On November 13, 2008, CBM Asia Development, as a member of the consortium of Newton Energy and Kutai West CBM, entered into a PSC with the Indonesian government to explore, develop and exploit CBM potential in the Kutai basin of East Kalimantan, Indonesia. This PSC is 30 kilometers from the Bontang liquefied natural gas plant.
Al Charuk, president of CBM Asia Developement, describes our initial work program, “We are sourcing service companies and expect to announce our first spud date as soon as the bid process is completed by BP MIGAS. This process could take several weeks.”
Charuk goes on to say that, “As one of the very first companies to be awarded a PSC to explore for and produce hydrocarbons, November 13th, 2008 was a momentous day in the history of our company. Our PSC, together with this work program approval, is our foundation to continue to lead the way in identifying CBM in East Kalimantan.”
