NuEnergy Gas raises $3.1M for Indonesian gas

• NuEnergy Gas secured firm commitments to raise $3.1 million via a share placement.
• The placement shares were issued at $0.038 per share alongside attaching options.
• Capital raised will fund early gas sales and progress production sharing contracts in Indonesia.

NuEnergy Gas (ASX:NGY) secured firm commitments to raise approximately $3.1 million through a private placement of 80.2 million shares.

The issue price of $0.038 per share represented a discount to the company's recent trading levels.

Subscribers receive one free attaching option for every two placement shares. The options have an exercise price of $0.06 each and expire on Sept. 10, 2028.

Following the announcement, the NuEnergy Gas share price was unchanged at $0.042.

Proceeds will fund Phase 1 early gas sales of 1 million standard cubic feet per day at Tanjung Enim.

The remaining funds will support progressing three additional production sharing contract areas towards development status.