Quarterly report ended June 2024 released on 29 July2024 –•...

Quarterly report ended June 2024 released on 29 July2024 –

• Heads of Agreement Signed for Gas Sales with Indonesia’s state ownedand listed natural gas distribution and transportation entity

• Gas Allocation Process is ongoing for the implementation of TanjungEnim Plan of Development (“POD 1”) and early gas sales

Duringthe quarter, NuEnergy continued the effort to expand the business developmentto other end users for its CBM production in South Sumatra and has successfullysigned the Heads of Agreement (“HOA”) with PT Perusahaan Gas Negara (“PGN”) forthe supply and sale commitment by NuEnergy and the purchase commitment by PGNas announced by NuEnergy on 28 June 2024.

PGN(PGAS:IJ), listed on the Indonesia Stock Exchange, is a leading natural gasdistribution and transportation player in Indonesia and is a subsidiary of PTPertamina (Persero) since 28 December 2018 as part of Government of Indonesia’soil & gas holding initiatives. PGN plans to use this gas to fulfil the gasneeds of PGN customers in the South Sumatera and West Java Regions. NuEnergyselected PGN as the gas buyer due to PGN has a large extensive network of gasend-users and PGN can cater for the supply of large volume of gas, which fitsNuEnergy’s future expansion perfectly when the company reaches high productionvolume.

NuEnergyhas submitted the application for gas allocation and price determination to theSpecial Task Force for Upstream Oil and Gas Business Activities (“SKK Migas”)on 8 July 2024 with PGN as the gas buyer. Concurrently with the processing ofgas allocation and price determination applications, NuEnergy is working withPGN on the detailed terms of the Gas Sales and Purchase Agreement (“GSPA”).

NuEnergyhas in the previous quarters identified locations for four early gas saleswells, a production facility and the subsequent flow lines for the earlygeneration of gas at Tanjung Enim contract areas, as detailed below. NuEnergywill complete the land acquisition process and carry out land clearing anddrilling site preparation activities on these identified locations in duecourse.