SYDNEY (Yosefardi) – NuEnergy Gas Limited will raise $2.5 million through issuing new shares in December 6, 2013, used to fund expansion of NuEnergy’s pilot development program in Muara Enim, South Sumatra, Indonesia.
NuEnergy has successfully drilled the second pilot well (Pilot Well#2) to the target total depth of 802 metres in Muar Enim.
Coals have now been lodged and a total of 46 metres of net coal seems have been identified. Logs of the Suban J seam confirmed over 13 metres of continuous coal.
The well is being prepared for 7″ casing and completions for the section from 611 to 802 metres. Pilot Well 2 is located approximately 500 metres from Pilot Well 1 which has been producing gas for over 120 days.
NuEnergy has three operated PSCs in Indonesia, two operated CBM & shale gas joint ventures in Tanzania and Exclusive Prospecting License in Malawi for CBM and shale gas.