As the value of the company is tied to the performance of the company, it is in the interest of the warring shareholders to argue and fight outside the company.
KUALA LUMPUR: NuEnergy Gas Ltd, a subsidiary of Globaltec Formation Bhd, has entered an agreement to increase its participating interest in the Muralim Production Contract (PSC) in South Sumatra.
Australian-listed NuEnergy is currently the operator and 50% participating stakeholder in the Muralim PSC while the remaining interest is held by Indonesia's PT Medco CBM Pendopo.
Upon government approval, Medco will withdraw its participation in the Muralim PSC and assign its half of the project to NuEnergy, thus giving the latter full participating interest in the project.
"Under the agreement, Medco will immediately assign all its rights, obligations and liabilities under the PSC and Joint Operating Agreement (“JOA”) relating to its withdrawing PI that will be transferred to NuEnergy," said NuEnergy in an announcement today.
NuEnergy is a gas and ancillary power generation company whose primary activity is unconventional gas exploration and production in Indonesia.
According to its statement, it holds six onshore PSCs across South Sumatra, Central Sumatra and East Kalimantan.
In April 2018, it received a four-year extension for the Muralim PSC, where it is undertaking coal steam gas exploration.
As at 10.33am, Globaltec is up 0.5 sen or 1% to 52 sen a share on the back of 699,900 units traded.
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