NuEnergy reports S. Sumatra CBM project progress

The following is an excerpt from Australian firm NuEnergy Capital Limited?s quarterly report released on Friday.

ACQUISITION OF INDON CBM LIMITED
During the quarter the Company has continued to progress its acquisition of Indon CBM Limited (Indon CBM) (Acquisition).

On 16 June the Company advised that Indon CBM, through its 95% owned Indonesian domestic entity PT Trisula CBM Energi (Trisula) had entered Into a formal Cooperation Agreement with PT Pertamina Hulu Energi (Pertamina), a company within the Pertamina group (the Indonesian state owned oil and gas enterprise), in respect to the establishment of a consortium to evaluate the South Sumatra II Project.

The Cooperation Agreement formalises and confirms the relationship between Trisula and Pertamina and replaces the Memorandum of Understanding and a Heads of Agreement previously entered into by Pertamina and Trisula.

The Acquisition remains conditional upon NuEnergy shareholder approval. It is anticipated a meeting of shareholders for this approval will be held in September/October. (end of excerpt)