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SUPPLEMENTARY INFORMATION FOR OIL AND GAS PRODUCING ACTIVITIES (Tables)

12 Months Ended

Dec. 31, 2020

Organization, Consolidation and Presentation of Financial Statements [Abstract]

SCHEDULE OF CAPITALIZED COSTS

Capitalized Costs Relating to Oil and Gas Producing Activities

SCHEDULE OF CAPITALIZED COSTS

		As of December 31,
		2020				2019
Proved properties
Mineral interests		$	15,084,658			$	15,084,658
Wells, equipment and facilities			5,827,383				5,261,139
Total proved properties			20,912,041				20,345,797
Unproved properties
Mineral interests			1,113,494				958,133
Uncompleted wells, equipment and facilities			-				-
Total unproved properties			1,113,494				958,133
Less accumulated depletion and impairment			(19,573,054	)			(18,918,311	)
Net Capitalized Costs		$	2,452,481			$	2,385,619

SCHEDULE OF COSTS INCURRED IN OIL AND GAS PROPERTY EXPLORATION, AND DEVELOPMENT

Amounts reported as costs incurred include both capitalized costs for exploration and development activities and costs charged to expense for normal maintenance operational activities under TAC and KSO of Kruh Block. Exploration costs presented below include the costs of drilling and equipping successful and unsuccessful exploration wells during the year, geological and geophysical expenses, and the costs of retaining undeveloped leaseholds. Development costs include the costs of drilling and equipping development wells, and construction of related production facilities.

SCHEDULE OF COSTS INCURRED IN OIL AND GAS PROPERTY EXPLORATION, AND DEVELOPMENT

		Years Ended December 31,
		2020				2019				2018
GWN (Kruh)
Exploration		$	-			$	-			$	-
Development			566,244				245,202				166,871
		$	566,244			$	245,202			$	166,871
HNE (Citarum)
Exploration		$	155,362			$	142,207			$	64,056
Development			-				-				-
		$	155,362			$	142,207			$	64,056
GWN (Rangkas)
Exploration		$	4,943			$	276,810			$	87,306
Development			-				-				-
		$	4,943			$	276,810			$	87,306

SCHEDULE OF RESULTS OF OPERATIONS FROM OIL AND GAS PRODUCING ACTIVITIES

SCHEDULE OF RESULTS OF OPERATIONS FROM OIL AND GAS PRODUCING ACTIVITIES

		Years Ended December 31,
		2020				2019				2018
Oil and gas revenues		$	1,980,773			$	4,183,354			$	5,856,341
Production costs			(2,017,856	)			(2,474,230	)			(2,540,353	)
Depletion, depreciation, and amortization			(698,851	)			(876,676	)			(1,156,494	)
Result of oil and gas producing operations before income taxes		$	(735,934	)		$	832,448			$	(2,159,494	)
Provision for income taxes			-				-				-
Results of oil and gas producing operations		$	(735,934	)		$	832,448			$	(2,159,494	)

SCHEDULE OF INDIVIDUAL QUALIFICATIONS OF RESERVES ESTIMATION

The table below shows the individual qualifications of the Company’s internal team that prepares the reserves estimation:

SCHEDULE OF INDIVIDUAL QUALIFICATIONS OF RESERVES ESTIMATION

										Total
Reserve		University								professional				Field of professional experience (years)
Estimation Team*			degree major				Degree level				experience (years)				Drilling & Production				Petroleum Engineering				Production Geology				Reserve Estimation
Charlie Wu			Geosciences				Ph.D.				43				12				-				33				22
Djoko Martianto			Petroleum Engineering				B.S.				42				31				12				-				10
Denny Radjawane			Geophysics				M.S.				30				12				-				20				12
Fransiska Sitinjak			Petroleum Engineering				M.S.				17				7				12				-				8
Yudhi Setiawan			Geology				B.S.				18				12				4				6				3
Oni Syahrial			Geology				B.S.				14				-				-				14				8
Juan Chandra			Geology				B.S.				15				-				-				15				9

* The individuals from the reserves estimation team are member of at least one of the following professional associations: American Association of Petroleum Geologists (AAPG), Indonesian Association of Geophysicist (HAGI), Indonesian Association of Geologists (IAGI), Society of Petroleum Engineers (SPE), Society of Indonesian Petroleum Engineers (IATMI) and Indonesian Petroleum Association (IPA).

