CBM Asia Inks Kuala Kapuas I PSC in Indonesia

CBM Asia Development Corp. has signed a Production Sharing Contract with the Government of Indonesia for the Kuala Kapuas I CBM block, located in the Barito Basin of South Kalimantan.

The company holds an 80% working interest in the 1,501 square km 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 Barito Basin has an estimated original gas in place estimate of approximately 102 TCF. CBM Asia hopes to add to Barito Basin acreage in the near future through the PSC bid process and joint ventures, it said in a statement.