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Volume on the Venture exchange is heating up.I've heard some fund managers were the buyers of the last pp,still to small for their funds to get involved.The Hook
I've seen these plays go ballistic then go back to where it all started.This seems to have more consistant buying,not someone trying to push it higher.Good luck to you Sir.The Hook
Yes sir, it is just starting. And that is a great investment philosophy. Stick to it and you will be one of the few who make money consistently.
Good luck
Offers are thining out,if buying pursist this could be at .40 by Monday.The Hook
I think this stock is just starting.I'm looking at selling when I get a double and let the rest ride.I like it when companies keep on putting out news which helps investor confidence and adds value.The Hook
That's ok with me because I will be selling when everyone else is buying. :)
Are Mickey and Marin still in this stock?You the only person in the US that follows this stock.Hope you are right about positive news.The Hook
We should have three PR's over the next few weeks. I am sure they will all be positive.
If this stock trades 300k a day it can continue it's uptrend.I'm hoping for new yearly highs by the end of the month.I hear another news release will be out by middle of next week.The Hook
Too much fear in the market now. We need volume and we would be rising but volume is not there and won't be until the market is finished correcting.
Scott Stevens seems to be well connected.He should have an excellent idea of which properties to pursue.I also have years to wait and will keep a position and try to trade some to reduce initial cost.The hook
In this business things always take longer than we wish. I never listen to the hoopla I just look at the property, surrounding success, management and put my money down. I have years to wait so I am ok. If my timing is wrong I just continue to buy a little here and a little there as it drops and sell a little here and a little there on the way back up but keep my core position until I am satisfied and move on.
I haven't seen or read any up-to-date analysis on CBM Asia but would expect some soon with the latest news out. I'll post it when I see it.
When was their last update and where can I read?Looks like they were thinking $3+ a couple years ago.The Hook
Marin Katusa and Andrew Mickey
Your opinion.If the next couple of holes are the same as 1 and 2 with good gas pps will go back to highs of years ago?The Hook
Thanks,I'm getting my info from Micro cap,who is your contact,if you are willing to share.The Hook
Actually, from what I understand all the casing is set they just need to enter the saturation point. I, and many others who follow this play believe there is a whole lot of gas here. Because, there is a whole lot of coal. And 99% of the time when there is this much coal there is a lot of gas. The reason the sp is where it is, IMO, is because it has taken sooooooo long to get to this point a lot of investors pulled their capital and placed it else where. It will come back soon. And, I hope, in a BIG way.
I hear hole 3 and 4 are being drilled with results in less than 2 weeks.This will allow them to connect the dots to get an estimate.Your thoughts.The Hook
CBM Asia Reports High Gas Saturation in Thick Coals Across 7-Km-Wide Coalbed Methane Fairway
147 Net Feet of Coal Penetrated at Sekayu PSC, South Sumatra
Preliminary Gas Contents Exceed 100 ft3/ton
May 4, 2011 (Marketwire Canada) --
VANCOUVER, BRITISH COLUMBIA -- CBM Asia Development Corp. ("CBM Asia" or the "Company") (TSX VENTURE:TCF)(US:CBMDF) (FRANKFURT:IY2) announces that MedcoEnergi penetrated 147 net feet of coal in the CBM-SE-04 exploration well at the Sekayu coalbed methane production sharing contract in South Sumatra, Indonesia. More than 20 coal core samples are undergoing gas content desorption.
On-site contractor Core Laboratories N.V. estimates gas content of up to 96 ft3/ton (as-received basis). As desorption continues, final gas contents are likely to be in excess of 100 ft3/ton (dry, ash-free basis). The new gas content data confirm the high (93%) coal seam gas saturation level measured by Weatherford International Ltd. at the CBM-SE-02 well, located 7 km northeast of the CBM-SE-04 well.
The coal cores, recovered from the Palembang B coal interval at an average depth of 2,100 feet, were observed to be naturally fractured and effervesced gas bubbles at the surface, which may indicate good gas content and permeability. CBM Asia's VP of Exploration James M. Charuk supervised coring and desorption operations along with Medco Energi geologists.
