CBM Asia Adds 705 Bcf of Prospective Resources
CBM Asia Development Corp. has established 705 Bcf of net unrisked prospective gas resources for the Kutai West Production Sharing Contract (PSC) in East Kalimantan, Indonesia.
Combined with Netherland, Sewell & Associates, Inc. (NSAI) previous estimate for the Sekayu PSC in South Sumatra of 276 Bcf of net prospective resources, the company’s total net unrisked prospective resources from its Kutai West and Sekayu PSC’s equals 981 Bcf (4.976 Tcf gross). These two blocks represent just 6.1% (307 km2) of the Company’s total net acreage position of 5,070 km2 within nine PSC’s and one Joint Study, supporting our 15-Tcf target in Indonesia.
The company said that actual exploration costs incurred at the Sekayu and Kutai West PSC’s total less than $0.01/Mcf, far below the current natural gas prices of $5.50 to 9.40/Mcf in South Sumatra and higher in East Kalimantan near the Bontang LNG facility.