SENGKANG PSC, page-5

In case anyone is questioning the veracity of the articles they’ve seen online here is the link to the official government media release:

https://www.esdm.go.id/id/media-cen...rpanjang-20-tahun-negara-kantongi-usd-10-juta

Translated:

“JAKARTA - The Ministry of Energy and Mineral Resources (ESDM) has decided to extend the management of the Sengkang Block by the existing operator Energy Equity Epic (Sengkang) Pty Ltd for 20 years after the contract expires in 2022. No other contractor submits a proposal for the management of the block. With the extension of the Sengkang Block, the country receives a signature bonus of USD 10 million and a Definite Work Commitment of USD 60 million.

"Four blocks are terminated in 2022, one that is clear namely, Energy Equity Epic (Sengkang) in the Sengkang Block, it is given to Sengkang, an existing or existing operator with KKP (Definite Work Commitment) of USD 60 million and a signature bonus of USD 10 million, "said Deputy Minister of Energy and Mineral Resources, Arcandra Tahar, this afternoon, Friday (8/31).

"The contract extension is given by the government for 20 years after the end of the contract period, continued Arcandra.

Arcandra explained, in the next 2022 there will be four blocks that will expire their contracts (terminaso), the four blocks, namely Coastal Plains and Pekanbaru (CPP), Sengkang, Tarakan, and Tungkal.

Sengkang Block Cooperation Contract located in South Sulawesi Province. At present the Sengkang Block has a working area of 2.925.23 km with a contract period up to October 24, 2022. Energy Equity EPIC (Sengkang) Pty. Ltd. has proven gas reserves of 800 BCF (billion cubic feet) and has 2 TCF (trillion cubic feet) of resources. The gas production of the Sengkang Block on average from January to July 2018 is around 32 mmscfd. As an illustration, 1 mmscfd of gas can be used as fuel for 4 MW of electricity generation. So 32 mmscfd can be analogous to the equivalent of 128 MW of electricity generation.”

Not sure why the company are not in a position to be clearer about it in their announcement today.