Extracted from NGY's Half Year Report ended December 2022 which was released yesterday -
Muara Enim PSC South Sumatra, Indonesia NuEnergy Interest: 40%
On 11 November 2019, NuEnergy applied for an additional exploration period beyond the end of the 10th Contract Year (29 November 2019). NuEnergy has via a letter dated 6 February 2020, been granted an additional exploration period until 19 January 2021, by the MEMR through SKK Migas to compile all geological and reservoir data, including all exploration/production data. This compilation has been completed and submitted to SKK Migas and NuEnergy has since received an acknowledgement letter from SKK Migas. The acknowledgement letter:
i) confirms the discoveries of natural gas; ii) acknowledges the completion of exploration firm commitments by NuEnergy; and iii) allows NuEnergy to submit a plan of development within the next 3 years from 18 January 2021.
NGY Price at posting:
3.6¢ Sentiment: Buy Disclosure: Held
