Jakarta – (04/01) In a strategic move to strengthen its position in the upstream oil and gas industry in Indonesia, RAJA today announced the completion of the acquisition of an 8% Participating Interest in the Jabung Working Area, Jambi. RAJA, through its subsidiary PT Raharja Energi Tanjung Jabung (RETJ) and PT GPI Jabung Indonesia, finalized the transaction on December 29, 2023. This agreement was established through a Conditional Sale and Purchase Agreement signed with PT GPI Jabung Indonesia on June 7, 2023, and received approval from the Ministry of Energy and Mineral Resources on December 22, 2023. This achievement is the result of RAJA's assessment of the potential of the Jabung Working Area, predicted to continue producing significant oil and gas production. Based on the WPNB, the target production for 2024 alone is 55,000 BOEPD.

RAJA's President Director, Mr. Djauhar Maulidi, stated, "This acquisition is a strategic step for us to expand and strengthen RAJA's portfolio in upstream oil and gas investments in Indonesia. We believe that our presence in the Jabung Block will not only increase the company's revenue and profit but also enhance our opportunities to develop oil and gas infrastructure and allocations in the future. We are confident that this investment will generate long-term value for our shareholders. The Jabung Block holds promising oil and gas production potential, and our presence there will strengthen RAJA's position as a player in the Indonesian energy industry."

The financial contribution from this ownership is expected to provide substantial growth and enhance the company's financial stability, which can be utilized for reinvestment in business and dividend payments to shareholders. This is one of the company's efforts to continually increase shareholder value and fulfill its commitment to innovation and contributing to the progress of the national energy industry, aligning with the company's vision and mission.