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NuEnergy Gas Limited ( (AU:NGY) ) has issued an announcement.
NuEnergy Gas Limited has announced a non-renounceable pro-rata entitlement offer to raise up to $4.62 million, partially underwritten by its major shareholder, Global Energy Resources Sdn Bhd. The funds will support NuEnergy’s early gas sales initiative, with the entitlement offer providing existing shareholders the opportunity to contribute to the company’s growth. This move aligns with NuEnergy’s strategic plan, following the approval of its first plan of development for the Tanjung Enim production sharing contract in Indonesia. This development marks a significant milestone as it represents the first CBM plan of development in Indonesia, aiming to produce 25 million standard cubic feet per day of gas. The initiative targets the underserved market in South Sumatra, promoting a shift from non-environmentally friendly fuels to cleaner energy solutions.
More about NuEnergy Gas Limited
NuEnergy Gas Limited is a company operating in the energy sector, focusing on the exploration and production of coal bed methane (CBM) gas. The company is involved in the development of gas sales initiatives, particularly in the Indonesian market, with a focus on transitioning to cleaner energy sources.
YTD Price Performance: 55.56%
Average Trading Volume: 117,590
Technical Sentiment Signal: Hold
Current Market Cap: A$49.86M
Learn more about NGY stock on TipRanks’ Stock Analysis page.