CBM Asia Announces Independent Estimate of Coalbed Methane Resources at Sekayu PSC, Indonesia
1,062 Bcf of Gross Recoverable Prospective Resources
(firmenpresse) - VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 11/02/11 -- CBM Asia Development Corp. ("CBM Asia" or the "Company") (TSX VENTURE: TCF)(US: CBMDF)(FRANKFURT: IY2) announces that Qualified Reserves Evaluator Netherland, Sewell & Associates, Inc. (NSAI) has completed its coalbed methane resource estimate for the Sekayu Production Sharing Contract (PSC) in South Sumatra, Indonesia. The NSAI technical report can be found on the Company's website and on SEDAR. Note: prospective resource estimates are not proved reserves. Please see further notes below for important disclosures on risks.
CBM Asia's Chairman Scott H. Stevens noted, "We are pleased to disclose for the first time coalbed methane resources at Sekayu. These estimates -- prepared by respected third-party evaluator NSAI -- validate the thick coal seams, positive gas content results, and gas-to-surface that we have recently reported. Based on these results the Company is assisting operator Medco Energi to plan its pilot production program, with the goal to achieve commercial production in 2012, potentially increasing resources volumes and continuing the process of upgrading the resources to proved reserves status."
Mr. Stevens also noted, "the resource results support CBM Asia's investment target of maximizing our return on exploration investment. Indeed to September 2011 the Sekayu consortium has spent approximately USD9.3 million - inclusive of signature bonus - yielding an estimated 1,062 Bcf of recoverable prospective resources. The Sekayu PSC represents only 11% of CBM Asia's total coalbed methane net acreage in Indonesia and only 4.5% including the extensions under application on the Company's new interests in the Hulu and Bentian Besar PSC's. We believe CBM Asia's other properties offer a similar return on investment potential and that Resource Consulting International's upcoming resource estimate will provide further insight to the potential scale of the Company's overall resource base."
Sekayu PSC: Resource Estimate
Texas-based Netherland, Sewell & Associates, Inc. (NSAI) prepared the resource assessment of the Sekayu PSC as of September 30, 2011 in accordance with Canadian NI 51-101 standards and the COGE Handbook. NSAI has prepared numerous resource studies for CBM operators in Australia, China, Indonesia and other countries. Please see notes below for important disclosures on risks.
NSAI estimates the recoverable unrisked gross (100%) prospective gas resources for the Sekayu PSC as of September 30, 2011 as follows:
Important Notes
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 more than 30 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, 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. See "Risks and Uncertainties" in the Company's annual MD&A dated April 27, 2011 available on SEDAR at . 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
Investor Relations
1 877 642 7622
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Datum: 02.11.2011 - 14:34 Uhr
Sprache: Deutsch
News-ID 83152
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Oil & Gas
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