NuEnergy Launches Capital Raise for Gas Sales Initiative

NuEnergy Gas Limited (AU:NGY) has released an update.

NuEnergy Gas Limited is set to raise up to $8.17 million through a renounceable pro-rata entitlement offer to fund its early gas sales initiative and development of the Tanjung Enim production sharing contract in Indonesia. The offer, partially underwritten by Globaltec Energy Resources to the value of $5.28 million, allows existing shareholders to purchase additional shares at $0.02 each. The capital raised will support the company’s strategic partnership with PT Perusahaan Gas Negara Tbk for the distribution of coal bed methane as part of Indonesia’s transition to clean energy.

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