Nuenergy Gas Ltd

Indonesian approval received for exploration extensions: 12 months each for Muralim and Muara Enim, and 18 months for Muara Enim II, all from 13 August 2026, to submit development plans. Resolves the pending extension applications, including Muara Enim II, and keeps all three PSCs alive.

regulatory community update

Field Service Contract signed with PT BEL (the PT BJEL named earlier) worth about US$88m to drill and complete wells to a 24 MMSCFD plateau, repaid from future gas sales. This delivers the funding promised in January; work starts only after conditions precedent, including FEED and land access.

contract award

PT BJEL deadline to sign the Tanjung Enim EPCC contract extended to 30 June 2026 (or later if agreed), after a revised field plan using horizontal drilling that may need fewer wells. Resolves the 120-day lapse risk; development still described as fully funded.

material agreement

Collaboration agreement signed with PT Beijing Energy Linking, to be lead EPCC contractor and finance 100% of Tanjung Enim POD 1 development at a capped price, repaid from future gas sales. Terminates if the EPCC contract is not signed within 120 days. Addresses the funding gap for the 25 MMSCFD plan.

material agreement

Binding gas sales agreement signed with PGN on 17 December 2025 for 5.59 BSCF of gas, running to the PSC end on 3 August 2039 or full delivery. First gas sales expected in the first half of 2026. Resolves the long-pending GSPA signing after the 2024 heads of agreement.

material agreement

Entitlement offer closed with acceptances for 138.3m shares raising $3.457m, short of the $4.62m maximum. Shares on issue rise to 1.919bn. Note the text states a 2-for-29 ratio, conflicting with the 2-for-19 announced earlier. Globaltec now holds 45.41%.

capital raising announcement

Offer to raise up to $4.62m via a non-renounceable entitlement offer, 2 new shares for every 19 held at $0.025. Partially underwritten to $3.21m by major shareholder Global Energy Resources. Funds mainly for the early gas sales initiative. Follows the $5.995m raise at $0.02 in 2024.

capital raising announcement

MEMR approved the gas allocation for Tanjung Enim, authorising sale of 1 MMSCFD of coal bed methane to PGN. This resolves the long-pending approval; the GSPA can now be finalised. Three of four wells are dewatering, the fourth is drilling.

regulatory community update

TE-B06001 drilled to 411 m, intersecting five coal seams totalling 47.5 m thick between 283 and 406 m, with gas shows at surface. A pump is installed and dewatering has begun, with gas build-up seen. No flow rates yet.

drilling result

Spudded TE-B06001 on 25 May 2025, the first of four early gas sales wells at Tanjung Enim, planned to about 463 m. Targets initial sales of 1 MMSCFD. Moves the project from preparation into actual drilling after the 2021 POD approval.

drilling spud

Relinquishing the Muara Enim 2 PSC (30% interest, operator), leaving three PSCs. The company says there is no material profit impact as costs were fully impaired by FY19, and it will focus on Tanjung Enim. Ends the thread over its extension request.

asset acquisition disposition

Entitlement offer closed with acceptances for 299.7m new shares, raising about $5.99m at $0.02, short of the $8.17m maximum. Shares on issue rise to 1,780.7m; Globaltec now holds 41.72% and New Century 26.88%.

capital raising announcement

Launches an 8-for-29 renounceable entitlement offer at $0.02 per share to raise up to about $8.17m, partially underwritten to $5.28m by major shareholder Globaltec. Funds are mainly for the Tanjung Enim early gas sales initiative; cash was only $146k at 30 June 2024.

capital raising announcement

Signed a Heads of Agreement with PGN, a Pertamina subsidiary, to sell Tanjung Enim coal bed methane starting at 1 MMSCFD under a proposed 15-year gas agreement. Adds a larger buyer alongside the Laras HOA; not a binding sale and valid 12 months.

material agreement

Muara Enim PSC (40% interest, 587 km2) exploration period extended to 17 Sep 2025, giving time to test gas productivity and submit a plan of development. Resolves the pending extension request; gross split conversion application still awaiting approval.

regulatory community update

Environmental permit dated 26 Sep 2023 obtained for Tanjung Enim POD 1, described as the first coal bed methane development permit in Indonesia. Resolves a pending approval; initial sales of 1 MMSCFD to Laras still await a gas sales agreement and government allocation/price approval.

