The Strategic Partner (“SP”), through the SPC, bears the exploration risks and costs as stipulated in GEECA, thereby minimizing PLN’s initial exposure.

The reimbursement of exploration costs shall be carried out within two years after the FS is declared feasible and prior to the commencement of the EPC phase. PLN shall participate in the SPC upon successful confirmation of the exploration stage on a 51:49 ownership structure based on book value.

The Pre-Acquisition SPC shall be responsible for upstream development and financing, while the Post-Acquisition SPC shall be responsible for downstream development and financing.

PLN will pay GEECA Steam Lifting Fee (“SLF”) that includes reimbursement of costs incurred for upstream activities, such as exploration, development, and upstream O&M, together with an agreed margin for the partner.

The GEECA SLF shall be payable in accordance with the contract term of 25 years.

PLN is responsible for downstream development and O&M, while the SP is responsible for upstream development and O&M.