Reference is made to the announcement dated 13 June 2025 in relation to the signing of the Mutiara Cluster Small Field Asset Production Sharing Contract (“Mutiara Cluster SFA PSC”) between Petroliam Nasional Berhad (PETRONAS) (“PETRONAS”) and Dialog Resources Sdn. Bhd. (“Dialog Resources”), a wholly owned subsidiary of DIALOG. The Mutiara Cluster SFA PSC was awarded under the Malaysia Bid Round 2025 (MBR 2025) through Malaysia Petroleum Management (MPM), PETRONAS as the custodian of Malaysia’s petroleum resources.
The terms herein shall bear the same meaning as defined in the announcement dated 13 June 2025.
DIALOG Group Berhad ("DIALOG") is pleased to announce that Dialog Resources has also entered into a Memorandum of Understanding ("MOU") with PETRONAS (collectively referred to as “Parties”), to form a strategic collaboration aimed at accelerating and enabling the Mutiara Cluster development.
On 13 June 2025, the Parties signed the Mutiara Cluster SFA PSC, which outlines the scope of work including the pre-development study, development and production of discovered resources over the full life of the Mutiara Cluster SFA PSC followed by abandonment.
The MOU outlines the Parties’ understanding to jointly collaborate and evaluate opportunities to enable a viable development for Mutiara Cluster with targeted First Gas Date (“FGD”) earlier than the first quarter of 2029 to support the growing market demand in Sabah, particularly for power generation.
The Parties agree to evaluate the feasibility of reducing the total project cost and accelerating FGD. They will also share respective information, technical proposals, and reports as required to pursue the collaboration. Furthermore, discussions will focus on agreeing upon the specifics of viable workstreams to be incorporated into the Field Development and Abandonment Plan.
The MOU shall remain in force for one year from the date of signing. The MOU is non-binding and shall not override any provisions of the Mutiara Cluster SFA PSC.
The MOU is not expected to have any effects on the share capital and substantial shareholders’ shareholding of DIALOG and is not expected to have any material effects on the earnings, net assets and gearing of DIALOG for the current financial year ending 30 June 2026. Each Party will bear its own costs and expenses incurred in preparing and executing the MOU.
None of the directors of DIALOG, major shareholders of DIALOG and/or persons connected with them have any interest, whether direct or indirect, in the MOU.
This announcement is dated 3 July 2025.