regulatory community update

Signed a non-final Heads of Agreement with PT Laras Ngarso Gede to sell Tanjung Enim POD 1 coal bed methane: 1.49 Bscf, about 1 MMSCFD, from 1 Oct 2023 target. The first gas sale deal after earlier talks; a binding sale agreement is expected in Q2 2023.

material agreement

Lim Beng Hong, formerly Chief Operating Officer, becomes CEO from 1 December 2021, replacing Dr Ian Wang, who moves to a non-executive board seat. The chairman is named as Bernard Kong in this release.

director officer appointment

Indonesia approved Tanjung Enim POD 1, the country's first CBM POD, and the Gross Split PSC was signed, resolving the long-pending approval. It covers ~33 km2 with certified reserves of ~164.89 Bscf, 209 wells, and plateau gas up to 25 MMSCFD over 10 years.

regulatory community update

The Minister granted Muralim a 12-month exploration extension from 8 May 2021, resolving the extension request. MU-005 twin reached 724 m, found four coal seams between 547 and 669 m, and is now in production testing and dewatering.

regulatory community update

NuEnergy spudded the MU-005 twin production well at its 100%-owned Muralim PSC, on the same pad as MU-006. It will test coal permeability and dewater for a few months, ahead of an exploration status proposal by May 2021 and a POD. This starts the planned twin-well campaign.

drilling spud

SKK Migas issued a letter confirming a natural gas discovery in the Muara Enim PSC (40% interest) and acknowledging completion of exploration commitments. NuEnergy may submit a development plan within 3 years from 18 January 2021, resolving the earlier extension thread.

regulatory community update

The Fosterville gold royalty sale completed, bringing $2m cash and 467,730 Metalla shares, worth about $5.2m at 25 September close versus $4m at signing. This resolves the July sale and adds funds beyond the previous ~A$300k cash balance.

asset acquisition disposition

NuEnergy agreed to sell its 2.5% Fosterville gold royalty, held since 1987/1992, to Metalla for $6m: $2m cash plus $4m in Metalla shares. The company says this covers parent borrowings, leaving it debt-free. Closing expected October 2020, subject to approvals including FIRB.

asset acquisition disposition

FY2019 annual report: net loss $17.0m (FY18 $12.5m), including a $7.0m net impairment for Bontang Bengalon termination and Muara Enim II expiry, plus penalty provisions of $8.6m. Cash fell to $323k and net assets to $23.7m.

annual report

Indonesia's energy ministry terminated the Bontang Bengalon PSC for no coal bed methane discovery by the end of contract year 6, ending the extension request. Carrying value is $797,868; the company says no operational impact and will appeal.

regulatory community update

NuEnergy terminated the Saujana E&P investment agreement because the USD250,000 extension fee was not paid. The $38.5m placement for 51% will not proceed, and the funding gap noted since August 2018 remains open.

material agreement termination

NuEnergy signed a binding agreement with Malaysia's Saujana E&P for a placement of 1,540,832,050 shares at 2.5c, raising $38.5m for a controlling 51%. A $7.0m deposit is due within 14 business days. Shareholder, due diligence and regulatory approvals are needed, and Saujana gets board control on completion. This addresses the funding thread.

capital raising announcement

NuEnergy signed the Muralim Gross Split PSC with the Indonesian energy ministry, replacing the cost-recovery contract. The company says this should improve project economics and cut bureaucracy. The 100% interest remains subject to government approval.

material agreement

NuEnergy agreed with Medco to take over Medco's 50% of the Muralim PSC, lifting its interest from 50% to 100%, subject to government approval. It is at no cost apart from Medco settling its unpaid cash calls.

farm in farm out agreement

The MOU with EPI Energy over a stake in Dart Energy (Indonesia) Holdings was terminated because the parties could not agree commercial terms. This removes the funding route flagged on 30 August.

material agreement termination

FY2018 annual report: net loss $12.5m (2017: $4.6m), including a full $11.4m Rengat impairment. Cash fell to $1.37m from $7.45m and net assets to $38.6m. No dividend is likely.

annual report

NuEnergy signed a non-binding MOU with Hong Kong-listed EPI Energy, which is interested in buying a percentage of subsidiary Dart Energy (Indonesia) Holdings, holder of Tanjung Enim, Muralim and Bontang Bengalon. Talks are early; no terms are given.

