CBM Asia CEO appointed to Board of South Sumatra Energy
Monday, January 25 2010 - 05:59 PM WIB
SSE is a private company jointly owned by Jakarta-based PT Ephindo and Toronto-based McLaren Resources, Inc. that, together with Jakarta-based operator PT Medco Energi Internasional Tbk, holds the first coalbed methane PSC to be awarded by the Government of Indonesia, the 58,349 hectare Sekayu Block (Sekayu PSC) located in the South Sumatra Basin.
SSE and Medco each hold 50% interests in the Sekayu PSC.
On December 18, 2009, CBM Asia announced that it had closed its letter of intent with Batavia Energy, Inc., as McLaren's successor-in-interest, to acquire 24% of South Sumatra Energy, representing a 12% working interest in the Sekayu PSC.
Charuk joins South Sumatra Energy's five member board of directors. The other directors are CBM Asia's Vice President Operations, Charles Bloomquist, who serves as Chairman of SSE, a position he has held since the company's formation in 2007; President of Batavia, John Kontak, a Toronto-based attorney with 25 years in international law and business development; Ephindo's CEO and President, Sammy Hamzah, a former Senior Vice President of UNOCAL Indonesia; and Ephindo's Patrick Alexander, a senior executive with 25 years experience in finance and investment banking, formerly Managing Director for Chase Manhattan Mergers & Acquisitions, Asia.
Apart from having 12 percent interest in Sekayu, the company also has an 18% net working interest in a PSC for CBM on a 76,000 hectare block located in the Kutai Basin of East Kalimantan. As geotechnical lead, the Company is responsible for directing a US$5.6 million exploration and appraisal program to November 2011, to determine commercial feasibility of CBM production for the Kutai-West PSC and submit a Plan of Development.
The Company also has 40% net working interests in a second 56,500 hectare block also in the prolific Kutai Basin. (alex)