6 days ago
GFB unit completes drilling work at production facility
PETALING JAYA: NuEnergy Gas Ltd, a subsidiary of Globaltec Formation Bhd (GFB) that is listed on the Australian Security Exchange, has completed the drilling for the TE-B06-003 well within its Tanjung Enim production sharing contract (PSC) plan of development one in South Sumatra, Indonesia.
In a filing with Bursa Malaysia, GFB said the TE-B06-003 the third of four planned coal bed methane (CBM) wells, and is targeting an initial gas sales volume of one million standard cubic feet per day.
'The well was drilled to a depth of 420m and five coal seams were intersected at depths ranging between 248m and 371m,' said GFB, adding that gas shows were observed via surface logging, confirming methane presence across multiple seams.
Building on prior wells, it said NuEnergy, an independent clean energy company specialising in Indonesian unconventional gas assets, installed a progressive cavity pump system, incorporating real-time remote monitoring for optimised performance.
'This capability is expected to reduce downtime, enhance operational efficiency, and support long-term performance optimisation,' it noted.
GFB said gas would be gathered at the surface facility and delivered to PT Perusahaan Gas Negara Tbk via an infield pipeline, pursuant to a signed heads of agreement.
NuEnergy holds three onshore CBM PSCs in South Sumatra, focusing on monetising reserves and supplying cleaner energy to Indonesia's growing market.
'NuEnergy's strategy is to integrate all its PSCs in South Sumatra as a CBM hub to supply sustainable clean energy to the local market and the country,' GFB emphasised.
With the drilling rig now mobilising to the fourth well, NuEnergy is poised to achieve first gas production, driving shareholder returns amid Indonesia's energy demands. Trading ideas: MGB, YTL Power, Classita, Infomina, NationGate, Thong Guan, Carlsberg, Sunway REIT, UMS, MSC, Tex Cycle, Rhone Ma