material agreement

Replying to an ASX query, NuEnergy said it expects negative cash flow until gas revenue and is in talks with third parties about funding. ASX noted cash of $1.37m and expected outflows of $0.8m next quarter. No funding is yet agreed.

listing compliance notice

NuEnergy submitted the first Tanjung Enim Plan of Development, described as Indonesia's first coal bed methane POD. It plans 209 wells, a new 24 km pipeline and 25 MMSCFD plateau for 10 years, with ministry approval still needed. Ends the slipped submission thread.

regulatory community update

Indonesian government agency LEMIGAS certified about 165 Bscf of gross reserves (86.05 proved, 78.84 probable) over 33 km2 of Tanjung Enim, versus the 0.12 Bscf pilot reserves of 2017. Company says it could supply about 25 MMSCFD from over 200 wells once the POD is approved.

resource reserve update

NuEnergy finished two exploratory wells to meet the Rengat permit commitment, without attractive commercial discoveries, and agreed with SKK Migas to relinquish it once completion is confirmed. Carrying value is $10.1m; the company says there is no operational impact. Focus shifts to its four South Sumatra permits.

asset acquisition disposition

NuEnergy signed a non-binding MOU with PT Pertamina Gas, a subsidiary of its partner Pertamina, to evaluate supplying Tanjung Enim coal bed gas to Sumatra consumers. It is a step toward a gas sales agreement on volume, price and period; POD submission is still planned by end 2017.

material agreement

SKK Migas approved NuEnergy to prepare the initial Plan of Development for Tanjung Enim, with submission targeted before year end. Partners Pertamina and Bukit Asam have committed. This moves the permit from exploration to development planning; it is not yet a development approval.

regulatory community update

The entitlement offer closed with acceptances for 329.4m of the 575m new shares at 3.5c, leaving a shortfall of 246.3m shares. The shortfall offer stays open to 5 June 2017, so the full $20m looks unlikely to be reached from entitlements alone.

capital raising announcement

NuEnergy launched a renounceable 1-for-2 entitlement offer at 3.5c to raise up to $20m, the company's largest raise since Dec 2015's $9.996m at 2.5c. Planned use: $2.0m for Tanjung Enim development plan preparation, $14.1m exploration and appraisal, $4.3m working capital.

capital raising announcement

RPS certified NuEnergy's first reserves, for the Tanjung Enim pilot wells. The volumes are tiny (gross 2P about 0.64 Bscf), covering 0.8 km2, or 0.3% of the permit. An MOU with PT Shalindo Energi on gas sales had been signed in November 2016.

resource reserve update

Rengat exploratory wells RE-03, RE-04 and RE-05 reached target depth. Further studies will map coal continuity. SKK Migas also extended the exploration period to 29 November 2019 for the 100%-owned permit, resolving the extension application.

drilling result

Entitlement offer closed with acceptances for 246.8m new shares. The 153.1m shortfall will be taken up by the underwriters, so the offer raises $9,995,849 before costs, effectively fully subscribed.

capital raising announcement

SKK Migas granted the Muara Enim PSC a one-time four-year exploration extension to 29 November 2019. This keeps the permit (NGY 40%, operator) alive past its original six-year term.

regulatory community update

Partially underwritten entitlement offer to raise $10m at 2.5c, one new share for every 1.88 held, below the earlier 3c placements. Up to about 45% is underwritten by directors Kee and Goh and a Kong-controlled company. Funds target exploration and reserves certification.

capital raising announcement

Republished 2012 NSAI estimates for the acquired Dart PSCs, with no new work since. Tanjung Enim (45%) has 0.4 Tcf gas-in-place and contingent resources (2C 0.1 Tcf); Muralim (50%) has 1.4 Tcf gas-in-place and 0.7 Tcf best-estimate prospective. No estimates exist for Bontang-Bengalon or Bungamas.

resource reserve update

Dart Indonesia acquisition completed on 20 November 2015 after the final US$500,000 was paid, resolving the May 2015 conditional deal (US$1m total). Tanjung Enim exploration period extended four years to 3 August 2019. Resource estimates to be republished once NSAI consents.

asset acquisition disposition

Production testing began at the Tanjung Enim TE-01 and TE-02 wells after workovers. Gas appeared about 72 hours after dewatering started (TE-01 on 14 Nov, TE-02 on 18 Nov 2015). No flow rates given; the company says rates and permeability will be assessed over coming months.

