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NuEnergy Gas Limited ( (AU:NGY) ) just unveiled an announcement.
NuEnergy Gas Limited has made significant progress in its Tanjung Enim early gas sales initiative, with the completion of two wells and ongoing work on two additional wells. The company aims to achieve initial gas sales of 1 million standard cubic feet per day. The successful installation of a Progressive Cavity Pump system at the TE-B06-001 well marks a critical step towards stable gas production. NuEnergy has also finalized terms for a Gas Sales and Purchase Agreement with PT Perusahaan Gas Negara, pending approval from the Ministry of Energy and Mineral Resources, which will facilitate the commercialization of coal bed methane in Indonesia.
More about NuEnergy Gas Limited
NuEnergy Gas Limited is an energy company focusing on the exploration and production of coal bed methane (CBM) in South Sumatra, Indonesia. The company holds a 45% participating interest in the Tanjung Enim Production Sharing Contract, with operations managed by its subsidiary, Dart Energy (Tanjung Enim) Pte Ltd.
YTD Price Performance: 94.44%
Average Trading Volume: 169,253
Technical Sentiment Signal: Buy
Current Market Cap: A$62.32M
For detailed information about NGY stock, go to TipRanks’ Stock Analysis page.