|By Marketwired .||
|March 17, 2014 08:01 AM EDT||
VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 03/17/14 -- CBM Asia Development Corp. ("CBM Asia" or the "Company") (TSX VENTURE: TCF)(US: CBMDF)(FRANKFURT: IY2) -
CBM Asia has new management and a new direction - focused on achieving commercial gas production this year and selling it into the high-priced Asian markets. This letter is the first reflection of the new management's policy of improved corporate communications, updating our investors on a more regular basis as we progress our assets towards commerciality.
Our new CEO Charles W. Bloomquist (B.S., Petroleum Engineering, Colorado School of Mines) has 40 years of operating experience in Indonesia and North America. Charlie knows our assets and is single-mindedly focused on commercializing the Company's nearly 1 Tcf of audited resources this year. He and Chairman Scott Stevens were among the first to recognize and promote the exploitation of Indonesia's CBM beginning 20 years ago. Our Indonesia GM and VP Operations, Keith Potter, with 10 years experience in the coalbed methane and natural gas industries in Indonesia, is a key element of our management team working closely with Charlie to realize this objective.
CBM Asia has substantial CBM resources - nearly 1 Tcf of audited net recoverable prospective resources in two well-positioned blocks. The Company strongly believes that even small-scale levels of commercial production will greatly enhance the already substantial value of these assets.
1) 705 Bcf at Kutai West: CBM Asia holds an 18% working interest in the Kutai West Production Sharing Contract (PSC), with 705 Bcf of net recoverable prospective resources based on an independent audit conducted by Netherland, Sewell & Associates, Inc.(1) Kutai West is regarded as one of the best and commercially most advanced of the approximately 50 awarded CBM blocks in Indonesia. Importantly, Kutai West borders the Sanga-Sanga PSC, where VICO (BP and partners) is commercially producing and selling CBM for power generation and gas export from the nearby Bontang LNG facility. As VICO notes: "This is the first time in Indonesia that any CBM facilities have produced and sold gas and represents a major milestone in the exploration of CBM potential." Kutai West will exploit the same coal seams as Sanga-Sanga. To date, the Company and its partners have drilled four CBM test wells on our block, recording thick coal seams with high gas content and saturation, and good 5-mD permeability. The KWCBM-01 well is currently being dewatered, venting a small but increasing volume of produced gas from the flare, which is a key first step towards larger scale production. Management's main focus this year is to accelerate gas production at Kutai West with a 5-well pilot, followed by a larger commercial scale 30- well development. We have reached initial agreements to sell the produced gas to Navigat Energy for on-site power generation and later to VICO to feed the massive and gas-short Bontang LNG export network. Anticipated gas prices are high, in the range of $8-12/Mcf. Bontang exports LNG to Japan and other Asian rim importers, who are critically short of natural gas due to significant rollbacks of their nuclear power generation. 2) 276 Bcf at Sekayu: CBM Asia also holds a 26% working interest in the Sekayu PSC in South Sumatra, providing us with an additional 276 Bcf of net recoverable prospective resources (NI 51-101 compliant audit conducted by NSAI). Four CBM test wells have verified thick coals with favorable coal properties. We are working with operating partner Medco Energi to accelerate the commercialization at Sekayu, initially through on-site power generation, or by co-development with a nearby recently discovered conventional gas field. 3) Cost Reductions. With the termination of the major ExxonMobil JV late last year, the Company has significantly reduced overhead and continues to look for ways to reduce costs. Our Vancouver head office cost has been cut by half. The company's Jakarta office will be sized and staffed to best match our requirements in Indonesia. 4) Changes to Board of Directors. Former CEO and President Alan T. Charuk resigned his management and board positions in late January, while director James Charuk is stepping down at the Annual General Meeting next month. The Company currently has two independent directors continuing their service on the board (James Friberg and Clint Sharples). The Board plans to further strengthen corporate governance this year by adding a third independent director for a total six board members.
(1) NI 51-101 compliant resource audit conducted by NSAI
This letter marks the start of more frequent and more informative future communications from the Company to keep you better apprised of our progress toward our new objectives. We remain extremely optimistic about the commercial potential for CBM production in Indonesia. The industry climate there is improving, with high domestic and export gas prices and the increased availability of drilling and completion equipment.
The Company's directors and officers own nearly 6% of CBM Asia's shares, most acquired through private placements since 2009 along with fellow shareholders. All of us are dedicated to increasing shareholder value and are committed to providing you with further updates as we take significant steps towards commercialization this year.
ON BEHALF OF CBM ASIA DEVELOPMENT CORP.
Charles W. Bloomquist Scott H. Stevens President and CEO Chairman
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.
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. The economics of exploring, developing and operating resource properties are affected by many factors including, but not limited to, the cost of exploration and development operations, conclusions of economic evaluations, unexpected formations or pressures, premature declines in reserves, potential environmental damage, blow-outs, fires, variations in the amount and saturation of CBM contained in individual coal seams and the rate of production therefrom, fluctuations in gas prices and the availability of capital. There are no assurances that the Company's work programs will result in the discovery of commercially viable or economically producible properties or that the Company will be successful in completing the Offering in whole or in part. Gas in place estimates referred to in this news release are not NI 51-101 compliant and do not represent "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 referred to herein will be discovered. Furthermore, such 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. 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 www.sedar.com including our December 31, 2012 year end annual MD&A dated April 24, 2013 and June 30, 2013 interim MD&A dated August 20, 2013. 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.
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