NuEnergy Gas Begins Drilling Third Well in Tanjung Enim Initiative

NuEnergy Gas Limited ( (AU:NGY) ) just unveiled an update.

NuEnergy Gas Limited has commenced drilling the third well, TE-B06003, in its Tanjung Enim Production Sharing Contract area as part of its Early Gas Sales Initiative. This initiative targets initial gas sales of 1 million standard cubic feet per day, following the successful completion of the first two wells. The strategic location of the TE-B06003 well is intended to enhance reservoir connectivity and maximize productivity, marking a significant step in NuEnergy’s plan to become a major Indonesian gas producer.

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 Indonesia’s growing energy demands, holding three onshore coal bed methane Production Sharing Contracts in South Sumatra. NuEnergy’s strategy involves integrating these contracts to create a CBM hub, moving from exploration to development, and maximizing shareholder returns.

YTD Price Performance: 94.44%

Average Trading Volume: 168,443

Technical Sentiment Signal: Buy

Current Market Cap: A$62.32M

Learn more about NGY stock on TipRanks’ Stock Analysis page.