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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b>UNITED
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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 18pt"><b><span id="xdx_90C_edei--EntityRegistrantName_c20230101__20231231_zW7gAdSYsJ6d"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000029" name="dei:EntityRegistrantName">Indonesia
Energy Corporation Limited</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Exact
name of Registrant as specified in its charter)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">n/a</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Translation
of Registrant&#8217;s name into English)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_908_edei--EntityIncorporationStateCountryCode_c20230101__20231231_zg77V26Xa6Pl"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:edgarprovcountryen" id="Fact000030" name="dei:EntityIncorporationStateCountryCode">Cayman
Islands</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Jurisdiction
of incorporation or organization)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_900_edei--EntityAddressAddressLine1_c20230101__20231231_zuE7r1N2lZyi"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000031" name="dei:EntityAddressAddressLine1">GIESMART
PLAZA</ix:nonNumeric></span> </b></span><b><span id="xdx_90B_edei--EntityAddressAddressLine2_c20230101__20231231_zSXr6LnMl6pi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000032" name="dei:EntityAddressAddressLine2">7<sup>th
</sup>Floor</ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_900_edei--EntityAddressAddressLine3_c20230101__20231231_z4SWLbMvtP6c"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000033" name="dei:EntityAddressAddressLine3">Jl.
Raya Pasar Minggu No. 17A</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span>Pancoran
&#8211; <span id="xdx_908_edei--EntityAddressCityOrTown_c20230101__20231231_zeWywSsXqyx6"><span><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000034" name="dei:EntityAddressCityOrTown">Jakarta</ix:nonNumeric></span></span> <span id="xdx_906_edei--EntityAddressPostalZipCode_c20230101__20231231_zarMMGph9Rtk"><span><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000035" name="dei:EntityAddressPostalZipCode">12780</ix:nonNumeric></span></span></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_901_edei--EntityAddressCountry_c20230101__20231231_zjHkYQ9jLhM9"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:countrynameen" id="Fact000036" name="dei:EntityAddressCountry">Indonesia</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Address
of principal executive offices)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_90D_edei--ContactPersonnelName_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_z1uU52ITTsY5"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000037" name="dei:ContactPersonnelName">James
J. Huang</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Chief
Investment Officer</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_906_edei--EntityAddressAddressLine1_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zyAi4VulFKP7"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000038" name="dei:EntityAddressAddressLine1">GIESMART
PLAZA</ix:nonNumeric></span></b></span><b> <span id="xdx_904_edei--EntityAddressAddressLine2_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zCzPAgScczM8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000039" name="dei:EntityAddressAddressLine2">7<b><sup>th
</sup>Floor</b></ix:nonNumeric></span></b></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_906_edei--EntityAddressAddressLine3_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zdpakJtsZYgg"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000040" name="dei:EntityAddressAddressLine3">Jl.
Raya Pasar Minggu No. 17A</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Pancoran
&#8211; <span id="xdx_906_edei--EntityAddressCityOrTown_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zGtH7j8bY4Xd"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000041" name="dei:EntityAddressCityOrTown">Jakarta</ix:nonNumeric></span> <span id="xdx_90C_edei--EntityAddressPostalZipCode_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zfPfyr56ndVl"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000042" name="dei:EntityAddressPostalZipCode">12780</ix:nonNumeric></span> </b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_909_edei--EntityAddressCountry_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zgEohOdFaSEj"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" format="ixt-sec:countrynameen" id="Fact000043" name="dei:EntityAddressCountry">Indonesia</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Phone:
<span id="xdx_90E_edei--CityAreaCode_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zgCL8BkHtwi3"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000044" name="dei:CityAreaCode">+62</ix:nonNumeric></span> <span id="xdx_909_edei--LocalPhoneNumber_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_zZzqjeVYcG6c"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000045" name="dei:LocalPhoneNumber">21 576 8888</ix:nonNumeric></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span><span>Email:
<span id="xdx_903_edei--ContactPersonnelEmailAddress_c20230101__20231231__dei--EntityAddressesAddressTypeAxis__dei--BusinessContactMember_znfGW6oKSBO4"><ix:nonNumeric contextRef="From2023-01-012023-12-31_dei_BusinessContactMember" id="Fact000046" name="dei:ContactPersonnelEmailAddress">james.huang@indo-energy.com</ix:nonNumeric></span></span></span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Name,
Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
registered or to be registered pursuant to Section 12(b) of the Act:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 40%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Title
    of class</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trading
    Symbol</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 38%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name
    of exchange on which registered</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_908_edei--Security12bTitle_c20230101__20231231_zBDyh1IJg52e"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000047" name="dei:Security12bTitle">Ordinary shares, $0.00267
    par value per share</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_909_edei--TradingSymbol_c20230101__20231231_z4krQkbWqqy6"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000048" name="dei:TradingSymbol">INDO</ix:nonNumeric></span></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span><span id="xdx_900_edei--SecurityExchangeName_c20230101__20231231_zdb04ThCiRvc"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:exchnameen" id="Fact000049" name="dei:SecurityExchangeName">NYSE</ix:nonNumeric></span> American LLC</span></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
registered or to be registered pursuant to Section 12(g) of the Act: None</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act: None</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
the number of outstanding shares of each of the issuer&#8217;s classes of capital or ordinary shares as of the close of the period covered
by the annual report: As of December 31, 2023, there were 10,142,694 of the registrant&#8217;s ordinary shares, $0.00267 par value per
share, issued and outstanding. As of April 23, 2024, there were <span id="xdx_906_edei--EntityCommonStockSharesOutstanding_iI_c20240423_zSyWx0QEoqC6"><ix:nonFraction name="dei:EntityCommonStockSharesOutstanding" contextRef="AsOf2024-04-23" id="Fact000050" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,202,694</ix:nonFraction></span> ordinary shares outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. &#9746; <span id="xdx_90D_edei--EntityWellKnownSeasonedIssuer_c20230101__20231231_zqVknWzKbhv2"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000051" name="dei:EntityWellKnownSeasonedIssuer">Yes</ix:nonNumeric></span> &#9744; No</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934. &#9744; Yes &#9746; <span id="xdx_90A_edei--EntityVoluntaryFilers_c20230101__20231231_zz6MWkgDkVAg"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000052" name="dei:EntityVoluntaryFilers">No</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Note
&#8211; Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 from their obligations under those Sections.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. &#9746; <span id="xdx_904_edei--EntityCurrentReportingStatus_c20230101__20231231_zD0CYxCtr5a"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000053" name="dei:EntityCurrentReportingStatus">Yes</ix:nonNumeric></span> &#9744; No</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). &#9746; <span id="xdx_901_edei--EntityInteractiveDataCurrent_c20230101__20231231_zE0r1xfeMxg6"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000054" name="dei:EntityInteractiveDataCurrent">Yes</ix:nonNumeric></span> &#9744; No</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth
company. See the definitions of &#8220;large accelerated filer&#8221;, &#8220;accelerated filer&#8221; and &#8220;emerging growth company&#8221;
in Rule 12b-2 of the Exchange Act.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 35%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Large accelerated filer &#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 40%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accelerated filer &#9744;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 25%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_edei--EntityFilerCategory_c20230101__20231231_zfWIuIVPfmGc"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt-sec:entityfilercategoryen" id="Fact000055" name="dei:EntityFilerCategory">Non-accelerated filer</ix:nonNumeric></span> &#9746;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Emerging growth company <span id="xdx_906_edei--EntityEmergingGrowthCompany_c20230101__20231231_z8rouuWDKfij"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleantrue" id="Fact000056" name="dei:EntityEmergingGrowthCompany">&#9746;</ix:nonNumeric></span></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 80pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards&#8224; provided
pursuant to Section 13(a) of the Exchange Act. <span id="xdx_90F_edei--EntityExTransitionPeriod_c20230101__20231231_zD4XFvMQGe04"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000057" name="dei:EntityExTransitionPeriod">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8224;
The term &#8220;new or revised financial accounting standard&#8221; refers to any update issued by the Financial Accounting Standards
Board to its Accounting Standards Codification after April 5, 2012.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has filed a report on and attestation to its management&#8217;s assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b) by the registered
public accounting firm that prepared or issued its audit report. <span id="xdx_907_edei--IcfrAuditorAttestationFlag_c20230101__20231231_zRLN7sU6YyK"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000058" name="dei:IcfrAuditorAttestationFlag">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements. <span id="xdx_902_edei--DocumentFinStmtErrorCorrectionFlag_c20230101__20231231_zgct8JdVjsRl"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000059" name="dei:DocumentFinStmtErrorCorrectionFlag">&#9744;</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based compensation
received by any of the registrant&#8217;s executive officers during the relevant recovery period pursuant to &#167;240.10D-1(b). &#9744;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 18%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_edei--DocumentAccountingStandard_c20230101__20231231_zJgk95k27Yjk"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000060" name="dei:DocumentAccountingStandard">U.S. GAAP</ix:nonNumeric></span> &#9746;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 68%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">International Financial Reporting
    Standards as issued by the International Accounting Standards Board &#9746;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 10%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other &#9744;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 80pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
&#8220;Other&#8221; has been checked in response to the previous question, indicate by check mark which financial statement item the
registrant has elected to follow.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;
Item 17 &#9744; Item 18</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;
Yes &#9746; <span id="xdx_907_edei--EntityShellCompany_dbF_c20230101__20231231_zYQN1F2hBD8l"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" format="ixt:booleanfalse" id="Fact000061" name="dei:EntityShellCompany">No</ix:nonNumeric></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indicate
by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9744;
Yes &#9744; No</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>TABLE
OF CONTENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.5in; text-align: center"><b>Page</b></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#MS_027">CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-ii-</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#MS_028">GLOSSARY OF TERMS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-iii-</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#MS_029">SUMMARY OF RISK FACTORS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">-v-</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#MS_030">PART I</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">1</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 1.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#MS_031">IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">1</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 2.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#MS_032">OFFER STATISTICS AND EXPECTED TIMETABLE</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">1</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 3.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#MS_033">KEY INFORMATION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">1</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 4.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#MS_034">INFORMATION ON THE COMPANY</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">31</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 4A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#MS_001">UNRESOLVED STAFF COMMENTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">73</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 5.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#MS_002">OPERATING AND FINANCIAL REVIEW AND PROSPECTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">73</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 6.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#MS_003">DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">84</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 7.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#MS_004">MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">102</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 8.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#MS_005">FINANCIAL INFORMATION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">103</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 9.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#MS_006">THE OFFER AND LISTING</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">104</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 10.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#MS_007">ADDITIONAL INFORMATION</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">104</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 11.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#MS_008">QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">109</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 12.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#MS_009">DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">110</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#MS_010">PART II</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">110</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 13.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#MS_011">DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">110</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 14.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#MS_012">MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OR PROCEEDS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">110</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 15.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#MS_013">CONTROLS AND PROCEDURES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">110</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#MS_014">RESERVED</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">112</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16A.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#MS_015">AUDIT COMMITTEE FINANCIAL EXPERT</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">112</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16B.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#MS_016">CODE OF ETHICS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">112</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16C.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#MS_017">PRINCIPAL ACCOUNTANT FEES AND SERVICES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">113</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16D.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#MS_018">EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">113</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16E.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#MS_019">PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">113</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16F.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#MS_020">CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">113</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16G.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#MS_021">CORPORATE GOVERNANCE</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">113</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 16H.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#MS_022">MINE SAFETY DISCLOSURE</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">113</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#MS_023">PART III</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">114</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 17.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#MS_024">FINANCIAL STATEMENTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">114</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 18.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#MS_025">FINANCIAL STATEMENTS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">114</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ITEM 19.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#MS_026">EXHIBITS</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">114</td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_027"></span>CAUTIONARY
STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
annual report contains certain forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding our or our management&#8217;s expectations,
hopes, beliefs, intentions or strategies regarding the future and other statements that are other than statements of historical fact.
