Latest news with #NuEnergyGasLtd
The Star
6 days ago
- Business
- The Star
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
New Straits Times
26-05-2025
- Business
- New Straits Times
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.
