Noble will subscribe to seven million shares at seven cents each.

Pan Asia and Noble had developed a commercial relationship through previous arrangements in the region and Pan Asia CEO Alan Hopkins said the company is pleased to strengthen the ties between the two companies.

"We have a shared motivation to expedite the advancement of production at TCM, and to pursue additional growth opportunities,” he said.

"In particular, Noble has a strong understanding of, and presence in, the Indonesian coal industry and can provide Pan Asia with invaluable support in delivering the TCM Project."

Pan Asia also appointed Noble as a strategic adviser to the project, through which they will provide strategic marketing advice and assist with sales and capital raising.

Pan Asia is currently updating a feasibility study for the 75%-owned project ahead of expected development and first production in 2014.

The JORC Resource for all seams at TCM increased to a total combined 177 million tonnes from 128Mt in November.