Welcome!

Apache Authors: Trevor Parsons, Sematext Blog , Carmen Gonzalez, Lori MacVittie, AppDynamics Blog

News Feed Item

CBM Asia Management Issues Update Letter to Shareholders

VANCOUVER, BRITISH COLUMBIA -- (Marketwired) -- 03/17/14 -- CBM Asia Development Corp. ("CBM Asia" or the "Company") (TSX VENTURE: TCF)(US: CBMDF)(FRANKFURT: IY2) -

Fellow Shareholder;

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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
The Internet of Things is not new. Historically, smart businesses have used its basic concept of leveraging data to drive better decision making and have capitalized on those insights to realize additional revenue opportunities. So, what has changed to make the Internet of Things one of the hottest topics in tech? In his session at @ThingsExpo, Chris Gray, Director, Embedded and Internet of Things, discussed the underlying factors that are driving the economics of intelligent systems. Discover how hardware commoditization, the ubiquitous nature of connectivity, and the emergence of Big Data a...
"BSQUARE is in the business of selling software solutions for smart connected devices. It's obvious that IoT has moved from being a technology to being a fundamental part of business, and in the last 18 months people have said let's figure out how to do it and let's put some focus on it, " explained Dave Wagstaff, VP & Chief Architect, at BSQUARE Corporation, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
The major cloud platforms defy a simple, side-by-side analysis. Each of the major IaaS public-cloud platforms offers their own unique strengths and functionality. Options for on-site private cloud are diverse as well, and must be designed and deployed while taking existing legacy architecture and infrastructure into account. Then the reality is that most enterprises are embarking on a hybrid cloud strategy and programs. In this Power Panel at 15th Cloud Expo (http://www.CloudComputingExpo.com), moderated by Ashar Baig, Research Director, Cloud, at Gigaom Research, Nate Gordon, Director of T...
SYS-CON Events announced today that IDenticard will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. IDenticard™ is the security division of Brady Corp (NYSE: BRC), a $1.5 billion manufacturer of identification products. We have small-company values with the strength and stability of a major corporation. IDenticard offers local sales, support and service to our customers across the United States and Canada. Our partner network encompasses some 300 of the world's leading systems integrators and security s...
SYS-CON Events announced today that Windstream, a leading provider of advanced network and cloud communications, has been named “Silver Sponsor” of SYS-CON's 16th International Cloud Expo®, which will take place on June 9–11, 2015, at the Javits Center in New York, NY. Windstream (Nasdaq: WIN), a FORTUNE 500 and S&P 500 company, is a leading provider of advanced network communications, including cloud computing and managed services, to businesses nationwide. The company also offers broadband, phone and digital TV services to consumers primarily in rural areas.

ARMONK, N.Y., Nov. 20, 2014 /PRNewswire/ --  IBM (NYSE: IBM) today announced that it is bringing a greater level of control, security and flexibility to cloud-based application development and delivery with a single-tenant version of Bluemix, IBM's platform-as-a-service. The new platform enables developers to build ap...

