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NuEnergy Provides Update on Resource Estimates of Indonesian CBM Assets

Source: www.gulfoilandgas.com 11/30/2015, Location: Asia

NuEnergy Gas Ltd., an Australian gas and ancillary power generation development company focused on unconventional gas exploration and production in Indonesia, referred to its announcement dated Nov. 23 regarding completion of the Acquisition of Dart Energy (Indonesia) Holdings Pte Ltd. (DEIH). The Company now owns the former DEIH Production Sharing Contracts (PSC) assets, which include:

• Tanjung Enim (45 percent participation) – South Sumatra
• Muralim (50 percent participation) – South Sumatra
• Bontang-Bengalon (100 percent participation)
• Bungamas (Joint Evaluation)

The resource estimates and accompanying information in this announcement are taken from the most recent Technical Evaluation Report (Report) on the former DEIH Tanjung Enim and Muralim PSC that is based on, and fairly represents, information and supporting documentation as of July 31, 2012 prepared by Netherland, Sewell & Associates, Inc. (NSAI) dated Nov. 30, 2012. No further material resource evaluation work has been undertaken by, or for, DEIH or the Company on those PSC since the applicable date of the Report. The Company has not obtained resource or reserves estimates for its Bontang-Bengalon or Bungamas assets from NSAI or any other appropriately qualified organization.

The resources estimates and accompanying information are compiled by John Hattner of NSAI and are consistent with the guidelines set forth by the Society of Petroleum Engineers – Petroleum Resource Management System (SPE-PRMS). Hattner is a Licensed Professional Geophysicist in the state of Texas, a member of the American Association of Petroleum Geologists and a petroleum reserves and resources evaluator as defined in the Chapter 19 of the ASX Listing Rules. Hattner has consented to the reporting of the information in this announcement in the form and context in which it appears, noting that neither he, nor NSAI, have undertaken any further evaluations of the PSC assets since the applicable date of the Report.

Resource Estimates is shown in Table 1
Tanjung Enim
• Date of PSC Signed: Aug. 4, 2009
• Date of PSC Expiry: Aug. 3, 2039
• Participating Interest: 45 percent (operator)
• Co-ventures: 27.5 percent Pertamina, 27.5 percent (Bukit Asam)
• Original Acreage: 120.7 square miles (312.7 square kilometers)
• Current Acreage: 96.6 square miles (250.2 square kilometers)
• Participating Interest Original Gas-In-Place: 0.4 trillion cubic feet (Tcf) • NSAI Unrisked Net Contingent Resources: 1C - 0.1 Tcf; 2C - 0.1 Tcf; 3C - 0.2 Tcf
• NSAI Unrisked Net Best Estimate Prospective Resources: 0.1 Tcf

Muralim
• Date of PSC Signed: Dec. 3, 2010
• Date of PSC Expiry: Dec. 2, 2040
• Participating Interest: 50 percent (operator)
• Co-ventures: 50 percent Medco
• Original Acreage: 379.4 square miles (982.7 square kilometers)
• Current Acreage: 341.5 square miles (884.5 square kilometers)
• Participating Interest Original Gas-In-Place: 1.4 Tcf

• NSAI Unrisked Net Contingent Resources: -
• NSAI Unrisked Net Best Estimate Prospective Resources: 0.7 Tcf

In a separate announcement, NuEnergy disclosed Friday an update on the initial term of the Exploration Period for the Rengat Production Sharing Contract (PSC) for a period of six years commencing from Nov. 30, 2009 that will end Nov. 29, 2015. The Company has made an application to Satuan Kerja Khusus Pelaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi (SKK Migas) to apply for a one time extension for an additional maximum period of four years.

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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 

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