NuEnergy Signs Asian Investor for Indonesia CBM Project

NuEnergy Gas has roped in a strategic Asian player who will invest in the company via 10% share placement.

The exercise will raise at least AU$1.3 million.

The investor will also pay NuEnergy US$2.7 million in cash plus provide a full carry on 3 core and 3 pilot production wells, with the full value of the carry program being estimated at US$10-12 million.

In return, NuEnergy will assign a 49.9% participating interest in Rengat PSC located in central Sumatra, Indonesia.

According to NuEnergy, the investor has extensive experience in the CBM service industry and with drilling and completion techniques that can significantly enhance the productivity of the CBM wells.

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