Further to our announcement on 20 May 2021, the Board of Directors of GFB wishes to announce that NuEnergy Gas Limited (“NuEnergy”), a subsidiary of GFB listed on the Australia Securities Exchange (“ASX”), whose primary activity is unconventional gas exploration and production in Indonesia, has on 17 June 2021, received approval from the Indonesia Ministry of Energy and Mineral Resources for its first Plan of Development (“POD”) for the Tanjung Enim Production Sharing Contract (“PSC”) under a gross split scheme (referred to as Tanjung Enim POD I) in South Sumatra which will allow the project to proceed to field development and surface facility construction. NuEnergy shall carry out the operations and commercial development of the Tanjung Enim POD 1 singly and exclusively.  The approval of the Tanjung Enim POD I also represents the first coal bed methane POD in Indonesia.

In addition, NuEnergy together with its partners, PT Pertamina Hulu Energi Metra Enim and PT Bukit Asam Metana Enim has also on 17 June 2021, executed the Amended and Restated Tanjung Enim Production Sharing Contract under a gross split scheme (“Gross Split PSC”) in respect of the Tanjung Enim PSC with the Indonesian Special Task Force for Upstream Oil and Gas Business Activities (“SKK Migas”). The Gross Split PSC scheme will provide flexibility to the business and the regulatory processes as well as operational execution in order to achieve the highest level of efficiency which is required by the low cost and fast-moving coal bed methane industries in Indonesia.

Further details can be obtained from the attached announcement made by NuEnergy on the ASX on 17 June 2021.

This announcement is dated 17 June 2021.