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NuEnergy Gas Limited ( (AU:NGY) ) has issued an update.
NuEnergy Gas Limited has commenced drilling the final well, TE-B01003, in its Tanjung Enim Production Sharing Contract area as part of its Early Gas Sales Initiative. This initiative aims to achieve initial gas sales of 1 million standard cubic feet per day. The TE-B01003 well is strategically located to enhance reservoir connectivity and productivity, with the first three wells already progressing well in the dewatering process. This development marks a significant step in NuEnergy’s strategy to become a major gas producer in Indonesia, contributing to the country’s clean energy supply and maximizing shareholder value.
More about NuEnergy Gas Limited
NuEnergy Gas Limited is an independent clean energy company focused on developing unconventional gas assets in Indonesia. The company holds three onshore coal bed methane (CBM) Production Sharing Contracts in South Sumatra and aims to supply sustainable clean energy to meet Indonesia’s growing energy demands. NuEnergy is committed to moving its gas assets from exploration to development, monetizing reserves, and maximizing shareholder returns.
YTD Price Performance: 77.78%
Average Trading Volume: 178,019
Technical Sentiment Signal: Buy
Current Market Cap: A$56.98M
See more data about NGY stock on TipRanks’ Stock Analysis page.