NuEnergy unveils new resource estimates of newly-acquired CBM assets

By Romel S. Gurky

ASX-listed NuEnergy Gas Ltd provided Friday update on the resource of estimates of newly-acquired CBM assets in Indonesia.

NuEnergy on November 23 completed the acquisition of Dart Energy (Indonesia) Holdings Pte Ltd (DEIH), resulting in the company to own the former DEIH Production Sharing Contracts (PSC) assets, which include:
▪ Tanjung Enim (45% participation) ? South Sumatra
▪ Muralim (50% participation) ? South Sumatra
▪ Bontang-Bengalon (100% participation)
▪ Bungamas (Joint Evaluation)

?The resource estimates and accompanying information in this announcement are taken from the most recent Technical Evaluation Report on the former DEIH Tanjung Enim and Muralim PSC that is based on, and fairly represents, information and supporting documentation as of 31 July 2012 prepared by Netherland, Sewell & Associates, Inc. (NSAI) dated November 30, 2012. No further material resource evaluation work has been undertaken by, or for, DEIH or the company on those PSC since the applicable date of the Report,? NuEnergy said in a statement.

The company added it has not obtained resource or reserves estimates for its Bontang-Bengalon or Bungamas assets from NSAI or any other appropriately qualified organization.

The resources estimates and accompanying information are compiled by John Hattner of NSAI and are consistent with the guidelines set forth by the Society of Petroleum Engineers ? Petroleum Resource Management System (SPE-PRMS). Hattner is a Licensed Professional Geophysicist in the state of Texas, a member of the American Association of Petroleum Geologists and a petroleum reserves and resources evaluator as defined in the Chapter 19 of the ASX Listing Rules. Hattner has consented to the reporting of the information in this announcement in the form and context in which it appears, noting that neither he,nor NSAI, have undertaken any further evaluations of the PSC assets since the applicable date of the Report.

The updated resource estimates are shown in the following table.

?	Tanjung Enim	Muralim
Date of PSC Signed	4 August 2009	3 December 2010
Date of PSC Expiry	3 August 2039	2 December 2040
Participating Interest	45% (operator)	50% (operator)
Co-Ventures	27.5% Pertamina 27.5% Bukit Asam	50% Medco
Original Acreage	312.7 km2	982.7 km2
Current Acreage	250.2 km2	884.5 km2
Participating Interest Original Gas-In-Place	0.4 TCF	1.4 TCF
NSAI Unrisked Net Contingent Resources	1C ? 0.1TCF 2C -- 0.1 TCF 3C -- 0.2 TCF	-
NSAI Unrisked Net Best-Estimate Prospective Resources	0.1 TCF	0.7 TCF

Editing by Reiner Simanjuntak