Meanwhile the neighbors are still kicking goals:NuEnergy Gas...

Meanwhile the neighbors are still kicking goals:

NuEnergy Gas logs 46 metres net coal seams at South Sumatra, Indonesia
Wednesday, November 20, 2013 by Proactive Investors


NuEnergy Gas has logged 46 metres of net coal seams at South Sumatra, Indonesia
NuEnergy Gas (ASX:NGY) has identified 36 metres of net coal seams and 13 metres of continuous coal at its second pilot production well at South Sumatra, Indonesia.

The well has been drilled to target depth of 802 metres with partner Pertamina, as part of their Muara Enim production sharing contract.

NuEnergy holds a 40% interest with Pertamina controlling the remaining 60%.

The first well, located 500 metres away, has been producing gas for over 4 months days as it progresses towards gas sales to compressed natural gas producer Dharma Pratama Sejati.

Dharma Pratama Sejati has agreed to offtake between 1 million and 5 million standard cubic feet of gas at US$10 per million British Thermal Units.

This represents potential gross revenue of between US$10,000 and US$50,000 per day, or between US$3.6 million to US$18.2 million per annum to the joint venture.

NuEnergy is capitalised at around $12 million.

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