residual, Structural Models and Migratory Pathway. IGC's interpretation will provide LNG with a proprietary prospect inventory, encompassing varying levels of exploration maturity. 

"The aeromag and gravity program will provide basin definition to be followed up with 2D seismic and structural mapping for selecting drilling locations. A number of recent exploration successes in PNG have been based off targets generated by gravity and geophysical information. This fundamental, bottoms-up, exploration approach will provide LNG a clear understanding of the potential of our 100% working interest in the 5.5 million acres of our Papua New Guinean assets. We are very pleased with the initial quality of the data acquired to date. Based upon very preliminary data, we see indications of exciting anomalies that have been identified within the contiguous 540,000 acres of PRL 13 and PPL 319," said Dave Afseth, President of LNG.

LNG Energy Ltd. is a Canadian oil & gas exploration and development company focused on developing oil and gas reserves in Papua New Guinea ("PNG"), the US and Poland. LNG has assembled a world class portfolio of acreage in Papua New Guinea ("PNG") holding a 100% interest in approximately 5.5 million acres of prospective oil and natural gas properties and through its 60% interest in BWB Exploration, LLC ("BWB") holds approximately 2,800 acres of oil and gas leases in Carter County, Oklahoma and an estimated 86,000 acres of leases in the Black Warrior Basin of Mississippi and Alabama. LNG also holds a 12% net interest in BNK Petroleum Inc.'s ("BNK") shale gas exploration project in Poland. LNG shares are traded on the Toronto Stock Exchange under the symbol "LNG".


Dave Afseth, President & CEO

This news release may contain forward-looking statements based on assumptions and judgments of management of LNG regarding future events or results. Such statements are subject to a variety of risks and uncertainties which could cause actual events or results to differ materially from those reflected in the forward-looking statements. LNG disclaims any intention or obligation to revise or update such statements except as may be required by law.

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