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NuEnergy Gas Limited ( (AU:NGY) ) has shared an update.
NuEnergy Gas Limited has completed all four planned wells under its 1 MMSCFD Early Gas Sales Initiative at the Tanjung Enim PSC in South Sumatra, marking the first phase of a broader 25 MMSCFD development program. Dewatering and gas flaring operations have commenced, confirming coal bed methane across multiple seams and progressing towards first gas sales expected in the first half of FY26 under a binding gas sales and purchase agreement with PT Perusahaan Gas Negara, a leading Indonesian gas distributor. The company also signed a collaboration agreement with PT Beijing Energy Linking, under which the partner will finance 100% of the full-scale 25 MMSCFD POD 1 field development at a capped contract price to be repaid from future gas sales, and completed a partially underwritten entitlement offer raising approximately $3.5 million to support the Tanjung Enim initiative and other PSCs, underscoring a significant step in commercialising its CBM portfolio and strengthening its position in Indonesia’s domestic gas supply chain.
The most recent analyst rating on (AU:NGY) stock is a Hold with a A$0.04 price target. To see the full list of analyst forecasts on NuEnergy Gas Limited stock, see the AU:NGY Stock Forecast page.
More about NuEnergy Gas Limited
NuEnergy Gas Limited is an ASX-listed energy company focused on the exploration and development of coal bed methane (CBM) resources in Indonesia, particularly within the Tanjung Enim Production Sharing Contract in South Sumatra. Through its subsidiary Dart Energy (Tanjung Enim) Pte Ltd, where it holds a 45% participating interest and operatorship, the company aims to monetise its CBM assets by supplying domestically sourced, cleaner gas into Indonesia’s growing natural gas market.
YTD Price Performance: 17.65%
Average Trading Volume: 258,568
Technical Sentiment Signal: Buy
Current Market Cap: A$74.84M
For detailed information about NGY stock, go to TipRanks’ Stock Analysis page.