NuEnergy Gas Acquires Dart's Indonesian CBM Assets

NuEnergy Gas (NGY) on Wednesday 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, the company said.

“NGY is expected to boost its PSC positions in Sumatra by integrating Dart Indonesia’s PSCs and NGY’s PSCs to potentially operate a large scale CBM development which is unprecedented. We believe these PSC assets are potentially world class CBM plays and can be commercialised quickly, thereby providing early benefits to our shareholders,” Chairman of NGY, Kok Keong Kong, commented.

NGY 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).