scaryharrysafari
3 years ago
15 minutes before the close on Thursday 12-16, this started happening:
Indicator,Tick,Price,Size,Time,Exchange
T,,0.10,124187,15:56:22,V
T,,0.09,92743,15:56:02,V
T,,0.03,244782,15:53:53,V
T,,0.03,50000,15:53:10,V
T,,0.02,10000,15:50:17,V
T,,0.02,22257,15:50:17,V
T,,0.02,10000,15:50:17,V
T,,0.0187,50000,15:50:16,V
T,,0.0187,50000,15:50:16,V
T,,0.0187,131915,15:50:06,V
T,,0.01,50000,15:49:49,V
T,,0.0187,42743,15:48:19,V
T,,0.01,10000,15:45:26,V
T,,0.01,3000,15:45:25,V
T,,0.01,92000,15:45:25,V
T,,0.01,10000,15:45:25,V
T,,0.01,92000,15:45:25,V
T,,0.01,43200,15:45:23,V
T,,0.009,125200,15:45:23,V
T,,0.009,125200,15:45:23,V
T,,0.0089,44685,15:45:18,V
T,,0.0089,44685,15:45:18,V
T,,0.0089,14375,15:44:55,V
T,,0.0089,5315,15:44:55,V
T,,0.0089,9060,15:44:55,V
T,,0.0038,18150,15:44:20,V
T,,0.0038,18150,15:44:20,V
Yeah, "somebody" is up to something and by 15:56 they were happily paying $.09 and $.10 for over 200k shares.
That works out to $20 large. Nobody drops $20 large on an obscure Expert Market stock such as this simply because they've got nothing better to do on a Thursday afternoon. This is going to be interesting; all the trip-Zombies started coming alive this year in early January. And from what I'm seeing, people are "loading" trips again in anticipation of the same happening this time around, 2022. We shall see.
gsfl
12 years ago
Excellent Gas Quality And Final Exploration Well at the Kutai West Coalbed Methane PSC, Indonesia
High-Methane Coalbed Gas Confirmed with Very Low CO2 Suitable for Pipeline or LNG Export
VANCOUVER, BRITISH COLUMBIA--(Marketwire - July 31, 2012) - CBM Asia Development Corp. ("CBM Asia" or the "Company") (TSX VENTURE:TCF)(OTCBB:CBMDF)(FRANKFURT:IY2) reports excellent gas quality has been measured at the Kutai West Coalbed Methane Production Sharing Contract ("Kutai West CBM PSC"), located in East Kalimantan, Indonesia. Newton Energy Capital Limited operates the Kutai West CBM PSC, in which CBM Asia holds an 18% working interest.
Contractor PT GeoServices measured the composition of coalbed methane gas desorbed from eleven (11) coal samples cored from a depth of 317 to 842 meters in the CBM-KW-01 exploration well. All gas samples tested high in methane and very low in carbon dioxide. The methane content averaged 91.1%, while the CO2 content averaged 0.14%. Combustible ethane and propane also were present (average 0.5% each), while inert gas such as nitrogen accounted for the balance. The gas compositional testing indicates that the CBM gas in the CBM-KW-01 well is of high quality, suitable for transport via pipeline or conversion to LNG.
CBM Asia also reports that the fourth and final well, CBM-KW-03, reached a target depth at 1,000 meters. The exploration well, designed to delineate the coal extent at the south-eastern edge of the syncline in the C 'sweet spot' encountered 11.5 meters of net coal as expected.
With the aerial extent, coal thickness, gas content and gas quality of the C sweet spot confirmed the Kutai West partners are now planning development activities for the next exploration phase which will likely include a production pilot. The Kutai West block is adjacent to the Sanga-Sanga PSC, where BP, ENI, and partners (VICO) have been commercially producing coalbed methane and exporting it as LNG to north Asia since March 2011.
