CBM Asia Announces Heads of Agreement to acquire Prospective Coalbed Methane PSC in Kalimantan, Indonesia
25 Janeiro 2012 - 4:00PM
Business Wire
CBM Asia Development Corp. ("CBM Asia" or the "Company") (TSX.V:
TCF) (US: CBMDF) (FWB: IY2) announces that it has signed a Heads of
Agreement (“Agreement”) with PT Tranaco Utama (“Tranaco”), a
private Indonesian company that holds the first rights to undertake
a production sharing contract (“PSC”) for a 1,500 square kilometre
coalbed methane block in Kalimantan, Indonesia.
Under the terms of the Agreement, CBM Asia has the right to
acquire 80% participation interest in the proposed coalbed methane
PSC and be appointed operator (with Tranaco to hold the remaining
20% participation interest) in consideration for reimbursing
Tranaco’s sunk costs and paying any signing bonus to the Indonesian
government upon the award of a PSC. On January 18, 2012, CBM Asia
and Tranaco submitted a proposal to the Director General of Oil and
Gas (“Migas”) to approve the award of a coalbed methane PSC through
the Direct Offer Mechanism under Ministerial Regulation of the
Department of Energy and Mineral Resources. The proposal is based
on a Joint Evaluation Study undertaken by Tranaco in 2011.
“This Agreement represents the advancement of our business
strategy to materially expand our land position in Indonesia where,
in 2011, we acquired a 70% participating interest and operatorship
in the Bentian Besar CBM PSC and the Hulu CBM PSC,” commented Mr.
Alan T. Charuk, CBM Asia’s CEO and President, “There are a number
of coalbed methane PSCs in proximity to the block area operated by
Exxon Mobil and BP.”
ABOUT CBM ASIA DEVELOPMENT CORP.
CBM Asia Development Corp. is a Canadian-based unconventional
gas company with significant coalbed methane ("CBM") exploration
and development opportunities in Indonesia. The Company holds
various participating interests in four production sharing
contracts (each a "PSC") for CBM in Indonesia. Indonesia has one of
the largest CBM resources in the world with a potential 453
trillion cubic feet in-place, more than double the country's
natural gas reserves (Stevens and Hadiyanto, 2004). Since 2008 a
total of 39 CBM PSCs have been granted by the Government of
Indonesia, representing exploration commitments of over US$100
million during the next 3 years. In addition to CBM Asia, other
companies active in CBM exploration in Indonesia include BP, Dart
Energy, ENI, ExxonMobil, Medco, Santos, and TOTAL. BP, ENI, and the
Indonesian government have confirmed that commercial CBM production
started in March 2011 from the Sanga-Sanga PSC and is being
exported from the Bontang LNG facility. The Company trades on the
TSX Venture Exchange under the symbol "TCF". www.cbmasia.ca
ON BEHALF OF CBM ASIA DEVELOPMENT CORP.
"Alan T. Charuk"
President & CEO
For further information on CBM Asia Development Corp., please
contact Alan Charuk at (604) 684-2340, or (866) 504-4755, email
corpcom@cbmasia.ca or visit our website at www.cbmasia.ca.
For investor relations contact: Micro Cap et al at 1 877 642
7622, or info@microcapetal.com
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
CBM ASIA DEVELOPMENT CORP.
404-815 Hornby Street Vancouver, BC, V6Z
2E6
T.604.684.2340 F.604.684.2474
TF.866.504.4755
www.cbmasia.ca
This news release contains forward-looking statements, which
relate to future events or future performance and reflect
management’s current expectations and assumptions. Such
forward-looking statements reflect management’s current beliefs and
are based on assumptions made by and information currently
available to the Company. Readers are cautioned that these forward
looking statements are neither promises nor guarantees, and are
subject to risks and uncertainties that may cause future results to
differ materially from those expected. See “Risks and
Uncertainties” in the Company’s annual MD&A dated April 27,
2011 available on SEDAR at www.sedar.com These forward-looking
statements are made as of the date hereof and the Company does not
assume any obligation to update or revise them to reflect new
events or circumstances save as required under applicable
securities legislation. This news release does not constitute an
offer to sell securities and the Company is not soliciting an offer
to buy securities in any jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such jurisdiction.
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