CBM Asia Announces First Coalbed Methane Exploration Test Well Completed at Kutai West PSC, Kalimantan, Indonesia
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 04/12/12 -- CBM Asia Development Corp. ("CBM Asia" or the "Company") (TSX VENTURE: TCF)(OTCBB: CBMDF)(FRANKFURT: IY2) has been informed by the operator Newton Energy Capital Limited that the first coalbed methane exploration test well ("CBM-KW-02") has been completed at the Kutai West Coalbed Methane Production Sharing Contract ("Kutai West CBM PSC") block, located in East Kalimantan, Indonesia. CBM Asia holds an 18% working interest in the Kutai West CBM PSC.
Well logs indicate approximately 25 meters of coal were penetrated in the target Balikpapan Formation. Preliminary gas content values range from 75 to 175 scf/t (as received basis). Permeability averaged approximately 5 to 10 millidarcies. Final laboratory results are pending.
The drilling rig has moved off location and is now drilling a second core well location north of the initial location (well spud March 15, 2012 and is currently drilling ahead at 600 meters). CBM Asia notes that VICO Indonesia, operated by BP and ENI, as well as the Indonesian government have reported that commercial CBM production began in March 2011 from the adjoining Sanga-Sanga PSC and is being exported from the Bontang LNG facility to North Asian consumers.
"We are very excited about the results which are in line with expectations," says Alan Charuk CBM Asia Development Corp.'s President and CEO. "The test results are supported by Dart Energy's exploration results at the Sangatta West PSC to the north and VICO's Sanga-Sanga PSC which lies adjacent to the east. The early success at Kutai West represents CBM Asia's second consecutive exploration success, after the Sekayu PSC which is expected to begin drilling its first pilot program in the near future."
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".
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. 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. All of the forward-looking statements made in this news release are qualified by these cautionary statements and those made in our Canadian continuous disclosure filings available on SEDAR at including our annual MD&A dated April 27, 2011. 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.
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.
Contacts:
CBM Asia Development Corp.
Alan Charuk
(604) 684-2340 or (866) 504-4755
(604) 684-2474 (FAX)
Micro Cap et al
Investor Relations
1 877 642 7622
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Datum: 12.04.2012 - 12:00 Uhr
Sprache: Deutsch
News-ID 134295
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