flow test result

Three Tanjung Enim core wells hit target depth, with 40-49 m of coal and gas content of 80-110 scf/ton. Rengat's first well reached 495 m, but its targeted seams were of low economic significance, a setback for the 100%-owned permit.

drilling result

Core well TE-008C reached target depth, with 49 m of net coal including a single 13 m seam. The second core well, TE-007C, has been spudded, with a third to follow. Early positive coal thickness result; gas content not yet reported.

drilling result

Drilling began on RE-CBM-01CE, the first of two coring and exploratory wells at the 100%-owned Rengat PSC, targeting 495 metres to core and test coal permeability. It is the first drilling since the A$12.5m recapitalisation. No results yet.

drilling spud

Conditional deal to buy 100% of Dart Energy (Indonesia) for US$1m cash from existing funds. Adds interests in Tanjung Enim (45%), Muralim (50%) and Bontang-Bengalon (100%) CBM PSCs plus the Bungamas evaluation. Shareholder approval is not required, per ASX advice.

asset acquisition disposition

Second placement completed: 333.3m shares at 3c raised A$10m from NCE and GER, resolving the Stage 2 funding thread. Kok Keong Kong replaces Graeme Robertson as chairman; Goh Tian Chuan joins the board; Jonathan Warrand resigns. Funds go to drilling Indonesian PSCs.

capital raising announcement

Dr Ian Wang appointed CEO, based in Jakarta, filling the role vacant since Christopher Newport resigned in January 2014. He has over 30 years in oil and gas, including Greka (Green Dragon Gas). His task is to commercialise the Indonesian PSCs and expand across ASEAN.

director officer appointment

Second share subscription agreement signed with NCE and its nominee GER: 333.3m shares at 3c to raise A$10m, following the A$2.5m first stage. Allotment follows shareholder and regulatory approvals. Dato' Sri Dr Goh Tian Chuan, Globaltec's chairman, joins the board on completion.

capital raising announcement

Due diligence completed and the placement agreement signed: 83.3m shares at 3c raise A$2.5m (19.9%), split between NCE and its nominee JCM. NCE appoints Kee Yong Wah and Kong Kok Keong as directors. Peter Cockcroft resigns.

capital raising announcement

Investment agreement amended into two stages. After the placement, NCE appoints two of five directors and Graeme Robertson stays Chairman. After a further minimum A$10m, needing shareholder approval, NCE takes three of four seats and the chair. NCE is 60% owned by Bursa-listed Globaltec.

material agreement

Binding agreement with New Century Energy Resources (NCE): $200,000 deposit, then about 83m shares at 3c to raise $2.5m (19.9%), and at least A$10m more by 31 December 2014 at no less than 3c. NCE gets board control. Company to focus only on Indonesia; Mozambique interests go to a Chairman-related party.

material agreement

Non-binding letter of intent with an Asian investor: 49.9% of Rengat for US$2.7m cash plus a carry on six wells (estimated US$10-12m), and a 10% placement at no less than 4c to raise at least A$1.3m. Follows the Nov 2013 offer; agreements are due by 31 March 2014.

farm in farm out agreement

CEO Christopher Newport resigned for personal reasons, with a six-month notice period, and stays until a successor is found. A search has begun. He led the delivery of certified resources and the pilot wells and plant in Indonesia.

director officer appointment

Rights issue closed with acceptances for 33.4m new shares; the shortfall is 37.1m. The underwriter Farjoy takes 20m, so the raising totals $1,867,627.65 before costs, well short of the up to $2.5m sought.

capital raising announcement

Partially underwritten 1-for-4 non-renounceable rights issue at 3.5c to raise up to about $2.5m, underwritten by Farjoy to $700,000. This is well below the 7.5c April 2013 issue price. Funds go mainly to the Muara Enim pilot program, alongside $1.0m cash on hand.

capital raising announcement

Heads of agreement with an undisclosed Mozambique party for exclusive CBM exploration in Tete Province. Also, a written offer has gone to an unnamed Asian group (turnover over $5bn) for an investment plus a Rengat PSC farm-in, with cash and a carried interest; agreement is targeted this year.

