NuEnergy Gas Ltd., an Australian gas and ancillary power generation development company focused on unconventional gas exploration and production in Indonesia, disclosed Thursday the conditional Share Purchase Agreement (SPA) with Dart Energy International Ltd. (Dart) May 20 to acquire 100 percent of the issued share capital of Dart Energy (Indonesia) Holdings Pte Ltd. (Dart Indonesia).
Dart Indonesia, through its group controlled companies (Dart Indonesia Group), has a participating interest in the following Production Sharing Contracts (PSC), and joint evaluation (JE) covering 186 and 602 square miles (482 and 1,559 square kilometers):-
The acquisition of Dart Indonesia is for a cash consideration (Consideration) of $1 million to be funded from NuEnergy's available cash.
Dart Indonesia Group CBM Assets
Tanjung Enim PSC
Tanjung Enim PSC is located in Muara Enim Regency, South Sumatra Province. This PSC was awarded by SKK Migas (formerly known as Badan Pelaksana Usaha Hulu Minyak dan Gas/Implementing Body of the Oil and Gas Upstream Activities) (BP Migas) Aug. 4, 2009 for 30 years. The exploration period under the PSC is 6 years up to August.
The contract area comprises a total of 121 square miles (313 square kilometers) containing an average of 213 feet (65 meters) to 230 feet (70 meters) net coal thickness, low rank coal seams ranging in depth from 984 feet (300 meters) to 2,297 feet (700 meters) with an average reported gas content of 120 standard cubic foot (scf)/ton. With these geological and technical parameters, Tanjung Enim PSC is among the CBM PSCs in Indonesia which hava high potential for commercial CBM development and is close to existing oil and gas infrastructure and markets.
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