Continental Energy closes first institutional placement

Dallas, (ANTARA News/PRNewswire-AsiaNet) - Continental Energy
Corporation (OTC Bulletin Board:CPPXF) today announced that it has
closed a private equity placement with Macquarie Bank Limited. The
placement was arranged by the London office of Macquarie's Energy
Capital Group with Macquarie Bank Limited ("Macquarie") subscribing the
equity for its own account.

Continental issued 5,000,000 common shares at a price of $0.65 per
share for net proceeds of US$3,250,000. The placement included a total
of 10,000,000 attached warrants with each having an exercise price of
$0.90 per common share for a term of three years. When exercised the
warrants will provide additional net proceeds of $ 9,000,000.
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