HIDES PDL1 CLAN BANK ACCOUNT OPENING EXERCISE

The Mineral Resource Development Company (MRDC) is pleased to announce the successful completion of the clan bank account opening exercise and directors’ election for the Petroleum Development License 1 (PDL1) beneficiaries. This milestone achievement, pending since the inception of the PNGLNG project in 2014, marks significant progress.

Against a backdrop of security concerns, MRDC, in partnership with Bank South Pacific (BSP), has opened 80 clan bank accounts out of the total 96 participating clans in the project area (excluding Ilu, Kobalu, and other Hiwas). Additionally, the Electoral Commission of Papua New Guinea (ECPNG) has facilitated the election of 4 directors.

However, the completion of the remaining clan bank accounts opening, and directors’ election is still pending due to court orders and unresolved leadership issues. The list of clans with outstanding matters is provided in the table below

REGIONS	RESOLVED CLANS	UNRESOLVED CLANS	SUM OF CATEGORY A & B CLANS	DIRECTOR ELECT
Hiwa	5	Wita Arua Hunumani Pina	9	Pending
Tuguba	6	Tugu Tabu	8	(1x) Appointed
Habono	17	Wanga Tonabi	19	Appointed
Kamia Kera	10	Pepe Koe	11	Appointed
Tugu Tapiria	49	All Completed	49	Appointed

MRDC will return to Hides in August to address all outstanding matters and calls on all concerned parties to resolve their differences in preparation for the program’s prompt resumption without further delay. MRDC greatly appreciates the commitment and support of all key stakeholders in delivering this important program.

MRDC thanks ExxonMobil, Santos, Kumul Petroleum Holdings Limited (KPHL), BSP, the Department of Petroleum (DoP), ECPNG, and PNG Defence Force (PNGDF) for their collaboration, time, and input to ensure the successful completion of the initial program.

This statement is approved for release.

Augustine S. Mano, CBE
Managing Director & CEO