CBM Asia Development Corp. cancelled the transaction announced on March 6, 2013.
On April 1, 2013, the company announced that it has received preliminary offers from institutional investors and regional oil & gas companies for multi-year financing structures that would fund the company through its exploration phases of its coal bed methane Production Sharing Contracts in Indonesia. The company is currently supporting the respective due diligence and expects the process to take several more weeks to be concluded.
On May 9, 2013, the company announced that it has engaged Cantor Fitzgerald Europe to act as lead European book runner for the transaction to raise entire proceeds of the transaction.
On July 26, 2013, CBM Asia Development Corp. cancelled the transaction.