NuEnergy has a 40% working interest in the Muara Enim PSC, covering an area of 587 sq km in South Sumatra.
KUALA LUMPUR: Globaltec Formation Bhd's subsidiary NuEnergy Gas Ltd has announced the discovery of natural gas in the Muara Enim Production Sharing Contract area, Indonesia.
NuEnergy, which is listed on Australia's stock exchange, said in a statement on Thursday Indonesia's special task force for upstream oil and gas business activities has confirmed the discovery and acknowledged NuENergy's completion of its commitments with regards to that area.
The confirmation will allow NuEnergy to submit a plan of development within the next three years from Jan 18, 2021.
NuEnergy said this was a positive step in its ongoing strategy to develop the company’s coal bed methane assets in South Sumatra and demonstrates a solid level of support from the Indonesian Authorities keen to see the development of unconventional gas within Indonesia.
"We are extremely enthusiastic with the issuance of the AL and note it’s close proximity to NuEnergy’s other assets in South Sumatra namely our Muralim PSC and the Tanjung Enim PSC.
"The company is awaiting the Tanjung Enim POD approval which shall mark the first grant of a POD for unconventional gas in Indonesia," said NuEnergy CEO Ian Wang.
NuEnergy has a 40% working interest in the Muara Enim PSC, covering an area of 587 sq km in South Sumatra, which is in the vicinity of a major gas supply pipeline servicing a significant portion of Indonesia.
It has drilled two core hole wells, two exploration wells, and one production test and dewatering bore in the Muara Enim PSC area.
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