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SUBSEQUENT EVENTS (Tables)
 12 Months Ended
Dec. 31, 2020
Subsequent Events [Abstract]  
SUMMARY OF DETAILS OF THE SUBSIDIARIES OF THE COMPANY

Details of the subsidiaries of the Company are set out below:

 

          Percentage
of		    
   Date of   Place of  effective   Principal
Name  Incorporation   Incorporation  ownership   Activities
WJ Energy Group Limited (“WJ Energy”)   June 3, 2014   Hong Kong   100%  Holding company
                 
PT Green World Nusantara (“GWN”)   February 27, 2015   Indonesia   100%  Kruh Block operation
                 
PT Harvel Nusantara Energi (“HNE”)   March 20, 2017   Indonesia   100%  Holding company
                 
PT Cogen Nusantara Energi (“CNE”)   December 7, 2017   Indonesia   100%  Citarum Block operation
                 
PT Hutama Wiranusa Energi (“HWE”)   May 14, 2018   Indonesia   100%  Citarum Block operation
SCHEDULE OF PROPERTY AND EQUIPMENT ESTIMATED USEFUL LIVES

Depreciation of property and equipment is provided using the declining balance method over their estimated useful lives:

 

      Useful life  
Housing and welfare     10 years  
Furniture and office equipment     5 years  
Computer and software     5 years  
Production facilities     5 years  
Drilling and production tools     5 years  
Equipment     5 years  
SUMMARY OF QUANTITATIVE INFORMATION ABOUT LEVEL 3 FAIR VALUE MEASUREMENTS OF POST-EMPLOYMENT BENEFITS

The following table summarizes the quantitative information about the Company’s level 3 fair value measurements in the determination of the balance of the post-employment benefits, which utilize significant unobservable inputs:

 

Actuarial Assumption  December 31, 2020   December 31, 2019 
Discount Rate   5.98%   4.93%
Expected Return on Plan Assets   N/A    4.93%
Wage Increase Rate   7.00%   9.00%
Mortality Rate   Table Mortality Index (“TMI”) of Indonesia, TMI IV 2019    Table Mortality Index (“TMI”) of Indonesia, 2011 
Disability Rate   5% of TMI IV 2019    5% of TMI 2011 
Normal retirement age   58 Years (All employees are assumed to retire at pension age). With work contract until May 22, 2030    58 Years (All employees are assumed to retire at pension age). With work contract until May 31, 2020 

 

Withdrawal Rate   Age   Rate   Age   Rate 
    20 – 29    5%   20 - 29    5%
    30 – 39    4%   30 - 39    4%
    49 – 44    3%   49 - 44    3%
    45 – 49    2%   45 - 49    2%
    50 – 57    1%   50 - 57    1%
    >57    0%    >57    0%
SCHEDULE OF LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS BY LEVEL WITHIN FAIR VALUE HIERARCHY

Liabilities measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2020 and 2019 are as follows:

 

          Fair value measurement at reporting date using  
   

As of

December

31, 2020

    

Quoted Prices

in Active Markets

for Identical

Assets/Liabilities

(Level 1)

    

Significant

Other

Observable Inputs

(Level 2)

    

Significant

Unobservable

Inputs

(Level 3)

  
Provision for post-employment benefit   $ 68,701     $          -     $      -     $ 68,701  

 

          Fair value measurement at reporting date using  
   

As of

December

31, 2019

    

Quoted Prices

in Active Markets

for Identical

Assets/Liabilities

(Level 1)

    

Significant

Other

Observable Inputs

(Level 2)

    

Significant

Unobservable

Inputs

(Level 3)

  
Provision for post-employment benefit   $         -     $       -     $       -     $         -