CBM Asia provides default status report, officer resigns
Friday, June 13 2014 - 01:04 AM WIB
Vancouver-based firm CBM Asia Development Corp. announced Thursday that it has received breach notices from Ephindo International CBM Holding Inc. under its participation agreement dated January 17, 2007, as amended and shareholders' agreement dated April 16, 2009 governing the company's participating interest in the Kutai West production sharing contract (the Kutai West PSC) located in the Kutai Basin of East Kalimantan.
The declared breaches arise from the non-payment of two cash calls totaling US$125,430 due from the company in March and April, CBM Asia said in a statement.
The company has 30 days from the date of receipt of the breach notices (being June 9, 2014) to rectify the breaches, failing which the company's interest in the Kutai West PSC may be forfeited, it added.
The company further announced the resignation of James Hurren as Chief Financial Officer.
CBM Asia holds an 18 percent working interest in the Kutai West PSC, representing 705 Bcf of recoverable prospective resources net to CBM Asia from the total 3.9 Tcf estimated by an independent audit conducted in 2013 by Netherland, Sewell & Associates, Inc.
Editing by Reiner Simanjuntak