Welcome!

Microsoft Cloud Authors: Pat Romanski, Jnan Dash, Andreas Grabner, Lori MacVittie, Jim Kaskade

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
In his General Session at 16th Cloud Expo, David Shacochis, host of The Hybrid IT Files podcast and Vice President at CenturyLink, investigated three key trends of the “gigabit economy" though the story of a Fortune 500 communications company in transformation. Narrating how multi-modal hybrid IT, service automation, and agile delivery all intersect, he will cover the role of storytelling and empathy in achieving strategic alignment between the enterprise and its information technology.
Buzzword alert: Microservices and IoT at a DevOps conference? What could possibly go wrong? In this Power Panel at DevOps Summit, moderated by Jason Bloomberg, the leading expert on architecting agility for the enterprise and president of Intellyx, panelists peeled away the buzz and discuss the important architectural principles behind implementing IoT solutions for the enterprise. As remote IoT devices and sensors become increasingly intelligent, they become part of our distributed cloud enviro...
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
"LinearHub provides smart video conferencing, which is the Roundee service, and we archive all the video conferences and we also provide the transcript," stated Sunghyuk Kim, CEO of LinearHub, in this SYS-CON.tv interview at @ThingsExpo, held November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA.
Things are changing so quickly in IoT that it would take a wizard to predict which ecosystem will gain the most traction. In order for IoT to reach its potential, smart devices must be able to work together. Today, there are a slew of interoperability standards being promoted by big names to make this happen: HomeKit, Brillo and Alljoyn. In his session at @ThingsExpo, Adam Justice, vice president and general manager of Grid Connect, will review what happens when smart devices don’t work togethe...
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
Discover top technologies and tools all under one roof at April 24–28, 2017, at the Westin San Diego in San Diego, CA. Explore the Mobile Dev + Test and IoT Dev + Test Expo and enjoy all of these unique opportunities: The latest solutions, technologies, and tools in mobile or IoT software development and testing. Meet one-on-one with representatives from some of today's most innovative organizations
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
SYS-CON Events announced today that Super Micro Computer, Inc., a global leader in Embedded and IoT solutions, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 7-9, 2017, at the Javits Center in New York City, NY. Supermicro (NASDAQ: SMCI), the leading innovator in high-performance, high-efficiency server technology, is a premier provider of advanced server Building Block Solutions® for Data Center, Cloud Computing, Enterprise IT, Hadoop/Big Data, HPC and E...
SYS-CON Events announced today that Linux Academy, the foremost online Linux and cloud training platform and community, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Linux Academy was founded on the belief that providing high-quality, in-depth training should be available at an affordable price. Industry leaders in quality training, provided services, and student certification passes, its goal is to c...
WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web communications world. The 6th WebRTC Summit continues our tradition of delivering the latest and greatest presentations within the world of WebRTC. Topics include voice calling, video chat, P2P file sharing, and use cases that have already leveraged the power and convenience of WebRTC.
"Matrix is an ambitious open standard and implementation that's set up to break down the fragmentation problems that exist in IP messaging and VoIP communication," explained John Woolf, Technical Evangelist at Matrix, in this SYS-CON.tv interview at @ThingsExpo, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
WebRTC sits at the intersection between VoIP and the Web. As such, it poses some interesting challenges for those developing services on top of it, but also for those who need to test and monitor these services. In his session at WebRTC Summit, Tsahi Levent-Levi, co-founder of testRTC, reviewed the various challenges posed by WebRTC when it comes to testing and monitoring and on ways to overcome them.
"A lot of times people will come to us and have a very diverse set of requirements or very customized need and we'll help them to implement it in a fashion that you can't just buy off of the shelf," explained Nick Rose, CTO of Enzu, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain. In this power panel at @...
WebRTC services have already permeated corporate communications in the form of videoconferencing solutions. However, WebRTC has the potential of going beyond and catalyzing a new class of services providing more than calls with capabilities such as mass-scale real-time media broadcasting, enriched and augmented video, person-to-machine and machine-to-machine communications. In his session at @ThingsExpo, Luis Lopez, CEO of Kurento, introduced the technologies required for implementing these idea...
Every successful software product evolves from an idea to an enterprise system. Notably, the same way is passed by the product owner's company. In his session at 20th Cloud Expo, Oleg Lola, CEO of MobiDev, will provide a generalized overview of the evolution of a software product, the product owner, the needs that arise at various stages of this process, and the value brought by a software development partner to the product owner as a response to these needs.
The WebRTC Summit New York, to be held June 6-8, 2017, at the Javits Center in New York City, NY, announces that its Call for Papers is now open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 20th International Cloud Expo and @ThingsExpo. WebRTC is the future of browser-to-browser communications, and continues to make inroads into the traditional, difficult, plug-in web co...
Internet of @ThingsExpo, taking place June 6-8, 2017 at the Javits Center in New York City, New York, is co-located with the 20th International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. @ThingsExpo New York Call for Papers is now open.