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CBM Asia Development Corp. (TSXV:TCF,OTCBB:CBMDF,FWB:IY2) announced commercialization plans for the Kutai West Production Sharing Contract development in Indonesia.
As quoted in the press release:
Management’s main focus this year is to initiate commercial gas production at Kutai West with a 5-well pilot, followed by a larger commercial scale 25-well development (total 30 wells). To this end we have reached consensus with our partners to sell the produced gas to locally installed gas engine power generation units selling power into the PLN grid and later to feed gas into the gas-short Bontang LNG export network. Anticipated gas prices are USD8/Mcf or higher. Bontang exports LNG to Japan and other Asian rim importers, which are critically short of natural gas.
Click here to read the CBM Asia Development Corp. (TSXV:TCF,OTCBB:CBMDF,FWB:IY2) press release
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