Globaltec’s unit gets additional exploration time for Muralim gas field

Globaltec’s unit gets additional exploration time for Muralim gas field
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KUALA LUMPUR (Aug 3): Globaltec Formation Bhd’s 52%-owned Australia-listed subsidiary NuEnergy Gas Ltd has obtained approval for additional exploration time at the Muralim gas field.

In a filing with the Australia Securities Exchange on Wednesday, NuEnergy said it has received approval from the Indonesian Ministry of Energy and Mineral Resources for additional exploration time until July 18, 2023. The additional time will be utilised to complete de-watering activities on the MU-005 (Twin) well to determine gas productivity for future development, to be followed by the submission of an Exploration Status Decision proposal and a Plan of Development proposal.

Globaltec’s shares gained four sen or 8.4% to 51.5 sen per share on Wednesday, giving it a market capitalisation of RM138.6 million.