MedcoEnergi now plans to core the nearby CBM-SE-01 and CBM-SE-03 wells, which already have been pre-drilled and cased to the top of the coal section. Final gas content measurements for the three wells are expected to become available during the coming weeks, after which the Company plans to engage the services of a Qualified Reserves Evaluator to audit the coalbed methane resources of the block based on Canadian Standards of Disclosure for Oil and Gas Activities.
About Core Laboratories N.V. and Weatherford International Ltd.
Core Laboratories N.V. and Weatherford International Ltd. are leading global oilfield service companies active in testing and evaluating conventional and unconventional petroleum resources.
Filing Update
The Company's Statement of Reserves Data and Other Information as of the year ended December 31, 2010 has been filed with the applicable securities regulatory authorities and is available for review under the Company's profile on SEDAR.
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 has entered into a binding letter of intent to acquire a participating interest in a production sharing contract ("PSC") for CBM on the 58,349-hectare Sekayu block located in the South Sumatra Basin where 3 exploration wells are currently being drilled by MedcoEnergi, 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. The Company also has an 18% net working interest in a PSC for CBM on an 868.978 square kilometre block located in the Kutai Basin of East Kalimantan. 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 approximately 25 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". http://www.cbmasia.ca
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. 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.
CBM Asia Development Corp.
(604) 684-2340 or (866) 504-4755
We continue to progress as expected. It has taken way longer than anyone thought it would. All good news to me.
What's your take on the news today.The Hook
CBM Asia Development Corp.: Gas to Surface from Thick, Near-Saturated Coals at Sekayu PSC, South Sumatra, Indonesia
Pandangan A coals estimated gas content at 93% saturation
Short term dewatering test underway
Small amount of flammable gas being produced to surface
Apr. 27, 2011 (Marketwire Canada) --
VANCOUVER, BRITISH COLUMBIA -- CBM Asia Development Corp. ("CBM Asia" or the "Company") (TSX VENTURE:TCF)(US:CBMDF)(FRANKFURT:IY2) announces that MedcoEnergi has measured a high degree of coal seam gas saturation in the CBM-SE-02 well at the Sekayu coalbed methane production sharing contract in South Sumatra.
CBM Asia's Chairman Scott H. Stevens noted: "This test confirms good gas content and high gas saturation in the thick coals present across the Sekayu PSC. Combined with additional gas desorption data anticipated soon from Medco's three deeper test wells, the Company expects that its third-party consultant will have sufficient data for evaluating the resources and commercial potential of coalbed methane development at Sekayu."
Well-site contractor Weatherford International Ltd. conducted Coreless Critical Desorption Pressure testing on the 36-foot thick Pandangan A coals within the 1,710- to 1,793-foot depth interval. Coal seam gas content was measured at approximately 100 scf/ton (dry, ash-free basis), with an estimated 93% level of gas saturation. Gas composition has not yet been determined but the gas being produced to surface is flammable.
MedcoEnergi subsequently installed a downhole pump in the well and has begun a short-term test to dewater the coal seams. Already, a small amount of gas is being produced to the surface from these still unstimulated coal seams.
About MedcoEnergi.
MedcoEnergi is the first Indonesian company operating in the oil & gas exploration and production business listed in Jakarta Stock Exchange since 1994. Now, MedcoEnergi has transformed itself from local company to become an energy company operating in Indonesia and overseas, with focus on Oil and Gas, power generation and renewable fuels.
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 has entered into a binding letter of intent to acquire a participating interest in a production sharing contract ("PSC") for CBM on the 58,349-hectare Sekayu block located in the South Sumatra Basin where 3 exploration wells are currently being drilled by MedcoEnergi, 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. The Company also has an 18% net working interest in a PSC for CBM on a 76,000-hectare block located in the Kutai Basin of East Kalimantan. 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 approximately 25 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".
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. 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.
CBM Asia Development Corp.
(604) 684-2340 or (866) 504-4755
(604) 684-2474 (FAX)
corpcom@cbmasia.ca
www.cbmasia.ca
Micro Cap et al
1 877 642-7622
info@microcapetal.com
CBM Asia Development Corp.: Second Tranche of Private Placement Closed; Appointment of Chief Financial Officer; Corporate Update
April 27, 2011 12:26 PM EDT
VANCOUVER, BRITISH COLUMBIA--(Marketwire - April 27, 2011) - CBM Asia Development Corp. (the "Company") (TSX VENTURE: TCF)(US: CBMDF)(FRANKFURT: IY2) announces that further to its news release dated April 8, 2011 it has now closed the second tranche of its non-brokered private placement of common shares announced on March 23, 2011. The Company has issued an additional 452,490 common shares at a price of $0.17 per share for proceeds of $76,923, for a total private placement of 5,732,404 common shares for total gross proceeds of $974,509.
