|By Marketwired .||
|January 9, 2013 08:01 AM EST||
VANCOUVER, BRITISH COLUMBIA -- (Marketwire) -- 01/09/13 -- CBM Asia Development Corp. ("CBM Asia" or the "Company") (TSX VENTURE:TCF)(US:CBMDF)(FRANKFURT:IY2) wishes to clarify certain statements made in its news release of January 2, 2013 recapping its operations for 2012. The Company stated that based on recent acreage acquisitions and well testing it was increasing its target of establishing net recoverable gas from its existing acreage positions to 15 TCF (2.5 billion barrels of oil equivalent)(1). The Company wishes to clarify that such figure represents the Company's target goal and does not constitute an actual estimate of resources for its current acreage. Furthermore, such target should be expressed in terms of "recoverable unrisked prospective resources" rather than "net recoverable gas".
To date, the Company has commissioned two independent evaluations of its resource potential; the first for its Sekayu production sharing contract in South Sumatra, Indonesia (the "Sekayu PSC") and the second for the Kutai West PSC in East Kalimantan.
On November 2, 2011, the Company reported that Texas-based Netherland, Sewell & Associates, Inc. (NSAI) had prepared a resource assessment of the Sekayu PSC in accordance with Canadian National Instrument 51-101 ("NI 51-101") and the COGE Handbook as of September 30, 2011 as follows:
Unrisked Gross (100%) Prospective Gas Resources (MMcf) -------------------------------------------------------- Prospect Low Estimate Best Estimate High Estimate -------------------------------------------------------- Sekayu Block 319,051 1,061,983 2,056,266
The Company holds a 26% participating interest in the Sekayu PSC resulting in recoverable unrisked net prospective gas resources attributable to the Company's interest of 276,115 MMcf (best estimate), 82,953 MMcf (low estimate) and 534,629 MMcf (high estimate) as of September 30, 2011.
The second evaluation for the Kutai West PSC, also being prepared by NSAI, is expected to be available in the first quarter of 2013.
Where appropriate data is available, additional qualified independent resource estimates may be commissioned this year. The Company points out that its participating interest in the Sekayu PSC represents only a very small percentage (i.e. less than 3%) of the Company's current total net coalbed methane acreage in Indonesia of approximately 1.25 mn acres (not including certain options and rights to acquire up to an additional 2.13 mn net acres of land).
The Company also cautions that the above-noted target was not prepared by a qualified reserves evaluator within the meaning of NI 51-101 and there are no assurances that the Company will be successful in achieving such target, in whole or in part.
1. Prospective resources are those quantities of petroleum estimated, as of a given date, to be potentially recoverable from undiscovered accumulations by application of future development projects. Prospective resources have both an associated chance of discovery and a chance of development. The chance of commerciality is the product of these two risk components. There is no certainty that any portion of the prospective resources will be discovered. If a discovery is made, there is no certainty that it will be developed or, if it is developed, there is no certainty as to the timing of such development or that it will be commercially viable to produce any portion of the prospective resources. If a discovery is made and development undertaken, the approximate probability that the recoverable volumes will equal or exceed the unrisked estimated amounts is generally inferred to be 90% for the low estimate, at least 50% for the best estimate, and at least 10% for the high estimate. Prospective gas resources are undiscovered resources that indicate exploration opportunities and development potential in the event a commercial discovery is made and should not be construed as reserves or contingent discovered resources. 2. Recoverable unrisked prospective gas resources represent recoverable gas volumes assuming their discovery and development but have not been assessed for any geologic or development risks. Geologic risking of prospective resources addresses the probability of success for the discovery of significant quantities of potentially moveable petroleum, which risk is conducted independent of estimations of petroleum volumes. For CBM prospects, principal geologic risk elements include coal quantity, gas content, and coal permeability. Development risking of prospective resources for CBM accumulations should include consideration of whether the entire area addressed by the assessment can and will be developed, which component is generally unique to CBM prospects because of the thickness and areal extent and wide variability in rock, gas content, and production characteristics across that areal extent. For CBM prospects, principal development risk elements are reservoir quality across the evaluated acreage, development and application of technology needed to commercially produce the acreage, the ability to depressure the reservoir over a reasonable period of time, project commercial conditions (financial, marketing, legal, social, and governmental factors), and a reasonable expectation of a commitment to develop the acreage. No geologic or development risking of the Company's resource target has been undertaken by the Company or otherwise. 3. For a further discussion of the risks and uncertainties associated with the recovery of unrisked prospective resources, reference is made to the NSAI technical report prepared in connection with the Sekayu PSC titled "Estimates of Unrisked Gross (100 Percent) Prospective Gas Resources located in the Sekayu Block South Sumatra Basin, Indonesia as of September 30, 2011" filed under the Company's profile on SEDAR at www.sedar.com.
