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Extracted from NGY’s latest Quarterly Report December 2023 on Tanjung Enim PSC which was announced today

Gas Allocation Process for the implementation of Tanjung Enim Plan ofDevelopment (“POD 1”) and early gas sales

Tanjung Enim PSC

Withinthe quarter, through its subsidiary DETE, NuEnergy secured its environmentalpermit from the Ministry of Environment and Forestry for the Tanjung Enim POD1. With the approval, NuEnergy is now in a position to work towards the final preparations for early gas production under the development phase of the commercialisation pathway for the asset. NuEnergy is currently awaiting the approval of gas price and gas volume allocation, before commencing gas sales, from the Ministry of Energy and Mineral Resources (“MEMR”). NuEnergy will commence with a modest phase initial gas sales, estimated at one million standard cubic feet per day (“mmscfd”) of Coal Bed Methane (“CBM”) which is part of the 25 mmscfd of gas production approved under the Tanjung Enim POD 1.

Asannounced on 10 February 2023, NuEnergy signed a Heads of Agreement with PTLaras Ngarso Gede (“Laras Energy”), which was later extended on 10 August 2023and 3 January 2024 respectively, for the supply and sale commitment by NuEnergyand the purchase commitment by Laras Energy, of CBM produced from TanjungEnim’s POD 1. NuEnergy is continuing to develop its CBM market survey andbusiness development program and continuing to identify additional end users inSouth Sumatra capable of converting their generators and trucks fromdiesel-based to gas power-based.

NuEnergyhas identified locations for four early gas sales wells, a production facilityand the subsequent flow lines for the early generation of gas at Tanjung Enim,as detailed in the figure below. NuEnergy will complete the land acquisitionprocess and carry out land clearing and drilling site preparation activities onthese identified locations in due course.

On22 May 2023 the Directorate General of Oil & Gas from MEMR (“Migas”)announced a new simplified gross revenue split proposal of 95% to Contractorand 5% to Government for the unconventional gas industry, to enhance projectprofitability, flexibility and technological innovation for unconventional gasindustry players. This represents an improvement of about 9% on the previousframework. Further detail on this proposed split has yet to be announced by theGovernment.