NuEnergy Gas Limited (ASX:NGY)(“NuEnergy” or “the Company”) is pleased to announce that it has signed a Memorandum of Understanding (“MOU”) with EPI Energy Holdings Limited (“EPI Energy”). EPI Energy is interested in acquiring a percentage of the Company’s wholly owned subsidiary, Dart Energy (Indonesia) Holdings Pte. Ltd. (“DEIH”) and providing technical knowhow and financial support for the development of the Production Sharing Contract (“PSC”) of DEIH.
DEIH, through its wholly owned subsidiaries, has a participating interest in the Tanjung Enim PSC, Muralim PSC and Bontang Bengalon PSC and the Company has recently submitted the first Indonesia Coal Bed Methane (“CBM”) Plan of Development for the Tanjung Enim PSC to the Indonesia Ministry of Energy and Mineral Resources for approval.
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