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 signing of the PSC took place during a ceremony at the 12th Gasex Conference 2012 held at Bali, Indonesia. CBM Asia holds an 80 percent working interest in the 580-square mile (1,501-square kilometer) Kuala Kapuas I CBM block and will be the operator, with CBM Asia's partner PT Tranaco Utama (Tranaco) holding the remaining 20 percent interest.
"We have commenced planning the 2013 exploration drilling program," stated CBM Asia President and CEO Alan T. Charuk. "The award of Kuala Kapuas I increases 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 approximately 102 trillion cubic feet. We hope to add to our Barito Basin acreage in the near future through the PSC bid process and joint ventures."
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