Thursday 28 Mar 2024
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KUALA LUMPUR (April 17): Globaltec Formation Bhd’s Australia-listed subsidiary NuEnergy Gas Ltd has secured a four-year extension for its Muralim production sharing contract (PSC) in Indonesia, where it is undertaking coal steam gas exploration.

The 'Exploration Period' extension — up to Dec 2, 2020 — was granted by the Indonesian Special Task force for Upstream Oil and Gas Business Activities (commonly referred to as SKK Migas), Globaltec said in a filing with the stock exchange today.

The group has four PSCs in South Sumatra at present, including the Muralim PSC, all of which are located adjacent to one another. It also holds PSCs in Central Sumatra and East Kalimantan.

According to Globaltec, NuEnergy is a clean energy company focused on the development of Indonesian unconventional gas assets.

"We are now fully focused on quickly moving our high value unconventional gas assets from exploration to development stage, monetizing their reserves, delivering shareholder return and in turn, working capital to fund future developments and strategic acquisitions,” the filing added.

Shares in Globaltec closed unchanged at 5 sen today, giving the group a market capitalisation of RM269.09 million.

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