In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including
any underlying assumptions, are forward-looking statements. The words &#8220;anticipate&#8221;, &#8220;believe&#8221;, &#8220;continue&#8221;,
&#8220;could&#8221;, &#8220;estimate&#8221;, &#8220;expect&#8221;, &#8220;intend&#8221;, &#8220;may&#8221;, &#8220;might&#8221;, &#8220;plan&#8221;,
&#8220;possible&#8221;, &#8220;potential&#8221;, &#8220;predict&#8221;, &#8220;project&#8221;, &#8220;should&#8221;, &#8220;would&#8221;
and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not
forward-looking.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
forward-looking statements in this annual report are based upon various assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, management&#8217;s examination of historical operating trends, data contained in our records and other
data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are
inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control,
we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. As a result, you are cautioned not
to rely on any forward-looking statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Many
of these statements are based on our assumptions about factors that are beyond our ability to control or predict and are subject to significant
risks and uncertainties that are described more fully in &#8220;Item 3. Key Information&#8212;D. Risk Factors&#8221;. Any of these factors
or a combination of these factors could materially affect our future results of operations and the ultimate accuracy of the forward-looking
statements. Fluctuations in our future financial results may negatively impact the value of our ordinary shares. In addition to these
important factors, important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking
statements include among other things:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
    overall ability (including our anticipated timing) to meet our goals and strategies, including our plans to continue to conduct
    seismic interpretation activities, and drill additional wells, at Kruh Block, to develop Citarum Block or acquire rights in
    additional oil and gas assets in the future;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The economic and capital
    markets impact of macro-economic and other conditions beyond our control (such as the war between Russia and Ukraine, the conflict
    between Israel and Hamas, inflation, interest rates and the political situation in Indonesia) on the demand for our oil and gas products
    in Indonesia and the price of our oil and gas products;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our ability to estimate
    our oil reserves;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our ability to anticipate
    our financial condition and results of operations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The anticipated prices
    for, and volatility in the prices for, oil and gas products and the growth of the oil and gas market in Indonesia and worldwide;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our expectations regarding
    our relationships with the Indonesian government (&#8220;Government&#8221;) and its oil and gas regulatory agencies;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Relevant Government policies
    and regulations relating to our industry; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our corporate structure
    and related laws, rules and regulations.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Should
one or more of the foregoing risks or uncertainties materialize, should any of our assumptions prove incorrect, or should we be unable
to address any of the foregoing factors, our actual results may vary in material and adverse respects from those projected in these forward-looking
statements. Consequently, there can be no assurance that actual results or developments anticipated by us will be realized or, even if
substantially realized, that they will have the expected consequences to, or effects, on us. Given these uncertainties, prospective investors
are cautioned not to place undue reliance on such forward-looking statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or
otherwise, except as may be required under applicable laws. If one or more forward-looking statements are updated, no inference should
be drawn that additional updates will be made with respect to those or other forward-looking statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_028"></span>GLOSSARY
OF TERMS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a glossary of oil and gas industry and other defined terms used in this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, in this annual report, when we refer to a particular well with the designation of &#8220;K&#8221; (such as &#8220;K-25&#8221;),
we are referring to a numbered well at Kruh Block.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;AMDAL&#8221;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Environmental Impact Assessment Report (<i>Analisis Mengenai Dampak Lingkungan</i>).</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Bbl&#8221; or &#8220;bbl&#8221;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Barrel of oil, with &#8220;bbls&#8221;
    referring to the plural.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;BP Migas&#8221;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Badan Pelaksana Kegiatan
    Usaha Hulu Minyak dan Gas Bumi</i>, the non-profit Government-owned operating board that succeeded to Pertamina&#8217;s role as regulator
    of upstream oil and gas activities under the Oil and Gas Law.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;BPH Migas&#8221;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Badan Pengatur Hilir
    Minyak dan Gas Bumi</i>, the non-profit Government-owned operating board that succeeded to Pertamina&#8217;s role as regulator of
    downstream oil and gas activities under the Oil and Gas Law.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;BPJS Kesehatan&#8221;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indonesian Health Social
    Security Administrative Body.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;BPJS Ketenagakerjaan&#8221;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indonesian the Manpower
    Social Security Administrative Body.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;CNE&#8221;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PT Cogen Nusantara Energi,
    our indirect, wholly-owned subsidiary.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Company&#8221;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indonesia Energy Corporation
    Limited.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Companies Act&#8221;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Cayman Islands Companies
    Act, as amended and revised from time to time.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Cost Recovery&#8221;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The arrangement with the
    Government under which oil and gas contractors are allowed to recover their costs from the revenue. Different contracts may impose
    different ceiling on the percentage of revenue recoverable.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;delineation well&#8221;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A well that is drilled
    to exploit the hydrocarbon accumulation defined by an appraisal or delineation well.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;DGOG&#8221;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Indonesian Director-General
    of Oil and Gas.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;DMO&#8221;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Domestic market obligation.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;exploration well&#8221;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A well that is designed
    to test the validity of a seismic interpretation and to confirm the presence of hydrocarbons in an undrilled formation.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;FTP&#8221;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">First tranche petroleum.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;GHG&#8221;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulation of greenhouse
    gas.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Government&#8221;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Government of the Republic
    of Indonesia.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;GWN&#8221;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PT Green World Nusantara,
    our indirect, wholly-owned subsidiary.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;HNE&#8221;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PT Harvel Nusantara Energi,
    our indirect, wholly-owned subsidiary.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;HSSE&#8221;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Health, safety, security
    and environment activities.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;HWE&#8221;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PT Hutama Wiranusa Energi,
    our indirect, wholly-owned subsidiary.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;ICP&#8221;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indonesian Crude Price
    for the &#8220;Talang Akar Pendopo (TAP) / Air Hitam&#8221; crude oil type.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;IDR&#8221; or &#8220;Rupiah&#8221;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indonesian Rupiah.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Indonesia&#8221;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Republic of Indonesia.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;ITB&#8221;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Bandung Institute of Technology.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;JOB&#8221;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Joint Operating Body.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Joint Study&#8221;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A program with the Government
    whose objective is to determine oil and gas potential within a proposed working area by conducting geological and geophysical work.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;KSO&#8221;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kerja Sama Operasi/Joint
    Operation with Pertamina, a type of contract between Pertamina and exploration companies.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;LNG&#8221;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquefied natural gas.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;LPG&#8221;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquefied petroleum gas.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;medium-sized blocks&#8221;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We use a three-tier classification
    for the size of blocks in Indonesia. The mean reserve size of middle third class (medium-sized field) of 610 oil fields in Indonesia
    is 5.1 MMBO reserve with a range of 2 to 11 MMBO. With a proved and probable reserves of 7.57 MMBO, Kruh Block is considered a medium-sized
    oil production block.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;MEMR&#8221;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Ministry of Energy
    and Mineral Resources of Indonesia.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;MK&#8221;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Constitutional Court
    of the Republic of Indonesia.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Oil and Gas Law&#8221;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The oil and gas law enacted
    on November 23, 2001 by the Government.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;OPEC&#8221;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Organization of Petroleum
    Exporting Countries.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Pertamina&#8221;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">PT Pertamina (Persero),
    the Indonesia state-owned oil and gas company.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Profit Sharing&#8221;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The revenue remaining after
    cost recovery is profit petroleum which is shared between the Government and the exploration company.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Program Legislasi Nasional&#8221;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Indonesian National
    Legislation Program.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;PRMS&#8221;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Petroleum Resources Management
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;proved reserves&#8221;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Those quantities of petroleum
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Production Sharing Contract,
    a type of contract between Pertamina and exploration companies.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The United States Securities
    and Exchange Commission.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Special Task Force for
    Upstream Oil and Gas Business Activities, an institution established by the Government.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;TAC&#8221;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Technical Assistance Contract,
    a contract between Pertamina and an exploration company.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;U.S. GAAP&#8221;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Generally accepted accounting
    principles in the United States.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;UPL&#8221;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Environmental monitoring
    effort plan.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;US$&#8221;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">United States dollars.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;USGS&#8221;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">United States Geological
    Survey.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;WJ Energy&#8221;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WJ Energy Group Limited,
    our direct, wholly-owned subsidiary.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Units of Measurement</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;BOPD&#8221;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Barrels of oil production
    per day.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;BSCF&#8221;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Billion standard cubic
    feet.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#8220;MMBO&#8221;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Million barrels of oil.</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;MMSCFD&#8221;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Million standard cubic
    feet per day.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;TCF&#8221;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trillion cubic feet.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_029"></span>SUMMARY
OF SIGNIFICANT RISK FACTORS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><i>An
investment in our ordinary shares is highly speculative and involves a significant degree of risk. </i></b></span><i><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following is a summary of risks, uncertainties and other factors related to our company. As the following is just a summary, you are
encouraged to carefully consider all of the risk factors presented in &#8220;Item 1A. Risk Factors&#8221; and all other information contained
in this Report including the financial statements.</span></i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our operations are solely
    in Indonesia, and our lack of asset and geographic diversification increases the risk of an investment in us, and our financial condition
    and results of operations may deteriorate if we fail to diversify.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">We have previously experienced delays in and, as a result, have been required
to modify, our proposed exploration and drilling schedule. There is a material risk that we will experience such delays and required modifications
in the future.</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    has and may continue to adversely affect our results of operations and financial condition.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#9679;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">The war in Ukraine and the Israel-Hamas conflict could materially and adversely
affect our business and results of operations.</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lower oil and/or gas prices
    may also reduce the amount of oil and/or gas that we can produce economically.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There is inherent credit
    risk in any gas sales arrangements with the Government to which we may become a party in the future.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our business requires significant
    capital investment and maintenance expenses, which we may be unable to finance on satisfactory terms or at all.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our estimated oil reserves
    are based on assumptions that may prove inaccurate, and thus our estimates of proved reserves and future net revenue are inherently
    imprecise.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We may not find any commercially
    productive oil and gas reservoirs in connection with our exploration activities.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We are subject to complex
    laws, rules and regulations common to the oil and natural gas industry, including those specific to operating in Indonesia, which
    can have a material adverse effect on our business, financial condition and results of operations.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our production sharing
    contract for Citarum Block requires or may require us to relinquish portions of the subject contract area in certain circumstances,
    which would potentially leave us with less area to explore.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Climate change and climate
    change legislation and regulatory initiatives could result in increased operating costs and decreased demand for the oil and natural
    gas that we produce.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We are faced with the high
    risks inherent in the drilling of oil and natural gas wells, including the risk that we may encounter no commercially productive
    natural gas or oil reservoirs even if we expend significant costs on such exploration.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">You may face difficulties
    in protecting your interests, and your ability to protect your rights through the U.S. Federal courts may be limited, as a result
    of our company being incorporated under the laws of the Cayman Islands.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We have identified a material
    weakness in our internal control over financial reporting for the year ended December 31, 2023. If we fail to adequately remediate
    this weakness or otherwise develop and maintain an effective system of internal control over financial reporting, or if we experience
    additional material weaknesses in the future, we may be unable to accurately report our financial results or prevent fraud, or comply
    with the accounting and reporting requirements applicable to public companies, which may adversely affect investor confidence in
    us and the market price of our shares.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The market for our ordinary
    shares has been volatile, and an active, liquid and orderly trading market for our ordinary shares may not be maintained in the United
    States, which could limit your ability to sell our ordinary shares. </span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a foreign private issuer, we are subject to different U.S. securities laws and NYSE American governance standards than domestic U.S.
issuers. This may afford less protection to holders of our ordinary shares, and you may not receive corporate and company information
and disclosure that you are accustomed to receiving or in a manner in which you are accustomed to receiving it.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Liquidity risk is the risk
    that we will encounter difficulty in raising funds to meet commitments associated with financial assets and liabilities. Liquidity
    risk may result from an inability to sell a financial asset quickly at an amount close to its fair value.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_030"></span>PART
I</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Unless
the context otherwise requires, as used in this annual report, the terms &#8220;the Company&#8221;, &#8220;we&#8221;, &#8220;us&#8221;,
and &#8220;our&#8221; refer to Indonesia Energy Corporation Limited and any or all of its subsidiaries. References to our &#8220;management&#8221;
or our &#8220;management team&#8221; refers to our officers and directors. Unless otherwise noted, all industry and market data in this
annual report on Form 20-F (this &#8220;annual report&#8221;) is presented in U.S. dollars. Unless otherwise noted, all financial and
other data related to the Company in this annual report is presented in U.S. dollars. All references to &#8220;$&#8221; or &#8220;US&#8221;
in this annual report refer to U.S. dollars.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Please
see &#8220;Glossary of Terms&#8221; for a listing of oil and gas-related and other defined and capitalized terms used throughout this
annual report.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_031"></span>ITEM
1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_032"></span>ITEM
2. OFFER STATISTICS AND EXPECTED TIMETABLE</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_033"></span>ITEM
3. KEY INFORMATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>[Reserved]</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Capitalization and Indebtedness</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Reasons for the Offer and Use of Proceeds</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risk Factors</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><b><i>An
investment in our ordinary shares is highly speculative and involves a significant degree of risk</i></b></span><i><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">.
You should carefully consider the risks described below, as well as the other information in this report, including our consolidated
financial statements and the related notes and all other disclosures in this annual report before deciding whether to invest in our ordinary
shares. The occurrence of any of the events or developments described below could materially and adversely affect our business, financial
condition, results of operations and growth prospects. In such an event, the market price of our ordinary shares could decline, and you
may lose all or part of your investment. Additional risks and uncertainties not presently known to us or that we currently believe are
not material may also impair our business, financial condition, results of operations and growth prospects.</span></i></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Our Business</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
lack of asset and geographic diversification increases the risk of an investment in us, and our financial condition and results of operations
may deteriorate if we fail to diversify.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business focus is on oil and gas exploration in limited areas in Indonesia and exploitation of any significant reserves that are found
within our license areas. As a result, we lack diversification, in terms of both the nature and geographic scope of our business. We
will likely be impacted more acutely by factors affecting our industry or the regions in which we operate than we would if our business
were more diversified. If we are unable to diversify our operations, our financial condition and results of operations could deteriorate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Exploring
and drilling oil and natural gas wells is a high-risk activity. These risks have delayed the implementation of our drilling program in
the past and may continue to do so in the future.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ability to generate revenue and grow our company is materially dependent upon the success of our exploration and drilling programs. Drilling
for oil and natural gas involves numerous risks, many of which are beyond our control, including risks associated with delays in our
drilling program and the risk that no commercially productive natural gas or oil reservoirs will be encountered. The cost of and timing
for exploring, drilling, completing and operating wells is substantial and uncertain, and drilling operations may be curtailed, delayed
or cancelled as a result of a variety of factors beyond our control, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unexpected drilling conditions,
    pressure or irregularities in formations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adverse weather conditions;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility (significant
    increase and decreases) in natural gas and oil prices;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Surface access restrictions;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss of title or other
    title related issues;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance with, or changes
    in, governmental requirements and regulation; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Costs of shortages or delays
    in the availability of drilling rigs or crews and the delivery of equipment and materials (which we experienced in recent past years
    as a result of COVID-19).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
experienced difficulties in drilling in 2021 at our K-25 well when the well collapsed during the rainy season, and at K-28 in 2022 when
significant amount of gas was encountered during drilling which required additional effort to protect the well and operations. Our future
drilling activities may not be successful and, if unsuccessful, such failure will have an adverse effect on our future results of operations
and financial condition. Our overall drilling success rate or our drilling success rate for activity within a particular geographic area
may decline. We may be unable to lease or drill identified or budgeted prospects within our expected time frame, or at all. We may be
unable to lease or drill a particular prospect because, in some cases, we identify a prospect or drilling location before seeking an
option or lease rights in the prospect or location. Similarly, our drilling schedule has varied and may in the future vary from the schedule
set forth in our capital budget. The final determination with respect to the drilling of any scheduled or budgeted wells will be dependent
on a number of factors, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The timing for and results
    of exploration efforts and the acquisition, review and analysis of the seismic data;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The availability of sufficient
    capital resources to us to fund the exploration and drilling oil and gas prospects;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The approval of the prospects
    by other participants after additional data has been compiled;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Economic and industry conditions
    at the time of drilling, including prevailing and anticipated prices for natural gas and oil and the availability of drilling rigs
    and crews;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our financial resources
    and results; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The availability of leases
    and permits on reasonable terms for the prospects and any delays in obtaining such permits.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
projects may not be successfully developed and the wells, if drilled, may not encounter reservoirs of commercially productive natural
gas or oil. This would have a material adverse effect on our results of operations and liquidity.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Oil
and gas price volatility has and may continue to adversely affect our results of operations and financial condition.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
revenues, cash flow, profitability and future rate of growth are substantially dependent upon prevailing prices for oil and gas, over
which we have no control. If oil prices are higher, we can generate more cash from our drilling operations, and if oil prices are lower,
our ability to generate cash is reduced. In addition, our ability to borrow funds and to obtain additional capital on attractive terms
is also substantially dependent on oil and gas prices. Historically and recently, world-wide oil and gas prices and markets have been
very volatile and are likely to continue to be volatile in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prices
for oil and gas are subject to wide fluctuations in response to relatively minor changes in the supply of and demand for oil and gas,
market uncertainty and a variety of additional factors that are beyond our control. These factors include international political conditions
(including wars, conflicts, trade and other disputes, cyberattacks and similar occurrences), the domestic and foreign supply of oil and
gas, the level of consumer demand and factors effecting such demand, weather conditions, domestic and foreign governmental regulations,
the price and availability of alternative fuels and overall economic conditions. In addition, various factors, including the effect of
domestic and foreign regulation of production and transportation, general economic conditions, changes in supply due to drilling by other
producers and changes in demand may adversely affect our ability to market our oil and gas production. Any significant decline in the
price of oil or gas would adversely affect our revenues, operating income, cash flows and borrowing capacity and may require a reduction
in the carrying value of our oil and gas properties and our planned level of capital expenditures. This risk was demonstrated in 2021
and 2022 with very significant swings in the price of oil as a result of rising interest rates and inflation, the ongoing Russia-Ukraine
conflict, the ongoing Israel-Hamas conflict, high demand for oil in China and India, the actions taken by oil-related intergovernmental
organizations such as OPEC to effect the supply and price of oil, and the recovery of the global economy after the COVID-19 pandemic.
