In April 2022, MNC Energy through its subsidiary, PT Bhakti Migas Resources (BMR) also acquired PT Suma Sarana (SS). SS has signed a Production Sharing Contract (“PSC”) for Semai Block III in Papua, and has 100% of the Participating Interest (“PI”) in the PSC of Semai Block III. Semai III block is one of the best exploration opportunities in Eastern Indonesia, with an estimated 30 trillion cubic feet (TCF) of untested gas resources. In Semai III itself there are 4 prospect areas which include Cucak Ijo, Murai Batu, Poksai, and Kaleyo-Opior.

Semai III is located in a productive hydrocarbon hub where significant oil and gas deposits have been found around the Tangguh, Asap, Merah, Seram, Andalan (Semai V) Gas Fields and the Abadi and NW Shelf Gas Fields to the south.

In the future, MNC Energy will invite international operators to partner in operating the Semai III Block. This is one of MNC Energy’s strategies in order to reduce capital expenditure and increase production efficiency.