Welcome!

Microsoft Cloud Authors: David H Deans, Yeshim Deniz, Janakiram MSV, Andreas Grabner, Stackify Blog

News Feed Item

CBM Asia Clarifies 15 Tcf Resource Target

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.

Important Notes


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.

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

@ThingsExpo Stories
To get the most out of their data, successful companies are not focusing on queries and data lakes, they are actively integrating analytics into their operations with a data-first application development approach. Real-time adjustments to improve revenues, reduce costs, or mitigate risk rely on applications that minimize latency on a variety of data sources. Jack Norris reviews best practices to show how companies develop, deploy, and dynamically update these applications and how this data-first...
Intelligent Automation is now one of the key business imperatives for CIOs and CISOs impacting all areas of business today. In his session at 21st Cloud Expo, Brian Boeggeman, VP Alliances & Partnerships at Ayehu, will talk about how business value is created and delivered through intelligent automation to today’s enterprises. The open ecosystem platform approach toward Intelligent Automation that Ayehu delivers to the market is core to enabling the creation of the self-driving enterprise.
The question before companies today is not whether to become intelligent, it’s a question of how and how fast. The key is to adopt and deploy an intelligent application strategy while simultaneously preparing to scale that intelligence. In her session at 21st Cloud Expo, Sangeeta Chakraborty, Chief Customer Officer at Ayasdi, will provide a tactical framework to become a truly intelligent enterprise, including how to identify the right applications for AI, how to build a Center of Excellence to ...
"We're a cybersecurity firm that specializes in engineering security solutions both at the software and hardware level. Security cannot be an after-the-fact afterthought, which is what it's become," stated Richard Blech, Chief Executive Officer at Secure Channels, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
SYS-CON Events announced today that Massive Networks will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Massive Networks mission is simple. To help your business operate seamlessly with fast, reliable, and secure internet and network solutions. Improve your customer's experience with outstanding connections to your cloud.
Because IoT devices are deployed in mission-critical environments more than ever before, it’s increasingly imperative they be truly smart. IoT sensors simply stockpiling data isn’t useful. IoT must be artificially and naturally intelligent in order to provide more value In his session at @ThingsExpo, John Crupi, Vice President and Engineering System Architect at Greenwave Systems, will discuss how IoT artificial intelligence (AI) can be carried out via edge analytics and machine learning techn...
Everything run by electricity will eventually be connected to the Internet. Get ahead of the Internet of Things revolution and join Akvelon expert and IoT industry leader, Sergey Grebnov, in his session at @ThingsExpo, for an educational dive into the world of managing your home, workplace and all the devices they contain with the power of machine-based AI and intelligent Bot services for a completely streamlined experience.
SYS-CON Events announced today that Datera, that offers a radically new data management architecture, has been named "Exhibitor" of SYS-CON's 21st International Cloud Expo ®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Datera is transforming the traditional datacenter model through modern cloud simplicity. The technology industry is at another major inflection point. The rise of mobile, the Internet of Things, data storage and Big...
Consumers increasingly expect their electronic "things" to be connected to smart phones, tablets and the Internet. When that thing happens to be a medical device, the risks and benefits of connectivity must be carefully weighed. Once the decision is made that connecting the device is beneficial, medical device manufacturers must design their products to maintain patient safety and prevent compromised personal health information in the face of cybersecurity threats. In his session at @ThingsExpo...
In his session at @ThingsExpo, Arvind Radhakrishnen discussed how IoT offers new business models in banking and financial services organizations with the capability to revolutionize products, payments, channels, business processes and asset management built on strong architectural foundation. The following topics were covered: How IoT stands to impact various business parameters including customer experience, cost and risk management within BFS organizations.
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business - from apparel to energy - is being rewritten by software. From planning to development to management to security, CA creates software that fuels transformation for companies in the applic...
From 2013, NTT Communications has been providing cPaaS service, SkyWay. Its customer’s expectations for leveraging WebRTC technology are not only typical real-time communication use cases such as Web conference, remote education, but also IoT use cases such as remote camera monitoring, smart-glass, and robotic. Because of this, NTT Communications has numerous IoT business use-cases that its customers are developing on top of PaaS. WebRTC will lead IoT businesses to be more innovative and address...
An increasing number of companies are creating products that combine data with analytical capabilities. Running interactive queries on Big Data requires complex architectures to store and query data effectively, typically involving data streams, an choosing efficient file format/database and multiple independent systems that are tied together through custom-engineered pipelines. In his session at @BigDataExpo at @ThingsExpo, Tomer Levi, a senior software engineer at Intel’s Advanced Analytics ...
SYS-CON Events announced today that App2Cloud will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct. 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. App2Cloud is an online Platform, specializing in migrating legacy applications to any Cloud Providers (AWS, Azure, Google Cloud).
Recently, IoT seems emerging as a solution vehicle for data analytics on real-world scenarios from setting a room temperature setting to predicting a component failure of an aircraft. Compared with developing an application or deploying a cloud service, is an IoT solution unique? If so, how? How does a typical IoT solution architecture consist? And what are the essential components and how are they relevant to each other? How does the security play out? What are the best practices in formulating...
SYS-CON Events announced today that MobiDev, a client-oriented software development company, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. MobiDev is a software company that develops and delivers turn-key mobile apps, websites, web services, and complex software systems for startups and enterprises. Since 2009 it has grown from a small group of passionate engineers and business...
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devic...
SYS-CON Events announced today that Dasher Technologies will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Dasher Technologies, Inc. ® is a premier IT solution provider that delivers expert technical resources along with trusted account executives to architect and deliver complete IT solutions and services to help our clients execute their goals, plans and objectives. Since 1999, we'v...
SYS-CON Events announced today that Ayehu will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct. 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Ayehu provides IT Process Automation & Orchestration solutions for IT and Security professionals to identify and resolve critical incidents and enable rapid containment, eradication, and recovery from cyber security breaches. Ayehu provides customers greater control over IT infrastructure throu...
SYS-CON Events announced today that Grape Up will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct. 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Grape Up is a software company specializing in cloud native application development and professional services related to Cloud Foundry PaaS. With five expert teams that operate in various sectors of the market across the U.S. and Europe, Grape Up works with a variety of customers from emergi...