NuEnergy to start drilling at Muara Enim II PSC in Q2
Thursday, April 30 2015 - 09:59 AM WIB
ASX-listed NuEnergy Gas Limited announced on Thursday it expects to commence drilling at the Rengat Production Sharing Contract (PSC) during the current quarter and Muara Enim II PSC during the next quarter.
The tender process for drilling and completion is close to finalization and the team have commenced preparation of the drill sites for both the Rengat and Muara Enim II PSCs.
The new senior management team together with New Century Energy Resources (NCE) and NuEnergy?s partner, state owned oil and gas firm PT Pertamina (Persero), provide an exciting formula as NuEnergy progresses to successfully develop CBM in South Sumatra and enhance value to shareholders.
Moreover the team focuses on cost minimization without any compromise of early deliverability of projected operational results.
NCE believes the PSCs held by NGY are potentially world class assets and can be commercialized quickly thereby providing early benefits to shareholders.
The company has a 100% interest in Rengat PSC, located in the Central Sumatra coal basin in the vicinity of a major gas pipeline from Jakarta to the Chevron Duri Steam Flood project and related infrastructure.
Drilling is set to commence at the Muara Enim II PSC, South Sumatra during the next quarter with the tendering process almost complete. A drill site has been selected in the western area of the PSC.
Muara Enim II is operated by NuEnergy in joint venture with Pertamina and Sugico.
Editing by Johannes Simbolon