A cash finder's fee of $31,750 was paid and 119,852 common shares at a deemed price of $0.17 per share were issued in connection with this private placement.
The common shares issued pursuant to the second tranche of the private placement and the finder's fee shares are subject to a four month and one day hold period expiring on August 28, 2011.
The Company is pleased to announce that James Hurren has been appointed as the Chief Financial Officer of the Company following his appointment as interim Chief Financial Officer on November 1, 2010. Mr. Hurren has worked in the area of oil and gas for a number of years and has developed expertise in financial management and strategy. He holds an undergraduate degree in accounting from the University of Lethbridge and is currently completing the final stage of his MBA (Finance) at the University of Manchester.
Corporate Update
CBM Asia further announces that the joint acquisition agreement for the application for a coalbed methane production sharing contract ("PSC") over the 56,300 hectare Kutai II block in East Kalimantan, Indonesia (the "Kutai II Block") originally announced on June 23, 2010 has expired. As a result, the Company's participating interest in the potential PSC should revert back from 28% to 40%. However, the Company is currently in dispute with the other interest holder regarding its ownership interest in the Kutai II Block and intends to commence arbitration proceedings in Singapore under the terms of its participation agreement in order to secure the Company's interest in any future PSC for the Kutai II Block and protect the interests of CBM Asia's shareholders.
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 has entered into a binding letter of intent to acquire a participating interest in a production sharing contract ("PSC") for CBM on the 58,349-hectare Sekayu block located in the South Sumatra Basin where 3 exploration wells are currently being 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. The Company also has an 18% net working interest in a PSC for CBM on a 76,000-hectare block located in the Kutai Basin of East Kalimantan. 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 approximately 25 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". http://www.cbmasia.ca
ON BEHALF OF CBM ASIA DEVELOPMENT CORP.
Alan T. Charuk, President & CEO
CBM Asia Arranges $912,000 Financing
Mar. 23, 2011 (Marketwire Canada) --
VANCOUVER, BRITISH COLUMBIA -- CBM Asia Development Corp. ("CBM Asia" or the "Company") (TSX VENTURE:TCF)(US:CBMDF)(FRANKFURT:IY2) announces that it has arranged, subject to regulatory approval, a non-brokered private placement of 5,364,705 common shares at a price of $0.17 per share for gross proceeds of $912,000. The private placement also includes an over-allotment option, at the sole discretion of the Company, to increase the size of the placement by up to an additional $100,000 or 588,235 shares.
The net proceeds of the private placement will be used to fund the further exploration and development of the Company's coalbed methane interests in Indonesia and for general working capital purposes.
A finder's fee is payable in connection with the private placement in accordance with the policies of the TSX Venture Exchange.
The Company also announces completion of the second tranche of its previous private placement of common shares announced on March 3, 2011. The Company issued an additional 657,089 common shares at a price of $0.15 per share for proceeds of $98,563 for a total private placement of 4,290,379 shares for gross proceeds of $643,557. All shares issued pursuant to the second tranche of the private placement are subject to a four month and one day hold period expiring on July 12, 2011.
CBM Asia Prepares for Production Testing of Sekayu Project, South Sumatra
Mar. 7, 2011 (Marketwire Canada) --
VANCOUVER, BRITISH COLUMBIA -- CBM Asia Development Corp. (TSX VENTURE:TCF)(US:CBMDF)(FRANKFURT:IY2) ("CBM Asia" or the "Company") announces today that its operating partner MedcoEnergi reported it is mobilizing a workover rig to the CBM-SE-02 well at the Sekayu coalbed methane exploration project in South Sumatra, Indonesia.
Medco plans to install a downhole pump and zone isolation packer to dewater the Palembang B & C and Pangadang A coal seams, providing data on deep-radius reservoir permeability and water composition. Medco also has contracted Weatherford International to conduct gas saturation testing at this well. Later in March, Medco plans to begin coring the coal section for gas content and permeability testing in the three other CBM test wells located in the deeper portion of the Sekayu Project.
