KUALA LUMPUR (Sept 11): Globaltec Formation Bhd’s (GFB) Australia-listed subsidiary NuEnergy Gas Ltd has received approval for an additional exploration period of 19 months, extending the exploration period until March 29, 2025.

In a filing on Monday, GFB said NuEnergy’s subsidiary Dart Energy (Muralim) Pte Ltd (DEMU) had received the approval from the Indonesian Special Taskforce for Upstream Oil & Gas Business Activities, which communicated the granting of approval from the Ministry of Energy and Mineral Resources of the Republic of Indonesia.

It said the extension allows NuEnergy to complete the exploration firm's commitments, and to acquire production data for the Muralim production sharing contract (PSC).

GFB said NuEnergy holds 50% working interest in the Muralim PSC, covering an area of 688km² in South Sumatra, Indonesia. NuEnergy would continue to progress the dewatering process to determine the gas productivity for future development.

It said this will then be followed by the submission of a plan of development (POD) proposal.

“Once the POD is approved, two of four of NuEnergy’s coal bed methane PSCs will hold a POD, with NuEnergy continuing to progress the remaining two PODs.

“Following the successful approval of the POD, DEMU will then be in a position to proceed with field development, surface facility construction and commercial production,” it said.

Trading of the securities in GFB was halted for one hour from 9am to 10am on Monday.