CBM Asia appoints new directors
Monday, April 11 2011 - 11:56 PM WIB
Friberg was the former President and CFO of Black Gold Energy, an Indonesia-based oil and gas exploration company formed in 2006 and then sold to Niko Resources Ltd. for CAD300 million in 2009. Prior to helping co-found Black Gold Energy, Dr. Friberg held senior executive positions at Unocal and Chevron in Jakarta and other locations, including Chief Geologist Worldwide and Chief Exploration Advisor, Manager Partner Relations and Vice-President, Commercial Affairs for Unocal Indonesia.
Adam Q.H. Clarke will join the Board of Directors and hold the position of VP Corporate Development. Clarke is based in Hong Kong and has over 20 years of financing experience in the oil and gas industry, having held senior positions with Bear Stearns, Swiss Bank Corp., and Expedition Capital Ltd. Mr. Clarke's role at the Company will focus on capital raising activities, joint venture negotiations, and gas commercialization.
The company also announced that Bradley Field has resigned as a member of the Board of Directors.
CBM Asia is a Canadian-based unconventional gas company with significant CBM exploration and development opportunities in Indonesia.
The company has entered into a binding letter of intent to acquire a participating interest in a CBM PSC on a 58,349-hectare block located in the South Sumatra Basin where initial exploration drilling of a production test well commenced in the second half of 2009. The Company has committed to fund an initial US$3.25 million in exploration expenditures on the Sekayu PSC to prove reserves and submit a Plan of Development to the Government of Indonesia. (alex)