We may continue to be subject to oil and gas price-related risks while these or similar conditions persist and the global economy remains
uncertain.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
war in Ukraine and the Israel-Hamas conflict could materially and adversely affect our business and results of operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
2022 invasion of Ukraine by Russia and resulting war has materially affected global economic markets, including a dramatic increase in
the price of oil and gas, and the uncertain resolution of this conflict could result in protracted and/or severe damage to the global
economy. Russia&#8217;s military interventions in Ukraine have led to, and may continue to lead to, additional sanctions being levied
by the United States, European Union and other countries against Russia. Russia&#8217;s military incursion and the resulting sanctions
could adversely affect global energy and financial markets and thus could affect the global markets, our customers or suppliers&#8217;
businesses and potentially our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
we are <span style="background-color: white">an oil and gas exploration and production company</span>, our performance is affected by
global economic conditions as well as geopolitical issues and other conditions. Macroeconomic weakness and uncertainty make it more difficult
for us to manage our operations and accurately forecast financial results. As a result of the recent movement of Russian military units
into provinces in Ukraine, the United States, the European Union, the United Kingdom and other jurisdictions have imposed sanctions on
certain Russian and Ukrainian persons and entities, including certain Russian banks, energy companies and defense companies, and have
imposed restrictions on exports of various items to Russian and certain regions of Ukraine (including the self-proclaimed Donetsk People&#8217;s
Republic and Luhansk People&#8217;s Republic and Crimea). Moreover, on February 22, 2022, the Office of Foreign Assets Control of the
United States issued sanctions aimed at limiting Russia&#8217;s ability to raise funds through sovereign debt. These geopolitical issues
have resulted in increasing global tensions and create uncertainty for global commerce. Any or all of these factors could negatively
affect our business, financial condition and result of operations. In addition, new requirements or restrictions could come into effect
which might increase the scrutiny on our business or result in one or more of our business activities being deemed to have violated sanctions.
Our business and reputation could be adversely affected if the authorities of United States, the European Union, the United Nations,
or other jurisdictions were to determine that any of our activities constitutes a violation of the sanctions they impose or provides
a basis for a sanction designation of us.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white"><span style="background-color: white">Also, </span>on
October 7, 2023, Hamas terrorists infiltrated Israel&#8217;s southern border from the Gaza Strip and conducted a series of attacks on
civilian and military targets. Hamas also launched extensive rocket attacks on Israeli population and industrial centers located along
Israel&#8217;s border with the Gaza Strip and in other areas within the State of Israel. These attacks resulted in extensive deaths,
injuries and kidnapping of civilians and soldiers. Following the attack, Israel&#8217;s security cabinet declared war against Hamas and
a military campaign against these terrorist organizations commenced in parallel to their continued rocket and terror attacks. </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
the attack by Hamas on Israel&#8217;s southern border, Hezbollah in Lebanon has also launched missile, rocket, and shooting attacks against
Israeli military sites, troops, and Israeli towns in northern Israel. In response to these attacks, the Israeli army has carried out
a number of targeted strikes on sites belonging to Hezbollah in southern Lebanon. Any hostilities involving Israel or the interruption
or curtailment of trade between Israel and its trading partners could adversely affect our operations and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
as of the date of this report, we do not have any business, operation or assets in Russian, Ukraine, Israel, Hamas, or Hezbollah, nor
do they have any direct or indirect business or contracts with any Russian, Ukraine, Israel, Hamas, or Hezbollah entity as a supplier
or customer. Consequently, we do not expect that Russia&#8217;s invasion of Ukraine or the Israel-Hamas conflict will have any material
impact on our business operations, including but not limited to our product pricing, supply, consumer demand, and the supply chain. Additionally,
we believe the cybersecurity risks in the supply chain are not material to our business, and there is no new or heightened risk of potential
cyberattacks on the Company by state actors or others since Russia&#8217;s invasion of Ukraine.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
extent and duration of the military actions or campaigns, wars, terrorist attacks, sanctions and resulting market disruptions are impossible
to predict, but could be substantial. Any such disruptions caused by Russian military actions or resulting sanctions or the Israel-Hamas
conflict may magnify the impact of other risks described in this section. We cannot predict the progress or outcome of the situation
in Ukraine or Israel, as the conflict and governmental reactions are rapidly developing and beyond their control. Prolonged unrest, intensified
military activities or more extensive sanctions impacting the region could have a material adverse effect on the global economy, and
such effect could in turn have a material adverse effect on our business, financial condition, results of operations and prospects.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>There
is inherent credit risk in any gas sales arrangements with the Government to which we may become a party in the future.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Natural
gas supply contracts in Indonesia are negotiated on a field-by-field basis among SKK Migas, an oil, energy, and government company organized
and authorized by the Government to manage natural oil and gas upstream business activities, gas buyers and sellers. The common clause
in gas supply contracts is a &#8220;take-or-pay arrangement&#8221; in which the buyer is required to either pay the price corresponding
to certain pre-agreed quantities of natural gas and offtake such quantities or pay their corresponding price regardless of whether it
purchases them. Under certain circumstances, such as industrial or economic crisis in Indonesia or globally, the buyer may be unwilling
or unable to make these payments, which could trigger a renegotiation of contracts and become the subject of legal disputes between parties.
When and if we establish natural gas production and enter into related contracts with the Government, this contract term could have a
material adverse effect on our business, financial condition and result of operation by reducing our net profit or increasing our total
liabilities in the future, or both.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
face credit risk from the Government and the ability of Pertamina to pay our company for the operating costs and profit sharing split
in a timely manner.</i></b></span></p>

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current cash inflow is dependent on a &#8220;cost recovery&#8221; and profit-sharing arrangement with Pertamina, an Indonesian state-owned
oil and natural gas corporation based in Jakarta, meaning that all operating costs (expenditures made and obligations incurred in the
exploration, development, extraction, production, transportation, marketing, abandonment and site restoration) are advanced by our company
and later repaid by Pertamina plus a share of the profit from operations. Any delay of payment by Pertamina may adversely affect our
operations and delay the schedule of capital investments which could have otherwise have an adverse effect on our business, prospects,
financial condition and results of operations.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Lower
oil and/or gas prices may also reduce the amount of oil and/or gas that we can produce economically.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sustained
substantial declines in oil and/or gas prices may render a significant portion of our exploration, development and exploitation projects
unviable from an economic perspective, which may result in us having to make significant downward adjustments to our estimated proved
reserves. As a result, a prolonged or substantial decline in oil and/or gas prices, such as what we have experienced since mid-2014,
which was exacerbated during the COVID-19 pandemic and thereafter caused, and would likely in the future cause, a material and adverse
effect on our future business, financial condition, results of operations, liquidity and ability to finance capital expenditures. Additionally,
if we experience significant sustained decreases in oil and gas prices such that the expected future cash flows from our oil and gas
properties falls below the net book value of our properties, we may be required to write down the value of our oil and gas properties.
Any such asset impairments could materially and adversely affect our results of operations and, in turn, the trading price of our ordinary
shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may not be able to fund the capital expenditures that will be required for us to increase reserves and production.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
must make capital expenditures to develop our existing reserves and to discover new reserves. Historically, we have financed our capital
expenditures primarily through related and non-related party financings as well as funds raised from our initial public offering in December
2019, our financing with L1 Capital and ATM financing with H.C. Wainwright &amp; Co., LLC (the &#8220;Sales Agent&#8221;) in 2022. We
expect to continue to utilize these or similar resources (as well as funds from potential equity and debt financings and any future net
positive cash flow) in the future.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
we cannot assure you that we will have sufficient capital resources in the future to finance all of our planned capital expenditures.
During 2022 and 2023, we have had to modify our drilling and other operational plans due in part to limitations on our capital resources.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
volatility in oil and gas prices, the timing of our drilling programs and drilling results will affect our cash flow from operations.
Lower prices and/or lower production could also decrease revenues and cash flow, thus reducing the amount of financial resources available
to meet our capital requirements, including reducing the amount available to pursue our drilling opportunities. If our cash flow from
operations does not increase as a result of capital expenditures, a greater percentage of our cash flow from operations will be required
for debt service and operating expenses and our capital expenditures would, by necessity, be decreased.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Strategic
determinations, including the allocation of capital and other resources to strategic opportunities, are challenging, and our failure
to appropriately allocate capital and resources among our strategic opportunities may adversely affect our financial condition and reduce
our growth rate.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
future growth prospects are dependent upon our ability to identify optimal strategies for our business. In developing our business plan,
we have and will continue to consider allocating capital and other resources to various aspects of our businesses including well-development
(primarily drilling), reserve acquisitions, exploratory activity, corporate items and other alternatives. We also have and will continue
to consider our likely sources of capital. Our ability to fund our current business plan is dependent on our available capital. As we
raised less funds than we had anticipated in our December 2019 initial public offering, we have been faced with challenges relative to
the allocation of those funds, which has required us to modify our business plan and which could create challenges for our ability to
fully fund our plans. In addition, notwithstanding the determinations made in the development of our business plan, business opportunities
not previously identified periodically come to our attention, including possible acquisitions and dispositions. If we fail to identify
optimal business strategies or fail to optimize our capital investment and capital raising opportunities and the use of our other resources
in furtherance of our business strategies, our financial condition and growth rate may be adversely affected. Moreover, economic or other
circumstances may change from those contemplated by our business plan, and our failure to recognize or respond to those changes may limit
our ability to achieve our objectives.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
expectations for future drilling activities will be realized over several years, making them susceptible to uncertainties that could
materially alter the occurrence or timing of such activities.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have identified drilling locations and prospects for future drilling opportunities, including development and exploratory drilling activities,
at both Kruh Block and Citarum Block. These drilling locations and prospects represent a significant part of our future drilling plans.
Our ability to drill and develop these locations depends on a number of factors, including the availability of capital, regulatory approvals,
negotiation of agreements with third parties, commodity prices, costs, access to and availability of equipment, services, resources and
personnel and drilling results. There can be no assurance that we will drill these locations or that we will be able to produce oil from
these locations or any other potential drilling locations. Changes in the laws or regulations on which we rely in planning and executing
its drilling programs could adversely impact our ability to successfully complete those programs.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
estimated oil reserves are based on assumptions that may prove inaccurate.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Oil
engineering is a subjective process of estimating accumulations of oil and gas that cannot be measured in an exact way, and estimates
of other engineers may differ materially from those set out herein. Numerous assumptions and uncertainties are inherent in estimating
quantities of proved oil, including projecting future rates of production, timing and amounts of development expenditures and prices
of oil and gas, many of which are beyond our control. Results of drilling, testing and production after the date of the estimate may
require revisions to be made. Accordingly, reserves estimates are often materially different from the quantities of oil and gas that
are ultimately recovered, and if such recovered quantities are substantially lower that the initial reserves estimates, this could have
a material adverse impact on our business, financial condition and results of operations.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may not find any commercially productive oil and gas reservoirs in connection with our exploration activities.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business prospects are currently dependent on extracting assets from our Kruh Block and on finding sufficient reserves in our Citarum
Block. Drilling involves numerous risks, including the risk that the new wells we drill will be unproductive or that we will not recover
all or any portion of our capital investment. Drilling for oil and gas may be unprofitable. Wells that are productive but do not produce
sufficient net revenues after drilling, operating and other costs are unprofitable. By their nature, estimates of undeveloped reserves
are less certain. Recovery of such reserves will require significant capital expenditures and successful drilling and completion operations.
