Globaltec's Australian unit gears up for early coal bed methane sales
KUALA LUMPUR: Globaltec Formation Bhd's Australia-listed unit, NuEnergy Gas Ltd, has commenced drilling site preparation activities at its Tanjung Enim production sharing contract (PSC) in South Sumatra, Indonesia.
This comes as the group moves closer to first coal bed methane production under its early gas sales initiative, NuEnergy said in its quarterly activities report, which Globaltec filed with Bursa Malaysia today.
The company, through its subsidiary Dart Energy (Tanjung Enim) Pte Ltd, finalised a gas sales and purchase agreement with Indonesia's national gas distributor PT Perusahaan Gas Negara (PGN) at the end of 2024.
The drilling site preparation work involves building access roads, repairing bridges, clearing land and constructing foundations, mud pits and flare stacks.
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The area also includes a site designated for PGN's compressed natural gas facility. The first of four wells is expected to be spudded in May.
Elsewhere, NuEnergy continues dewatering operations at its Muralim PSC, also in South Sumatra, to gather gas production data.
It is also awaiting government approvals to advance environmental permitting at its Muara Enim PSC.
Separately, the company is in the process of relinquishing its Muara Enim II PSC.
During the March quarter, NuEnergy posted a net operating cash outflow of A$143,000 and capital expenditure of A$822,000.
Its cash and cash equivalents stood at A$3.92 million at the end of the quarter, giving it an estimated funding runway of four quarters based on current expenditure levels.
NuEnergy, an independent clean energy company focused on Indonesian unconventional gas, holds three coal bed methane PSCs in South Sumatra.
It aims to integrate these assets into a coal bed methane production hub, targeting sustainable energy supply for Indonesia's growing market.
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