CBM Asia announces Kutai West JOA
Tuesday, June 29 2010 - 10:10 AM WIB
Vancouver-based firm CBM Asia Development Corp. announced on Monday that through Kutai West Inc., it has entered into a Joint Operating Agreement (JOA) with Newton Energy CBM Limited on the Kutai West PSC in the Kutai Basin, East Kalimantan.
Kutai West Inc. is jointly owned by Ephindo IIthabi CBM Holding Inc. and CBM Asia on a 60/40 basis. Newton Energy will act as the operator on the block.
The Kutai West JOA establishes the rights and obligations of participating interest owners in conducting exploratory and development programs on the block. The work program for 2010 consisting of a minimum of four wells has been submitted and accepted by upstream oil, gas authority BPMIGAS, the Company said.(alex)