"With gas content levels exceeding 200 scf/ton and net coal thickness within sweet spot C of 25-32 meters we are excited to be moving toward the second exploration phase and begin the planning process for the production pilot program," comments CBM Asia President and CEO Alan T. Charuk. "BP's success in delivering CBM gas to the Bontang LNG and securing local gas sales contracts in the range of USD7.50/Mcf underscores the potential of the Kutai West PSC."
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
gsfl
13 years ago
CBM Asia Increases Participating Interest in Sekayu PSC to 26%
VANCOUVER, BRITISH COLUMBIA, May 25, 2012 – CBM Asia Development Corp. (“CBM Asia” or the “Company”) (TSX.V TCF), (US: CBMDF) (FWB: IY2). CBM Asia is pleased to announce that it has entered into a settlement deed (the “Deed”) to increase its participating interest in the Sekayu production sharing contract (the “Sekayu PSC”) for the 583.49 km2 Sekayu block in the South Sumatra Basin of Indonesia to 26%. Currently, the Sekayu PSC is held 50% by a consortium of shareholders through South Sumatra Energy Inc. (“SSE”) and 50% by PT Medco CBM Sekayu, as operator.
Under its original letter of intent, the Company acquired the right to earn, indirectly through SSE, a 12% participating interest in the Sekayu PSC (with the exclusive right to provide financing for up to an additional 12% participating interest) from certain arm’s length vendors (the “Vendors”) in consideration for US$1,000,000 cash (the “Cash Payment”), of which US$730,000 was paid on December 14, 2009, and exploration expenditures totaling US$3,243,500.
Under the terms of the Deed, the Vendors have agreed to relinquish and transfer all of their interest in SSE and the Sekayu PSC to the remaining shareholders of SSE including the Company and Ephindo Sekayu CBM Inc. (“Ephindo”) in exchange for, inter alia, the Company paying the Vendors the sum of C$75,000 in full and final settlement of the Cash Payment and assuming all of the Vendors’ obligations under the underlying participation agreement (the “Participation Agreement”) between the Vendors and Ephindo. Ephindo, in turn, will transfer all of its interest in SSE to the Company in exchange for a direct 21.5% participating interest in the Sekayu PSC. Upon completion of the transactions contemplated in the Deed, the Sekayu PSC will be beneficially owned as follows:
CBM Asia (indirectly through SSE) - 26.0%
Ephindo - 21.5%
Far East Methane LLC (“FEM”) - 2.5%
PT Medco CBM Sekayu - 50.0%
TOTAL - 100.0%
Pursuant to the Participation Agreement, the Company will be responsible for funding all of Ephindo’s and FEM’s exploration expenditures under the Sekayu PSC up to the earn-in cap of US$8,000,000 (the “Earn-in Cap”), of which US$6,422,938 had been incurred by the Company and the Vendors as of December 22, 2011. Upon the Company funding the remaining US$1,577,062 of the Earn-in Cap, each party will be responsible for paying its pro rata share of future exploration and other costs under the Sekayu PSC.
Certain transactions contemplated in the Deed including the change in control of SSE to the Company and the transfer of the direct interest in the Sekayu PSC to Ephindo are subject to the approval of BP Migas, the Government of Indonesia’s executive agency for regulation of upstream oil and natural gas activities.
FEM is a private limited liability company owned by Charles W. Bloomquist and Harvey S. Price, both officers and/or directors of the Company.
gsfl
13 years ago
CBM Asia Raises $8.9 Million in Third Tranche of
Non-Brokered Private Placement; Grants Stock Options
VANCOUVER, BRITISH COLUMBIA, March 9, 2012 - CBM Asia Development Corp. ("CBM Asia" or the "Company") (TSX.V: TCF) (US: CBMDF) (FWB: IY2) announces that further to its news release of March 6, 2012, the Company has completed a third tranche (the “Third Tranche”) of its non-brokered private placement totalling 49,605,281 units (the “Units”) at a price of $0.18 per Unit for gross proceeds of $8,928,950. To date, the Company has issued a total of 73,119,249 Units representing gross proceeds of $13,161,465 with a total of 151,908,836 common shares currently outstanding.
