South Sea to seal final deal on E. Kalimantan CBM project acquisition

Houston-based junior upstream firm South Sea Energy Corp expects to sign a definitive agreement this week with CBM Asia Development Corp. to acquire CBM's interest in a coal-bed methane project located in East Kalimantan.

The company has signed the LoI with CBM Asia last June, in which the company will acquire 100% of the assets of CBM Asia Development Corp. in a joint venture encompassing a 1,200 km2 exploration and development block within Kutei Basin.(alex)