Extracted from NGY's Half-Year report ended December 2023 on...

Extracted from NGY's Half-Year report ended December 2023 on Muralim PSC -

NuEnergy has in 2021, successfully completed permeability tests and drilled to the targeted depth of 724 meters in vertical depth, at the MU-005 (Twin) well. Four coal seam formations were confirmed between the depth of 547 meters to 669 meters. On 7 September 2023, MEMR has via SKK Migas approved a 19 months extension of the exploration period, to 29 March 2025.

The extension will enable NuEnergy to complete the exploration commitments and acquire necessary production data, which will then facilitate the submission of a POD proposal, for the Muralim PSC, which is the final step required before entering the development phase for the asset. The Company, during the period has activated an existing well (MU-006), which is adjacent to MU-005TW, to accelerate the dewatering process and expedite gas flows.

The workover on well MU-006 was carried out on 29 November 2023. After the pump was replaced and a function test was carried out, the activation of the existing MU-006 well was completed on 6 December 2023. Thereafter, dewatering activities at the MU-006 well commenced and are ongoing.