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NuEnergy Gas Limited ( (AU:NGY) ) just unveiled an update.
NuEnergy Gas Limited has commenced drilling operations for the TE-B06001 well, marking a significant milestone as 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 supports Indonesia’s domestic gas supply strategy and aims to validate the commercial viability of NuEnergy’s CBM assets. The Tanjung Enim POD 1 project, with planned production of 25 mmscfd, is a strategic step towards achieving Indonesia’s energy transition goals through cleaner gas sources. NuEnergy has also signed a Heads of Agreement with PT Perusahaan Gas Negara Tbk, Indonesia’s largest publicly listed gas utility, to further commercialize its gas assets.
More about NuEnergy Gas Limited
NuEnergy Gas Limited is an independent clean energy company focused on developing Indonesian unconventional gas assets. The company aims to provide investors with superior value by supplying clean energy to meet the growing energy demands in Indonesia, one of the world’s fastest-growing economies and energy-consuming markets. NuEnergy holds three onshore coal bed methane (CBM) Production Sharing Contracts (PSCs) in South Sumatra, Indonesia, and is focused on moving its high-value unconventional gas assets from exploration to development.
YTD Price Performance: 11.11%
Average Trading Volume: 42,601
Technical Sentiment Signal: Sell
Current Market Cap: A$35.61M
For a thorough assessment of NGY stock, go to TipRanks’ Stock Analysis page.