Continental Energy Corporation is an oil and gas exploration enterprise focusing its efforts on making commercial discoveries and establishing petroleum production in low- to medium-risk and high-potential-reward properties in Indonesia. The Company is an exploration-stage, junior resource company with three principal properties all located in Indonesia: the Bengara-II Block, the Yapen Block and the Bangkudulis Block. All three properties are held under separate production-sharing contract concessions with BPMigas, the Indonesian state oil concession regulating agency. The Company's Bengara-II and Yapen oil and gas properties have no proved commercially viable deposits of oil and gas. The Bangkudulis property contains proved reserves, but is not yet in production pending development. As of July 31, 2003, none of the Company's properties were producing and the Company had no internally generated revenues.