In addition, our properties may be susceptible to drainage from production by other operations on adjacent properties. If the volume
of oil and gas we produce decreases, our cash flow from operations may decrease.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be unable to expand operations by securing rights to additional producing our exploration blocks.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One
of our key business strategies is to expand our asset portfolio, which may include producing our exploration blocks. We have currently
identified one such potential block &#8211; the Rangkas Area &#8211; and our goal will be to secure rights to conduct activities in Rangkas
and other areas in Indonesia, However, due to the competitive tender process and uncertainties around Government contracting, among other
factors, we may be unable to secure rights to conduct exploration or production activities in any additional areas. In particular, we
face competition from other oil and gas companies in the acquisition of new oil blocks through the Indonesian government&#8217;s tender
process. Our competitors for these tenders include Pertamina (who can tender for blocks on its own), and other well-established large
international oil and gas companies. Such companies have substantially greater capital resources and are able to offer more attractive
terms when bidding for concessions. If we are unable to secure rights to additional blocks, we would be left without additional opportunities
for revenue and profit and remain subject to the risks associated with our current lack of asset diversification, all of which would
harm our results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may not be able to keep pace with technological developments in our industry.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
oil and gas industry is characterized by rapid and significant technological advancements and introductions of new products and services
using new technologies. As others use or develop new technologies, we may be placed at a competitive disadvantage, and competitive pressures
may force us to implement those new technologies at substantial cost. In addition, other oil and gas companies may have greater financial,
technical and personnel resources that allow them to enjoy technological advantages and may in the future allow them to implement new
technologies before we can. We may not be able to respond to these competitive pressures and implement new technologies on a timely basis
or at an acceptable cost. If one or more of the technologies we use now or in the future were to become obsolete or if we are unable
to use the most advanced commercially available technology, our business, financial condition and results of operations could be materially
adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We have previously experienced delays in, and, as a result, have been required
to modify, our proposed exploration and drilling schedule. There is a material risk that we will experience such delays and required modifications
in the future.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
we have internally approved plans for development of Kruh Block and have publicly stated our intentions with respect to new drilling
activity for Kruh Block, we have had to modify our drilling schedule in the past, and may be required to do so again in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
final determination of whether and when to drill any scheduled or budgeted wells (whether in Kruh Block or otherwise) from time to time
will be dependent on a number of factors, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prevailing and anticipated
    prices for oil and gas;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The availability and costs
    of drilling and service equipment and crews;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Economic and industry conditions
    at the time of drilling;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The availability of sufficient
    capital resources;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The results of our exploration
    efforts;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The acquisition, review
    and interpretation of seismic data;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our ability to obtain permits
    for and to access drilling locations; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Continuous drilling obligations.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
we have identified or budgeted for numerous drilling locations, we may not be able to drill those locations within our expected time
frame or at all. In addition, our drilling schedule may vary from our expectations because of future uncertainties.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
conditions (such as COVID-19, weather, equipment failures, well collapses, delays in Government permitting, limitations on activity
due to our lack of, and need to preserve, capital resources, and similar factors) have in the past required us, and may in the
future require us, to modify or delay our exploration and drilling programs. Some of the factors that impact the timing of our
exploration and drilling plans are beyond our control. Any additional delays in implementing our exploration and drilling programs
could damage our reputation and share price, and could also have a material adverse effect on our results of operations (including
our cash flows).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Seasonal
weather conditions and other factors could adversely affect our ability to conduct drilling activities.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
operations could be adversely affected by weather conditions. Severe weather conditions limit and may temporarily halt our ability to
operate during such conditions. We experienced weather related challenges with the collapse of our K-25 well in 2021, which set back
our production in 2021, and at K-28 in 2022 when a significant amount of gas was encountered during drilling which required additional
effort to protect the well and operations. These constraints and the resulting shortages or high costs could delay or temporarily halt
our oil and gas operations and materially increase our operating and capital costs, which could have a material adverse effect on our
business, financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
lack of availability or high cost of drilling rigs, equipment, supplies, personnel and oil field services could adversely affect our
ability to execute our exploitation and development plans on a timely basis and within our budget.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
industry is cyclical and, from time to time, there has been a shortage of drilling rigs, equipment, supplies, oil field services or qualified
personnel. During these periods, the costs and delivery times of rigs, equipment and supplies are substantially greater. In addition,
the demand for, and wage rates of, qualified drilling rig crews rise as the number of active rigs in service increases. During times
and in areas of increased activity, the demand for oilfield services will also likely rise, and the costs of these services will likely
increase, while the quality of these services may suffer. If the lack of availability or high cost of drilling rigs, equipment, supplies,
oil field services or qualified personnel were particularly severe in any of our areas of operation, we could be materially and adversely
affected. Delays could also have an adverse effect on our results of operations, including the timing of the initiation of production
from new wells.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
drilling operations may be curtailed, delayed or cancelled as a result of a variety of factors that are beyond our control.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our drilling
    operations are subject to a number of risks, including:</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unexpected drilling conditions;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Facility or equipment failure
    or accidents;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adverse weather conditions;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unusual or unexpected geological
    formations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fires, blowouts and explosions;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Geopolitical conflicts
    including the recent military in Ukraine and sanctions on certain oil and gas exporting countries;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unforeseen delays in the
    Government permit processing or the timing for the tendering of necessary third party services;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    or flows of oil or gas or well fluids; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Public health risks and
    pandemic outbreaks, such as COVID-19 and its variants.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
of these events could adversely affect our ability to conduct operations or cause substantial losses, including personal injury or loss
of life, damage to or destruction of property, natural resources and equipment, pollution or other environmental contamination, loss
of wells, regulatory penalties, suspension of operations, and attorney&#8217;s fees and other expenses incurred in the prosecution or
defense of litigation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
do not insure against all potential operating risks. We might incur substantial losses from, and be subject to substantial liability
claims for, uninsured or underinsured risks related to our oil and gas operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not insure against all risks. Our oil and gas exploitation and production activities are subject to hazards and risks associated with
drilling for, producing and transporting oil and gas, and any of these risks can cause substantial losses resulting from:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    such as uncontrollable flows of oil, gas, brine, well fluids, toxic gas or other pollution into the environment, including groundwater,
    shoreline contamination, underground migration and surface spills or mishandling of chemical additives;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Abnormally pressured formations;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mechanical difficulties,
    such as stuck oil field drilling and service tools and casing collapse;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leaks of gas, oil, condensate,
    and other hydrocarbons or losses of these hydrocarbons as a result of accidents during drilling and completion operations, or in
    the gathering and transportation of hydrocarbons, malfunctions of pipelines, measurement equipment or processing or other facilities
    in our operations or at delivery points to third parties;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fires and explosions;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Personal injuries and death;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulatory investigations
    and penalties; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Natural disasters and pandemics.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have general insurance covering typical industry risks with an insured limit per event of US$35,000,000 with an insured limit per block
of US$100,000,000. However, we do not know the extent of the losses caused by any occurrence and there is a risk that our insurance
may be inadequate to cover all applicable losses, to the extent losses are covered at all. Losses and liabilities arising from uninsured
and underinsured events or in amounts in excess of existing insurance coverage could have a material adverse effect on our business,
financial condition or results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
use of seismic data is subject to interpretation and may not accurately identify the presence of oil and natural gas.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Even
when properly used and interpreted, seismic data and visualization techniques are tools only used to assist geoscientists in identifying
subsurface structures as well as eventual hydrocarbon indicators, and do not enable the interpreter to know whether hydrocarbons are,
in fact, present in those structures. In addition, the use of seismic and other advanced technologies requires greater pre-drilling expenditures
than traditional drilling strategies, and we could incur losses as a result of these expenditures. Because of these uncertainties associated
with our use of seismic data, some of our drilling activities may not be successful or economically viable, and our overall drilling
success rate or our drilling success rate for activities in a particular area could decline, which could have a material adverse effect
on us. While we have announced our strategic plan to defer additional new drilling at Kruh Block in order to collect new seismic data
acquisition, processing and interpretation during 2023 to provide better quality data, and in turn reduce the uncertainty to some degree
in interpretation of reserves estimate and prospective drilling locations, we will continue to be faced with the a risk that this new
data will be unreliable or may lead to drilling operations which do not result in oil or gas discoveries.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may suffer delays or incremental costs due to difficulties in the negotiations with landowners and local communities where our reserves
are located.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Access
to the sites where we operate require agreements (including, for example, assessments, rights of way and access authorizations) with
the landowners and local communities. If we are unable to negotiate agreements with landowners, we may have to go to court to obtain
access to the sites of our operations, which may delay the progress of our operations at such sites. <span style="background-color: white">There
can be no assurance that disputes with landowners and local communities will not delay our operations or that any agreements we reach
with such landowners and local communities in the future will not require us to incur additional costs, thereby materially adversely
affecting our business, financial condition and results of operations. Local communities may also protest or take actions that restrict
or cause their elected government to restrict our access to the sites of our operations, which may have a material adverse effect on
our operations at such sites.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Unfavorable
credit and market conditions could negatively impact the Indonesian economy and may negatively affect our ability to access capital,
our business generally and results of operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Global
financial crises and related turmoil in the global financial system may have a negative impact on our business, financial condition and
results of operations. In particular, if disruptions in international credit markets, exacerbated by the sovereign debt crises or global
pandemics, adversely impact the Indonesian economy (where our oil and gas products are sold by the Government), our business may suffer
and may adversely affect our ability to access the credit or capital markets at a time when we would need financing, which could have
an impact on our flexibility to react to changing economic and business conditions. Any of the foregoing factors or a combination of
these factors, or similar factors not known to us presently, could have an adverse effect on our liquidity, results of operations and
financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
marketability of our production depends largely upon the availability, proximity and capacity of oil and gas gathering systems, pipelines,
storage and processing facilities.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
marketability of our production depends in part upon processing and storage. Transportation space on such gathering systems and pipelines
is occasionally limited and at times unavailable due to repairs or improvements being made to such facilities or due to such space being
utilized by other companies with priority transportation agreements. Our access to transportation options can also be affected by Indonesian
law, regulation of oil and gas production and transportation, general economic conditions and changes in supply and demand. These factors
and the availability of markets are beyond our control. If our access to these transportation and storage options dramatically changes,
the financial impact on us could be substantial and adversely affect our ability to produce and market our oil and gas.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cyber-attacks
targeting systems and infrastructure used by the oil and gas industry may adversely impact our operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business has become increasingly dependent on digital technologies to conduct certain exploration, development and production activities.
We depend on digital technology to estimate quantities of oil reserves, process and record financial and operating data, analyze seismic
and drilling information, and communicate with our employees and third-party partners. Unauthorized access to our seismic data, reserves
information or other proprietary information could lead to data corruption, communication interruption, or other operational disruptions
in our exploration or production operations. In addition, computer technology controls nearly all of the oil and gas distribution systems
in Indonesia, which are necessary to transport our production to market. A cyber-attack directed at oil and gas distribution systems
could damage critical distribution and storage assets or the environment, delay or prevent delivery of production to markets and make
it difficult or impossible to accurately account for production and settle transactions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">While
we have not experienced significant cyber-attacks, we may suffer such attacks in the future. Further, as cyber-attacks continue to evolve,
we may be required to expend significant additional resources to continue to modify or enhance our protective measures or to investigate
and remediate any vulnerability to cyber-attacks.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
rely on independent experts and technical or operational service providers over whom we may have limited control.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
use independent contractors to provide us with certain technical assistance and services. We rely upon the owners and operators of rigs
and drilling equipment, and upon providers of field services, to drill and develop our prospects to production. We also rely upon the
services of other third parties to explore and/or analyze our prospects to determine a method in which the prospects may be developed
in a cost-effective manner. Our limited control over the activities and business practices of these service providers, any inability
on our part to maintain satisfactory commercial relationships with them or their failure to provide quality services could materially
adversely affect our business, results of operations and financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Market
conditions for oil and gas, and particularly volatility of prices for oil and gas, could adversely affect our revenue, cash flows, profitability
and growth.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
revenue, cash flows, profitability and future rate of growth depend substantially upon prevailing prices for oil and gas. Prices also
affect the amount of cash flow available for capital expenditures and our ability to borrow money or raise additional capital. Lower
prices may also make it uneconomical for us to increase or even continue current production levels of oil and gas.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prices
for oil and gas are subject to large fluctuations in response to relatively minor changes in the supply and demand for oil and gas, market
uncertainty and a variety of other factors beyond our control, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes in foreign and
    domestic supply and demand for oil and gas;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Political stability and
    economic conditions in oil producing countries, particularly in the Middle East and also in Russia (particularly given the February
    2022 invasion of Ukraine by Russia);</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Weather conditions;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Price and level of foreign
    imports;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Terrorist activity in Indonesia
    or elsewhere;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Availability of pipeline
    and other secondary capacity;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General economic conditions;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Global risks of more coronavirus
    or other viral outbreaks, or other global or local public health uncertainties;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Domestic and foreign governmental
    regulation; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The price and availability
    of alternative fuel sources.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Estimates
of proved reserves and future net revenue are inherently imprecise.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
process of estimating oil reserves in accordance with the requirements of the United States Securities and Exchange Commission (&#8220;SEC&#8221;)
is complex and involves decisions and assumptions in evaluating the available geological, geophysical, engineering and economic data.
Accordingly, these estimates are imprecise. Actual future production, oil and gas prices, revenues, taxes, capital expenditures, operating
expenses and quantities of recoverable oil reserves most likely will vary from those estimated. Any significant variance could materially
affect the estimated quantities and present value of our reserves. In addition, we may adjust estimates of proved reserves to reflect
production history, results of exploration and development, prevailing oil and gas prices and other factors, many of which are beyond
our control.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Unless
we replace our oil reserves, our reserves and production will decline over time. Our business is dependent on our continued successful
identification of productive fields and prospects and the identified locations in which we drill in the future may not yield oil or natural
gas in commercial quantities.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Production
from oil properties declines as reserves are depleted, with the rate of decline depending on reservoir characteristics. Accordingly,
our current proved reserves will decline as these reserves are produced. Our future oil reserves and production, and therefore our cash
flows and income, are highly dependent on our success in efficiently developing our current reserves and economically finding or acquiring
additional recoverable reserves. While we have had success in identifying and developing commercially exploitable deposits and drilling
locations in the past, we may be unable to replicate that success in the future. We may not identify any more commercially exploitable
deposits or successfully drill, complete or produce more oil reserves, and the wells which we have drilled and currently plan to drill
within our blocks or concession areas may not discover or produce any further oil or gas or may not discover or produce additional commercially
viable quantities of oil or gas to enable us to continue to operate profitably. If we are unable to replace our current and future production,
the value of our reserves will decrease, and our business, financial condition and results of operations will be materially adversely
affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
business requires significant capital investment and maintenance expenses, which we may be unable to finance on satisfactory terms or
at all.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
oil and natural gas industry is capital intensive and we expect to make substantial capital expenditures in our business and operations
for the exploration and production of oil reserves. The actual amount and timing of our future capital expenditures may differ materially
from our estimates as a result of, among other things, commodity prices, actual drilling results, the availability of drilling rigs and
other equipment and services, and regulatory, technological and competitive developments. In response to increases in commodity prices,
we may increase our actual capital expenditures. We will likely need to raise additional financing to support our business, and we intend
to finance our future capital expenditures through cash generated by our operations and potential future financing arrangements. However,
our financing needs may require us to alter or increase our capitalization substantially through the issuance of debt or equity securities
or the sale of assets. We also face the risk that financing arrangements (including bank loans or public or private offerings of debt
or equity securities) may not be available to us when needed on favorable terms or at all, which could adversely impact our ability to
operate our company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
our capital requirements vary materially from our current plans, we would likely require further investment (which may be unavailable
to the extent to do not generate positive cash flows) or equity financing (which may be unavailable on desirable terms, or at all). In
addition, we will likely incur significant financial indebtedness in the future, which may involve restrictions on other financing and
operating activities. These changes could cause our cost of doing business to increase, limit our ability to pursue acquisition opportunities,
reduce cash flow used for drilling and place us at a competitive disadvantage. A significant reduction in cash flows from operations
or the availability of credit could materially adversely affect our ability to achieve our planned growth and operating results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
estimates regarding our market are based on our research but may prove incorrect.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
report contains certain data and information that we obtained from private publications. Statistical data in these publications also
include projections based on a number of assumptions. Our industry may not grow at the rate projected by market data, or at all. Failure
of this market to grow at the projected rate may have a material and adverse effect on our business and the market price of our ordinary
shares. In addition, the rapidly changing nature of the oil and gas industry results in significant uncertainties for any projections
or estimates relating to the growth prospects or future condition of our market. Furthermore, if any one or more of the assumptions underlying
the market data are later found to be incorrect, actual results may differ from the projections based on these assumptions. You should
not place undue reliance on these or other forward-looking statements. See &#8220;Cautionary Note Regarding Forward-Looking Statements.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Regulation of Our Oil and Gas Business</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are subject to complex laws common to the oil and natural gas industry, particularly in Indonesia, which can have a material adverse
effect on our business, financial condition and results of operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
oil and natural gas industry is subject to extensive regulation and intervention by governments throughout the world, including extensive
Indonesian regulations, in such matters as the award of exploration and production interests, the imposition of specific exploration
and drilling obligations, allocation of and restrictions on production, price controls, required divestments of assets and foreign currency
controls, and the development and nationalization, expropriation or cancellation of contract rights.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have been required in the past, and may be required in the future, to make significant expenditures to comply with governmental laws
and regulations, including with respect to the following matters:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Licenses, permits and other
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance with environmental,
    health and safety laws and regulations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance with the requirements
    to divest parts of our interest to domestic parties;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance with requirements
    to sell certain portion of our production to domestic market;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    between the contractor and the Government in respect of the production;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Compliance with local content
    requirements;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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    emergency planning;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Plugging and abandonment
    costs; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
these laws and regulations, we could be liable for, among other things, personal injury, property damage, environmental damage and other
types of damage. Failure to comply with these laws and regulations may also result in the suspension or termination of our operations
and subject us to administrative, civil and criminal penalties. Moreover, these laws and regulations could change in ways that could
substantially increase our costs. Any such liabilities, obligations, penalties, suspensions, terminations or regulatory changes could
have a material adverse effect on our business, financial condition or results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the terms and conditions of the agreements under which our oil and gas interests are held generally reflect negotiations with
governmental authorities and can vary significantly. These agreements take the form of special contracts, concessions, licenses, associations
or other types of agreements. Any suspensions, terminations or regulatory changes in respect of these special contracts, concessions,
licenses, associations or other types of agreements could have a material adverse effect on our business, financial condition or results
of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
production sharing contract, or PSC, for Citarum Block requires or may require us to relinquish portions of the subject contract area
in certain circumstances, which would potentially leave us with less area to explore.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to our PSC with SKK Migas for Citarum Block, there are circumstances under which we are required or may be required to relinquish portions
of the contract area back to the Government, with such portions being subject to be agreed to between us and the Government. Such circumstances
include our inability to complete the work programs agreed to in our PSC for Citarum. If we relinquish or are required to relinquish
portions of Citarum, we could be left with fewer areas to explore and a resulting diminishment of potential resources we could capitalize
on. See &#8220;Business&#8212;Our Assets&#8212;Citarum Block&#8221; for further information. We may be required to agree to similar provisions
in future contracts with the Government.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
interpretation and application of laws and regulations in Indonesia involves uncertainty.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
courts in Indonesia may offer less certainty as to the judicial outcome or a more drawn out judicial process than is the case in more
established legal systems. Businesses can become involved in lengthy judicial proceedings over simple issues when rulings are not clearly
defined. Moreover, such problems can be compounded by the poor quality of legal drafting and excessive delays in the legal process for
resolving issues or disputes. These characteristics of the legal system in Indonesia could expose us to several kinds of risks, including
the possibility that effective legal redress may be more difficult to obtain; a higher degree of discretion on the part of the Government;
the lack of judicial or administrative guidance on interpreting the relevant laws or regulations; inconsistencies and conflicts between
and within various laws, regulations, decrees, orders and resolutions; or the relative inexperience or lack of predictability of the
judiciary and courts in such matters.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
enforcement of laws in Indonesia may depend on and be subject to the interpretation of the relevant local authority. Such authority may
adopt an interpretation of an aspect of local law which differs from the advice given to us by local lawyers or even previous advice
given by the local authority itself. Matters of local autonomy are extremely controversial in Indonesia, adding further uncertainty to
the interpretation and application of the relevant legal and regulatory requirements. Furthermore, there is limited or no relevant case
law providing guidance on how courts would interpret such laws and the application of such laws to its concessions, join operations,
licenses, license applications or other arrangements. Even where such case law exists, it lacks the binding precedential value found
in the U.S. legal system.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
example, on November 13, 2012, the Constitutional Court of the Republic of Indonesia (<i>Mahkamah Konstitusi Republic Indonesia</i>,
or MK) issued Decision 36/PUU-X/2012 (or MK Decision 36/2012). In it, the MK declared several articles in the Oil and Gas Law of 2001
invalid and dissolved <i>Badan Pelaksana Minyak dan Gas Bumi</i> (or BP Migas) for failing to directly manage oil and gas resources as
required by its interpretation of Article 33 of the Constitution of the Republic of Indonesia. In response to MK Decision 36/2012, the
Government created SKK Migas and authorized it to take over the functions of BP Migas pursuant to Presidential Regulation No. 9 of 2013
on the Implementation of Management of Natural oil and Gas Upstream Business Activities. However, while these arrangements have not been
challenged to date, there is a risk that future challenge to the current arrangements, and changes in Indonesian law generally, could
require us to modify our operation and development plans, and could adversely impact our results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Increased
regulation by the Government and governmental agencies may increase the cost of regulatory compliance and have an adverse impact on our
business, financial condition and results of operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
business operations in Indonesia are subject to an expanding system of laws, rules and regulations issued by numerous government bodies.