ABOUT CBM ASIA DEVELOPMENT CORP.
CBM Asia Development Corp. is a Canadian-based unconventional gas company with significant coalbed methane ("CBM") exploration and development opportunities in Indonesia. The Company holds various participating interests in five production sharing contracts (each a "PSC") for CBM in Indonesia. Indonesia has one of the largest CBM resources in the world with a potential 453 trillion cubic feet in-place(2), more than double the country's natural gas reserves (Stevens and Hadiyanto, 2004). Since 2008 a total of 54 CBM PSCs have been granted by the Government of Indonesia, representing exploration commitments of well over US$100 million during the next 3 years. In addition to CBM Asia, other companies active in CBM exploration in Indonesia include BP, Dart Energy, ENI, ExxonMobil, Medco, Santos, and TOTAL. BP, ENI, and the Indonesian government have confirmed that commercial CBM production started in March 2011 from the Sanga-Sanga PSC and is being exported from the Bontang LNG facility. The Company trades on the TSX Venture Exchange under the symbol "TCF". www.cbmasia.ca
ON BEHALF OF CBM ASIA DEVELOPMENT CORP.
Alan T. Charuk, President & CEO
For further information on CBM Asia Development Corp., visit our website at www.cbmasia.ca.
(1) BOEs may be misleading, particularly if used in isolation. A BOE conversion ratio of 6 Mcf:1 bbl is based on an energy equivalency conversion method primarily applicable at the burner tip and does not represent a value equivalency at the wellhead. (2) The gas in place estimates referred to herein have not been classified as "discovered petroleum initially-in-place" within the meaning of the Canadian Oil & Gas Evaluation Handbook (COGE Handbook). The term "discovered petroleum initially-in-place" is equivalent to discovered resources, and is defined in the COGE Handbook to mean that quantity of petroleum that is estimated, as of a given date, to be contained in known accumulations prior to production. There are no assurances that any portion of the estimated gas in place resources will be discovered. Furthermore, the above estimates make no allowance for the recovery of the gas which will depend on, among other things, the reservoir characteristics encountered and future economic conditions.
This news release contains forward-looking statements, which relate to future events or future performance and reflect management's current expectations and assumptions. Such forward-looking statements reflect management's current beliefs and are based on assumptions made by and information currently available to the Company. Readers are cautioned that these forward-looking statements are neither promises nor guarantees, and are subject to risks and uncertainties that may cause future results to differ materially from those expected. The economics of exploring, developing and operating resource properties are affected by many factors including, but not limited to, the cost of exploration and development operations, conclusions of economic evaluations, unexpected formations or pressures, premature declines in reserves, potential environmental damage, blow-outs, fires, variations in the amount and saturation of CBM contained in individual coal seams and the rate of production therefrom, fluctuations in gas prices and the availability of capital. There are no assurances that the Company's work programs will result in the discovery of commercially viable or economically producible properties. All of the forward-looking statements made in this news release are qualified by these cautionary statements and those made in our Canadian continuous disclosure filings available on SEDAR at www.sedar.com including our December 31, 2011 year end annual MD&A dated April 26, 2012 and third quarter 2012 interim MD&A dated November 28, 2012. These forward-looking statements are made as of the date hereof and the Company does not assume any obligation to update or revise them to reflect new events or circumstances save as required under applicable securities legislation.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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