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Asia

Update: Globaltec Formation Unit Eyes AU$3 Million via Private Placement

(Updates to add NuEnergy Gas ticker)Globaltec Formation (KLSE:GLOTEC) unit NuEnergy Gas (ASX:NGY) plans to raise AU$3.1 million through a private placement to fund its gas development and commercialization plans, according to a Monday filing.NuEnergy will issue new shares at AU$0.038 each, with free options attached on a one-for-two basis. Globaltec's stake will be diluted to 68% following the placement.Proceeds will primarily support the Tanjung Enim production sharing contract's early gas sales initiative, targeting 1 million standard cubic feet per day, it said.

ASX:NGYKLSE:GLOTEC
Asia

NuEnergy's Tanjung Enim PSC Declared National Strategic Project in Indonesia

Indonesia has designated NuEnergy Gas' (ASX:NGY) Tanjung Enim production sharing contract (PSC) as a National Strategic Project, according to a Monday filing with Bursa Malaysia.The designation gives the coal bed methane development more government support as it moves towards production, NuEnergy, a subsidiary of Globaltec Formation (KLSE:GLOTEC), said.Development of the Tanjung Enim PSC will contribute to Indonesia's energy security by boosting domestic gas supply and diversifying the nation's energy mix, NuEnergy said in the filing.

ASX:NGYKLSE:GLOTEC
Asia

Globaltec Formation Unit Eyes AU$3 Million Via Private Placement

Globaltec Formation (KLSE:GLOTEC) unit NuEnergy Gas plans to raise AU$3.1 million through a private placement to fund its gas development and commercialization plans, according to a Monday filing.NuEnergy will issue new shares at AU$0.038 each, with free options attached on a one-for-two basis. Globaltec's stake will be diluted to 68% following the placement.Proceeds will primarily support the Tanjung Enim production sharing contract's early gas sales initiative, targeting 1 million standard cubic feet per day, it said.

KLSE:GLOTEC

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