The evolving roles of SKK Migas and The Ministry of Energy and Mineral Resources of Indonesia (or MEMR), together with political changes
in Indonesia, has allowed other governmental agencies such as the Ministry of Trade, the Ministry of Forestry, the Ministry for Environment
and Bank Indonesia to increase their roles in regulating the oil and gas industry in Indonesia. In addition, the Indonesian tax authorities
have recently initiated additional tax audits and implemented measures to increase tax revenues from the oil and gas industry.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
continued expansion of the roles of governmental agencies may result in the adoption of new legislation, regulations and practices with
which we would be required to comply. Such legislation, regulations and practices may be more stringent and may cause the amount and
timing of future legal and regulatory compliance expenditures to vary substantially from their current levels. They could also require
changes to our operations and development plans, which could adversely impact our results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
interpretation and application of the Oil and Gas Law of 2001 and the anticipated enactment of a new oil and gas law is uncertain and
may adversely affect our business, financial condition and results of operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
Indonesia, the complexity of the laws and regulations relating to oil and gas activities is compounded by uncertainties in the legal
and regulatory framework. Indonesia&#8217;s Oil and Gas Law of 2001 went into effect on November 23, 2001 (or the Oil and Gas Law), which
was amended on March 31, 2023 by Law No. 6 of 2023 on Stipulation of Government Regulation In Lieu of Law No. 2 of 2022 on Job Creation (known as Law 6/2023). The Oil
and Gas Law sets forth a statutory body of general principles governing oil and gas activities, which are further developed and implemented
in a series of government regulations, presidential decrees and ministerial decrees. The provisions of the Oil and Gas Law are generally
broad, and few sources of interpretative guidance are available. In addition, not all of the implementing regulations to the Oil and
Gas Law have been issued and some have only recently been enacted. It is uncertain how these regulations will affect us and our operations
without clear instances of their application, while the uncertainty surrounding the Oil and Gas Law and its implementing regulations
has increased the risks, and may result in increases in the costs, of conducting oil and gas activities in Indonesia.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Government may also adopt new laws and/or policies regarding oil and gas exploration, development and production that differ from the
policies currently in place and that adversely impact the cost of doing business in Indonesia. If and to the extent any changes to the
current legal and regulatory framework are detrimental to our business and our position, our business, development plans, financial condition
and results of operations could be adversely affected.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
and our operations are subject to numerous environmental, health and safety laws and regulations which may result in material liabilities
and costs.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
and our operations are subject to various international, domestic and foreign local environmental, health and safety laws and regulations
governing, among other things, the emission and discharge of pollutants into the ground, air or water; the generation, storage, handling,
use, transportation and disposal of regulated materials; and human health and safety. Our operations are also subject to certain environmental
risks that are inherent in the oil and gas industry and which may arise unexpectedly and result in material adverse effects on our business,
financial condition and results of operations. Breach of environmental laws, as well as impacts on natural resources and unauthorized
use of such resources, could result in environmental administrative investigations and/or lead to the termination of our concessions
and contracts. Other potential consequences include fines and/or criminal environmental actions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are required to obtain environmental permits from governmental authorities for our operations, including drilling permits for our wells.
We may not be at all times in complete compliance with these permits and the environmental and health and safety laws and regulations
to which we are subject. If we violate or fail to comply with such requirements, we could be fined or otherwise sanctioned by regulators,
including through the revocation of our permits or the suspension or termination of our operations. If we fail to obtain, maintain or
renew permits in a timely manner or at all (such as due to opposition from partners, community or environmental interest groups, governmental
delays or any other reasons) or if we face additional requirements due to changes in applicable laws and regulations, our operations
could be adversely affected, impeded, or terminated, which could have a material adverse effect on our business, financial condition
or results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
example, Law No. 32 of 2009 on Protection and Management of Environment (or the Environmental Law) as amended by Law 6/2023 and its
implementing regulation, Government Regulation No. 22 of 2021 on Environmental Protection and Management (or GR 22/2021), require an
entity conducting oil and gas business operations have its environmental impact assessment report (known as AMDAL), as well as an
environmental management effort plan (<i>Upaya Pengelolaan Lingkungan Hidup,</i> or UKL) or an environmental monitoring effort plan
(<i>Upaya Pemantauan Lingkungan Hidup </i>or UPL), approved. Under the Environmental Law, should we fail to meet the obligations
contained in the relevant AMDAL or UKL or UPL, it can lead to the nullification of our business license.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">We,
as the owner, shareholder or the operator of certain of our past, current and future discoveries and prospects, could be held liable
for some or all environmental, health and safety costs and liabilities arising out of our actions and omissions as well as those of our
block partners, third-party contractors, predecessors or other operators. To the extent we do not address these costs and liabilities
or if we do not otherwise satisfy our obligations, our operations could be suspended, terminated or otherwise adversely affected. We
have also contracted with and intend to continue to hire third parties to perform services </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">related
to our operations. There is a risk that we may contract with third parties with unsatisfactory environmental, health and safety records
or that our contractors may be unwilling or unable to cover any losses associated with their acts and omissions. Accordingly, we could
be held liable for all costs and liabilities arising out of the acts or omissions of our contractors, which could have a material adverse
effect on our results of operations and financial condition.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Releases
of regulated substances may occur and can be significant. Under certain environmental laws and regulations applicable to us in Indonesia,
we could be held responsible for all of the costs relating to any contamination at our past and current facilities and at any third party
waste disposal sites used by us or on our behalf. Pollution resulting from waste disposal, emissions and other operational practices
might require us to remediate contamination, or retrofit facilities, at substantial cost. We also could be held liable for any and all
consequences arising out of human exposure to such substances or for other damage resulting from the release of hazardous substances
to the environment, property or to natural resources, or affecting endangered species or sensitive environmental areas. Environmental
laws and regulations also require that wells be plugged and sites be abandoned and reclaimed to the satisfaction of the relevant regulatory
authorities. We are currently required to, and in the future may need to, plug and abandon sites in certain blocks in which we operate,
which could result in substantial costs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
in other areas, the interpretation and application of environmental laws in Indonesia involves a degree of uncertainty. Such changes
in the interpretation and application of existing laws and regulations, or the enactment of new, more stringent requirements, may have
and result in an adverse impact on our business, development plans, financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be unable to obtain or maintain special permits to conduct drilling and seismic activities in forest areas in Indonesia.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Some
of our proposed drilling locations are situated within forestry areas. In order to conduct drilling and seismic activities in the forest
area within Indonesia, we will need to obtain &#8220;Approval for the Utilization of Forest Area (<i>Persetujuan Penggunaan Kawasan Hutan
</i>or PPKH) or as previously known as &#8220;Borrow-to-use permit of forest area (Izin Pinjam Pakai Kawasan Hutan, or IPPKH)&#8221;
from the Indonesian Ministry of Forestry. PPKH is granted for companies to use the forest area other than forestry activities. The Indonesian
government has provided for such requirements in several laws and regulations since 1990 concerning conservation of natural resources,
natural primary forest and the ecosystem.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
application for a PPKH must satisfy both administrative and technical requirements. The maximum validity period for a PPKH for an
exploration or production activity is no more than the validity period of the relevant license for the exploration and the production
activities. However, in respect of a follow through exploration during a production period, the PPKH may be granted for a maximum period
of two years and it is extendable. The application process of PPKH of forest area is complex because applicants had to comply with different
requirements at different offices in the Ministry of Forestry, and between government agencies and local administrations, frequently
with no certainty of processing time and cost.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
the announcement of an &#8220;online single submission&#8221; (or OSS) processing system in 2018 by the Coordinating Minister for Economic Affairs, the application
for a PPKH is processed through the OSS. While the OSS is supposed to shorten the period required for the application, there are numerous
documents and other permits (including the local governor&#8217;s recommendation and environmental permits) as well as a work program
and maps which are required before a PPKH application can be submitted. Any delay in the issuance to us of the PPKH, or our inability
to obtain such permit for any reason, would cause delays in our ability to conduct drilling and seismic activities in the subject area,
which in turn could adversely impact our business plans and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Climate
change and climate change legislation and regulatory initiatives could result in increased operating costs and decreased demand for the
oil and natural gas that we produce.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Climate
change, the costs that may be associated with its effects, and the regulation of greenhouse gas (or GHG) emissions have the potential
to affect our business in many ways, including increasing the costs to provide our products and services, reducing the demand for and
consumption of our products and services (due to change in both costs and weather patterns), and the economic health of the regions in
which we operate, all of which can create financial risks. In addition, legislative and regulatory responses related to GHG emissions
and climate change may increase our operating costs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
experts believe climate change poses potential physical risks, including an increase in sea level and changes in weather conditions,
such as an increase in changes in precipitation and extreme weather events. In addition, warmer winters as a result of global warming
could also decrease demand for natural gas. To the extent that such unfavorable weather conditions are exacerbated by global climate
change, GHG emissions or otherwise, our operations may be adversely affected to a greater degree than we have previously experienced,
including increased delays and costs. However, the uncertain nature of changes in extreme weather events (such as increased frequency,
duration, and severity) and the long period of time over which any changes would take place make any estimations of future financial
risk to our operations caused by these potential physical risks of climate change unreliable. Moreover, the regulation of GHGs and the
physical impacts of climate change in the areas in which we, our customers and the end-users of our products operate could adversely
impact our operations and the demand for our products.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Labor
laws and regulations in Indonesia and labor unrest may materially adversely affect our results of operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Laws
and regulations which facilitate the forming of labor unions, combined with weak economic conditions, have resulted and may result in
labor unrest and activism in Indonesia. In 2000, the Government issued Law No. 21 of 2000 regarding Labor Unions (or the Labor Union
Law). The Labor Union Law permits employees to form unions without intervention from an employer, the government, a political party or
any other party. On March 25, 2003, President Megawati enacted Law No. 13 of 2003 regarding Employment (or the Labor Law) which, among
other things, increased the amount of severance, pension, medical coverage, service and compensation payments payable to employees upon
termination of employment. The Labor Law requires further implementation of regulations that may substantively affect labor relations
in Indonesia. The Labor Law requires companies with 50 or more employees establish bipartite forums with participation from employers
and employees. The Labor Law also requires a labor union to have participation of more than half of the employees of a company in order
for a collective labor agreement to be negotiated and creates procedures that are more permissive to the staging of strikes. Following
the enactment, several labor unions urged the Indonesian Constitutional Court to declare certain provisions of the Labor Law unconstitutional
and order the Government to revoke those provisions. The Indonesian Constitutional Court declared the Labor Law valid except for certain
provisions, including relating to the right of an employer to terminate its employee who committed a serious mistake and criminal sanctions
against an employee who instigates or participates in an illegal labor strike. The Labor Law was amended by Law 6/2023 and the amendments
include, amongst others, the reduction in the statutory severance payments payable to the employees in the event of employment termination.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Labor
unrest and activism in Indonesia could disrupt our operations, our suppliers or contractors and could affect the financial condition
of Indonesian companies in general.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Doing Business in Indonesia</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>As
the domestic Indonesian market constitutes the major source of our revenue, the downturn in the rate of economic growth in Indonesia
or other countries due to the unprecedented and challenging global market and economic conditions will be detrimental to our results
of operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
performance and growth of our business are necessarily dependent on the health of the overall Indonesian economy. Any downturn in the
rate of economic growth in Indonesia, whether due to political instability or regional conflicts, global health crisis, economic slowdown
elsewhere in the world or otherwise, may have a material adverse effect on demand for the commodities we produce. The Indonesian economy
is also largely driven by the performance of the agriculture sector, which depends on the impact of the monsoon season, which is difficult
to predict. In the past, economic slowdowns have harmed manufacturing industries, including companies engaged in oil and gas extraction.
