Medco Energi Internasional (MEDC) Agreed to Acquire 10% Interest in Four Kutei Basin PSCs

Medco Energi Internasional (MEDC) Agreed to Acquire 10% Interest in Four Kutei Basin PSCs
MEDC reached an agreement with Eni to acquire a 10% non-operating participating interest in four East Kalimantan PSCs, namely
Muara Bakau, Ganal, West Ganal and East Ganal, covering producing, development and exploration assets, including the Geliga gas
discovery. The PSCs are operated by Searah, a joint venture between Eni and PETRONAS, with the transaction subject to customary
closing conditions, including regulatory approvals. (Company)

Our take:
The acquisition of the four Kutai Basin PSCs could provide an additional catalyst for MEDC, as the basin is one of Indonesia’s four
flagship oil and gas projects alongside Masela, Kasuri and Tangguh. The four PSCs are estimated to hold up to 5.5 Tcf of gas
resources, with production expected to commence from 2028 and basin-wide output potentially reaching c.1 Bscfd from 2028
onward. Assuming MEDC’s 10% non-operating participating interest, the acquired PSCs could contribute incremental gas lifting
equivalent to c.15% of MEDC’s current gas lifting, providing additional production upside as the projects ramp up. However, further
details on the investment value, development timeline and potential financial contribution to MEDC have yet to be disclosed, leaving
the overall earnings impact uncertain at this stage.

Indonesia Disbursed IDR 599.2 tn in Regional Transfers Through Sep-26
The Ministry of Finance disbursed IDR 599.2 tn in regional transfers (TKD) through Sep-26, equivalent to 82.4% of the revised FY26
allocation of IDR 727.2 tn, up from the initial budget of IDR 693 tn to accommodate disaster management and additional regional
funding needs. The remaining allocation will be disbursed gradually in 4Q26. The funds support regional civil servant salaries for 5.3
mn employees, healthcare coverage for 1.14 mn JKN participants, social security for 596 k participants, village funds, and social
assistance programs, as well as education and healthcare operations, including BOS, PAUD, teacher allowances, and regional
hospitals. (Bloomberg Technoz)

Timah (TINS) Spent IDR 33.19 bn on Tin Exploration in 3Q26
TINS spent IDR 33.19 bn on tin exploration in 3Q26, comprising IDR 21.6 bn in operating expenses and IDR 11.6 bn in investment costs.
Offshore exploration was limited to bathymetric surveys in Bangka waters, with no offshore exploration or guide drilling conducted
during the quarter. Onshore activities across Bangka and Belitung included mapping, ground magnetic and geoelectric surveys, and
primary and alluvial tin exploration drilling, reaching a total drilling depth of 11,666 meters. In 4Q26, TINS plans to resume offshore
drilling using one drilling vessel and four drilling pontoons in Bangka and Kundur waters, alongside continued onshore drilling,
geophysical surveys, and topographic surveys. (Bisnis.com)

Sarana Menara Nusantara (TOWR) Received IDR 200 bn Interim Dividend from Protelindo
Protelindo, a subsidiary of TOWR, declared an FY26 interim cash dividend of approximately IDR 3.43/sh, totaling IDR 200 bn, based
on its financial condition and business plans. Protelindo stated that the distribution would have no material negative impact on its
operations, legal position, financial condition, or business continuity. (IDXChannel)