Lakes Blue Energy has control of a portfolio of highly prospective exploration acreage in Papua New Guinea. One key tenement is Petroleum Prospecting Licence 560 (PPL560), which contains the multi-trillion cubic feet Buna prospect.

Amplitude variation with offset (AVO) studies carried out over the Buna Prospect have given a strong and highly-reliable indication of an extensive flat-spot, representing a gas-liquid contact boundary. The Buna Prospect is independently estimated to contain 3.3 trillion cubic feet of gas (best estimate).

Source of estimate: “Undiscovered Hydrocarbon Resources, Petroleum Prospecting Licence (PPL) Blocks 257 and 258, Papua New Guinea”, 31 August 2010, Fekete Associates Inc.

The Company is working on plans for expedited exploration and development of the Buna prospect, with a focus upon farmout of the opportunity.