CBM Asia Provides 2012 Recap
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/02/13 -- CBM Asia Development Corp. ("CBM Asia" or the "Company") (TSX VENTURE: TCF)(US: CBMDF)(FRANKFURT: IY2) provides a 2012 recap of its coalbed methane properties in Indonesia.
2012 Recap: This truly has been an exciting year for CBM Asia:
On the other hand, a significant disappointment for the Company during 2012 has been the delay in drilling and commercializing the planned 5-well production pilot at the Sekayu PSC by operator PT Medco Energi. In addition, we note that financial markets continued to weigh heavily on the junior resource sector as a whole. Nevertheless, the coalbed methane industry in Indonesia continues to make good progress overall as other operators (BP, Dart Energy, ENI, Santos, TOTAL and others) update their programs.
2013 Work Program.
CBM Asia will announce its 2013 work program during the week of January 8, 2013 once final project work programs have been reviewed.
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 five 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 54 CBM PSCs have been granted by the Government of Indonesia, representing exploration commitments of well 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
The gas in place estimates referred to herein have not be classified as "discovered petroleum initially-in-place" within the meaning of the Canadian Oil & Gas Evaluation Handbook (COGE Handbook). The term "discovered petroleum initially-in-place" is equivalent to discovered resources, and is defined in the COGE Handbook to mean that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations prior to production. There are no assurances that any portion of the estimated gas in place resources will be discovered. Furthermore, the above estimates make no allowance for the recovery of the gas which will depend on, among other things, the reservoir characteristics encountered and future economic conditions.
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. Specifically, the proposed farm-in arrangement with ExxonMobil referred to herein is subject to, inter alia, the negotiation and execution of formal agreements, governmental and third party approvals, satisfactory due diligence and available financing. There are no assurances that the Company will be successful in entering into formal agreements with ExxonMobil on commercially acceptable terms or at all. 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 December 31, 2011 year end annual MD&A dated April 26, 2012 and second quarter 2012 interim MD&A dated August 28, 2012. 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
Micro Cap et al
Investor Relations
1 877 642 7622
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Datum: 02.01.2013 - 16:33 Uhr
Sprache: Deutsch
News-ID 216183
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