CBM Asia Inks Deal With Tranaco Utama

CBM Asia Development Corp. has signed an agreement with PT Tranaco Utama , a private Indonesian company that holds the first rights to undertake a production sharing contract for a 1,500 square kilometre coalbed methane block in Kalimantan, Indonesia.

Under the terms of the deal, CBM Asia has the right to acquire 80% participation interest in the proposed coalbed methane PSC and be appointed operator.

CBM Asia Development Corp. is a Canadian-based unconventional gas company with significant coalbed methane exploration and development opportunities in Indonesia.

 Indonesia has one of the largest CBM resources in the world with a potential 453 trillion cubic feet in-place, more than double the country's natural gas reserves.