NuEnergy Completes Acquisition of Dart's Indonesian CBM Assets

NuEnergy Gas on Monday said it has completed the acquisition of Dart Energy’s Indonesian coal bed methane (CBM) assets.

In May, NuEnergy signed a conditional agreement to acquire 100 percent of the issued share capital of Dart Energy (Indonesia) Holdings.

Dart Indonesia, through its group controlled companies, has a participating interest in the following production sharing contracts (PSC) and joint evaluation (JE) covering 1,559 and 482 sq kms: 45 percent participating interest in Tanjung Enim CBM PSC, South Sumatra; 50 percent in Muralim CBM PSC, South Sumatra; 100 percent in Bontang-Bengalon CBM PSC, East Kalimantan; and rights to the JE of Bungamas CBM, South Sumatra .

The acquisition of Dart Indonesia is for a cash consideration of $1million to be funded from NuEnergy Gas’ available cash.

“We wish to inform that all the conditions precedent have been met and the balance of the purchase consideration of $500,000 has been paid to the Vendor on 20 November 2015,” the company said.

NuEnergy currently has PSCs in South and Central Sumatra, Indonesia, covering 4,819 square kilometres. NGY is the operator of all three, Muara Enim (40 percent participating share); Muara Enim 2 (30 percent participating share) and Rengat (100 percent participating share).