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NuEnergy Gas Limited ( (AU:NGY) ) just unveiled an update.
NuEnergy Gas Limited has signed a collaboration agreement with PT Beijing Energy Linking (PT BJEL), under which PT BJEL will be appointed lead EPCC contractor and will finance 100% of the field development for NuEnergy’s Tanjung Enim and Muralim CBM projects in South Sumatra, subject to final EPCC contracts. The arrangement, focused initially on Tanjung Enim Plan of Development 1, will see development costs repaid from future gas sales and covers drilling, surface facilities, pipelines and commissioning to ramp production from around 1 MMSCFD to a targeted 25 MMSCFD, effectively fully funding NuEnergy’s transition to full-scale gas output and accelerating project execution with the backing of major clean-energy players Beijing Energy International and Envision Group.
The most recent analyst rating on (AU:NGY) stock is a Hold with a A$0.03 price target. To see the full list of analyst forecasts on NuEnergy Gas Limited stock, see the AU:NGY Stock Forecast page.
More about NuEnergy Gas Limited
NuEnergy Gas Limited is an ASX-listed energy company focused on the exploration and development of coalbed methane (CBM) resources in South Sumatra, Indonesia. Its primary assets include the Tanjung Enim and Muralim production sharing contracts, with a market focus on supplying natural gas into Indonesia’s growing energy market through staged development from early gas sales to full-scale production.
YTD Price Performance: -14.71%
Average Trading Volume: 192,027
Technical Sentiment Signal: Buy
Current Market Cap: A$53.73M
For a thorough assessment of NGY stock, go to TipRanks’ Stock Analysis page.