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NuEnergy Attracts Investors for Coal Seam Gas Project

Source: www.gulfoilandgas.com 2/13/2014, Location: Asia

NuEnergy has signed a Letter of Intent with a strategic Asian investor that will result in a cash injection of A$4.3 million and a free carry for exploration wells at the Rengat production sharing contract in central Sumatra, Indonesia.

Under the agreement, the investor will invest in the company via a 10% share placement at a price equal to the higher of a 15% discount to the 14 day Volume Weighted Average Price (VWAP) or 4 cents per share, raising a minimum of AU$1.3 million.

It will also pay NuEnegy US$2.7 million in cash plus provide a free carry on three core and three pilot production wells worth between US$10 million and US$12 million.

In return it will be assigned a 49.9% interest in the Rengat PSC.

The proposed Farm-in Party has extensive experience in the coal seam gas service industry and with drilling and completion techniques that can significantly enhance the productivity of wells.

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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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