Past year: ▼ 14%(2.30c – 4.50c AUD)
Each one in plain English, with the numbers worked through for a shareholder.
17 Nov 2025drilling result▲ Good
Final early gas sales well TE-B01-003 drilled to 451 m (planned 473 m), intersecting five coal seams between 299 and 419 m with gas shows. Pump installed, dewatering about to start. All four wells in the programme are now drilled; the rig is being demobilised.
18 Aug 2025drilling spud● Neutral
Spudded the fourth and final early gas sales well, TE-B01003, planned to about 473 m. The first three wells are dewatering with gas pressure building as expected.
12 Aug 2025drilling result▲ Good
TE-B06003 drilled to 420 m, intersecting five coal seams between 248 and 371 m with gas shows. Pump installed and dewatering under way; rig moving to the fourth well. Third of four early gas sales wells completed.
28 July 2025drilling spud● Neutral
Spudding of the third early gas sales well, TE-B06003, announced, planned to about 407 m. Follows completion of the first two wells.
23 July 2025drilling result▲ Good
TE-B06002 drilled to 424 m, intersecting five coal seams totalling 47.3 m, with gas shows. Pump installed and dewatering began 22 July. Rig is moving to the third well. Similar to the first well's result; no flow rates yet.
8 July 2025drilling spud● Neutral
Spudded the second early gas sales well, TE-B06002, on 7 July 2025, planned to about 416 m and close to the first well. Part of the four-well programme targeting 1 MMSCFD.
4 July 2025drilling result▲ GoodMajor
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.
26 May 2025drilling spud▲ GoodMajor
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.
24 Mar 2021drilling spud▲ GoodMajor
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.
23 Jan 2019farm in farm out agreement▲ GoodMajor
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.
15 Jan 2018resource reserve update▲ GoodMajor
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.
22 Feb 2017resource reserve update▲ GoodMajor
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.
29 Jan 2016drilling result▲ GoodMajor
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.
27 Nov 2015resource reserve update● NeutralMajor
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.
8 Oct 2015drilling result● NeutralMajor
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.
10 July 2015drilling result▲ GoodMajor
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.
25 June 2015drilling spud● Neutral
Drilling began on core well TE-008C at the Tanjung Enim PSC in South Sumatra, to 300 m targeting known coal seams. It is the first of three core wells this quarter, under the pending Dart Indonesia acquisition. No results yet.
22 June 2015drilling spud● NeutralMajor
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.
8 Apr 2014farm in farm out agreement▼ Bad
Negotiations with the Asian investor are delayed. The 15 March due diligence and 31 March agreement deadlines in the February letter of intent were missed. Completion is now expected in the fourth quarter of FY2014.
12 Feb 2014farm in farm out agreement▲ GoodMajor
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.
22 Nov 2013resource reserve update▲ Good
Geological study of South Sumatra data confirms coal up to 150 m total thickness at Muara Enim, a 38 m single seam, and 20 'sweet spot' locations. No updated resource figure is given. A 2014/15 pilot program is aimed at a 50-100 mmscfd project in 2016.
20 Nov 2013drilling result▲ Good
Pilot Well 2 reached 802 m (the earlier target was 880 m) and logged 46 m of net coal, including 13 m of continuous Suban J seam. Completion with radial jets, fishbone and slotted liner follows. Pre-POD approval is still awaited.
13 Nov 2013drilling progress report● Neutral
Pilot Well 2 is cased to 594 m and drilling the final section toward an 880 m target, with six coal seams to be tested. Work has begun connecting it to the pilot plant. A government official visited on 12 November ahead of pre-POD approval.
3 Oct 2013drilling spud▲ GoodMajor
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.
29 Aug 2013drilling scheduled● Neutral
A drilling rig is being mobilised (from 26 August) for Pilot Well 2 at Muara Enim, to be drilled to 800 m. It will be radial jetted over 31 m of coal and tied into the pilot plant. This is later than the 'within six weeks' from late May.
22 May 2013drilling result▲ Good
Radial jetting at Muara Enim pilot well 1 finished 19 May: 15 laterals across 5 seams, 485 m total, within budget. Company says this exceeded expectations. Dewatering to restart and two more pilot wells to start drilling within six weeks. No gas rate yet.
1 May 2013drilling progress report▲ Good
Radial jetting began 29 April on the Muara Enim pilot well, targeting 5 new coal seams (29 m thick) with over 480 m of laterals. Pilot production is to restart within two weeks; first gas sales are still targeted by 31 December 2013.
28 Feb 2013resource reserve update▲ GoodMajor
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%.
8 Oct 2012resource reserve update▲ GoodMajor
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.
10 Sept 2012resource reserve update▲ GoodMajor
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.
