NuEnergy completes acquisition of Dart Energy Indonesia

By Ruli Setiawan

ASX-listed NuEnergy Gas Ltd said Monday it has completed the acquisition of 100 percent shares of Dart Energy (Indonesia) Holdings Pte Ltd (DEIH) from Dart International Ltd for US$1 million.

?We wish to inform that all the conditions precedent have been met and the balance of the purchase consideration of US$500,000 has been paid to the Vendor on 20 November 2015. In this regard, the Proposed Acquisition has been completed on 20 November 2015,? NuEnergy said in a statement.

DEIH through its group controlled companies has a number of CBM assets including 45 percent participating interest in Tanjung Enim CBM PSC (in South Sumatra), 50 percent participating interest in Muralim CBM PSC (South Sumatra), 100 percent participating interest in Bontang-Bengalon CBM PSC (East Kalimantan), and rights to the Joint Evaluation of Bungamas CBM (South Sumatra).

Elsewhere, NuEnergy said that the exploration period for the Tanjung Enim PSC was extended for an additional period of 4 years from August 4, 2015 to August 3, 2019.

The Chairman of NuEnergy (NGY), Kok Keong Kong, commented: ?This is a significant moment for NGY and we look forward to exciting times ahead as we integrate and build on our South Sumatra assets to develop a large scale coal bed methane (CBM) supply which is unprecedented.?

Aside from the DEIH assets, NGY has three core PSCs in South and Central Sumatra including Muara Enim (40% participating interest), Muara Enim II (30% participating interest), and Rengat (100% participating interest).

Editing by Reiner Simanjuntak