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NuEnergy Gas Limited ( (AU:NGY) ) has issued an announcement.
NuEnergy Gas Limited announced the successful completion of drilling for the TE-B06-002 well, the second of four planned CBM wells under its Tanjung Enim Production Sharing Contract in South Sumatra, Indonesia. This marks a significant step in Indonesia’s first commercial CBM development, aiming for initial gas sales of 1 million standard cubic feet per day. The installation of a Progressive Cavity Pump system with real-time monitoring is expected to enhance operational efficiency and optimize well performance. Gas from the wells will be delivered to PT Perusahaan Gas Negara Tbk’s processing facility, advancing the monetization of NuEnergy’s CBM assets and contributing to Indonesia’s domestic energy supply.
More about NuEnergy Gas Limited
NuEnergy Gas Limited is an independent clean energy company focused on developing Indonesian unconventional gas assets. The company holds three onshore coal bed methane (CBM) Production Sharing Contracts in South Sumatra, Indonesia, and aims to supply clean energy to meet the growing energy demands in Indonesia.
YTD Price Performance: 83.33%
Average Trading Volume: 167,079
Technical Sentiment Signal: Buy
Current Market Cap: A$58.76M
See more insights into NGY stock on TipRanks’ Stock Analysis page.