During 2023, Indonesian gross domestic demand increased by 5.3% according to the International Monetary Fund, but any future slowdown
in the Indonesian economy could have a material adverse effect on the demand for the commodities we produce and, as a result, on our
business, financial condition and results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the Indonesian securities market and the Indonesian economy are influenced by economic and market conditions in other countries.
Although economic conditions are different in each country, investors&#8217; reactions to developments in one country can have adverse
effect on the securities of companies in other countries, including Indonesia. A loss of investor confidence in the financial systems
of other emerging markets may cause volatility in Indonesian financial markets and, indirectly, in the Indonesian economy in general.
Any worldwide financial instability could also have a negative impact on the Indonesian economy, including the movement of exchange rates
and interest rates in Indonesia. Any slowdown in the Indonesian economy, or future volatility in global commodity prices, could adversely
affect the growth of our business in Indonesia.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Indonesian economy and financial markets are also significantly influenced by worldwide economic, financial and market conditions. Any
financial turmoil, especially in the United States, United Kingdom, Europe or China, may have a negative impact on the Indonesian economy.
Although economic conditions differ in each country, investors&#8217; reactions to any significant developments in one country can have
adverse effects on the financial and market conditions in other countries. A loss in investor confidence in the financial systems, particularly
in other emerging markets, may cause increased volatility in Indonesian financial markets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
effect and impact of the recently enacted Omnibus Law on job creation in Indonesia are not immediately known and subject to ongoing review.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 2, 2020, the Government of Indonesia issued the Omnibus Law No. 11 of 2020 on Job Creation (or the Omnibus Law), which aims
to attract investment, create new jobs, and stimulate the economy by, among other things, simplifying the licensing process and harmonizing
various laws and regulations, and making policy decisions faster for the central government to respond to global or other changes or
challenges. The Omnibus Law amended more than 75 laws (including aspects of the Oil and Gas Law) and up to March 2022, the central government
has issued at least 51 implementing regulations making the Omnibus Law one of the most sweeping regulatory reforms in Indonesian history.
The Omnibus Law introduces a number of new concepts, including a new risk-based assessment (i.e. low, medium and high risks) in issuing
licenses for businesses, removes foreign ownership restrictions in various industries, simplifies environmental assessment requirements
and licensing procedures, and provides a more flexible manpower regulations. On November 25, 2021, the Constitutional Court declared
the Omnibus Law to be conditionally unconstitutional, and it was subsequently revised and replaced with the issuance of Government Regulation
in Lieu of Law No. 2 of 2022 on Job Creation, also known as the new Omnibus Law. Given the extensive breadth of changes introduced by
the Omnibus Law, the full impact of various regulation and policy changes on our business and operation in Indonesia are presently unknown
and subject to our ongoing review. Therefore, we are subject to the risk that compliance with the Omnibus Law may be challenging and
may distract our management, and may also require us to alter operations, which in turn could impact our results of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 25, 2021, the Constitutional Court through Decision Number 91/PUU-XIII of 2020 declared the Omnibus Law to be &#8220;conditionally
unconstitutional&#8221; and would need rectification. The Omnibus Law shall remain valid until the rectification is made within a period
of two years. In response to such decision, on December 30, 2022, the Government of Indonesia enacted Government Regulation In Lieu of Law No. 2 of 2022 on Job Creation (known
as GR 2/2022). The previous Omnibus
Law is deemed revoked and declared invalid. However, GR2/2022 retains most of the changes and concepts adopted in the Omnibus Law, such
as the risk-based licensing process, and all regulations that have been amended by Omnibus Law shall remain valid as long as they are
not in contravention of GR 2/2022. Furthermore, any implementing regulations enacted to implement the Omnibus Law also remain valid,
as long as it does not contravene GR 2/2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On March
31, 2023, the House of Representative (Dewan Perwakilan Rakyat or DRP) ratified GR 2/2022 turning it into law (undang-undang) through
Law 6/2023. The issuance of Law 6/2023 is expected to harmonize existing legislation and address current legal needs, thereby maintaining
the stability of the national economy by providing a clear legal basis for government policies.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Current
political and social events in Indonesia may adversely affect our business</i></b>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
1998, Indonesia has experienced a process of democratic change, resulting in political and social events that have highlighted the unpredictable
nature of Indonesia&#8217;s changing political landscape. In 1999, Indonesia conducted its first free elections for representatives in
parliament. In 2004, 2009 and 2014, elections were held in Indonesia to elect the President, Vice-President and representatives in parliament.
Indonesia also has many political parties, without any one party holding a clear majority. Due to these factors, Indonesia has, from
time to time, experienced political instability, as well as general social and civil unrest.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white">On
February 14, 2024, Indonesia held its most recent election, a pivotal event in the country&#8217;s democratic process. The election not only
aimed to determine the future leadership but also the direction of the nation. On March 20, 2024, the General Election Commission (Komisi
Pemilihan Umum or KPU) finally completed the tabulation of the national vote count. The Prabowo Subianto-Gibran Rakabuming Raka ticket
garnered a total of 96,214,691 votes (58.58%). Based on the tabulation of these voting results, the presidential and vice-presidential
candidate pair Number 2, Prabowo Subianto and Gibran Rakabuming Raka, emerged victorious in the 2024 presidential election, confirming
their position to lead Indonesia.</p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Despite the fraud allegations raised by other presidential candidates,
the Constitutional Court has dismissed all claims. Nevertheless, lingering concerns remain regarding the surfaced allegations of election
fraud. As the nation prepares for the upcoming swearing-in ceremony in October 2024, uncertainties continue to loom over the political
landscape. Therefore, there can be no assurance that social, political and civil disturbances will not occur in the future and on a wider scale,
or that any such disturbances will not, directly or indirectly, materially and adversely affect our business, financial condition, results
of operations and prospects.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Deterioration
of political, economic and security conditions in Indonesia may adversely affect our operations and financial results.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
major hostilities involving Indonesia, a substantial decline in the prevailing regional security situation or the interruption or curtailment
of trade between Indonesia and its present trading partners could have a material adverse effect on our operations and, as a result,
our financial results.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 24pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prolonged
and/or widespread regional conflict in the South East Asia could have the following results, among others:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capital market reassessment
    of risk and subsequent redeployment of capital to more stable areas making it more difficult for us to obtain financing for potential
    development projects;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security concerns in Indonesia,
    making it more difficult for our personnel or supplies to enter or exit the country;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Security concerns leading
    to evacuation of our personnel;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Damage to or destruction
    of our wells, production facilities, receiving terminals or other operating assets;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Inability of our service
    and equipment providers to deliver items necessary for us to conduct our operations in Indonesia, resulting in delays; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The lack of availability
    of drilling rig and experienced crew, oilfield equipment or services if third party providers decide to exit the region.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Loss
of property and/or interruption of our business plans resulting from hostile acts could have a significant negative impact on our earnings
and cash flow. In addition, we may not have enough insurance to cover any loss of property or other claims resulting from these risks.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Terrorist
activities in Indonesia could destabilize Indonesia, which would adversely affect our business, financial condition and results of operations,
and the market price of our securities.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
have been a number of terrorist incidents in Indonesia in the past, including but not limited to the May 2005 bombing in Central Sulawesi,
the Bali bombings in October 2002 and October 2005. There is a risk that terrorist incidents may recur and, if serious or widespread,
might have a material adverse effect on investment and confidence in, and the performance of, the Indonesian economy and may also have
a material adverse effect on our business, financial condition, results of operations and prospects and the market price of our securities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Negative
changes in global, regional or Indonesian economic activity could adversely affect our business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes
in the Indonesian, regional and global economies can affect our performance. Two significant events in the past that impacted Indonesia&#8217;s
economy were the Asian economic crisis of 1997 and the global economic crisis which started in 2008. The 1997 crisis was characterized
in Indonesia by, among others, currency depreciation, a significant decline in real gross domestic product, high interest rates, social
unrest and extraordinary political developments. While the global economic crisis that arose from the subprime mortgage crisis in the
United States did not affect Indonesia&#8217;s economy as severely as in 1997, it still put Indonesia&#8217;s economy under pressure.
The global financial markets have also experienced volatility as a result of expectations relating to monetary and interest rate policies
of the United States, concerns over the debt crisis in the Eurozone, and concerns over China&#8217;s economic health. Uncertainty over
the outcome of the Eurozone governments&#8217; financial support programs and worries about sovereign finances generally are ongoing.
If the crisis becomes protracted, we can provide no assurance that it will not have a material and adverse effect on Indonesia&#8217;s
economic growth and consequently on our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Adverse
economic conditions in Indonesia could result in less business activity, less disposable income available for consumers to spend and
reduced consumer purchasing power, which may reduce demand for communication services, including our services, which in turn would have
an adverse effect on our business, financial condition, results of operations and prospects. There is no assurance that there will not
be a recurrence of economic instability in future, or that, should it occur, it will not have an impact on the performance of our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Fluctuations
in the value of the Indonesian Rupiah may materially and adversely affect us.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Although
our functional currency is the U.S. Dollar, depreciation and volatility of the Indonesian Rupiah could potentially affect our business.
A sharp depreciation of Indonesian Rupiah may potentially create difficulties in purchasing imported goods and services which are critical
for our operation. As shown during the Asian monetary crisis in 1998, imported goods became scarce as suppliers often chose to keep their
stocks in anticipation of further deterioration of the Indonesian Rupiah.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">In
addition, while the Indonesian Rupiah has generally been freely convertible and transferable, from time to time, Bank Indonesia has intervened
in the currency exchange markets in furtherance of its policies, either by selling Indonesian Rupiah or by using its foreign currency
reserves to purchase Indonesian Rupiah. We can give no assurance that the current floating exchange rate policy of Bank Indonesia will
not be modified or that the Government will take additional action to stabilize, maintain or increase the Indonesian Rupiah&#8217;s value,
or that any of these actions, if taken, will be successful. Modification of the current floating exchange rate policy could result in
significantly higher domestic interest rates, liquidity shortages, capital or exchange controls, or the withholding of additional financial
assistance by multinational lenders. This could result in a reduction of economic activity, an economic recession or loan defaults, and
as a result, we may also face difficulties in funding our capital expenditures and in implementing our business strategy. Any of the
foregoing consequences could have a material adverse effect on our business, financial condition, results of operations and prospects.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Downgrades
of credit ratings of the Government or Indonesian companies could adversely affect our business.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of the date of this report, Indonesia&#8217;s sovereign foreign currency long-term debt was rated &#8220;Baa2 (Stable)&#8221; by Moody&#8217;s,
&#8220;BBB (Stable)&#8221; by Standard &amp; Poor&#8217;s and &#8220;BBB (Stable)&#8221; by Fitch Ratings. Indonesia&#8217;s short-term
foreign currency debt is rated &#8220;A-2&#8221; by Standard &amp; Poor&#8217;s and &#8220;F2&#8221; by Fitch Ratings.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
can give no assurance that Moody&#8217;s, Standard &amp; Poor&#8217;s or Fitch Ratings will not change or downgrade the credit ratings
of Indonesia. Any such downgrade could have an adverse impact on liquidity in the Indonesian financial markets, the ability of the Government
and Indonesian companies, including us, to raise additional financing, and the interest rates and other commercial terms at which such
additional financing is available. Interest rates on our floating rate Rupiah-denominated debt would also likely increase. Such events
could have material adverse effects on our business, financial condition, results of operations, prospects and/or the market price of
our securities.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Indonesia
is vulnerable to natural disasters and events beyond our control, which could adversely affect our business and operating results.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Many
parts of Indonesia, including areas where we operate, are prone to natural disasters such as floods, lightning strikes, cyclonic or tropical
storms, earthquakes, volcanic eruptions, droughts, power outages and other events beyond our control. The Indonesian archipelago is one
of the most volcanically active regions in the world as it is located in the convergence zone of three major lithospheric plates. It
is subject to significant seismic activity that can lead to destructive earthquakes, tsunamis or tidal waves. Flash floods and more widespread
flooding also occur regularly during the rainy season from November to April. Cities, especially Jakarta, are frequently subject to severe
localized flooding which can result in major disruption and, occasionally, fatalities. Landslides regularly occur in rural areas during
the wet season. From time to time, natural disasters have killed, affected or displaced large numbers of people and damaged our equipment.
We cannot assure you that future natural disasters, such as the spread of the novel coronavirus, will not have a significant impact on
us, or Indonesia or its economy. A significant earthquake, other geological disturbance or weather-related natural disaster in any of
Indonesia&#8217;s more populated cities and financial centers could severely disrupt the Indonesian economy and undermine investor confidence,
thereby materially and adversely affecting our business, financial condition, results of operations and prospects.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be affected by uncertainty in the balance of power between local governments and the central government in Indonesia.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">The structural and functional relationships between the central and local
governments in Indonesia are guided by the principles of decentralization and regional autonomy. These principles are outlined in Law
No. 23 of 2014 regarding Regional Autonomy, which was most recently amended by Law 6/2023, along with Law No. 1 of 2022 concerning Fiscal
Relations between Central and Regional Governments.</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
currently, there is uncertainty in respect of the balance between the local and the central governments and the procedures for
renewing licenses and approvals and monitoring compliance with environmental regulations. In addition, some local authorities have
sought to levy additional taxes or obtain other contributions. There can be no assurance that a balance between local governments
and the central government will be effectively established or that our business, financial condition, results of operations and
prospects will not be adversely affected by dual compliance obligations and further uncertainty as to legal authority to levy taxes
or promulgate other regulations affecting our business.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Failure
to comply with the U.S. Foreign Corrupt Practices Act of 1977 (or FCPA) could result in fines, criminal penalties, and an adverse effect
on our business.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
operate in Indonesia, which is a jurisdiction known to be challenged by corruption. As such, we are subject, however, to the risk that
we, our affiliated entities or our or their respective officers, directors, employees and agents may take action determined to be in
violation of such anti-corruption laws, including the FCPA. Any such violation could result in substantial fines, sanctions, civil and/or
criminal penalties, curtailment of operations, and might adversely affect our business, results of operations or financial condition.
