| COMPANY ANNOUNCEMENT GENTING BERHAD
April 22, 1999 CAIRNS LIMITED AND BG EXPLORATION AND PRODUCTION BRING STRATEGIC PARTNER INTO MUTURI PSC, INDONESIA Genting Berhad is pleased to announce that its wholly-owned subsidiary Cairns Limited ("Cairns") has agreed to sell 2.37% of its interests in the Muturi Production Sharing Contract ("PSC"), located in the Bird’s Head area of Irian Jaya, eastern Indonesia, to Nissho Iwai Corporation of Japan ("NIC") via NIC’s wholly-owned subsidiary, Indonesia Natural Gas Resources Muturi Inc. ("INGRM"). Cairns’ partner BG Exploration and Production Ltd ("BG") has agreed to sell an additional 2.63% interest. As a result, Cairns will have 45%, BG (operator) 50% and INGRM will hold the remaining 5% working interest in the Muturi PSC. This sale follows Cairns’ announcements in August 1998 of the acquisition of a 2.37% interest from P.T Sapta Patra Wisesa and the successful results from four wells drilled in the Muturi PSC. On 31 July 1998, DeGolyer and MacNaughton, an independent petroleum engineering firm, certified proved and probable reserves for the block as 3.8 trillion cubic feet ("TCF") of gas. Cairns and BG are collaborating with the Berau and Wiriagar contractors in the supply of gas to the Tangguh liquefied natural gas ("LNG") project, using reserves from the Muturi, Berau and Wiriagar PSCs. The combined proved and probable reserves of 18.3 TCF, certified from all three participating PSCs are sufficient to support three trains, each with an annual capacity of 3 to 3.5 million tonnes of LNG for 25 years. This volume is sufficient to allow Tangguh to provide both the established Asia Pacific markets of Japan, Korea and Taiwan as well as to emerging markets in the region. NIC has been engaged in the importation of Indonesian LNG to Japan since 1977. In 1998, NIC handled 14.7 million tonnes, representing 81% of all Indonesian LNG imported to Japan, that constitutes 30% of Japan's total LNG imports. The participation by NIC in the Muturi permit increases Japanese involvement in the Tangguh project and coupled with NIC’s experience in understanding the Japanese market, will enhance Tangguh’s marketing efforts, which is being led by Pertamina. NOTES: 1. Muturi Concession: Cairns originally held 47.37% interest and BG held 52.63%. 2. In 1998, four successful wells were drilled in the Muturi PSC:
3. Summary of gas reserves:
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