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NuEnergy Gas Limited ( (AU:NGY) ) has shared an announcement.
NuEnergy Gas Limited has completed the drilling of three wells as part of its Early Gas Sales Initiative at the Tanjung Enim PSC in South Sumatra, Indonesia, aiming for initial gas sales of 1 million standard cubic feet per day. The initiative marks the first phase of a broader production plan, with gas flaring commenced to establish flow rates. The Indonesian Ministry of Energy and Mineral Resources has approved the gas allocation, allowing NuEnergy to proceed with formalizing the Gas Sales and Purchase Agreement with PT Perusahaan Gas Negara, enhancing the company’s operational and commercial positioning in the region.
More about NuEnergy Gas Limited
NuEnergy Gas Limited is an energy company operating in the coal bed methane (CBM) industry, focusing on the exploration and production of CBM in Indonesia. The company holds significant participating interests in various production sharing contracts, with a market focus on developing and commercializing gas resources in South Sumatra.
YTD Price Performance: 55.56%
Average Trading Volume: 115,754
Technical Sentiment Signal: Hold
Current Market Cap: A$49.86M
See more data about NGY stock on TipRanks’ Stock Analysis page.