In addition, actual or alleged violations could damage our reputation and ability to do business. Furthermore, detecting, investigating,
and resolving actual or alleged violations is expensive and can consume significant time and attention of our management.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Our Corporate Structure</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
are a holding company, with all of our operations conducted through our operating subsidiaries in Indonesia. Should our operations generate
positive cash flows in the future, and should we desire to cause our operating subsidiaries to make dividends or distributions to our
parent company in the future, limitations on the ability of our subsidiaries to do so, or any tax implications of doing so, could limit
our ability to pay our parent company expenses or pay dividends to holders of our ordinary shares.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a holding company and conduct substantially all of our business through our operating subsidiaries, which are limited liability companies
established in Indonesia. Should our operations generate positive cash flows in the future, and should we desire to cause our operating
subsidiaries to make dividends or distributions to our parent company in the future, we might be limited in our ability to do so for
regulatory or tax reasons. If applicable laws, rules and regulations in Indonesia or Hong Kong (where our holding subsidiary WJ Energy
is domiciled) in the future limit or preclude our Indonesian subsidiaries from making dividends to us, our ability to fund our holding
company obligations or pay dividends on our ordinary shares could be materially and adversely affected. In addition, we may also enter
into debt arrangements in the future which limit our ability to receive dividends or distributions from our operating subsidiaries or
pay dividends to the holders of our ordinary shares. Indonesian, Hong Kong or Cayman Island tax laws, rules and regulations may also
limit our future ability to receive dividends or distributions from our operating subsidiaries or pay dividends to the holders of our
ordinary shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may become subject to taxation in the Cayman Islands which would negatively affect our results of operations.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have received an undertaking from the Financial Secretary of the Cayman Islands that, in accordance with section 6 of the Tax Concessions
Act (Revised) of the Cayman Islands, until the date falling 20 years after November 2, 2018, being the date of such undertaking, no law
which is enacted in the Cayman Islands imposing any tax to be levied on profits, income, gains or appreciations shall apply to us or
our operations and, in addition, that no tax to be levied on profits, income, gains or appreciations or which is in the nature of estate
duty or inheritance tax shall be payable (i) on or in respect of the shares, debentures or other obligations of our company or (ii) by
way of the withholding in whole or in part of a payment of any &#8220;relevant payment&#8221; as defined in section 6(3) of the Tax Concessions
Act (Revised). If we otherwise were to become subject to taxation in the Cayman Islands, our financial condition and results of operations
could be materially and adversely affected. See &#8220;Taxation&#8212;Cayman Islands Taxation.&#8221;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>You
may face difficulties in protecting your interests, and your ability to protect your rights through the U.S. Federal courts may be limited,
as a result of our company being incorporated under the laws of the Cayman Islands.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a Cayman Islands exempted company with limited liability and substantially all of our assets will be located outside the United States.
In addition, most of our directors and officers are nationals or residents of jurisdictions other than the United States and all or a
substantial portion of their assets are located outside the United States. As a result, it may be difficult for investors to effect service
of process within the United States upon us or our directors or executive officers, or enforce judgments obtained in the United States
courts against us or our directors or officers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
mail addressed to us and received at our registered office will be forwarded unopened to the forwarding address supplied by our directors.
Our directors will only receive, open or deal directly with mail which is addressed to them personally (as opposed to mail which is only
addressed to us). We, our directors, officers, advisors or service providers (including the organization which provides registered office
services in the Cayman Islands) will not bear any responsibility for any delay, howsoever caused, in mail reaching this forwarding address.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
corporate affairs are governed by our amended and restated memorandum and articles of association, the Companies Law (Revised) (as the
same may be supplemented or amended from time to time) and the common law of the Cayman Islands. The rights of shareholders to take action
against the directors, actions by minority shareholders and the fiduciary responsibilities of our directors to us under Cayman Islands
law are to a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from
judicial precedent in the Cayman Islands as well as from English common law, the decisions of whose courts are of persuasive authority,
but are not technically binding on a court in the Cayman Islands. The rights of our shareholders and the fiduciary responsibilities of
our directors under Cayman Islands law are not as clearly established as they would be under statutes or judicial precedent in some jurisdictions
in the United States. In particular, the Cayman Islands has a less developed body of securities laws as compared to the United States,
and certain states, such as Delaware, have more fully developed and judicially interpreted bodies of corporate law. As a result, there
may be significantly less protection for investors than is available to investors in companies organized in the United States, particularly
Delaware. In addition, Cayman Islands companies may not have standing to initiate a shareholders derivative action in a Federal court
of the United States.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Cayman Islands courts are also unlikely:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To recognize or enforce
    against us judgments of courts of the United States based on certain civil liability provisions of United States securities laws;
    and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To impose liabilities against
    us, in original actions brought in the Cayman Islands, based on certain civil liability provisions of United States securities laws
    that are penal in nature.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
is no statutory recognition in the Cayman Islands of judgments obtained in the United States, although the courts of the Cayman Islands
will in certain circumstances recognize and enforce a non-penal judgment of a foreign court of competent jurisdiction without retrial
on the merits. The Grand Court of the Cayman Islands may stay proceedings if concurrent proceedings are being brought elsewhere.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Like
many jurisdictions in the United States, Cayman Islands law permits mergers and consolidations between Cayman Islands companies and between
Cayman Islands companies and non-Cayman Islands companies and any such company may be the surviving entity for the purposes of mergers
or the consolidated company for the purposes of consolidations. For these purposes, (a) &#8220;merger&#8221; means the merging of two
or more constituent companies and the vesting of their undertaking, property and liabilities in one of such companies as the surviving
company and (b) a &#8220;consolidation&#8221; means the combination of two or more constituent companies into a consolidated company
and the vesting of the undertaking, property and liabilities of such companies to the consolidated company. In order to effect such a
merger or consolidation, the directors of each constituent company must approve a written plan of merger or consolidation, which must,
in most instances, then be authorized by a special resolution of the shareholders of each constituent company and such other authorization,
if any, as may be specified in such constituent company&#8217;s articles of association. A merger between a Cayman parent company and
its Cayman subsidiary or subsidiaries does not require authorization by a resolution of shareholders. For this purpose a subsidiary is
a company of which at least 90% of the votes cast at its general meeting are held by the parent company. The consent of each holder of
a fixed or floating security interest over a constituent company is required unless this requirement is waived by a court in the Cayman
Islands. The plan of merger or consolidation must be filed with the Registrar of Companies together with a declaration as to the solvency
of the consolidated or surviving company, a list of the assets and liabilities of each constituent company and an undertaking that a
copy of the certificate of merger or consolidation will be given to the members and creditors of each constituent company and published
in the Cayman Islands Gazette. Dissenting shareholders have the right to be paid the fair value of their shares (which, if not agreed
between the parties, will be determined by the Cayman Islands court) if they follow the required procedures, subject to certain exceptions.
Court approval is not required for a merger or consolidation which is effected in compliance with these statutory procedures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, there are statutory provisions that facilitate the reconstruction and amalgamation of companies, provided that the arrangement
is approved by a majority in number of each class of shareholders and creditors with whom the arrangement is to be made, and who must
in addition represent three-fourths in value of each such class of shareholders or creditors, as the case may be, that are present and
voting either in person or by proxy at a meeting, or meetings, convened for that purpose. The convening of the meetings and subsequently
the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder has the right to express
to the court the view that the transaction ought not be approved, the court can be expected to approve the arrangement if it determines
that:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The statutory provisions
    as to the required majority vote have been met;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The shareholders have been
    fairly represented at the meeting in question, the statutory majority are acting bona fide without coercion of the minority to promote
    interests adverse to those of the class and that the meeting was properly constituted;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The arrangement is such
    that it may reasonably be approved by an intelligent and honest man of that share class acting in respect of his interest; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The arrangement is not
    one which would be more properly sanctioned under some other provision of the Companies Act.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the arrangement and reconstruction is approved, the dissenting shareholder would have no rights comparable to appraisal rights, which
would otherwise ordinarily be available to dissenting shareholders of U.S. corporations, providing rights to receive payment in cash
for the judicially determined value of the shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, there are further statutory provisions to the effect that, when a take-over offer is made and approved by holders of 90.0%
in value of the shares affected (within four months after the making of the offer), the offeror may, within two months following the
expiry of such period, require the holders of the remaining shares to transfer such shares on the terms of the offer. An objection can
be made to the Grand Court of the Cayman Islands, but this is unlikely to succeed unless there is evidence of fraud, bad faith, collusion
or inequitable treatment of shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a result of all of the above, public shareholders may have more difficulty in protecting their interests in the face of actions taken
by management, members of our board of directors or controlling shareholders than they would as public shareholders of a U.S. company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Provisions
of our charter documents or Cayman Islands law could delay or prevent an acquisition of our company, even if the acquisition may be beneficial
to our shareholders, could make it more difficult for you to change management, and could have an adverse effect on the market price
of our ordinary shares.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provisions
in our amended and restated memorandum and articles of association may discourage, delay or prevent a merger, acquisition or other change
in control that shareholders may consider favorable, including transactions in which shareholders might otherwise receive a premium for
their shares. In addition, these provisions may frustrate or prevent any attempt by our shareholders to replace or remove our current
management by making it more difficult to replace or remove our board of directors. Such provisions may reduce the price that investors
may be willing to pay for our ordinary shares in the future, which could reduce the market price of our ordinary shares. These provisions
include:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A requirement that extraordinary
    general meetings of shareholders be called only by the directors or, in limited circumstances, by the directors upon shareholder
    requisition;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An advance notice requirement
    for shareholder proposals and nominations to be brought before an annual general meeting;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The authority of our board
    of directors to issue preferred shares with such terms as our board of directors may determine; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A requirement of approval
    of not less than 66 2/3% of the votes cast by shareholders entitled to vote thereon in order to amend any provisions of our amended
    and restated memorandum and articles of association.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may be classified as a passive foreign investment company, which could result in adverse U.S. federal income tax consequences to U.S.
holders of our ordinary shares.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
foreign corporation will be treated as a &#8220;passive foreign investment company&#8221; (or PFIC) for U.S. federal income tax purposes
if either (1) at least 75% of its gross income for any taxable year consists of certain types of &#8220;passive income&#8221; or (2)
at least 50% of the average value of the corporation&#8217;s assets produce or are held for the production of those types of &#8220;passive
income&#8221;. For purposes of these tests, &#8220;passive income&#8221; includes dividends, interest, and gains from the sale or exchange
of investment property and rents and royalties other than rents and royalties which are received from unrelated parties in connection
with the active conduct of a trade or business. U.S. shareholders of a PFIC are subject to a disadvantageous U.S. federal income tax
regime with respect to the income derived by the PFIC, the distributions they receive from the PFIC and the gain, if any, they derive
from the sale of other disposition of their shares in the PFIC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
upon our current and anticipated method of operations, we do not believe that we should be a PFIC with respect to our 2023 taxable year,
and we do not expect to become a PFIC in any future taxable year. However, no assurance can be given that the U.S. Internal Revenue Service
(or IRS) or a court of law will accept this position, and there is a risk that the IRS or a court of law could determine that we are
a PFIC. Moreover, no assurance can be given that we would not constitute a PFIC for any future taxable year if the nature and extent
of our operations change.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
the IRS were to find that we are or have been a PFIC for any taxable year, our U.S. shareholders would face adverse U.S. federal income
tax consequences and certain information reporting requirements. Under the PFIC rules, unless those shareholders make an election available
under the United States Internal Revenue Code of 1986 as amended (or the Code) (which election could itself have adverse consequences
for such shareholders), such shareholders would be liable to pay U.S. federal income tax at the then prevailing income tax rates on ordinary
income plus interest upon excess distributions and upon any gain from the disposition of their shares of our ordinary shares, as if the
excess distribution or gain had been recognized ratably over the shareholder&#8217;s holding period of the shares of our ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 1in; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
future development of national security laws and regulations in Hong Kong could impact our Hong Kong holding subsidiary.</i></b>&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WJ
Energy is our wholly-owned holding company subsidiary which is incorporated in Hong Kong. On June 30, 2020, the Hong Kong Special Administrative
Region of the People&#8217;s Republic of China implemented a new national security law. The implementation of the national security law
and its development may trigger sanctions or other forms of penalties by foreign governments, which may cause economic and other hardship
for Hong Kong, including companies such as WJ Energy. As of the date of this annual report, we are not aware of any restrictions under
this law that would preclude the transfer of corporate funds of our company through WJ Energy, nor have there been any sanctions or any
forms of penalties imposed by foreign governments related to the Hong Kong national security law that would impact WJ Energy. However,
it is difficult to predict the impact in the future, if any, that the national security law or similar measures will have on WJ Energy,
including, without limitation, the ability of WJ Energy to pay dividends or make distributions to our company, as such impact will depend
on future developments, which are highly uncertain and cannot be predicted. Any restrictions or limitations on funds passing through
WJ Energy could have a material adverse effect on our ability to finance our operations in accordance with our past and current practices.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Risks
Related to Our Ordinary Shares</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
2022 financing with L1 Capital Global Opportunities Master Fund, Ltd. (&#8220;L1 Capital&#8221;) could cause dilution and pressure on
the public price of our ordinary shares as the outstanding warrants can be exercised at discounted price to market.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Any
exercise by L1 Capital of the warrants that were issued to them in connection with our January 2022 financing will cause dilution to
shareholders since it is likely that those warrants will only be exercise at a discount to the prevailing market price. Moreover, the
ordinary shares underlying the L1 Capital warrants have been registered for resale pursuant to a Registration Statement on Form F-1 filed
with the SEC on March 9, 2022, as amended (the &#8220;L1 Registration Statement&#8221;), effective June 1, 2022. After the L1 Registration
Statement was declared effective, L1 Capital commenced sales of such shares in the public market. Any future such sales could cause pressure
on the public price of our ordinary shares and could force such price downwards, perhaps significantly. During the year ended December
31, 2022, $9,900,000 of the total $10,000,000 principal amount of the convertible notes were converted into ordinary shares at $6.00
per share at L1 Capital&#8217;s election and 325,000 of the total 767,240 warrants were exercised. During the year ended December 31,
2023, the remaining $100,000 principal amount of the convertible notes were fully repaid and no warrants w<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ere</span> exercised. As of the date
of this report, there are still certain warrants outstanding under the L1 Capital financing, which will cause dilution and pressure
on the price of our ordinary shares and affect your investment in us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>The
market for our ordinary shares has been volatile, and an active, liquid and orderly trading market for our ordinary shares may not be
maintained in the United States, which could limit your ability to sell our ordinary shares.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
market for our ordinary shares has been volatile, with times of significant trading volume and times of minimal trading volume. Although
our ordinary shares are listed on the NYSE American, an active, liquid and orderly U.S. public market for our ordinary shares may not
be achieved or sustained, and the market for our ordinary shares may remain unpredictable. If an active, liquid and orderly market is
not sustained, you may experience difficulty selling your ordinary shares. Moreover, the price of our publicly-listed shares has been
subject to significant price fluctuations, which creates the risk of loss of your investment in our ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Our
ordinary share price has been and may in the future be volatile and, as a result, you could lose a significant portion or all of your
investment.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
market price of our ordinary shares on the NYSE American has fluctuated, and may in the future fluctuate (in each case to a significant
extent), as a result of several factors, including the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fluctuations in oil and
    other commodity prices (including but not limited to as a result of external events such as the Russia-Ukraine war and the Israel-Hamas
    war);</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility in the energy
    industry, both in Indonesia and internationally;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Variations in our operating
    results;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risks relating to our business
    and industry, including those discussed above;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Strategic actions by us
    or our competitors;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reputational damage from
    accidents or other adverse events related to our company or its operations;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Investor perception of
    us, the energy sector in which we operate, the investment opportunity associated with the ordinary shares and our future performance;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Addition or departure of
    our executive officers or directors;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Changes in financial estimates
    or publication of research reports by analysts regarding our ordinary shares, other comparable companies or our industry generally;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Trading volume of our ordinary
    shares;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future sales of our ordinary
    shares by us or our shareholders;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Domestic and international
    economic, legal and regulatory factors unrelated to our performance; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The release or expiration
    of lock-up or other transfer restrictions on our outstanding ordinary shares.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
the stock markets often experience significant price and volume fluctuations that have affected and continue to affect the market prices
of equity securities of many companies. These fluctuations often have been unrelated or disproportionate to the operating performance
of those companies. These broad market and industry fluctuations, as well as general economic, political and market conditions such as
recessions or interest rate changes may cause the market price of ordinary shares to decline.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may not be able to maintain the listing of our ordinary shares on the NYSE American, which could adversely affect our liquidity and the
trading volume and market price of our ordinary shares, and decrease the value of your investment.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ordinary shares are currently traded on the NYSE American. In order to maintain our NYSE American listing, we must maintain certain share
price, financial and share distribution targets, including maintaining a minimum amount of shareholders&#8217; equity and a minimum number
of public shareholders. In addition to these objective standards, the NYSE American may delist the securities of any issuer (i) if, in
its opinion, the issuer&#8217;s financial condition and/or operating results appear unsatisfactory; (ii) if it appears that the extent
of public distribution or the aggregate market value of the security has become so reduced as to make continued listing on the NYSE American
inadvisable; (iii) if the issuer sells or disposes of principal operating assets or ceases to be an operating company; (iv) if an issuer
fails to comply with the NYSE American&#8217;s listing requirements; (v) if an issuer&#8217;s securities sell at what the NYSE American
considers a &#8220;low selling price&#8221; and the issuer fails to correct this via a reverse split of shares after notification by
the NYSE American; or (vi) if any other event occurs or any condition exists which makes continued listing on the NYSE American, in its
opinion, inadvisable. If the NYSE American delists either our ordinary shares, investors may face material adverse consequences, including,
but not limited to, a lack of trading market for our securities, reduced liquidity, decreased analyst coverage of our securities, and
an inability for us to obtain additional financing to fund our operations.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
require significant capital to realize our business plan.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ongoing work program is expensive, and we will require significant additional capital in order to fully realize our business plan. This
is particularly true because we raised less funding than we had anticipated in our December 2019 initial public offering.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
cannot assure you that our actual cash requirements will not exceed our estimates. Even if we were to discover be successful in our exploration
operations, we will require additional financing to bring our interests into commercial operation and pay for operating expenses until
we achieve a positive cash flow. Additional capital also may be required in the event we incur any significant unanticipated expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the current capital and credit market conditions, we may not be able to obtain additional equity or debt financing on acceptable terms.
