PETALING JAYA: Globaltec Formation Bhd’s wholly owned subsidiary NuEnergy Gas Ltd has received a notice of termination for the Bontang Bengalon production sharing contract (PSC) in Indonesia.
The termination came despite NuEnergy Gas having submitted an application to the Indonesian Minister of Energy and Mineral Resources in October 2018 for an extension of its exploration period.
“The Bontang Bengalon PSC was terminated on the grounds of non-discovery of coal bed methane at the end of the sixth contract year and it is required to relinquish the remaining contract area and to fulfil its remaining obligation under the contract,” Globaltec said in an announcement to Bursa Malaysia today.
Globaltec said the contract has a net carrying value of US$797,868 (RM3.35 million) and there will be no operational impact on the group after the termination.
“NuEnergy will send a response to this notice and appeal to the government of Indonesia and will update the outcome of the appeal in due course,” Globaltec added in the announcement.
source https://www.thesundaily.my/business/globaltec-to-submit-appeal-after-indonesian-psc-terminated-DA1301959
No comments:
Post a Comment