The CBM-SE-02 well has provided data on coal seam thickness and permeability, while the upcoming coring of the CBM-SE-01, -03 & -04 wells will help further define CBM resources on the block, providing critical input in support of the Company's planned NI 51-101 resource estimate.
Corporate Update
Subject to TSX Venture approval, CBM Asia has granted 2,726,000 stock options with an exercise price of 0.17 per share and an expiry date of five years to employees and consultants. Furthermore, the Company is making application to re-price 1,666,000 previously issued options with an exercise price of 0.17 per share and an expiry date of five years. Of the total options to be re-priced, 1,433,000 are for directors and officers which are subject to shareholder approval.
About MedcoEnergi.
Listed on the Jakarta Stock Exchange, MedcoEnergi is the largest independent oil & gas company in Indonesia. MedcoEnergi has transformed itself from a local producer into a global energy company operating in Indonesia and overseas, with focus on oil and gas, power generation and renewable fuels.
About CBM Asia.
CBM Asia Development Corp. is a Canadian-based unconventional gas company with significant coalbed methane ("CBM") exploration and development opportunities in Indonesia. The Company has entered into a binding letter of intent to acquire a participating interest in a production sharing contract ("PSC") for CBM on a 58,349-hectare block located in the South Sumatra Basin where initial exploration drilling of a production test well commenced 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. The Company also has an 18% net working interest in a PSC for CBM on a 76,000-hectare block located in the Kutai Basin of East Kalimantan. 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 May 2008 more than 20 CBM PSCs have been granted by the Government of Indonesia, representing exploration commitments in excess of US$100 million over the next 3 years. The Company trades on the TSX Venture Exchange under the symbol "TCF" (www.cbmasia.ca).
CBM Asia Hires Unconventional Gas Consulting Experts - Advanced Resources International, Inc
.
VANCOUVER, BRITISH COLUMBIA, March 3, 2011 - CBM Asia Development Corp. ("CBM Asia" or the "Company") (TSX.V: TCF) (US: CBMDF) (FWB: IY2) announced today that it has signed a technical consulting agreement with Advanced Resources International, Inc. (“ARI”) to analyze the new reservoir data expected from Sekayu and advise the Company on testing its other CBM projects in Indonesia.
ARI’s experience bringing international CBM exploration projects to production is expected to be invaluable in commercializing the Company’s CBM interests in Indonesia. Once the new well data becomes available, likely during 2Q-2011, ARI will advise the Company and its Qualified Reserves Evaluator in auditing the CBM resources at Sekayu, based on Canadian NI 51-101 Standards. Scott H. Stevens, the Chairman of the Company, is a Senior Vice-President and a director of ARI.
Funding Update
Further to its news release of February 11, 2011, the Company has arranged, subject to Exchange acceptance, a second tranche to its previously announced private placement. The Company has arranged for the sale of an additional 657,089 common shares at a price of $0.15 per share for gross proceeds of $98,563. The proceeds from the second tranche will be used for further exploration of the Company’s coalbed methane properties and general working capital purposes.
About Advanced Resources international, Inc.
Formed in 1991 and based near Washington, D.C. with satellite offices in Houston and London, ARI is a leading technical consultancy specializing in the evaluation and testing of coalbed methane and shale gas resources. ARI has supervised gas content, permeability, well completion, and production testing for its clients at remote CBM pilots in Australia, Botswana, Chile, China, India, and South Africa as well as in North America. In 2004 ARI authored a widely cited Society of Petroleum Engineers paper that helped launch Indonesia’s emerging CBM industry.
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 has entered into a binding letter of intent to acquire a participating interest in a production sharing contract ("PSC") for CBM on a 58,349 hectare block located in the South Sumatra Basin where initial exploration drilling of a production test well commenced 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. The Company also has an 18% net
working interest in a PSC for CBM on a 76,000 hectare block located in the Kutai Basin of East Kalimantan. 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). Between May 2008 and August 2009, 15 CBM PSCs were granted by the Government of Indonesia, representing exploration commitments of US$95.68 million over the next 3 years. The Company trades on the TSX Venture Exchange under the symbol "TCF". http://www.cbmasia.ca
ON BEHALF OF CBM ASIA DEVELOPMENT CORP. "Alan T. Charuk" President & CEO
VANCOUVER, BRITISH COLUMBIA, February 11, 2011 - CBM Asia Development Corp. ("CBM Asia" or the "Company") (TSX.V: TCF) (US: CBMDF) (FWB: IY2) is pleased to announce that it has now closed its previously announced private placement, raising an aggregate of $544,993. A total of 3,633,290 common shares were sold at a price of $0.15 per share. All securities are subject to a four month hold period expiring June 9, 2011.
