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CBM Asia Development Corp. (TSXV:TCF,US:CBMDF,FWB:IY2) provided an operational update on its coalbed methane properties in Indonesia. The Company and ExxonMobil have agreed to extend the Umbrella Agreement signed on December 19, 2012, coring operations have been completed at the CBM-01 well, and Newton Energy, the operator of the Kutai West PSC, plans to begin completion and stimulation operations on four coal seams in the KW-CBM-01 well in September 2013.
As quoted in the press release:
- ExxonMobil Joint Venture. CBM Asia and ExxonMobil have agreed to extend the Umbrella Agreement signed on December 19, 2012. Both companies are engaged in amending certain terms of the agreement and the Company with approval from ExxonMobil will announce details in the near future.
- Sekayu PSC. On May 23, 2013 Medco Energi, the operator of Sekayu PSC, resumed production testing at the CBM-02 well, installing a new high-capacity submersible pump. The well is producing a steady 3,000 bbl/day of potable-quality formation water from the Miocene-age Palembang coal seams. Gas production was initiated almost immediately and is increasing as the well dewaters. Gas produced from the well is being consumed on site to drive the downhole pump. Coring operations have been completed at the CBM-01 well. The Company is awaiting final gas content and coal analysis reports. 4 1/2″ casing has been run, cemented and perforated adjacent to the Palembang C coal seam at a depth of 1,380 – 1,404 feet.
- Kutai West PSC. Newton Energy, the operator of the Kutai West PSC, plans to begin completion and stimulation operations on four coal seams in the KW-CBM-01 well in September 2013. Dewatering at this location will follow pending the results of the stimulation program.
Click here to read the CBM Asia Development Corp. (TSXV:TCF,US:CBMDF,FWB:IY2) press release
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