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NuEnergy Announces Farm-In to Rengat PSC

Source: www.gulfoilandgas.com 11/21/2013, Location: Asia

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NuEnergy Gas has announced that it has issued a written offer to a potential strategic investor. The offer includes an investment in the company and a farm-in to the Rengat PSC located in Sumatra, Indonesia. The strategic investor is a large Asian diversified multinational group. The group has a turnover in excess of $5bn. Both parties have been in formal due diligence for the past month.

Under the terms of the proposal the farm-in party would provide cash and a carried interest to NuEnergy. It is intended the party would fund the work program of Rengat PSC. From the cash NuEnergy would fund the ongoing work program for the Muara Enim PSC and Muara Enim II PSC located in South Sumatra.

Negotiations between NuEnergy and the party are at an advanced stage. Both parties are working to reach agreement this year.

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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