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An announcement from NuEnergy Gas Limited ( (AU:NGY) ) is now available.
NuEnergy Gas Limited has initiated drilling site preparations for the Tanjung Enim early gas sales initiative in South Sumatra, Indonesia. This development follows the finalization of a Gas Sales and Purchase Agreement with PT Perusahaan Gas Negara, pending approval from the Ministry of Energy and Mineral Resources. The company is also advancing its operations in other PSCs, including Muralim and Muara Enim, with ongoing production testing and environmental permitting processes. These efforts are expected to enhance NuEnergy’s production capabilities and strengthen its position in the Indonesian natural gas market.
More about NuEnergy Gas Limited
NuEnergy Gas Limited operates in the energy sector, focusing on the exploration and production of coal bed methane (CBM) in Indonesia. The company holds significant interests in various production sharing contracts (PSCs) across South Sumatra, with operations managed through its subsidiaries.
Technical Sentiment Signal: Sell
Current Market Cap: €19.03M
For a thorough assessment of NGY stock, go to TipRanks’ Stock Analysis page.