News out CBM Asia successful in tender for Kuala Kapuas I CBM
Ticker Symbol: C:TCF
CBM Asia successful in tender for Kuala Kapuas I CBM
CBM Asia Development Corp (C:TCF)
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Last Close 8/31/2012
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Wednesday September 05 2012 - News Release
Mr. Alan Charuk reports
CBM ASIA UPDATES KUALA KAPUAS I PSC IN SOUTH KALIMANTAN, INDONESIA
CBM Asia Development Corp. has been informed by the Director General of Oil and Gas (MIGAS) of Indonesia that its tender submitted for the Kuala Kapuas I CBM block, located in the Barito basin of south Kalimantan, was successful. CBM Asia will now be invited by MIGAS to finalize terms and conditions for a production-sharing contract (PSC). CBM Asia holds an 80-per-cent working interest in the 1,501-square-kilometre Kuala Kapuas I CBM block and will be the operator, with CBM Asia's partner PT Tranaco Utama (Tranaco) holding the remaining 20-per-cent interest.
"We hope to finalize PSC terms with MIGAS within the next two months but have already commenced planning the 2013 exploration drilling program," stated CBM Asia president and chief executive officer Alan T. Charuk. "The award of Kuala Kapuas I will increase our overall awarded acreage but also sees the company enter the Barito basin which is dominated by ExxonMobil and BP. The Barito basin has an estimated original gas in place estimate of approximately 100 trillion cubic feet (1). We hope to add to our Barito basin acreage in the near future through the PSC bid process and joint ventures."
(1) Society of Petroleum Engineers Paper 88630 (not NI 51-101-compliant)
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