Each Unit consists of one common share (a “Share”) and one transferable share purchase warrant (a “Warrant”) to purchase an additional Share at a price of $0.35 for a period of 24 months, subject to acceleration by the Company, at its discretion, after 4 months from closing upon 30 days notice if the closing price of the Company’s shares on the TSX Venture Exchange (the “Exchange”) equals or exceed $0.50 per share for 20 consecutive trading days.
Finder’s fees of up to 6.25% cash (of which a portion will be paid in shares at a deemed price of $0.18 per share) and finder’s warrants of up to 6.25% of the Units sold are payable in connection with the Third Tranche. Each finder’s warrant will entitle the holder thereof to purchase one share of the Company at a price of $0.18 for a period of 24 months, subject to acceleration on the same basis as the warrants forming part of the Units. All securities issued pursuant to the Third Tranche are subject to a 4 month hold period expiring July 9, 2012.
The Company anticipates completing the balance of the private placement totalling approximately $2,838,535 within the next 2 to 4 weeks following receipt of all requisite regulatory approvals.
“The capital raised during this financing has major positive implications for the Company. First and foremost, the capital raised will cover the Company’s 2012 primary operating budget focused on drilling activities in the Kutai West PSC and the Sekayu PSC” commented Mr. Alan Charuk, CBM Asia’s CEO and President. “Furthermore, this financing substantially broadens CBM Asia’s shareholder base and for the first time includes a number of prominent institutional investors from London, New York, Toronto, Vancouver and Hong Kong who understand the value proposition that the Company’s assets provide. The institutions have expressed strong support for management’s goal of continuing to expand the Company’s asset portfolio while at the same time de-risking its current projects.”
The Company also announces the granting of stock options to its directors, officers, employees and consultants to purchase up to a total of 6,917,000 shares at a price of $0.19 per share for a period of five years.
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
gsfl
13 years ago
Increases Non-Brokered Private Placement Again to $16 Million
VANCOUVER, BRITISH COLUMBIA--(Marketwire - March 6, 2012) -
CBM Asia Development Corp. (TSX VENTURE:TCF)(US:CBMDF)(FRANKFURT:IY2) ("CBM Asia" or the "Company") announces that further to its news release of February 10, 2012, it has increased its non-brokered private placement of units from $10 million to $16 million (the "Private Placement"). The Private Placement will now consist of a total of 88,888,888 units (the "Units") at a price of $0.18 per Unit for gross proceeds of $16,000,000, of which 23,513,968 Units totalling $4,232,515 have been issued to date.
Each Unit consists of one common share (a "Share") and one transferable share purchase warrant (a "Warrant") to purchase an additional Share at a price of $0.35 for a period of 24 months, subject to acceleration by the Company, at its discretion, after 4 months from closing upon 30 days notice if the closing price of the Company's shares on the TSX Venture Exchange (the "Exchange") equals or exceed $0.50 per share for 20 consecutive trading days.
Finder's fees of up to 6.25% in cash and 6.25% in finder's warrants are payable on the remaining Private Placement, each finder's warrant entitling the holder to purchase one common share of the Company at a price of $0.18 for a period of 24 months from closing, subject to acceleration on the same terms as the Warrants.
The additional proceeds from the Private Placement will be used to, among other things, fund the acquisition and exploration costs of the Company's existing coalbed methane projects in Indonesia, identify and, if warranted, acquire new properties for exploration and development and for general working capital purposes.
The balance of the Private Placement is expected to close in two tranches with the first tranche totalling approximately $8,000,000 to close in this week and the second tranche to close following receipt of all requisite regulatory approvals.
