Globaltec unit begins drilling at Indonesia's first commercial coalbed methane project
KUALA LUMPUR: Globaltec Formation Bhd's Australian-listed subsidiary, NuEnergy Gas Ltd, has commenced drilling the first of four wells under its Early Gas Sales Initiative in South Sumatra, Indonesia.
In a filing with Bursa Malaysia today, Globaltec said the drilling marks the start of Indonesia's first commercial coalbed methane (CBM) project.
The well is located in the Tanjung Enim Production Sharing Contract's Plan of Development 1 (POD 1) area and targets initial gas sales of one million standard cubic feet per day (mmscfd).
"This milestone underscores NuEnergy's commitment to cleaner energy and validates the commercial viability of its coalbed methane assets," the company said.
The POD 1 area, covering 33 square kilometres, holds certified reserves of 164.89 billion standard cubic feet and has a planned production capacity of 25 mmscfd.
It is also backed by a heads of agreement with Indonesia's largest gas utility, PT Perusahaan Gas Negara Tbk, a subsidiary of Pertamina.
Globaltec said the successful spudding of the well lays the foundation for further development and commercial delivery from its South Sumatra CBM assets.
At press time, shares of Globaltec were trading at 47 sen, up 4.44 per cent from the previous close of 45 sen, valuing the company at RM126.49 million.
The stock hit a two-year low of 42.5 sen on April 9 and has been trading between 46 sen and 49 sen since the start of the year.
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