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NuEnergy Gas Limited ( (AU:NGY) ) has issued an announcement.
NuEnergy Gas Limited has completed drilling and well completion for the TE-B01-003 well in its Tanjung Enim Production Sharing Contract area in South Sumatra, Indonesia. This well is the last of four planned coal bed methane wells under the company’s early gas sales initiative, targeting initial gas sales of 1 million standard cubic feet per day. The successful completion of this well, along with the installation of a Progressive Cavity Pump system, marks a significant step towards monetizing NuEnergy’s CBM assets and delivering cleaner energy to Indonesia’s gas market. The gas will be delivered to PT Perusahaan Gas Negara Tbk’s processing facility, advancing NuEnergy’s strategy to become a significant player in Indonesia’s clean energy industry.
More about NuEnergy Gas Limited
NuEnergy Gas Limited is an independent clean energy company focused on developing unconventional gas assets in Indonesia. The company aims to supply clean energy to meet the growing energy demands in Indonesia, one of the world’s fastest-growing economies. NuEnergy holds three onshore coal bed methane Production Sharing Contracts in South Sumatra and is focused on moving its gas assets from exploration to development, monetizing reserves, and maximizing shareholder return.
YTD Price Performance: 33.33%
Average Trading Volume: 111,412
Technical Sentiment Signal: Sell
Current Market Cap: A$42.74M
For a thorough assessment of NGY stock, go to TipRanks’ Stock Analysis page.