Biofuels is the biz to be in for Continental Energy Corporation. The energy company is expanding to incorporate biofuels in Delaware.
Continental Energy Corporation has announced that it has cofounded a new, partially-owned, special purpose, joint venture subsidiary incorporated in Delaware named Continental Biofuels Corporation. The Company subscribed and purchased 1,000 shares of the 2,500 issued and fully paid share capital of CBC representing a 40% stake, and largest single shareholding, in CBC. The remaining 60% stake in CBC is held by a cofounder group of five private investors led by Casimir Capital Group LLC of New York which includes two Directors of the Company, each of whom purchased a 10% stake.
The Company and its management have a long track record in oil and gas exploration in remote areas of Indonesia. This experience provides contacts, knowledge of local business practices, and long standing personal relationships with Indonesian and Malaysian palm oil plantation owners and local government plantation permit providers. As a result, the Company is in a unique position to act in the role of facilitator and strengthen CBC’s SE Asian operational capability and assist CBC to capitalize on palm oil plantation acquisition or development opportunities.
Continental Energy Corporation describes itself as an international oil and gas exploration company, focused on making major oil or gas discoveries in Indonesia.