CBM Asia ordered to pay $1.39m to Ephindo
Friday, December 20 2013 - 12:28 AM WIB
Canadian coal bed methane (CBM) developer CBM Asia Development Corp. reported on Thursday that The Arbitral Tribunal in Singapore has ordered the company to pay legal and arbitration expenses totaling approximately US$1.39 million to respondent PT Energi Pasir Hitam Indonesia (Ephindo) over dispute on Kutai II PSC block, in East Kalimantan.
CBM Asia in September this year reported that it has failed to retain its interest in Kutai II after the ICC arbitration court has ruled against its claim on the block.
In 2010, the company was involved in joint acquisition agreement on the block and later was in dispute with the other interest holder regarding its ownership interest in the Kutai II Block.
The block is operated by Ephindo Energy with 73.6 percent interest.
Editing by Reiner Simanjuntak