Muara Enim PSC Update, page-8

18 March 2024

APPROVAL FOR ADDITIONAL EXPLORATION PERIOD FOR MUARAENIM PRODUCTION SHARING CONTRACT

NuEnergyis pleased to announce that its subsidiary, PT Trisula CBM Energi Pte. Ltd.(“Trisula”) has received approval from the Ministry of Energy and MineralResources of the Republic of Indonesia (“MEMR”) through the Indonesian SpecialTaskforce for Upstream Oil & Gas Business Activities (“SKK Migas”), for anadditional exploration period until 17 September 2025 for its Muara EnimProduction Sharing Contract (“PSC”). The extension will allow NuEnergy to carryout activities to determine the gas productivity of the PSC and to submit aplan of development (“POD”).

Inaddition, Trisula has submitted an application to SKK Migas for the conversionof the PSC to Gross Split based PSC due to the anticipated increase incontractor’s split of gross revenue to 95% as signalled by the MEMR. Uponobtaining approval of the POD, Trisula will then be in a position to proceedwith field development, surface facility construction and commercial productionfor gas monetization on the Muara Enim PSC.

Trisulaholds a 40% working interest in the Muara Enim PSC, covering an area of 587 km²in South Sumatra, Indonesia which is in the vicinity of a major gas pipeline.Trisula has conducted the geology and geophysics studies, drilled 3 explorationwells, and performed dewatering in the Muara Enim PSC area. Moreover, the MuaraEnim PSC is located close to the remaining 3 PSC assets of NuEnergy, of which,the Tanjung Enim PSC is the most advanced PSC and is in the final preparationsfor early gas production. This bodes well for an effective integration anddevelopment of all NuEnergy’s PSCs as a coal bed methane hub to supplysustainable clean energy to the local market and the country.