With the expiry of the Exploration Period on 31 March 2017, NGY has received endorsement to continue with the drilling campaign in the PSC from Satuan Kerja Khusus Pelaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi (“SKK Migas” or “The Indonesian Oil & Gas Regulator”) beyond the expiry of the Exploration Period. The completion of the drilling campaign will enable NGY to make application for and to secure extension of the Exploration Period.
NGY has now completed the required work program and has submitted the work completion report to SKK Migas to finalise the process for the extension of the Exploration Period.
NuEnergy’s PSCs in South Sumatra cover a total area of 2,280 km2 (after full relinquishment under the terms of the PSC) and are situated in the most prolific CBM basin in Indonesia with existing gas pipeline infrastructure nearby. NuEnergy has the potential to develop and operate a large scale CBM operation in South Sumatra with the Tanjung Enim PSC, Muara Enim PSC, Muara Enim II PSC and Muralim PSC located in close proximity to one another.
