The NuEnergy Gas Ltd (ASX: NGY) share price has started the week with a bang.
In afternoon trade the Indonesia-based independent clean energy company's shares are up an astonishing 230% to 9.9 cents.
This means the NuEnergy share price is up a massive 800% since the start of the year.
What is NuEnergy?
NuEnergy is a clean energy company focused on developing Indonesian unconventional gas assets.
The company explains that it was formed with the goal of reliably and sustainably supplying clean energy to meet the growing energy demands of Indonesia. It is one of the world's fastest growing economies and energy consuming markets.
The company holds four onshore Production Sharing Contracts (PSCs) across South Sumatr and is fully focused on quickly moving its high value unconventional gas assets from exploration to development stage.
Why did the NuEnergy share price rocket higher today?
Today's impressive gain by the NuEnergy share price not only caught the eye of investors but also the Australian share market operator. This morning it hit the company with a price query request.
In response to the request, management said: "The Directors are unaware of any other explanation for the recent trading in its securities. The Directors confirm that with respect to the Tanjung Enim PSC, the approval of Tanjung Enim POD 1 is still in progress. The Muralim PSC is still being prepared for submission."
What has been happening recently?
During the last quarter, NuEnergy's attention was principally focused on efforts to secure approval for the Tanjung Enim PSC Plan of Development 1 (POD 1) and continuing to amend the Tanjung Enim PSC contract.
Since the end of the quarter, the company has made further developments.
According to a recent release, the company received an acknowledgement letter from Indonesian authorities in connection with its 40% working interest in the 587 km2 Muara Enim PSC.
This letter confirmed the discovery of natural gas in the Muara Enim PSC area, acknowledged the completion of the exploration firm commitments by NuEnergy, and allows NuEnergy to submit a plan of development (POD) within the next 3 years.
This news appears to have got investors excited and has helped drive the NuEnergy share price materially higher since the start of the year.