The gross proceeds of the offering will be used to fund the continued exploration and development of the Company's coalbed methane interests in Indonesia and for general working capital.
The Company also announces that it has updated its corporate presentation with current information on the Company and its activities on its coalbed methane properties in Indonesia. A copy of the corporate presentation is available 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 has the right to earn an estimated 12% participating interest in a production sharing contract ("PSC") for CBM on a 58,349 hectare block located in the South Sumatra Basin where initial exploration drilling of a production test well commenced 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. The Company also has an 18% net working interest in a PSC for CBM on a 76,000 hectare block located in the Kutai Basin of East Kalimantan. As geotechnical lead, the Company is responsible for directing a US$5.6 million exploration and appraisal program to November 2011, to determine commercial feasibility of CBM production for the Kutai-West PSC and submit a Plan of Development. The Company has 40% net working interests in a second 56,500 hectare block also in the prolific Kutai Basin. 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 conventional natural gas reserves (Stevens and Hadiyanto, 2004). Between May 2008 and August 2009, 15 CBM PSCs were granted by the Government of Indonesia, representing exploration commitments of US$95.68 million over the next 3 years. The Company trades on the TSX Venture Exchange under the symbol "TCF".
ON BEHALF OF CBM ASIA DEVELOPMENT CORP.
"Alan T. Charuk"
President & CEO
CBM Asia Development Corp. Provides Update of its Sekayu Coalbed Methane (CBM) Project
VANCOUVER, BRITISH COLUMBIA, Jan. 19, 2011 (Marketwire) --
CBM Asia Development Corp. ("CBM Asia" or the "Company") (TSX VENTURE:TCF)(US:CBMDF)(FRANKFURT:IY2) provides an update of its Sekayu coalbed methane (CBM) project in South Sumatra, Indonesia.
Jakarta-based PT Medco CBM Sekayu ("MedcoEnergi"), a wholly owned subsidiary of PT Medco Energi CBM Indonesia, is the operating partner of the Sekayu Production Sharing Contract, in which CBM Asia holds, indirectly, the right to earn an initial 12% interest. MedcoEnergi has notified the Company that it has successfully drilled the upper portion and set 7-inch casing in all three new CBM test wells (CBM-SE-01, -03, and -04).
At present MedcoEnergi is in the process of procuring the services of a wireline-coring tool that will sample the coal section of the three wells for gas content and permeability testing, planned for February 2011. Core Laboratories N.V. has been contracted to conduct the gas content sampling and analysis on site, Weatherford International Ltd. has been contracted to perform the Coreless Critical Desorption Pressure testing, while the permeability testing will be conducted by Medco. Production testing (dewatering) on the previously drilled CBM SE-02 will be scheduled in February 2011.
Once the new CBM reservoir data becomes available, most likely during 2Q-2011, the Company plans to engage the services of a Qualified Reserves Evaluator to audit the CBM resources at the block, based on National Instrument 51-101 Standards of Disclosure for Oil and Gas Activities. The reservoir data and the dewatering well will also help guide the design of the CBM production pilot which, contingent upon positive results, is planned for 2H-2011.
CBM Asia's newly appointed Chairman Scott H. Stevens noted, "Indonesia's CBM industry is progressing, with over 20 production sharing contracts awarded thus far to Major oil and coal companies and their partners. The 4-well reservoir testing operation at Sekayu is an important milestone for demonstrating gas resources and producibility at this highly prospective PSC, the first CBM license to be awarded in Indonesia."
