CBM Asia allocates US$3.4M for 2010
CBM Asia Development Corp allocates US$3.4 million for work programs in Indonesia, including drilling activities at Sekayu and Kutai West PSCs.
CBM Asia allocates US$1 million for its participating interest in Sekayu PSC where a minimum of two wells to be drilled next year. Medco is the operator of this coal-bed methane (CBM) project. Total budget for this block is US$2 million. For Kutai-West PSC, five wells will be drilled next year with total budget of US$3 million. CBM Asia allocates US$1 million for this block, where Tanito is the operator.
CBM Asia also allocates US$1.4 million for joint evaluation study for Kutai Ephindo. They expect the PSC to be awarded in second half 2010.