CBM Asia Development Corp. (TSXV:TCF,US:CBMDF,FWB:IY2) provides an update on its activities. On December 16, CBM Asia was advised by ExxonMobil that it plans to exit the Indonesian CBM industry.
As quoted in the press release:
CBM Asia is reviewing a draft termination agreement offered by ExxonMobil. The Company has requested compensation for the extensive planning and technical support the Company has provided to ExxonMobil to help it fulfill its PSC obligations during the past 18 months.
Separately, today the Company signed a Letter of Intent with an Indonesian oil and gas company to negotiate a JV/farm-in deal on four coalbed methane PSC’s in South Kalimantan. The Company continues to work with the European family office to arrange a funding package to support any agreement entered into.