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
gsfl
13 years ago
CBM Asia Completes Initial Closing of Non-Brokered Private Placement; Engages Market Making Services
VANCOUVER, BRITISH COLUMBIA, December 30, 2011 - CBM Asia Development Corp. ("CBM Asia" or the "Company") (TSX.V: TCF) (US: CBMDF) (FWB: IY2) announces that further to its news release of December 4, 2011, it has completed an initial closing (the “Initial Closing”) of its non-brokered private placement totalling 7,167,253 units (the “Units”) at a price of $0.18 per Unit for gross proceeds of $1,290,106. Each Unit consists of one common share (a “Share”) and one transferable share purchase warrant (a “Warrant”) to purchase an additional Share at a price of $0.35 for a period of 24 months, subject to acceleration by the Company, at its discretion, after 4 months from closing upon 30 days notice if the closing price of the Company’s shares on the TSX Venture Exchange (the “Exchange”) equals or exceed $0.50 per share for 20 consecutive trading days.
The Company anticipates that a second closing of the private placement by management will be completed in early January, 2012, subject to applicable securities laws and the approval of the Exchange. To date, directors and officers of the Company have advanced approximately $1,072,600 to the Company in anticipation of participating in the private placement.
A third tranche of the private placement by certain institutional investors is also anticipated to take place in early January, 2012 following completion of such investors’ 2011 year ends.
The net proceeds of the private placement will be used to, among other things, fund the Company’s pilot production and/or exploration and development costs on its coalbed methane projects in Indonesia, repay certain short term loans, pay ongoing general and administrative expenses and for unallocated working capital.
A cash finder’s fee of 6% is payable on a portion of the gross proceeds from the Initial Closing.
All securities issued pursuant to the Initial Closing are subject to a 4 month hold period expiring May 1, 2012.
1
The Company also announces that, subject to Exchange approval, it has engaged Venture Liquidity Providers (“VLP”) to provide assistance in maintaining an orderly trading market for the Company’s common shares. The market making service will be undertaken by VLP through a registered dealer, W.D. Latimer Co. Ltd., in compliance with the guidelines set out in Exchange Policy 3.4. J.C. Cunningham of VLP will be the person primarily responsible for providing VLP’s market making services to the Company.
The Company has engaged VLP for an initial term of one year at a fee of $5,500 per month, subject to termination by either party at any time upon written notice. The Company and VLP act at arm’s length and VLP has no present interest, direct or indirect, in the Company or its securities.
VLP is a specialized consulting firm based in Toronto, Canada that provides a variety of services focused on TSX Venture Exchange listed stocks. VLP's exclusive market making service is provided by W.D. Latimer Co. Ltd. of Toronto, Canada.
gsfl
13 years ago
Day Late, a Dollar Short
Bob Moriarty
President: 321gold
Archives
November 3rd, 2011
The most embarrassing thing in life is to get caught out at the airport when your ship finally comes in. It happened to one of our advertisers recently. I can't remember who it was that said, "When the eraser on your pencil keeps running out before the lead does, God is trying to tell you something." Whoever it was had a good point.
I wrote about CBM Asia (TCF-V) for the first time about three years ago just as the GFC was gaining steam. The price of the stock was $.46 but I cautioned against buying it at those prices. They had months more work to do before they would actually see progress.
By the time I wrote about them the second time, the price of natural gas had dropped and TCF was selling for half of what it had been selling for in December of 2008. You could buy it cheap for $.23 and I said so.
I wrote about them for the third time in September of 2009 just as they were about to spud their first hole. The shares were $.40 apiece and those who bought at $.23 were sitting in high cotton. According to the company, results would be out in a week after they drilled. It was just another promise too good to be true. I wish they would break the habit of promising and not delivering. They are beating their shareholders to death.
They finally drilled the first hole after many months of little being accomplished. They may as well have just stayed in the office in Jakarta and shot themselves in the foot. The drillers thought they were drilling for coal, not for CBM. They brought the core up and set it aside. CMB Asia didn't have a geo on site and it never occurred to anyone to bag the core. By the time they tested the core, all the gas was gone. I was shocked.
I wrote about them yet again last May with the shares still cheap at $.445. According to them, they had the results from the three holes that they had completed and would have a 51-101 resource out in 60 days. For two and a half years, patient shareholders have been waiting for some progress and it always seemed that the company would take one step forward and two steps back. The 60 days promised turned magically into 180 days and by now they had pissed off all the shareholders.
