NuEnergy to increase stake in Indonesia asset

Indonesia

SYDNEY, January 23, 2019 – NuEnergy has agreed to purchase Medco’s 50% interest in the Muralim PSC in South Sumatra, Indonesia, the Australian junior announced on Wednesday.

Once the deal closes, NuEnergy will hold 100% of the asset.

“The withdrawal and assignment is at no cost to Medco and NuEnergy apart from Medco’s obligation under the PSC and JOA [joint operating agreement] to settle all its outstanding due and unpaid cash calls to meet its expenditure obligation,” NuEnergy’s statement to the Australian Securities Exchange added.

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