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The latest update is out from NuEnergy Gas Limited ( (AU:NGY) ).
NuEnergy Gas Limited has commenced drilling operations for the TE-B06001 well at its Tanjung Enim Production Sharing Contract area, marking a significant milestone in Indonesia’s first commercial coal bed methane project. This initiative is part of NuEnergy’s Early Gas Sales Initiative, targeting initial gas sales of 1 million standard cubic feet per day. The project, which covers approximately 33 km², is a strategic step towards Indonesia’s energy transition goals, with a planned production of 25 mmscfd and reserves totaling 164.89 Bscf. The successful execution of this well will lay the foundation for future development and validate the commercial viability of NuEnergy’s CBM assets.
More about NuEnergy Gas Limited
NuEnergy Gas Limited is a company operating in the energy sector, focusing on the development of coal bed methane (CBM) projects. It is involved in Indonesia’s first commercial CBM project, aiming to provide sustainable and cleaner energy solutions while supporting the country’s domestic gas supply strategy.
YTD Price Performance: 38.89%
Average Trading Volume: 72,466
Technical Sentiment Signal: Buy
Current Market Cap: A$44.52M
For detailed information about NGY stock, go to TipRanks’ Stock Analysis page.