AEG 201401160025A
QCLNG Project update

AVENG LIMITED
(Incorporated in the Republic of South Africa)
(Registration number: 1944/018119/06)
ISIN: ZAE000111829
SHARE CODE: AEG
("Aveng" or "the Group")


QCLNG PROJECT UPDATE


The Aveng Group is pleased to announce that the Queensland Curtis Liquefied Natural Gas
(“QCLNG”) pipeline and facilities project in Australia, in which McConnell Dowell is a 50% joint
venture partner, achieved substantial completion on 30 November 2013. The client, QGC, formally
confirmed that the so-called “gas-ready” milestone date was achieved in early December 2013.


The client is satisfied with the delivery of this complex project which is a critically important milestone
in the development of their overall liquefied natural gas project.


Although the project completion milestones were successfully met and the resulting milestone
completion incentives were earned and received, the commercial claims resolution process remains
a risk. In late-December 2013, the QCLNG joint venture was unsuccessful in the first part of the
commercial claims arbitration. Based on the recent recommendation of the joint venture’s legal
advisors, it submitted its leave to appeal the outcome of this first claims award, on 15 January 2014.


For the remaining claims, which in both number and monetary value are considerably larger than
those to which the initial arbitration award applied, it is the intent of the parties to expedite the
arbitration process.


Further information will be made available as further material developments relating to the
commercial claims process emerge.


Sandton
16 January 2014



Sponsor:

J.P. Morgan Equities South Africa Proprietary Limited

Date: 16/01/2014 11:12:00 Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.