NGY: Acquisition to create a CBM exploitation and development company
March 29, 2011
Highlights
Graeme Robertson – Appointment as Non-Executive Director
Aspac Mining Limited – Substantial Shareholder and Cornerstone Investor
Update
NuEnergy Capital Limited (ASX:NGY) presently has two Coal Bed Methane (CBM) Production Sharing Contracts (PSC) granted covering approximately 3,600 km2, a third PSC moving to grant and two further PSC’s with priority established with the Indonesian regulator. Planning for field operations is well advances and anticipated to commence drill site preparation in April/June 2011.
Director Appointment
Mr Graeme Robertson has been a shareholder of the Company and a strong supporter of the Company and its plans to develop Coal Bed Methane projects in Indonesia. Mr Robertson has had significant interests in Indonesia for the last 40 years.
He has been responsible for pioneering and managing world class mining, energy and transport infrastructure operations throughout Africa, Australia and the Asia-Pacific region. He was CEO and developer of the largest open cut coal mine in the Southern Hemisphere, PT Adaro Indonesia, and is a former Managing Director of New Hope Corporation Limited (1987 – 2005). In 2010, Mr Robertson was awarded the Coaltrans Life Achievement Award for his contribution to the coal industry. Mr Robertson is Chairman of Directors for Atomic Resources Limited (ASX:ATQ).
As part of the recent recapitalisation of the Company with the $11m raising Mr Graeme Robertson through his company Aspac Mining Limited moved to become a substantial shareholder and cornerstone investor of NuEnergy Capital Limited.
The Company extends a warm welcome to Graeme Robertson upon his appointment as a non-executive Director.
About NuEnergy Capital Limited (ASX:NGY)
NuEnergy Capital Limited is an Australian emerging energy company with an immediate focus on coal bed methane in indonesia. It has acquired an Indonesian company (IndonCBM Limited) which owns a number of coal bed methane interests in Indonesia. The Company’s overall strategy is to explore and establish commercial resources/reserves over its CBM projects, construct production facilities and commence production as soon as possible.