CBM Asia Development Corp. (CBM Asia or the Company) provided an operational update on its coalbed methane (CBM) properties in Indonesia.
ExxonMobil Joint Venture
CBM Asia and ExxonMobil have agreed to extend the Umbrella Agreement signed on Dec. 19, 2012. Both companies are engaged in amending certain terms of the agreement and the Company with approval from ExxonMobil will announce details in the near future.
On May 23, Medco Energi, the operator of Sekayu Production Sharing Contract (PSC), resumed production testing at the CBM-02 well, installing a new high-capacity submersible pump. The well is producing a steady 3,000 barrels per day of potable-quality formation water from the Miocene-age Palembang coal seams. Gas production was initiated almost immediately and is increasing as the well dewaters. Gas produced from the well is being consumed on site to drive the downhole pump.
Kutai West PSC
Newton Energy, the operator of the Kutai West PSC, plans to begin completion and stimulation operations on four coal seams in the KW-CBM-01 well in September 2013. Dewatering at this location will follow pending the results of the stimulation program.
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