material agreement

Pilot Well 2 spudded 2 October at Muara Enim, to be drilled to 800 m with radial jet and 'fishbone' completions. Well 1 has produced gas for over 120 days. Talks with SKKMIGAS on pre-POD approval would allow selling gas to a pipeline about 7 km away.

drilling spud

Pilot production restarted 25 May at Muara Enim; after 60 hours gas flowed at 0.2 mmscfd with water at 130 bbl/d. Gas covers site power costs of about US$2,000/day; company forecasts 1.5 mmscfd and about US$15,000/day later. First sales still targeted December 2013.

production update

Rights issue closed with acceptances for only 4,319,979 of 80,474,259 new shares; the underwriters will take up the 76,154,280-share shortfall. Total raised is $6,035,569 before costs. Very little take-up by ordinary shareholders, so the underwriters supply nearly all the money.

capital raising announcement

Fully underwritten 2-for-5 rights issue at 7.5c to raise $6m, with a 4% underwriting fee. Funds are for the South Sumatra pilot ($5.5m of a $8m budget) and East Africa exploration. Underwriters are existing shareholders, RBS Morgans and Republic Investment Management. This is cheaper than the 9c issue of December 2011.

capital raising announcement

RPS certifies the first contingent resources at Muara Enim: 97.5 Bcf at 3C, but only 2.1 Bcf at 1C and 2C (gross, NGY 40%). This follows the earlier 4.2 Tcf prospective figure, but only a small part is so far in the contingent category. Chance of development is put at 70%.

resource reserve update

Non-binding MoU with PT Dharma Pratama Sejati to buy Muara Enim gas at US$10/mmBtu, 1-5 mmscfd, delivered at the pilot plant gate. A gas sales agreement is targeted by 30 September 2013. Gross revenue is US$10,000-50,000 a day to the JV, in which NGY holds 40%. First pilot sales are the next step.

material agreement

Dewatering began at the Muara Enim pilot and gas was flared within 14 hours, which the company says exceeded expectations. Water runs at about 250 barrels a day. Expected peak gas is 0.25-1.25 million cubic feet a day. First gas from the pilot is a milestone, but no sales yet.

production update

Preliminary permeability tests at Well 2 show 11 millidarcy, which the company says supports an economic pilot. Dewatering is to start this month, then gas flaring. The presentation estimates pilot NPV10 above US$3.5m; these are company forecasts.

well test result

First independent shale gas estimate of 6.1 Tcf gas in place across the three Sumatra PSCs, on top of the coal gas. State utility PLN confirms interest in buying pilot-site power, with negotiations starting this quarter. A new presentation is attached.

resource reserve update

Independent certifier NSAI puts Muara Enim and Muara Enim II at 7.8 Tcf gas in place and 4.2 Tcf prospective resource. This is the independent check promised earlier. The company plans a development plan in 2013, but these are prospective resources, not reserves.

resource reserve update

NuEnergy is granted a 3-year exclusive prospecting licence over 346 km2 in southern Malawi for coal bed methane and shale gas. Minimum spend is about A$225,000 a year. It extends the East Africa push beyond the Tanzania joint ventures.

regulatory community update

Varies the November 2011 Tancoal JV to cover all unconventional gas, with NuEnergy at 70% and Tancoal's 30% carried up to 5 years. Tancoal gets a 5% royalty. NuEnergy commits at least US$1m over two years, with 2 core holes and a G&G study; a further US$1m follows if it proceeds.

farm in farm out agreement

Well 1 core tests show 115 scf/t gas content, 88% saturation and 92.7-98.3% methane, which the company says beats earlier estimates. It states 1.89 Tcf gross gas in place net to NuEnergy. Well 2 finished at 840m and is cased as a pilot well. NSAI report due July.

drilling result

Rights issue closed with only 26.76m of 57.41m shares taken up (about 47%). The underwriters must place the 30.6m shortfall, so the full $5.17m is raised. Low take-up by existing holders means the underwriters absorb much of the new stock.

capital raising announcement

First Muara Enim well reached 733m, with 38.2m net coal including one 19m seam. Results are said to match earlier gas-in-place estimates; gas content is due next month. A second well is next, to 1,000m, ahead of an independent resource report and a possible pilot well.

drilling result

Raises $6.9m at 9c per share: a $1.7m placement of 18.7m shares plus a fully underwritten 2-for-5 rights issue for $5.2m. Priced well below the 51c raising of March 2011. Funds go to Sumatra drilling and Tanzania. Underwriters Aspac, Farjoy and Calibre.

