| SUMMARY OF FUTURE COMMITMENTS AMOUNTS ON AN UNDISCOUNTED FOR ALL THE PLANNED EXPENDITURES |
SUMMARY OF FUTURE COMMITMENTS
AMOUNTS ON AN UNDISCOUNTED FOR ALL THE PLANNED EXPENDITURES
| | |
| | |
Future commitments (Unaudited) | |
| | |
Nature of commitments | | |
Remainder of 2026 | | |
2027 | | |
2028 and beyond | |
| Citarum Block PSC | |
| | |
| | | |
| | | |
| | |
| Geological and geophysical (G&G) studies | |
(a) | | |
$ | - | | |
$ | - | | |
$ | 950,000 | |
| 2D seismic | |
(a) | | |
| - | | |
| - | | |
| 6,050,000 | |
| 3D seismic | |
(a) | | |
| - | | |
| - | | |
| 2,100,000 | |
| Drilling | |
(b)(c) | | |
| - | | |
| - | | |
| 30,000,000 | |
| Total commitments - Citarum PSC | |
| | |
$ | - | | |
$ | - | | |
$ | 39,100,000 | |
| Kruh Block KSO | |
| | |
| | | |
| | | |
| | |
| Operating commitments | |
(d) | | |
$ | 1,429,905 | | |
$ | 3,763,035 | | |
$ | 81,423,545 | |
| Production facility | |
| | |
| - | | |
| 700,000 | | |
| 300,000 | |
| G&G studies | |
(a) | | |
| 100,000 | | |
| 50,000 | | |
| - | |
| 2D seismic | |
| | |
| - | | |
| - | | |
| - | |
| 3D seismic | |
| | |
| - | | |
| - | | |
| - | |
| Drilling | |
(a) | | |
| 5,000,000 | | |
| 2,600,000 | | |
| 33,400,000 | |
| Workover | |
| | |
| - | | |
| - | | |
| - | |
| Certification | |
| | |
| - | | |
| - | | |
| - | |
| Abandonment and Site Restoration | |
(c) | | |
| 38,136 | | |
| 76,272 | | |
| 610,179 | |
| Total commitments - Kruh KSO | |
| | |
$ | 6,568,041 | | |
$ | 7,189,307 | | |
$ | 115,733,724 | |
| Total Commitments | |
| | |
$ | 6,568,041 | | |
$ | 7,189,307 | | |
$ | 154,833,724 | |
Nature
of commitments:
| |
(a) |
Both
firm commitments and a 5-year work program according to the Company’s economic model are included in the estimate. Firm capital
commitments represent legally binding obligations with respect to the KSO for Kruh Block or the PSC for Citarum Block in which the
contract specifies the minimum exploration or development work to be performed by us within the first three years of the contract.
In certain cases where we execute contracts requiring commitments to a work scope, those commitments have been included to the extent
that the amounts and timing of payments can be reliably estimated. |
| |
|
|
| |
(b) |
Includes
one exploration and two delineation wells. |
| |
|
|
| |
(c) |
Abandonment
and site restoration are primarily upstream asset removal costs at the drilling completion of a field life related to or associated
with site clearance, site restoration, and site remediation, based on Indonesian government rules. |
| |
|
|
| |
(d) |
Operating
commitments are primarily production operation costs related to or associated to the maintenance well work scheduled to be performed
on the oil wells with respect to the Kruh Block KSO. |
|