CBM Asia to Increase Focus on Indonesia

CBM Asia has said that its strategic goal is to acquire, through joint ventures, farm-ins and PSC applications, a significant land position in Indonesia’s rapidly emerging coalbed methane industry with the potential to yield 10-15 Tcf of net recoverable resources.

The Company believes that Indonesia’s CBM industry continues to provide a unique investment opportunity. Acreage acquisition costs remain low at $4.88/ acre, based on CBM Asia’s actual costs to date, whereas finding costs are some of the least expensive worldwide. 

CBM Asia currently has interests in four PSCs and one PSC application.  The Company’s net acreage position is approximately 4,392 square km (1,084,872 acres), including the pending Hulu PSC and Bentian Baser PSC area extensions. 

“The drilling results at our Sekayu and Kutai West PSCs, as well as those from other CBM operators and BP-ENI’s first commercial CBM gas sales to the Bontang LNG facility, provide strong indications that Indonesia’s CBM industry is likely to be large and successful, “ said Alan Charuk, President and CEO of CBM Asia.