Extracted from NGY’s latest Quarterly Report ended March 2024
Received approval For Additional Exploration Period For Muara EnimProduction Sharing Contract (“PSC”)
NuEnergyhas during the quarter, received the approval from MEMR through SKK Migas foran additional exploration period until 17 September 2025 for its Muara EnimPSC. The extension will allow NuEnergy to carry out activities to determine thegas productivity of the PSC and to submit a POD. In addition, NuEnergy hassubmitted an application to SKK Migas for the conversion of the PSC to a grosssplit based PSC, due to the anticipated increase in contractor’s split of grossrevenue to 95% as signalled by MEMR. Upon obtaining POD approval, NuEnergy willthen be in a position to proceed with field development, surface facilityconstruction and commercial production for gas monetisation on the Muara EnimPSC.