CBM Asia released the 51-101 results on November 2, Wednesday and the stock promptly dropped. The results were skewed by what I will call the Dumbshit Drill hole where no one thought to bag the core.
CBM Asia had to release the results of that first hole. The results showed there was no gas in the core after sitting for two weeks and the company doing the 51-101 had to factor in the Dumbshit Drill hole into their numbers.
Other than that, Mrs. Lincoln, how was the play?
The company doing the 51-101 showed three different sets of number for the resource. There was a low estimate of 319 Bcf, a best estimate of 1062 Bcf and a high estimate of 2056 Bcf.
CBM Asia has 12% of the project with an option for another 12% for a total of 24%. Now to understand what those numbers may mean, we need to look at what people get for a Bcf in other parts of the world. You should know from the gitgo that Indonesia is getting an incredible $11.50 a Mcf at present while natural gas in the US today is $3.75.
My sources in Texas and Calgary say that the market price for a Bcf of natural gas is $2 million. So if you took the low number from the 51-101 and used 319 Bcf, 24% of that would translate into a market value of $153 million or about $2 a share. If you used 24% of the best estimate, you would come up with a market value of $509 million using comparisons from Canada and Texas. If you were a wild optimist and used the 2056 Bcf High Estimate, you would have a value of $986 million.
Bear in mind the company totally skewed the numbers by drilling and announcing a dud hole. Obviously the numbers should be a lot higher but at this point only God knows and She isn't saying.
In my view, if the company had drilled three holes, and had bothered to bag the core so they would have some stupid wild-assed guess as to how much gas was in the coal and had completed the 51-101 in some kind of reasonable time frame a year after my first piece, I think the stock would be worth and would be selling for $5-$10 a share. I think that if they had done everything right and it took two years to drill three holes and do a 51-101 they would be selling for $3-$5 a share. But they have screwed the pooch so many times that when they actually get around to releasing pretty good numbers, their shareholders are so bored all they can do is hit the sell button.
I think with these numbers and no more, the stock should be $1 to $2 a share right now even with all the stupidity. If they would get drills cranking on the other 95% of the properties the company controls and actually bag the core and do a resource sometime this century the company could rocket a lot higher. If the company got the stock price above $.90 for over 20 days, it would accelerate the warrants and that would bring in about $10 million in cash. The company is worth ever bit of that and a lot more but shareholders don't know it.
I suspect a lot of shareholders are burned out and want to do nothing more than dump their shares at any price. I think that's a mistake, if management will get their act together, this stock would be a lot higher. We are going to have to churn through millions of shares from shareholders bored to death and management is going to have to learn to stop making promises they can't meet.
And face it guys, three holes in three years is absurd. It's time to get cranking.
CBM Asia is an advertiser, I own a lot of shares and have held them for a long long time. I am biased but I'm also pretty pissed. Shareholders have been severely abused and that needs to stop.
CBM Asia Development
TCF-V $.31 (Nov 2, 2011)
CBMDF-PK 70.6 million shares
CBM Asia website
Bob Moriarty
President: 321gold
Archives
November 3rd, 2011
Atlevan
13 years ago
CBM Asia Announces Independent Estimate of Coalbed Methane Resources at Sekayu PSC, Indonesia
ccnm
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Nov. 2, 2011) - 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:
Unrisked Gross (100%)
Prospective Gas Resources (MMcf)
Prospect
Low Estimate
Best Estimate
High Estimate
Sekayu Block
319,051
1,061,983
2,056,266
Important Notes
A Production Sharing Contract (PSC) between CBM Asia and its Partners and the Indonesian Government executed for Sekayu gives CBM Asia and its Partners the right to explore for coalbed methane. If a commercial discovery is made, CBM Asia and its Partners have the right to develop and produce from Sekayu.
The above figures represent recoverable unrisked gross (100%) prospective gas resources for the Sekayu PSC as a whole and not CBM Asia's participating interest therein. CBM Asia has the right to acquire, indirectly, a 12% participating interest in the Sekayu PSC, together with the exclusive right to secure financing, indirectly, on behalf of an additional 12% participating interest in the Sekayu PSC.
