NuEnergy acquires Indonesian CBM projects

Australian firm NuEnergy Capital Limited announced on Thursday to have signed deal to purchase all shares of Indon CBM Limited, a company that has right to explore for coal-bed methane (CBM) in South Sumatra and Tarakan basin in East Kalimantan.

Under the existing deal, the company said, Indon CBM will be entitled to up to 45 percent of the net production from both projects. Indon CBM is also in the process of acquiring another acreage in South East Kalimantan.

The company will pay the vendor A$19.2 million, payable by shares and completion is expected by January 2008. (alex)