CBM Asia Development Corp (TCF.V) is now down 7 cents at 45 cents and has touched a day low 40.5 cents after hitting 58 cents late morning - which left it just shy of a year high 60 cents struck two days ago.
Today, CBM announced it has signed a letter of intent to acquire a 70% working interest and operatorship of a 2,100-km2 coalbed methane Production Sharing Contract (PSC) located in Sumatra, Indonesia. Negotiations continue with the current owner of the PSC and are expected to be completed in near future.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
