NGY up nearly 30%,
Could challenge 52 week highs Tomorrow,
( and may well surpass 52 week highs on Thursday ,the 17th)
Tommorow is the Last day before the:
"virtual ceremony to be conducted on 17 June 2021,
during which it is proposed that the Indonesian Government through its agency,
the Special Task Force for Upstream Oil and Gas Business Activities (“SKK Migas”,
will grant the approval for the Plan of Development 1 (“POD 1”
under a Gross Split scheme in Coal Bed Methane (“CBM”
at the Company's Tanjung Enim Block in South Sumatra"
With the approval,
it represents an evolution from an exploration to a development phase for the Company’s Tanjung Enim PSC.
This will be the first commercial CBM project in Indonesia and it also lays the foundation for the industry to address the increasing energy gap in Indonesia with this new clean energy source.
The first implementation of a Gross Split based contract for the CBM industry in Indonesia.
A detailed announcement will be made by NuEnergy upon the said approval for the POD 1 being granted on 17 June 2021....
