Conference Call Numbers:
Canada & USA Toll Free Dial In: 1-800-319-4610, UK Toll Free 0808-101-2791, local Vancouver 604 638 5340 or Outside Canada, USA or the UK Call: 1-604-638-5340.
CBM Asia-ExxonMobil Joint Venture Background
On December 20, 2012 CBM Asia announced it signed a farm-in joint venture agreement with ExxonMobil. The final terms and conditions of the proposed farm-in remain subject to negotiation and execution of formal agreements between ExxonMobil and CBM Asia as well as, among other conditions, government approvals. Under the farm-in joint venture agreement the Company will acquire a 35% to 37.5% participating interest in four existing PSCs (Banjar I PSC, Banjar II PSC, Barito I PSC and Tapin PSC) in the Barito Basin, South Kalimantan. The total gross area of the four PSCs is approximately 4,258 km2 or 1.0 million acres. CBM Asia considers the Barito Basin to be the largest and best undeveloped CBM exploration opportunity in the world, with an industry gas-in-place estimate of 102 Tcf(1). Details of the farm-in joint venture include:
1. Society of Petroleum Engineers Paper 88630 (not NI 51-101 compliant)
ABOUT CBM ASIA DEVELOPMENT CORP.
ON BEHALF OF CBM ASIA DEVELOPMENT CORP.
Alan T. Charuk, President & CEO
The gas in place estimates referred to herein have not be 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.
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.