The above prospective resources have been estimated using deterministic methods and are dependent on a CBM discovery being made. If a discovery is made and development undertaken, the approximate probability that the recoverable volumes will equal or exceed the unrisked estimated amounts is generally inferred to be 90% for the low estimate, at least 50% for the best estimate, and at least 10% for the high estimate.
Prospective resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development. The chance of commerciality is the product of these two risk components. There is no certainty that any portion of the prospective resources will be discovered. If a discovery is made, there is no certainty that it will be developed or, if it is developed, there is no certainty as to the timing of such development or that it will be commercially viable to produce any portion of the prospective resources. Prospective gas resources are undiscovered resources that indicate exploration opportunities and development potential in the event a commercial discovery is made and should not be construed as reserves or contingent discovered resources.
For a further discussion of the risks and uncertainties associated with the recovery of unrisked prospective resources and other significant factors relevant to the above estimates, please refer directly to NSAI's technical report entitled "Estimates of Unrisked Gross (100 Percent) Prospective Gas Resources located in the Sekayu Block South Sumatra Basin, Indonesia as of September 30, 2011" filed on SEDAR at www.sedar.com and posted on the Company's website at www.cbmasia.ca.
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". www.cbmasia.ca
ON BEHALF OF CBM ASIA DEVELOPMENT CORP.
Alan T. Charuk, President & CEO
gsfl
13 years ago
Fourth Quarter 2011: Investor Update
VANCOUVER, BRITISH COLUMBIA, October 21, 2011 - CBM Asia Development Corp. ("CBM Asia" or the "Company") (TSX.V: TCF) (US: CBMDF) (FWB: IY2) provides an update on the Company’s achievements year to date as well as planned developments for the fourth quarter 2011.
CBM Asia’s Chairman Scott H. Stevens noted, “today the Company has a stronger position in Indonesia’s commercializing CBM industry, as a result of better-than-expected well testing results at the Sekayu Production Sharing Contract (PSC) in South Sumatra, substantial increases in the Company’s net acreage with the acquisition of two additional PSC’s which we will operate, and the establishment of a strong Asian investor base from Hong Kong, Singapore, South Korea and Thailand. We anticipate that resource assessments on the Company’s Indonesia CBM holdings will be finalized early in the fourth quarter of 2011.”
Fourth Quarter 2011 Development Plans
Resource Estimates: The Company has received notice from Netherland, Sewell & Associates, Inc (NSAI) that the final report on the Sekayu PSC original gas in place and prospective resource estimates will be ready in approximately three weeks.
The Company has hired Resource Consulting International (RCI) of Colorado to conduct a resource estimate compliant with Canadian standards on Kutai West PSC, Hulu PSC and Besar PSC. A Company director will be leading the RCI report.
Sekayu PSC Production Pilot: as discussed in previous Company news releases the Sekayu coring and production test program in South Sumatra has yielded better-than-expected results in all key factors for CBM development; coal thickness, gas content, permeability, and rapid gas-to-surface. As a result, our operating partner Medco Energi has decided to accelerate the production pilot program to demonstrate commerciality. Drilling is anticipated to begin early in 2012. The 2012 work program also includes completing the coring and dewatering at CBM-SE01. Budget approval for this program is expected by the end of October.
The Sekayu PSC has been amended to allow for early sales of test gas, anticipated sometime in 2012, ahead of full-scale commercial development. The Company believes the pilot production program will establish the Company’s first proved reserves and sales revenues, while further defining the block’s overall recoverable resource potential.
Kutai West PSC First Well: The Kutai West PSC in East Kalimantan lies directly adjacent to the Sanga- Sanga PSC, where VICO (owned by BP and ENI) recently reported commercial CBM production began in March 2011. VICO, which is exporting its produced CBM to Japan from the Bontang LNG facility, estimated CBM resources at Sanga Sanga to be 13 Tcf (non 51-101 compliant). At Kutai West the Company’s operating partner is currently preparing locations and planning to spud its first CBM core well during the fourth quarter 2011.
