Announcement by NGY on 22 August 2023 -EXTENSION OF HEADS OF...

Announcement by NGY on 22 August 2023 -

EXTENSION OF HEADS OF AGREEMENT FOR INITIAL GAS SALES FROM THE TANJUNG ENIM’S PLAN OF DEVELOPMENT 1
Reference is made to the ASX announcement released on 10 February 2023 (“Announcement”). Unless otherwise defined, the definitions set out in the Announcement shall apply herein. NuEnergy is pleased to announce that its subsidiary Dart TE and PT LARAS ENERGY has on today mutually agreed to extend the Heads of Agreement (“HOA”):
(a) to 31 December 2023; or
(b) upon the execution of a Gas Sale and Purchase Agreement between the Parties; or
(c) upon the Parties agree in writing to terminate the HOA before 31 December 2023;
whichever comes first.

ABOUT NUENERGY GAS
NuEnergy is an independent clean energy company focused on the development of Indonesian unconventional gas assets. We were established with the goal of providing investors with superior value by safely, reliably and sustainably supplying clean energy to meet the growing energy demands in Indonesia, one of the world’s fastest growing economies and energy consuming markets.

We hold four (4) onshore coal bed methane (“CBM”) Production Sharing Contracts (“PSCs”), across South Sumatra, Indonesia. We are now fully focused on moving our high-value unconventional gas assets from exploration to the development stage, monetizing their reserves, delivering shareholder return, and in turn working capital to fund future developments and strategic acquisitions.

NuEnergy’s strategy is to integrate all its PSCs in South Sumatra as a CBM hub to supply sustainable clean energy to the local market and the country.

NuEnergy has a clear strategy to drive future growth and maximise shareholder return. We are fully committed to complete our first Plan of Development on our Tanjung Enim PSC, moving to first gas production and commercialization.

We are proud to be a pioneer of Indonesia’s clean energy industry, helping deliver a reliable and robust energy supply to the people and businesses of Indonesia. Our focused strategy ensures we will soon become a significant Indonesian gas producer, maximizing shareholder value and return at every opportunity.