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MARKET • 07/09/2026 12:24 PM

Globaltec Formation's Tanjung Enim PSC Approved As Indonesia's National Strategic Project

KUALA LUMPUR, Sept 7 (Bernama) -- Globaltec Formation Bhd’s (GFB) 70 per cent subsidiary clean energy company NuEnergy Gas Ltd has announced that the Indonesian government has approved the development of NuEnergy’s Tanjung Enim production sharing contract (PSC) as one of Indonesia’s national strategic projects.

The announcement was notified by Indonesia’s Ministry of National Development Planning after President of Indonesia Probowo Subianto approved the project, it said in a filing with Bursa Malaysia today.

“The designation of the Tanjung Enim PSC as a national strategic project represents formal recognition by the government of Indonesia of the project’s strategic importance to the country’s energy development priorities.

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“The PSC’s status is expected to facilitate closer coordination with the Ministry of Energy and Mineral Resources, other relevant central and regional government authorities and stakeholders as NuEnergy advances the Tanjung Enim PSC’s first approved plan of development (Tanjung Enim POD 1),” it said.

The group also said the national strategic project designation is expected to support more effective coordination in areas including land access, permitting and supporting infrastructure, with the potential to reduce project execution risks and improve schedule visibility.

“The development of the Tanjung Enim PSC will contribute to Indonesia’s energy security by increasing domestic gas supply and diversifying the country’s energy mix through the development of its coal bed methane resources.

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“The project is also expected to support economic activity in South Sumatra through local employment, skills development, infrastructure investment and opportunities for local industries,” said GFB.

Meanwhile, the group said NuEnergy has announced a private placement to raise AUD$3.05 million (AUD$1=RM2.91) via the issue of new ordinary shares in NuEnergy at an issue price of AUD$0.038 per placement share.

It said the placement was managed by Sequoia Corporate Finance Pty Ltd as lead manager, with assistance from SP Corporate Advisory Pty Ltd.

GFB said the proceeds from the placement will primarily support the company's growth, starting with the Tanjung Enim PSC, one of NuEnergy's four PSCs, and the early gas sales initiative of one million standard cubic feet per day (MMSCFD).

It said this will be followed by Phase 2 of 24 MMSCFD of gas production from its first approved POD, and moving its remaining three PSCs toward development.

“The funds will also be used for NuEnergy's working capital purposes, and with the above advancement in NuEnergy, GFB will be able to reap the future profits and cash flows from NuEnergy.

“The placement is not expected to have any material effect on the earnings and net assets of GFB for the financial year ending June 30, 2027,” it said.

-- BERNAMA

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