NuEnergy Removes 1 Resource-Density Chart and Adds ASX Warnings

NuEnergy Removes Retracted Resource Chart

NuEnergy Gas Limited (ASX:NGY) has withdrawn a chart showing OGIP and resource density from its investor presentation, telling investors they should not rely on the retracted information when making investment decisions. The chart was included in the presentation released on 7 September and has been removed from the amended version issued on Friday.

The company did not quantify the effect of the withdrawal on its resource estimates, valuation or development plans. That makes the correction narrower than a revised reserves statement, but it is material to how investors interpret the geological case presented for NuEnergy’s Indonesian coal seam gas portfolio.

Resource Classifications and Warnings Revised

The amended document corrects the resource type for the Muralim PSC to “OGIP” and revises slides covering the company’s prospective resources. Those estimates are now expressly identified as Best Estimates in accordance with ASX Listing Rule 5.28.1.

NuEnergy has also added the required warning that the prospective gas quantities relate to undiscovered accumulations, carrying both a risk of discovery and a risk of development. Further exploration, appraisal and evaluation will be required to establish whether a significant quantity of potentially recoverable hydrocarbons exists. In practical terms, the prospective-resource figures should not be read as reserves or as assured future production.

Development Targets Remain in Presentation

The amended presentation continues to set out an early gas-sales plan for Tanjung Enim, including an intended 1 million standard cubic feet per day production profile and gas-in targeted for the first quarter of 2027. It also presents a larger full-scale development profile of more than 20 million standard cubic feet per day from 2029, with peak production identified for 2031. These remain presentation targets rather than a new production guidance announcement in Friday’s filing.

NuEnergy’s materials state that a gas sales and purchase agreement with PT Perusahaan Gas Negara Tbk covers 5.59 billion cubic feet, representing the initial 1 MMscf/d production from four completed Tanjung Enim POD1 wells. The presentation also identifies a 45% participating interest in the Tanjung Enim PSC, 40% in Muara Enim, 30% in Muara Enim II and 100% in Muralim, subject to the qualifications set out in the document.

Investor Focus Shifts to Underlying Certificates

The revised Slide 22 consolidates the company’s resources and reserves, drawing on certificates from LEMIGAS, Netherland Sewell & Associates and RPS Energy Consultants. It lists, among other figures, Tanjung Enim’s best-estimate OGIP at 0.3 trillion cubic feet and unrisked prospective gas resources at 0.1 Tcf on a participating-interest basis, while the larger Muara Enim and Muara Enim II figures remain explicitly prospective and subject to the newly added caveats.

The immediate question is less whether the amended presentation looks cleaner than whether the removed chart changes the investment case built around resource density. Until the company explains what prompted the retraction and whether any other presentation material requires adjustment, investors are left to separate certified reserves from contingent resources and prospective volumes that still depend on discovery, appraisal and development.