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 has the right to earn an estimated 12% participating interest in a production sharing contract ("PSC") for CBM on a 58,349 hectare block located in the South Sumatra Basin where initial exploration drilling of a production test well commenced 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. The Company also has an 18% net working interest in a PSC for CBM on a 76,000 hectare block located in the Kutai Basin of East Kalimantan. As geotechnical lead, the Company is responsible for directing a US$5.6 million exploration and appraisal program to November 2011, to determine commercial feasibility of CBM production for the Kutai-West PSC and submit a Plan of Development. The Company has 40% net working interests in a second 56,500 hectare block also in the prolific Kutai Basin. 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 conventional natural gas reserves (Stevens and Hadiyanto, 2004). Between May 2008 and August 2009, 15 CBM PSCs were granted by the Government of Indonesia, representing exploration commitments of US$95.68 million over the next 3 years. 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 "Forward-Looking Statements" and "Risks and Uncertainties" in the Company's management discussion and analysis for the interim period ended September 30, 2010 available on SEDAR at www.sedar.com. 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 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.
CBM Asia Development Corp.
(604) 684-2340 or (866) 504-4755
(604) 684-2474 (FAX)
corpcom@cbmasia.ca
www.cbmasia.ca
Doubled my holdings today. I'm telling you there is a great future for this stock and I am buying as much as I can at this price.
00.13?
Ridiculous!!
VANCOUVER, BRITISH COLUMBIA, November 16, 2010 - CBM Asia Development Corp. (TSX.V: TCF) (US: CBMDF) (FWB: IY2) announces that Jakarta-based PT Medco CBM Sekayu ("MedcoEnergi"), a wholly owned subsidiary of PT Medco Energi CBM Indonesia, the operating partner of South Sumatra Energy Inc. on the Sekayu coalbed methane production sharing contract ("PSC"), has notified the Company that the third coalbed methane exploration well ("CBM SE-03") in the Sekayu Production Sharing Contract ("Sekayu PSC") block located in the South Sumatra Basin, Indonesia, was spud on Friday, October 29th, 2010.
CBM-SE-03 will be a vertical well with a 3,300-foot planned total depth, aimed at evaluating gas potential and reservoir properties of the two main coal groups of the Middle Palembang Formation - the upper Palembang Group and lower Pangadang Group. Under the terms of the Sekayu PSC, the minimum work commitment requires a total of four wells to be drilled in the first three years.
Initial test results from these operations are not expected to be available until later in the fourth quarter of 2010.
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 has the right to earn an estimated 12% participating interest in a production sharing contract ("PSC") for CBM on a 58,349 hectare block located in the South Sumatra Basin where initial exploration drilling of a production test well commenced 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. The Company also has an 18% net working interest in a PSC for CBM on a 76,000 hectare block located in the Kutai Basin of East Kalimantan. As geotechnical lead, the Company is responsible for directing a US$5.6 million exploration and appraisal program to November 2011, to determine commercial feasibility of CBM production for the Kutai-West PSC and submit a Plan of Development. The Company has 40% net working interests in a second 56,500 hectare block also in the prolific Kutai Basin. 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 conventional natural gas reserves (Stevens and Hadiyanto, 2004). Between May 2008 and August 2009, 15 CBM PSCs were granted by the Government of Indonesia, representing exploration commitments of US$95.68 million over the next 3 years. The Company trades on the TSX Venture Exchange under the symbol "TCF".
ON BEHALF OF CBM ASIA DEVELOPMENT CORP.
Volume is picking up and so is the price. I would say good news is coming.
Maybe now we can get some volume and movement (positive) on this thing. Been waiting long time.
News Release - Tuesday, October 19, 2010
CBM Asia Updates Drilling Status On Sekayu
VANCOUVER, BRITISH COLUMBIA, October 19, 2010 - CBM Asia Development Corp. ("CBM Asia" or the "Company") (TSXv: TCF) (US: CBMDF) (FWB: IY2), announces that intermediate casing operations on the CBM-SE04 well have been completed just above the Palembang coal group at 1874' (571 M). The rig is moving to the CBM-SE03 location to conduct similar operations. Coring operations will be conducted at the end of the three well program using a specialized coring rig. The drilling operations on CBM-SE04 were interrupted and delayed by the replacement of the drilling contractor.
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 trades on the TSX Venture Exchange under the symbol "TCF". http://www.cbmasia.ca
ON BEHALF OF CBM ASIA DEVELOPMENT CORP.
"Alan T. Charuk"
President & CEO
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