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 today announced on ASX, the spudding of a production well MU-005 (Twin). The MU005 (Twin) well is a production well from which NuEnergy will conduct permeability tests on coal formations and perform a few months of dewatering to determine the gas productivity for future development. It is anticipated this activity will be followed by the submission of an Exploration Status Decision proposal for the Indonesian government’s approval by May 2021 and followed by a POD proposal, which upon approval will allow the exploitation and production of coal bed methane.

Further details are enclosed in the attached announcement made by NuEnergy.

This announcement is dated 24 March 2021.