CBM Asia Raises Funds

CBM Asia Development Corp. has said that it has received preliminary offers from institutional investors and regional oil & gas companies for multi-year financing structures that would fund the company through its exploration phases of its coalbed methane Production Sharing Contracts in Indonesia.

"The company is currently supporting the respective due diligence and expects the process to take several more weeks to be concluded," CBM Asia said earlier this month.

CBM has launched a non-brokered private placement to raise up to CA$15 million to fund its pilot production and/or exploration and development costs on its Indonesian CBM projects in South Sumatera and Central Kalimantan.

To date, the company has achieved gas to surface at the Sekayu PSC and established a NI 51-101 compliant net prospective gas resource (unrisked) of 981 Bcf from 6% of its net land position near high priced gas markets, Indonesia Today said.