CBM Asia Development Corp is pleased to announce that it has received approval for its initial drilling programme on the Kutai West Production Sharing Contract (“PSC”). With approval in hand from BP Migas (the government of Indonesia’s oil and gas regulatory agency) the Co can begin its work programme aimed at exploring for CBM (coalbed methane).
Al Charuk, president of CBM Asia, describes our initial work programme, “We are sourcing service companies and expect to announce our first spud date as soon as the bid process is completed by BP MIGAS. This process could take several weeks.”
Charuk goes on to say that, “As one of the very first companies to be awarded a PSC to explore for and produce hydrocarbons, November 13th, 2008 was a momentous day in the history of our company. Our PSC, together with this work programme approval, is our foundation to continue to lead the way in identifying CBM in East Kalimantan.”
On November 13th, 2008, CBM Asia, as a member of the consortium of Newton Energy and Kutai West CBM, signed a production sharing contract with the government of Indonesia to explore, develop and exploit CBM potential in the Kutai Basin of East Kalimantan, Indonesia. This PSC is 30 kilometres from the Bontang LNG plant, one of the world’s largest.
CBM Asia Development Corp is engaged in the business of investigating and acquiring the rights to coalbed methane exploration in Indonesia, followed by the development and delivery of this valuable resource.
ON BEHALF OF CBM ASIA DEVELOPMENT CORP.
Alan T. Charuk, President & CEO
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. Investors 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. These forward-looking statements are made as of the date hereof and, except as required under applicable securities legislation, the Co does not assume any obligation to update or revise them to reflect new events or circumstances.