capital raising announcement

Enters East African CBM through joint ventures over Tancoal and Tanzacoal's Tanzanian coal tenements. NuEnergy's subsidiary holds 70%, operates and funds development; partners get 30% of operating profits plus a 5% royalty. Drilling is intended in first half 2012, delivering the East Africa strategy.

farm in farm out agreement

First resource figure for Muara Enim: gas in place estimated at 4.1 to 4.6 Tcf by PT Trias Energy Perkasa, a preliminary estimate to be refined after coring. Drilling is confirmed to start late October once the rig arrives, with pads and land access done.

resource reserve update

Christopher Newport appointed CEO from 20 September 2011, based in Singapore, filling the vacancy left when Underwood left on 31 December 2010. He is to commercialise the existing Indonesian PSCs and expand into ASEAN and East Africa.

director officer appointment

Drilling tender concluded; the company is moving to sign for up to 4 core holes costing about $2.65m, between September and December. First well expected in August at Muara Enim. A resource estimate for Muara Enim has also been started.

contract award

Third PSC signed: Muara Enim 2, 1,209km2 in South Sumatra, with a 30% interest alongside Pertamina and Sugico. Total granted acreage is now 4,856km2. Resolves the pending South Sumatra overlapping PSC; Bukit Asam and Bunyu Tarakan remain applications.

regulatory community update

Indon CBM acquisition completed on 1 March 2011: 40m shares issued to vendors and 17,647,059 shares at 51c raised $9m. Total shares are now 124,804,751. Domenic Martino joins the board. Resolves the long-delayed deal.

business combination

ASX will reinstate NuEnergy shares to quotation from 7 March 2011 after the company met listing rule requirements, ending the suspension that began 25 August 2010. 84,804,751 shares are quoted.

other

Public offer price cut again, from 56c to 51c, so the same $9m now needs 17,647,059 shares. Ten million piggyback options were exercised at 20c, raising $2m. Total shares on completion would be 114,804,751.

capital raising announcement

The $9m offer was not fully subscribed, so shares were not issued by the 31 December 2010 waiver deadline. The company is considering a further ASX waiver to complete the Indon CBM acquisition and the raise.

capital raising announcement

CEO Paul Underwood, appointed only in February 2010, resigns and leaves on 31 December 2010, helping with the Indon CBM completion until then. Domenic Martino joins the board on completion. No replacement CEO is named.

director officer appointment

Prospectus offers 16,071,428 new shares at 56 cents to raise $9m, plus 40m shares to Indon CBM vendors. Both offers depend on shareholder approval of the acquisition and consolidation, and ASX re-compliance. The price is below the 64 cents first flagged.

capital raising announcement

Confirms the $19.2m Indon CBM purchase for 160m shares (40m after a planned 4-for-1 consolidation). Plans a roughly $8m raise of 12.5m post-consolidation shares at 64 cents (16c pre-consolidation). Shares will be suspended after the approval meeting until ASX re-compliance.

capital raising announcement

Indon CBM signed a contract with Bukit Asam, a government-owned coal miner, to jointly study 2,012 km2 of coal bed methane acreage next to its Rengat PSC. A PSC application would follow if results encourage. Indon CBM would hold over 7,000 km2 including applications.

material agreement

Indon CBM completion date extended to 30 September 2010, though a shareholder meeting is planned by end of May. With the Pertamina triggers met, vendors now get 160m ordinary shares instead of 120m shares plus 40m preference shares.

material agreement

Paul Underwood, founding CEO of Tap Oil for 11 years, is appointed CEO from 8 February 2010 on $300,000 a year plus options. He aims to speed up CBM exploration drilling in Indonesia.

director officer appointment

Transocean Securities has underwritten the full $5m General Offer of 50m shares at $0.10, approved by shareholders on 25 November, for a 6% commission plus underwriter options. Gives Indon CBM funding certainty. Indon CBM resource estimates are given: Rengat 1.2 TCF, Tarakan 0.7 TCF.

capital raising announcement

Indon CBM signed Production Sharing Contracts on 30 November for South Sumatra II and Rengat, the permit award the Indon CBM deal was waiting on. The acquisition still needs shareholder approval, with a meeting expected in 2010.

