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Article: CBM Asia Development Acquires Interest in South Sumatra Production Sharing Contract.
- Article from:
- Marketwire Canada
- Article date:
- August 24, 2009
CopyrightCOPYRIGHT 2009 Canadian Corporate News. News Provided by Comtex. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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VANCOUVER, BRITISH COLUMBIA, Aug 24, 2009 (Marketwire via COMTEX) -- CBM Asia Development Corp. (the "Company" or "CBM Asia") (TSX VENTURE:TCF)(FRANKFURT:IY2) announces that it has signed a Letter of Intent ("LOI") with Batavia Energy Inc. ("Batavia") to acquire 48 percent of South Sumatra Energy Inc. ("SSE") which, together with PT Medco CBM Sekayu ("PT Medco"), holds a Production Sharing Contract ("PSC") for coalbed methane on a 58,349 hectare block located in the South Sumatra Basin (the "Sekayu Block PSC"), Indonesia.
Awarded May 27, 2008, the Sekayu Block PSC marked the first time the Government of Indonesia awarded a PSC for the exploration and development ...