Exploration & Production
CBM Asia Clarifies 2012 Indonesian CBM Recap
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CBM Asia Development Corp. 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…
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