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    CBM Asia Development Gets Another Indonesia CBM Block

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Summary

Indonesia’s energy regulator BPMigas has accepted CBM Asia Development’s tender submitted for the Kuala Kapuas I CBM block, located in the Barito Basin of South Kalimantan.

by: Shardul

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Asia/Oceania

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CBM Asia Development Gets Another Indonesia CBM Block

Indonesia’s energy regulator BPMigas has accepted CBM Asia Development’s tender submitted for the Kuala Kapuas I CBM block, located in the Barito Basin of South Kalimantan. CBM Asia will now be invited to finalize terms and conditions for a Production Sharing Contract (PSC).

CBM Asia holds an 80% working interest in the 1,501-km2 Kuala Kapuas I CBM block and will be the operator, with CBM Asia’s partner PT Tranaco Utama (Tranaco) holding the remaining 20% interest.

The deal is expected to finalised within the next two months. The company has also p;lanned the 2013 drilling program. 

 "'The award of Kuala Kapuas I will increase our overall awarded acreage but also sees the company enter the Barito Basin which is dominated by ExxonMobil and BP. The Barito Basin has an estimated original gas in place estimate of approx. 100 TCF. We hope to add to our Barito Basin acreage in the near future through the PSC bid process and joint ventures,' stated CBM Asia President and CEO Alan T. Charuk.

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