BM Asia Development announced that through Kutai West it has entered into a Joint Operating Agreement ("JOA") with Newton Energy CBM on the Kutai West PSC in the Kutai Basin, East Kalimantan, Indonesia. Kutai West is jointly owned by Ephindo IIthabi CMB Holding and CBM Asia on a 60/40 basis. Newton Energy will act as the operator on the block.
The Kutai West JOA establishes the rights and obligations of participating interest owners in conducting exploratory and development programs on the block. The work program for 2010 consisting of a minimum of four (4) wells has been submitted and accepted by Indonesian Executive Agency for Oil and Gas Upstream Business Activities ("BPMigas").
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