Extracted from the 4th Quarter Financial Report for the period...

Extracted from the 4th Quarter Financial Report for the period ended June 2022 for Globaltec Formation Berhad (5220.MY), NGY's majority shareholder on 25 August 2022 -

B10. Exploration and development expenditure/activities

During the financial year, the Energy segment continues to focus on executing its Tanjung Enim POD
I with discussions carried out with several other parties which includes the Indonesian Special Task
Force for Upstream Oil and Gas Business Activities (“SKK Migas”), MEMR, a gas gathering facility
provider and potential gas buyers. In addition, the Energy segment is also progressing on the
necessary environmental impact studies as required under the POD I. The detailed framework and
scope of the environmental impact studies which has been discussed and agreed between the
appointed consultant and the regulatory authority/commission had been submitted to the Ministry of
Forest and Environment of Indonesia. Stakeholders’ engagement comprising mainly villagers in the
vicinity of the POD I area, and local government bodies, in respect of environmental impact studies
on their lives and livelihoods have already been completed. In addition, field samples of the
environment around the POD I area have been collected and Energy segment’s appointed consultant
is in the midst of preparing the technical report related to pollution control in respect of air, water and
emissions for the area under the POD I. Also, the Energy segment has received the Seller
Appointment Letter from SKK Migas that formally authorises and appoints the Energy segment to
sell CBM produced from the Tanjung Enim PSC on SKK Migas’s behalf. The Energy segment has
also received technical proposals from shortlisted engineering companies for the front-end
engineering design (“FEED”) studies for its POD I. The FEED study is expected to commence in the
second half of 2022.