The BPM world is going through some evolution or changes where traditional business process management solutions really have nowhere to go in terms of development of the road map. In this demo at 15th Cloud Expo, Kyle Hansen, Director of Professional Services at AgilePoint, shows AgilePoint’s unique approach to dealing with this market circumstance by developing a rapid application composition or development framework.
“In the past year we've seen a lot of stabilization of WebRTC. You can now use it in production with a far greater degree of certainty. A lot of the real developments in the past year have been in things like the data channel, which will enable a whole new type of application," explained Peter Dunkley, Technical Director at Acision, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete at launch. DevOps may be disruptive, but it is essential.
"People are a lot more knowledgeable about APIs now. There are two types of people who work with APIs - IT people who want to use APIs for something internal and the product managers who want to do something outside APIs for people to connect to them," explained Roberto Medrano, Executive Vice President at SOA Software, in this SYS-CON.tv interview at Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Nigeria has the largest economy in Africa, at more than US$500 billion, and ranks 23rd in the world. A recent re-evaluation of Nigeria's true economic size doubled the previous estimate, and brought it well ahead of South Africa, which is a member (unlike Nigeria) of the G20 club for political as well as economic reasons. Nigeria's economy can be said to be quite diverse from one point of view, but heavily dependent on oil and gas at the same time. Oil and natural gas account for about 15% of Nigera's overall economy, but traditionally represent more than 90% of the country's exports and as...
The Internet of Things is a misnomer. That implies that everything is on the Internet, and that simply should not be - especially for things that are blurring the line between medical devices that stimulate like a pacemaker and quantified self-sensors like a pedometer or pulse tracker. The mesh of things that we manage must be segmented into zones of trust for sensing data, transmitting data, receiving command and control administrative changes, and peer-to-peer mesh messaging. In his session at @ThingsExpo, Ryan Bagnulo, Solution Architect / Software Engineer at SOA Software, focused on desi...
"At our booth we are showing how to provide trust in the Internet of Things. Trust is where everything starts to become secure and trustworthy. Now with the scaling of the Internet of Things it becomes an interesting question – I've heard numbers from 200 billion devices next year up to a trillion in the next 10 to 15 years," explained Johannes Lintzen, Vice President of Sales at Utimaco, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
"For over 25 years we have been working with a lot of enterprise customers and we have seen how companies create applications. And now that we have moved to cloud computing, mobile, social and the Internet of Things, we see that the market needs a new way of creating applications," stated Jesse Shiah, CEO, President and Co-Founder of AgilePoint Inc., in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Gridstore™, the leader in hyper-converged infrastructure purpose-built to optimize Microsoft workloads, will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Gridstore™ is the leader in hyper-converged infrastructure purpose-built for Microsoft workloads and designed to accelerate applications in virtualized environments. Gridstore’s hyper-converged infrastructure is the industry’s first all flash version of HyperConverged Appliances that include both compute and storag...
Today’s enterprise is being driven by disruptive competitive and human capital requirements to provide enterprise application access through not only desktops, but also mobile devices. To retrofit existing programs across all these devices using traditional programming methods is very costly and time consuming – often prohibitively so. In his session at @ThingsExpo, Jesse Shiah, CEO, President, and Co-Founder of AgilePoint Inc., discussed how you can create applications that run on all mobile devices as well as laptops and desktops using a visual drag-and-drop application – and eForms-buildi...
We certainly live in interesting technological times. And no more interesting than the current competing IoT standards for connectivity. Various standards bodies, approaches, and ecosystems are vying for mindshare and positioning for a competitive edge. It is clear that when the dust settles, we will have new protocols, evolved protocols, that will change the way we interact with devices and infrastructure. We will also have evolved web protocols, like HTTP/2, that will be changing the very core of our infrastructures. At the same time, we have old approaches made new again like micro-services...
Code Halos - aka "digital fingerprints" - are the key organizing principle to understand a) how dumb things become smart and b) how to monetize this dynamic. In his session at @ThingsExpo, Robert Brown, AVP, Center for the Future of Work at Cognizant Technology Solutions, outlined research, analysis and recommendations from his recently published book on this phenomena on the way leading edge organizations like GE and Disney are unlocking the Internet of Things opportunity and what steps your organization should be taking to position itself for the next platform of digital competition.
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
As the Internet of Things unfolds, mobile and wearable devices are blurring the line between physical and digital, integrating ever more closely with our interests, our routines, our daily lives. Contextual computing and smart, sensor-equipped spaces bring the potential to walk through a world that recognizes us and responds accordingly. We become continuous transmitters and receivers of data. In his session at @ThingsExpo, Andrew Bolwell, Director of Innovation for HP's Printing and Personal Systems Group, discussed how key attributes of mobile technology – touch input, sensors, social, and ...