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cbm asia development corp (TCF) Snapshot

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cbm asia development corp (TCF) Details

CBM Asia Development Corp., an exploration stage company, engages in the acquisition, exploration, and development of gas properties. It holds interests in the five production sharing contracts for coalbed methane in Indonesia. The company is based in Vancouver, Canada.

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cbm asia development corp (TCF) Key Developments

CBM Asia Development Corp. Announces Executive Changes

CBM Asia Development Corp. announced that Mr. Clint Sharples, a director of the company, has been appointed Chief Financial Officer. Separately, Mr. Keith Potter has resigned as General Manager, Indonesia. Mr. Potter had been with the company as GM Indonesia since April 2012.

CBM Asia Development Corp. Provides Default Status Report; Announces Executive Changes

CBM Asia Development Corp. announced that it has received breach notices from Ephindo International CBM Holding Inc. under its participation agreement dated January 17, 2007, as amended and shareholders agreement dated April 16, 2009 governing the company's participating interest in the Kutai West production sharing contract. The declared breaches arise from the non-payment of two cash calls totaling USD 125,430 due from the company in March and April. The company has 30 days from the date of receipt of the breach notices (being June 9, 2014) to rectify the breaches, failing which the company's interest in the Kutai West PSC may be forfeited. The company also announced the resignation of James Hurren as Chief Financial Officer. Mr. Hurren has agreed to continue with the company in a consulting role to assist in the completion of the company's outstanding audited financial statements for the year ended December 31, 2013, and unaudited financial statements for the first quarter of 2014 pending the company's appointment of a new CFO. Donna Moroney has resigned as corporate Secretary. She and her company, Wiklow Corporate Services Inc., will continue to provide services to the company on a consulting basis.

CBM Asia Development Corp. Announces Changes to Board; Updates on Production Operations at Kutai West PSC

In consistent with CBM Asia Development Corp.'s ongoing cost cutting measures, director Adam Clarke has resigned from all management and board positions. However, Mr. Clarke remains available to the company on a consulting basis during the ongoing capital raise. In Jakarta, Mr. Keith Potter stepped down as the company's VP Operations, but continues in his duties as General Manager Indonesia. Following the announcement in regard to the development plans of the Kutai West PSC, the company announced an update on coalbed methane production operations at the block, where the company holds 705 Bcf of net prospective recoverable resources. During the past few weeks the KW-CBM01 well at Kutai West has been undergoing initial production testing. Operator Newton Energy has installed a progressive cavity pump in the well and is adjusting pump rates and position to optimize dewatering and gas production. Although the well is an isolated CBM test and at a very early stage of dewatering, already gas rates of 16 Mcfd have been measured. This confirms earlier testing which indicated a high degree of gas saturation. The longer term plan is to drill four new wells surrounding the KW-CBM01 well for improved dewatering and higher gas production. The company plans at Kutai West is similar to what VICO Indonesia has already accomplished at two CBM pilots in the adjacent Sanga-Sanga PSC, where commercial production has been underway for three years. VICO, the joint-venture between BP and ENI, recently announced plans to drill 20 additional CBM wells at Sanga-Sanga to provide more gas supply for the Bontang LNG export facility.


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