NuEnergy expands Indonesian CBM portfolio

Indonesia-focused Australian CBM developer NuEnergy Capital Limited is seeking to expand presence in Indonesia by adding at least two more exploration blocks in Kalimantan and Sumatra ion top of two acreages it already acquired.

The Company revealed in a presentation that is published on Thursday that it, together with state oil and gas company PT Pertamina (Persero) are applying for new CBM areas in Tarakan, East Kalimantan and Muara Enim, South Sumatra where the Company will have 40 percent and 30 percent interest, respectively.

Currently the Company is the operator of South Sumatra II CBM PSC, South Sumatra with 40 percent interest and Rengat CBM PSC in Central Sumatra with 100 percent interest.

The Company said it would spend A$12 million to progress its current PSCs and to capture other high potential acreage. ?NuEnergy is extremely well positioned to grow quickly into a producer of CBM,? the Company said.

The Company is planning to drill two wells each at its Sumatra PSCs this year.(alex/denny)