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NuEnergy Gas Limited ( (AU:NGY) ) has shared an announcement.
NuEnergy Gas Limited has announced the relinquishment of its 30% interest in the Muara Enim 2 Production Sharing Contract (PSC) in Indonesia, a move that will not materially impact its financials due to prior impairments. This decision allows NuEnergy to focus on more advanced CBM projects, particularly the Tanjung Enim PSC, which has received development approval and is set to start initial gas production. The company has finalized terms for a gas sales and purchase agreement with PT Perusahaan Gas Negara Tbk, with plans to gradually increase production, positioning NuEnergy as a significant player in Indonesia’s clean energy sector.
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 the growing demands of Indonesia’s rapidly expanding economy. NuEnergy holds three onshore coal bed methane (CBM) Production Sharing Contracts in South Sumatra and is committed to moving its high-value gas assets from exploration to development, with a strategy to integrate these assets into a CBM hub for sustainable energy supply.
Technical Sentiment Consensus Rating: Sell
Current Market Cap: €18.59M
For detailed information about NGY stock, go to TipRanks’ Stock Analysis page.