Extracted from NGY’s latest Quarterly Report ended September...

Extracted from NGY’s latest Quarterly Report ended September 2023 on MuaraEnim PSC

Due to the anticipatedincrease in contractor gross revenue share (95%) under the refreshed grosssplit scheme signalled by the MEMR, NuEnergy has applied for conversion of itsPSC from a cost-recovery scheme to a gross split based PSC.

This conversion is expectedto underpin a material improvement to the revenue profile of the project andallow greater flexibility in carrying out NuEnergy’s development activities.NuEnergy has received a response from Indonesian Government gas developmentorganisation SKK Migas, indicating this application will be processed after therelease of the detailed guidance and rules of the new gross split scheme at theend of this calendar year.

Concurrently, NuEnergy hasapplied for an extension of time to submit the Muara Enim POD while waiting forMEMR to process and approve the gross split conversion