SCHEDULE OF PROVED UNDEVELOPED RESERVES WELLS

Following the confirmation of the Kruh Block extension, the Company approved a development plan for a drilling program of 18 Proved Undeveloped Reserves (or PUD) wells, according to the schedule below:

 SCHEDULE OF PROVED UNDEVELOPED RESERVES WELLS

		Unit\Year		2021				2022				2023				Total
Planned PUD wells		Gross well			5				6				7				18
Future wells costs (1)		US$			3,824,061				9,000,000				10,500,000				23,324,061
Total gross PUD added		Bbls			1,299,469				1,219,638				1,551,413				4,070,520
Total net PUD added		Bbls			794,392				745,589				948,410				2,488,391

(1) Future wells costs are the capital expenditures associated with the new wells costs and do not include other capital expenditures such as production facilities.

SCHEDULE OF PROVED DEVELOPED AND UNDEVELOPED RESERVES

The fiscal 2020 and 2019 proved developed and undeveloped reserves are summarized in the tables below:

 SCHEDULE OF PROVED DEVELOPED AND UNDEVELOPED RESERVES

		Crude Oil (Bbls) as of December 31,
		2020				Note				2019				Note
Total Proved Developed (PDP) and Undeveloped Reserves (PUD)
Beginning of the period			4,619,992								4,997,305
Revisions of previous estimates			(226,585	)			(a)				(290,165	)			(k)
Improved recovery			(11,006	)			(b)				3,841
Purchase of minerals in place			-								-
Extensions and discoveries			-								-
Production			(72,524	)			(c)				(90,989	)			(l)
Sale of minerals in place			-								-
End of the period			4,309,877								4,619,992
Net Proved Developed Reserves (PDP) and Undeveloped Reserves (PUD)
Beginning of the period			1,965,577								2,134,685
Revisions of previous estimates			618,421				(d)				(131,134	)			(m)
Improved recovery			(6,728	)			(e)				1,673
Purchase of minerals in place			-								-
Extensions and discoveries			-								-
Production			(44,335	)			(f)				(39,647	)			(n)
Sale of minerals in place			-								-
End of the period			2,532,934								1,965,577
Total Proved developed reserves (PDP)
Beginning of the period			387,154								398,708
Revisions of previous estimates			(64,267	)			(g)				75,594				(k)
Improved recovery			(11,006	)			(b)				3,841
Purchase of minerals in place			-								-
Extensions and discoveries			-								-
Production			(75,524	)			(c)				(90,989	)			(l)
Sale of minerals in place			-								-
End of the period			239,357								387,154
Total Proved undeveloped reserves (PUD)
Beginning of the period			4,232,838								4,598,597
Revisions of previous estimates			(162,318	)			(h)				(365,759	)			(k)
Improved recovery			-								-
Purchase of minerals in place			-								-
Extensions and discoveries			-								-
Production			-								-
Sale of minerals in place			-								-
End of the period			4,070,521								4,232,838
Net Proved developed reserves (PDP)
Beginning of the period			121,182								170,315
Revisions of previous estimates			(25,576	)			(i)				(11,159	)			(m)
Improved recovery			(6,728	)			(e)				1,673
Purchase of minerals in place			-								-
Extensions and discoveries			-								-
Production			(44,335	)			(f)				(39,647	)			(n)
Sale of minerals in place			-								-
End of the period			44,542								121,182
Net Proved undeveloped reserves (PUD)
Beginning of the period			1,844,395								1,964,370
Revisions of previous estimates			643,997				(j)				(119,975	)			(m)
Improved recovery			-								-
Purchase of minerals in place			-								-
Extensions and discoveries			-								-
Production			-								-
Sale of minerals in place			-								-
End of the period			2,488,392								1,844,395

(a)	The revision of previous estimates in the amount of negative 226,585 bbls refers to the sum of 1) revision of previous PDP reserves estimates of negative 64,267 bbls (g) and 2) revision of previous PUD reserves estimates of negative 162,318 bbls (h);
(b)	The improved recovery amount of negative 11,006 bbls refers to the additional crude oil production compared to previous estimates for Kruh block as a result of an improvement in reservoir management;
(c)	The production of negative 72,524 bbls refers to the amount of total gross crude oil produced from Kruh block in 2020;
(d)	The revision of previous estimates in the amount of 618,421 bbls refers to the total amount of 1) net PDP reserves revision of previous estimates in the amount of negative 25,576 bbls (i) and 2) net PUD reserves revision of previous estimates in the amount of 643,997 bbls (j);
(e)	The improved recovery in the amount of negative 6,728 bbls refers to the net share (61.13%) of crude oil production increase from the Kruh block compared to previous estimates as a result of effective reservoir management;
(f)	The production of negative 44,335 bbls is the amount of net share (61.13%) of the total crude oil production in the amount of negative 72,524 bbls in 2020 (c);
(g)	The revision of previous estimates in the amount of negative 64,267 bbls refers to the total gross amount of PDP reserves increase as a result of improved reservoir management which has increased oil production in 2020;

