Thursday, July 30, 2009

Arrow updates CBM exploration

Arrow Energy Ltd, Australia, said the first exploration work program on the West Sangatta PSC block, East Kalimantan, is progressing well with spud date anticipated in October 2009. 
Arrow told ASX on Thursday that this activity is being carried out in partnership with Ephindo Iltahbi CBM Holding Inc and PT Pertamina Hulu Energi Metan A, a subsidiary of state-owned oil and gas company Pertamina.
The West Sangatta PSC is situated next to coal concession of PT Kaltim Prima Coal, Indonesia's giant coal producer. Arrow's cash position at the end of the quarter was $378 million.

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