Indonesian CBM Explorer Eyes Asset Sale

Indonesia-focused coalbed methane (CBM) explorer NuEnergy Gas is planning to sell a stake in local subsidiary Dart Energy to EPI, it said August 30. EPI Energy is a wholly owned subsidiary of EPI Holdings, a company listed on the Hong Kong Stock Exchange. EPI together with its subsidiaries are principally engaged in petroleum exploration and production, finance and investment in securities business.

EPI Energy would provide technical know-how and financial support for the development of Dart's production-sharing contracts (PSCs), NuEnergy said. Dart's subsidiaries own interests in the Tanjung Enim PSC, the Muralim PSC and the Bontang Bengalon PSC.

Dart has submitted the first development plan (POD) for the Tanjung Enim PSC to the Indonesian ministry of energy and mineral reources, NuEnergy said. 

“While discussions are at an early stage, the company looks forward to progress further discussions which may lead to commercial terms and a formal agreement to be mutually agreed and executed,” NuEnergy said. Australia-listed NuEnergy holds six onshore PSCs, across South Sumatra, Central Sumatra and East Kalimantan.