(h)

The revision of previous estimates in the amount of negative 162,318 bbls refers to the amount of PUD reserves decrease from 2019 to 2020 due to the revision of the drilling schedule;

(i)

The revision of previous estimates of net PDP reserves in the amount of negative 25,576 bbls refers to the sum of 1) net share difference (61.13% in 2020 as compared with 43.57% in 2019) of the beginning total PDP reserves in the amount of 387,154 bbls, 2) net share (61.13%) of revision of previous estimates of total PDP reserves estimates in the amount of negative 64,267 bbls (g), and 3) net share (61.13%) of the transfer of Non-shareable oil (NSO) to Pertamina in the amount of 88,771 bbls according to the KSO contract;

(j) The revision of previous estimates of net PUD reserves in the amount of 643,997 bbls refers to the sum of 1) net share difference (61.13% in 2020 as compared with 43.57% in 2019) of the beginning total PUD reserves in the amount of 4,232,838 bbls and 2) net share (61.13%) of revision of previous PUD reserves estimates in the amount of negative 162,318 bbls;

(k) The revision of previous estimates in the amount of negative 290,165 bbls refers to the sum of 1) revision of previous PDP reserves estimates of 75,594 bbls and 2) revision of previous PUD reserves estimates of negative 365,759 bbls;

(l)	The amount of negative 90,989 bbls is the total gross amount of crude oil produced from the Kruh Block in 2019;
(m)	The revision of previous estimates in the amount of negative 131,134 bbls refers to the total amount of 1) net PDP reserves revision of previous estimates in the amount of negative 11,159 bbls and 2) net PUD reserves revision of previous estimates in the amount of negative 119,975 bbls;

(n) The amount of negative 39,647 bbls is the total net amount of crude oil produced from the Kruh Block in 2019 that the Company is entitled to, calculated as approximately 43.57% of the total gross amount of crude oil produced (m);

SCHEDULE OF STANDARDIZED MEASURE OF DISCOUNTED FUTURE NET CASH FLOWS RELATING TO PROVED OIL AND GAS RESERVES

 SCHEDULE OF STANDARDIZED MEASURE OF DISCOUNTED FUTURE NET CASH FLOWS RELATING TO PROVED OIL AND GAS RESERVES

		As of December 31,
		2020				2019
Future cash inflows		$	100,920,387			$	121,755,908
Future production costs (1)			(43,360,461	)			(46,394,506	)
Future development costs			(41,056,457	)			(41,867,500	)
Future income tax expenses			(5,571,112	)			(15,593,639	)
Future net cash flows		$	10,932,358			$	17,900,262
10% annual discount for estimated timing of cash flows			(5,352,516	)			(7,736,291	)
Standardized measure of discounted future net cash flows at the end of the year		$	5,579,842			$	10,163,971

(1) Production costs include oil and gas operations expense, production ad valorem taxes, transportation costs and general and administrative expense supporting the Company’s oil and gas operations.

SCHEDULE OF AVERAGE PRICES

 SCHEDULE OF AVERAGE PRICES

		Years ended December 31,
		2020				2019				2018
Average crude oil price per Bbl		$	37.58			$	61.89			$	66.12

SCHEDULE OF SOURCES OF CHANGES IN DISCOUNTED FUTURE NET CASH FLOWS

Principal changes in the aggregate standardized measure of discounted future net cash flows attributable to the Company’s proved crude oil and natural gas reserves at year end are set forth in the table below.

 SCHEDULE OF SOURCES OF CHANGES IN DISCOUNTED FUTURE NET CASH FLOWS

		Year ended December 31,
		2020				2019				2018
Standardized measure of discounted future net cash flows at the beginning of the year		$	10,120,562			$	14,513,446			$	4,222,805
Extensions, discoveries and improved recovery, less related costs			500,000				500,000				(7,000,000	)
Revisions of previous quantity estimates			6,073,161				(3,431,073	)			85,790,320
Changes in estimated future development costs			811,043				752,299				(42,865,000	)
Purchases (sales) of minerals in place			-				-				-
Net changes in prices and production costs			(21,967,808	)			(4,090,493	)			3,655,533	)
Accretion of discount			2,377,063				1,384,269				(8,462,229
Sales of oil and gas produced, net of production costs			(2,536,006	))			(2,166,491	)			(2,946,923	)
Development costs incurred during the period			201,946				245,202				103,337
Change in timing of estimated future production and other			-				-				-
Net change in income taxes			9,999,882				2,413,403				(17,984,397	)
Standardized measure of discounted future net cash flows at the end of the year		$	5,579,842			$	10,120,562			$	14,513,446

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