On behalf of the Board of Directors of GFB, we are pleased to announce that NuEnergy Gas Limited (“NuEnergy”), a subsidiary of GFB which is listed on the Australian Securities Exchange (“ASX”) has on 11 September 2023, announced on ASX, that its subsidiary, Dart Energy (Muralim) Pte. Ltd. (“DEMU”) has received approval for an additional exploration period of 19-months, extending the exploration period until 29 March 2025. The approval was granted from the Indonesian Special Taskforce for Upstream Oil & Gas Business Activities  (“SKK Migas”), which communicated the granting of approval from the Ministry of Energy and Mineral Resources of the Republic of Indonesia (“MEMR”). The extension will allow NuEnergy to complete the exploration firm commitments and to acquire production data for the Muralim Production Sharing Contract (“PSC”).

NuEnergy holds a 50% working interest in the Muralim PSC, covering an area of 688km² in South Sumatra, Indonesia. NuEnergy continues to progress the dewatering process to determine the gas productivity for future development. This will then be followed by the submission of a Plan of Development (“POD”) proposal.  

Once the POD is approved, two of four of NuEnergy’s coal bed methane PSCs, will hold a POD, with NuEnergy continuing to progress the remaining two POD’s. Following the successful approval of the POD, DEMU will then be in a position to proceed with field development, surface facility construction and commercial production.

Enclosed is the announcement made by NuEnergy.

This announcement is dated 11 September 2023.