NuEnergy Gas Limited

NGY.AX · ASX

Company research

NuEnergy Gas Limited (ASX: NGY) is an Australia-based independent clean energy company incorporated in 1985 and listed on the Australian Securities Exchange, focused on the exploration, appraisal, and development of coal bed methane (CBM) gas projects in Indonesia. The company operates as the operator of four onshore CBM Production Sharing Contracts (PSCs) — Tanjung Enim, Muara Enim, Muara Enim II, and Muralim — covering a combined area of approximately 2,312 square kilometres in South Sumatra. NuEnergy's flagship Tanjung Enim project has secured a government-approved Plan of Development (POD), representing a significant regulatory milestone, though the company remains pre-revenue as it works toward finalising gas sales agreements and project financing to commence commercial production. NuEnergy Gas Limited operates as a subsidiary of Globaltec Formation Berhad and maintains offices in both Australia and Jakarta, Indonesia, with a current market capitalisation of approximately AU$52 million.

Research reports

MST Access · July 6, 2026Tanjung Enim funding advances.

Short update from MST Access following BEL’s field service contract, reaffirming a DCF-based valuation of A$0.119 per share versus the A$0.043 share price and highlighting the fully funded US$88M development program for the Tanjung Enim CBM project. The report emphasises long-term cash flow from a 24MMscfd plateau, identifies execution, geological and tenure risks, and outlines upcoming catalysts including pilot gas sales, gas-plant completion and PSC extensions.

MST Access · April 29, 2026Time-line to First Gas Extended

Update note from MST Access explaining that first gas from Tanjung Enim has slipped to 1Q 2027, leading to a modest reduction in DCF valuation to A$0.119 from A$0.130 while retaining a positive long-term view on NuEnergy’s Sumatra CBM hub strategy. It discusses the redesigned well plan to reduce well count and improve economics, reiterates supportive Indonesian gas-market and fiscal conditions, and flags key risks around well performance, project execution and PSC tenure alongside catalysts such as gas-plant construction and EPCC contract signing.

MST Access · January 17, 2026Funding secured, risk lowered, value increased

Core equity research report from MST Access arguing that BJEL’s agreement to fully fund Tanjung Enim’s upstream capex materially reduces project risk and supports an increased DCF valuation of A$0.130 per share compared with the A$0.036 share price at the time. The report presents NuEnergy as a first mover in Indonesian CBM, quantifies potential revenues and free cash flow at a 24MMCFD plateau, and details key risks including reservoir performance, BJEL delivery and commodity-price volatility, while highlighting catalysts such as gas-plant installation, initial gas sales in 1H 2026 and development progress across other PSCs.