Gross Split PSC’s West Ganal and Pangkah Blocks Signed

MINISTRY OF ENERGY AND MINERAL RESOURCES

PRESS RELEASE

NUMBER: 624.Pers/04/SJI/2019

Dated: 18th October 2019

Gross Split PSC's West Ganal and Pangkah Blocks Signed

Acting Director General of Oil and Gas Djoko Siswanto today, Friday (18/10), witnesses the signing of Gross Split Production Sharing Contracts for West Ganal and Pangkah Blocks between SKK Migas and PSC Contractors at the Heritage Building, Secretariat General of Ministry of EMR.

The West Ganal Block results from the Conventional Oil and Gas Blocks Offer Phase II of 2019 which winner was announced on 26 August 2019. The block is located in Makassar Strait, while the Gross Split contract lasts for 30 years.

Block

Contractor

Firm Commitment & Signature Bonus

West Ganal

- Eni West Ganal Limited (40%) as Operator

- PT Pertamina Hulu West Ganal (30%)

- Neptune Enegy West Ganal B.V. (30%)

First 3-Year Firm Commitment

G & G; Acquisition of 2D Seismic Data of 600 km; Acquisition of 3D Seismic Data of 600 km2; and 4 exploration wells.

Total Firm Commitment : USD159,300,000

Signature Bonus : USD30,100,000

Meanwhile, the Gross Split PSC of Pangkah Block is a renewal for a period of 20 years which will become effective from 8 May 2026.

Block

Contractor

Firm Exploration Commitment & Signature Bonus

Pangkah

- Saka Indonesia Pangkah Limited (65%) as Operator

- Saka Indonesia Pangkah BV (25%)

- Saka Pangkah LLC (10%)

First 5-Year Firm Exploration Commitment

5 G&G Studies; Acquisition of 3D Seismic Data of 500 km2; and 4 exploration wells.

Total Firm Exploration Commitment : USD64,052,969

Signature Bonus : USD6,000,000

The Participating Interest owned by the Contractors of the Pangkah Block includes 10% Participating Interest to be offered to Regional Government-Owned Enterprises.

The total signature bonus of the Gross Split PSC's of West Ganal Block and of Pangkah Block amounts to US$ 36.1 million. The total investment (Firm Exploration Commitment of West Ganal Block and of Pangkah Block) amounts to US$ 223,352,969. (IY)

Head of Bureau of Communication, Public Information Services, and Cooperation

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