SPT Energy (01251) announced that on September 26, 2025, the company's subsidiary CNG entered into an operational cooperation agreement with PIONEER OIL INDONESIA (POI). Under the operational cooperation agreement, CNG has agreed to collaborate with POI on oil and gas exploration, development and production activities in a certain area of Indonesia's Jabandengga block.

According to the operational cooperation agreement, POI will bear all operational costs for the designated area within the Jabandengga block. Within three years following the agreement's execution, POI will invest up to $200 million in funding. Under the operational cooperation agreement, CNG bears no capital contribution obligations. Should the exploration work prove successful and generate revenue from the designated area of the Jabandengga block, profit sharing between CNG and POI will be allocated on a 50:50 basis according to the operational cooperation agreement.

POI is a company incorporated in Indonesia, primarily engaged in oil and gas field exploration and development. The company is owned 50% by Xie Yunjin and 50% by Xiong Binjie respectively.

This operational cooperation agreement aims to provide funding support for CNG to accelerate the exploration and development process of the Jabandengga block. The agreement will create synergies by integrating the resources, expertise and experience of both CNG and POI, thereby effectively and efficiently advancing the exploration and development work of this block.