Muara Enim PSC Update, page-3

Extracted from NGY's 2023 Annual Report on Muara Enim PSC which was released today -

NuEnergy has received an acknowledgement letter from SKK Migas on 18 January 2021 that:
i) confirms the discoveries of natural gas;
ii) acknowledges the completion of exploration firm commitments by NuEnergy; and
iii) allows NuEnergy to submit a plan of development within the next 3 years from 18 January 2021.

As the Indonesian government has indicated a proposal to increase the contractor’s share of the revenue under a gross split
scheme, as announced jointly by SKK Migas and MEMR in May 2023 and VAT exemption accorded to contractors under
gross split schemes, NuEnergy had applied for conversion of its PSC from a cost-recovery scheme PSC to a gross split based
PSC on 3 August 2023. This conversion will not only bring additional financial benefits but also allow greater flexibility in
carrying out NuEnergy’s development activities. Concurrently NuEnergy has plans to apply for an extension of time to submit
the plan of development while waiting for MEMR to process and approve the gross split conversion.