regulatory community update

The convertible loan facility is fully raised at $3.5m, up from $2.25m committed in July. 66m shares issued at $0.05 now; the other 4m go to related parties and need approval at the AGM. Resolves the earlier fundraising thread.

capital raising announcement

Convertible loan commitments reach $2.25m, with up to $3.5m targeted, convertible at $0.05. A fully underwritten $5.05m offer is also proposed, of 50m shares at $0.10 and 50m options. Votes are at a 27 August 2009 meeting. Funds are for Indon CBM.

capital raising announcement

Indon CBM signs a Cooperation Agreement with Pertamina Hulu Energi for the South Sumatra II project, with a 60/40 Pertamina/Trisula split once a contract is granted. This triggers a revised deal: $19.2m paid in 120m shares and 40m convertible preference shares. Shareholder meeting materials follow.

material agreement

Company begins raising about $4m through convertible loans, convertible at $0.05 a share, up to 80m new shares if fully converted, subject to shareholder approval. Funds are for the Indon CBM projects. Indon CBM completion date is also extended to 30 September 2009.

capital raising announcement

December quarter report: Heathcote plant sale completed for $500,000 plus GST in cash after Resource Base listed on 23 November 2007. Indon CBM due diligence is delayed to 15 February 2008. Cash at quarter end was $1,762,000.

quarterly activities report

NuEnergy agrees to buy Indon CBM Limited, holder of coalbed methane rights in South Sumatra and the Tarakan Basin, for $19.2m in 160m shares. It is subject to shareholder approval and due diligence by 30 November 2007, with completion expected January 2008. A new oil and gas direction.

business combination

The shortfall under the entitlement issue closed, with 21,139,040 new shares and options to be issued. Total securities become 57,629,158 shares and 28,785,080 options. Resolves the open shortfall thread.

capital raising announcement

Shareholders approved a 1-for-30 consolidation and a name change from New Holland Mining to NuEnergy Capital, trading as ASX code NGY from 9 July 2007. After consolidation: 36,490,118 shares and 7,646,040 options on issue.

security holder rights change

The entitlement offer closed with acceptances for 227.7 million shares and options, raising $910,897, well short of the roughly $3.5m maximum. A shortfall offer is still open, with results to follow.

capital raising announcement

Shareholder letter on a 1-for-1 entitlement offer at 0.4 cents with a free option (0.66667c, expiring 1 June 2010) to raise up to about $3.5m, to seek oil and gas projects. A 1-for-30 share consolidation vote is set for 20 June 2007.

capital raising announcement

The company announces a non-renounceable 1-for-1 entitlement issue at 0.4 cents with a free attaching option, raising up to about $3.5m to evaluate oil and gas projects. Also flags a 1-for-30 consolidation meeting on 20 June 2007. Same terms as the shareholder letter.

capital raising announcement

Gavin Harper (30+ years in oil and gas, mostly Chevron) and Luke Martino (former Deloitte partner) join as non-executive directors. Long-serving director Stuart McGregor resigns. The board gains oil and gas experience.

director officer appointment

The Indonesian authority cancelled the L Parigi gas tender, ending the consortium's recommended-winner status from January 2006. The company does not know why. The option to lift its stake by 55% lapses if the tender is cancelled, per the company.

material agreement termination

The company agrees to place up to 50 million shares at 0.7 cents through Melbourne Capital to raise $350,000 for working capital, on a best-endeavours basis.

capital raising announcement

The company gains a call option to lift its L Parigi gas consortium stake from 20% to 75% by issuing 175 million shares at 0.5 cents, about 19% of capital, exercisable to 24 November 2006. It also agreed to sell the Heathcote gold plant to Resource Base for $495,000, subject to approvals.

farm in farm out agreement

The company announced it had successfully closed its share purchase plan, raising $266,000. That was well short of the $1.1 million it had sought.

capital raising announcement

The company offers a share purchase plan to all shareholders to raise up to $1.1 million, at the lesser of 1.1 cents or 80% of the post-close average price. Funds are for L Parigi offshore gas project costs and working capital.

capital raising announcement

New Holland Mining says it holds a 20% interest in a consortium recommended to win a 15-year contract to enhance a producing Indonesian gas project, with 1.1 trillion cubic feet remaining reserve. Interest is fully funded by the consortium; a 3-day objection period runs to 5 January.

asset acquisition disposition