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Exploration of Newly Acquired Acreage: CBM Asia acquired a 70% participation interest in an additional 3,913 km2 (2,793 km2 net) during the third quarter of 2011, becoming operator of the Hulu PSC in Central Sumatra and the Besar PSC in East Kalimantan. During the coming months the management team will submit an exploration plan to BPMIGAS to be executed starting the second quarter of 2012.
Jakarta Office Opening: the Company is finalizing lease arrangements and expects to open its Jakarta office next month and begin hiring a core local operations staff to help design and execute the Hulu and Besar PSCs exploration programs.
gsfl
13 years ago
CBM Asia Increases Coalbed Methane Holdings in Sumatra & Kalimantan
CBM Asia Acquires 70% Operated Participating Interest in Two Additional Indonesian Coalbed Methane PSCs
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 20, 2011) - CBM Asia Development Corp. (TSX VENTURE:TCF)(US:CBMDF)(FRANKFURT:IY2) ("CBM Asia" or the "Company") announces that it has acquired majority interest in two coalbed methane production sharing contracts (PSC) in Indonesia, increasing its total gross acreage in the country by 93% to 2,799 km2. In addition, the Company has applied to the Indonesian government for extensions to both new blocks, which are anticipated to add a further gross area of 2,564 km2, and paid signature bonuses of USD$1.0 million per PSC thereto. Both agreements require the Company to, among other things, fund 100% of the costs of the first 3 years' firm exploration program commitment under the applicable PSC up to a maximum of USD6.5 million per PSC and reimburse the vendors for certain direct and other costs.
CBM Asia's Chairman Scott H. Stevens noted, "We are excited about the prospects for these two acquisitions, including the extensions under application at both blocks. Together with the extensions, these acquisitions exceed our previously announced LOI (May 12, 2011). The Hulu PSC in Central Sumatra targets coal seams that are age-equivalent to those at the Sekayu PSC, where the Company recently reported positive results. Drilling by other operators in East Kalimantan, particularly BP's recent confirmation of that they have achieved CBM-to-LNG export, four years ahead of Australia, confirm the CBM potential there. As operators of these two blocks we will be able to dictate the pace of exploration and development."
Central Sumatra PSC: The first block acquired is the 519-km2 Hulu PSC in Central Sumatra. The Company holds a 70% participating interest and is the operator. PT Samantak Mineral Prima holds a 30% participating interest. The block is adjacent to the Trans Sumatra gas pipeline and close to the Chevron-operated Duri oil field steam flood operation, a major gas consumer which offers premium gas pricing. The extension would increase the gross area to approximately 1,983 km2.
East Kalimantan PSC: The Company has also acquired a 70% participating interest and operatorship in the 830-km2 Bentian Besar PSC in East Kalimantan. PT Ridlatama Mining Utama holds a 30% participating interest. The block is located west of the Company's Kutai West PSC holdings and the BP-ENI Sanga-Sanga PSC, which recently began selling CBM to the Bontang LNG facility for export. The extension would increase the gross area to approximately 1,930 km2.
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 including a 70% participating interest in the GMB Indragiri Hulu block covering 519 km2 in Central Sumatra, a 70% participating interest in the Bentian Besar block covering 830 km2 in the Kutai Basin of East Kalimantan and a 18% participating interest in the Kutai West block covering 869 km2 west of the Bentian Besar block in East Kalimantan. The Company has also entered into a binding letter of intent to acquire a 12% participating interest in a PSC for CBM on the 580 km2 Sekayu block located in the South Sumatra Basin where 3 exploration wells have been drilled by Medco Energi, following initial exploration drilling of a production test well in the second half of 2009. The Company has committed to fund an initial US$3.25 million in exploration expenditures on the Sekayu PSC to prove reserves and submit a Plan of Development to the Government of Indonesia. Sekayu Block Interests of the Company, Ephindo and Batavia Energy are held in South Sumatra Energy, Inc. 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. 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
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