Even if financing is available, it may not be available on terms that are favorable to us or in sufficient amounts to satisfy our requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are unable to obtain additional financing, we may be unable to implement our business plan and our growth strategies, respond to changing
business or economic conditions and withstand adverse operating results. If we are unable to raise further financing when required, our
planned production and exploration activities may have to be scaled down or even ceased, and our ability to generate revenues in the
future would be negatively affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Additional
financing could cause your relative interest in our assets and potential earnings to be significantly diluted. Even if we have success,
we may not be able to generate sufficient revenues to offset the cost of our operational plans and administrative expenses.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>An
entity controlled by our Chairman owns a substantial majority of our ordinary shares and voting power.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Maderic
Holding Limited, an entity controlled by our Chairman Wirawan Jusuf (or Maderic), owns and exercises voting and investment control of
approximately 51.34% of our ordinary shares as of the date of this report. As a result of this concentration of share ownership, investors
may be prevented from affecting matters involving our company, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fluctuations in oil and
    other commodity prices;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Volatility in the energy
    industry, both in Indonesia and internationally;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Variations in our operating
    results;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Risks relating to our business
    and industry, including those discussed above;</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
this concentration of voting power could have the effect of delaying, deterring or preventing a change of control or other business combination
that might otherwise be beneficial to our shareholders. This significant concentration of share ownership may also adversely affect the
trading price for our ordinary shares because investors may perceive disadvantages in owning shares in a company that is controlled by
a company insider. This concentration of ownership could also create conflicts of interests for Dr. Jusuf that may not be resolved in
a manner that all shareholders agree with.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
have identified a material weakness in our internal control over financial reporting for the year ended December 31, 2023. If we fail
to adequately remediate this weakness or otherwise develop and maintain an effective system of internal control over financial reporting,
or if we experience additional material weaknesses in the future, we may be unable to accurately report our financial results or prevent
fraud, or comply with the accounting and reporting requirements applicable to public companies, which may adversely affect investor confidence
in us and the market price of our shares.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have identified a material weakness in our internal control over financial reporting for the year ended December 31, 2023. As defined
in the standards established by the Public Company Accounting Oversight Board of the United States (&#8220;PCAOB&#8221;), a &#8220;material
weakness&#8221; is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable
possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely
basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the audits of our consolidated financial statements for the years ended December 31, 2023 and 2022, a material weakness
that have been identified in our internal control over financial reporting as of such dates related to our lack of sufficient financial
reporting and accounting personnel with appropriate knowledge of U.S. GAAP and SEC reporting requirements to properly address complex
U.S. GAAP accounting issues and to prepare and review our consolidated financial statements and related disclosures to fulfill U.S. GAAP
and SEC financial reporting requirements. We have implemented and are continuing to implement a number of measures to address the material
weakness identified. As a result of the material weakness, our management has concluded that as of December 31, 2023, our disclosure
controls and procedures were ineffective in ensuring that the information required to be disclosed by us in this annual report is recorded,
processed, summarized and reported to them for assessment, and that the required disclosure is made within the time period specified
in the rules and forms of the SEC. We cannot assure you that we will be able to continue to implement an effective system of internal
control, or that we will not identify additional material weaknesses or significant deficiencies in the future.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are subject to the Sarbanes-Oxley Act of 2002. Section 404 of the Sarbanes-Oxley Act, or Section 404, requires that we include a report
from management on the effectiveness of our internal control over financial reporting in this report. In addition, once we cease to be
an &#8220;emerging growth company&#8221; as such term is defined under the JOBS Act, our independent registered public accounting firm
must attest to and report on the effectiveness of our internal control over financial reporting. Our management may conclude that our
internal control over financial reporting is not effective. Moreover, even if our management concludes that our internal control over
financial reporting is effective, our independent registered public accounting firm, after conducting its own independent testing, may
issue a report that it is not satisfied with our internal controls or the level at which our controls are documented, designed, operated
or reviewed. In addition, as we are a public company, our reporting obligations may place a significant strain on our management, operational
and financial resources and systems on an ongoing basis. We may be unable to timely complete our evaluation testing and any required
remediation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the course of documenting and testing our internal control procedures, in order to satisfy the requirements of Section 404, we may identify
other weaknesses and deficiencies in our internal control over financial reporting. In addition, if we fail to develop and maintain the
adequacy of our internal control over financial reporting, as these standards are modified, supplemented or amended from time to time,
we may not be able to conclude on an ongoing basis that we have effective internal control over financial reporting in accordance with
Section 404. If we fail to achieve and maintain an effective internal control environment, we could suffer material misstatements in
our financial statements and fail to meet our reporting obligations, which would likely cause investors to lose confidence in our reported
financial information. This could in turn limit our access to capital markets, harm our results of operations, and lead to a decline
in the trading price of our ordinary shares. Additionally, ineffective internal control over financial reporting could expose us to increased
risk of fraud or misuse of corporate assets and subject us to potential delisting from the stock exchange on which we list, regulatory
investigations and civil or criminal sanctions. We may also be required to restate our financial statements from prior periods, which
would further damage our reputation and likely adversely impact our share price.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>As
a foreign private issuer, we are subject to different U.S. securities laws and NYSE American governance standards than domestic U.S.
issuers. This may afford less protection to holders of our ordinary shares, and you may not receive corporate and company information
and disclosure that you are accustomed to receiving or in a manner in which you are accustomed to receiving it.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a &#8220;foreign private issuer&#8221; for U.S. securities laws purposes, the rules governing the information that we will be required
to disclose differ materially from those governing U.S. corporations pursuant to the Securities Exchange Act of 1934, as amended (the
&#8220;Exchange Act&#8221;). The periodic disclosure required of foreign private issuers is more limited than that required of domestic
U.S. issuers and there may therefore be less publicly available information about us than is regularly published by or about U.S. public
companies. For example, we are not required to file quarterly reports on Form 10-Q or provide current reports on Form 8-K disclosing
significant events within four days of their occurrence and our quarterly (should we provide them) or current reports may contain less
or different information than required under U.S. filings. In addition, as a foreign private issuer, we are exempt from the proxy rules
under Section 14 of the Exchange Act, and proxy statements that we distribute are not subject to review by the SEC. Our exemption from
Section 16 rules under the Exchange Act regarding sales of ordinary shares by our insiders means that you will have less data in this
regard than shareholders of U.S. companies that are subject to the Exchange Act. As a result, you may not have all the data that you
are accustomed to having when making investment decisions. Also, our officers, directors and principal shareholders are exempt from the
reporting and &#8220;short-swing&#8221; profit recovery provisions of Section 16 of the Exchange Act and the rules thereunder with respect
to their purchases and sales of our ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Moreover,
as a foreign private issuer, we are exempt from complying with certain corporate governance requirements of the NYSE American applicable
to a U.S. issuer, including the requirement that a majority of our board of directors consist of independent directors. For example,
we follow Cayman Islands law with respect to the requirements for meetings of our shareholders, which are different from the requirements
of the NYSE American. Additionally, in January 2022 in connection with our financing with L1 Capital, we formally adopted home country
practice and thereby opted out of the NYSE American rule that would otherwise require shareholder approval should we issue more than
19.99% of our then outstanding ordinary shares in a financing that is not a &#8220;public offering&#8221; at less than the then current
market value; and in December 2023, we adopted home country practice and opted out of the NYSE American rule that would otherwise require
each issuer listing common stock or voting preferred stock, and/or their equivalents, to hold an annual meeting of shareholders no later
than one year after the end of the issuer&#8217;s fiscal year. As the corporate governance standards applicable to us are different than
those applicable to domestic U.S. issuers, you may not have the same protections afforded under U.S. law and the NYSE American rules
as shareholders of companies that do not have such exemptions.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Other
future issuances and sales of additional ordinary shares could cause dilution of ownership interests and adversely affect our share price.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beyond
our ATM financing with the Sales Agent, we may choose to raise additional capital due to market conditions or strategic considerations
even if we believe we have sufficient funds for our current or future operating plans. To the extent that additional capital is raised
through the sale of equity or convertible debt securities, the issuance of these securities could result in further dilution to our stockholders
or result in downward pressure on the price of our ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Shares
eligible for future, including as a result of our financing with the Sales Agent, sale may depress our stock price.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of April 23, 2024, we had 10,202,694 ordinary shares outstanding, 5,464,402 of which were held by our officers, directors and affiliates.
In addition, 200,000 ordinary shares are subject to outstanding options granted under certain stock option agreements entered into with
our management team. All of the ordinary shares held by affiliates (notably Maderic, which is controlled by our Chairman) are restricted
or control securities under Rule 144 promulgated under the Securities Act. Our affiliates may, subject to compliance with applicable
law, choose to sell ordinary shares held by them. Sales of these ordinary shares under Rule 144 or another exemption under the Securities
Act or pursuant to a registration statement could have a material adverse effect on the price of the ordinary shares and could impair
our ability to raise additional capital through the sale of equity securities.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 22, 2022, we entered into an At The Market Offering Agreement (the &#8220;ATM Agreement&#8221;) with the Sales Agent, pursuant to
which we may offer and sell, from time to time, to or through the Sales Agent, ordinary shares (the &#8220;ATM Shares&#8221;) having
an aggregate gross offering price of up to $20,000,000. Under the ATM Agreement, the ATM Shares, if offered and sold by us, will be offered
and sold pursuant to a prospectus dated February 16, 2021 and a prospectus supplement, dated July 22, 2022, that form a part of our shelf
registration statement on Form F-3 (File No. 333-252520), which registration statement was declared effective by the SEC on February
16, 2021 (&#8220;Prior Registration Statement&#8221;). On August 25, 2022, we sold 177,763 ATM Shares at $10.7407 per share for net proceeds
(after Sales Agent commissions) of $1,801,193. On August 25, 2022, we sold an additional 280,612 ATM Shares at $10.1090 per share for
net proceeds (after Sales Agent commissions) of $2,750,449. As of December 31, 2023, there are no ATM Shares sold under the ATM Agreement.
On March 22, 2024, we filed a new shelf registration statement on Form F-3 (the &#8220;New F-3 Registration Statement&#8221;, File No.
333-278175), which includes a Prospectus Supplement and a base prospectus supplemented by the Prospectus Supplement, covering (i) the
offering, issuance and sale by us of up to a maximum aggregate offering price of $50,000,000 of our ordinary shares, preferred shares,
warrants, debt securities, rights, depositary shares, and/or units from time to time in one or more offerings, and (ii) up to a maximum
aggregate offering price of $4,267,622 of our ordinary shares that may be issued and sold from time to time under the ATM Agreement,
as amended by the First Amendment to the ATM Agreement (&#8220;ATM Amendment No.1&#8221;) on March 22, 2024, with Sales Agent. We are
not permitted to sell any ATM Shares prior to the effectiveness of the New F-3 Registration Statement. As of the date of this report,
the New F-3 Registration Statement has not been declared effective. The sales of such ATM Shares could also have a material adverse
effect on the price of our ordinary shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>We
may issue preferred shares with greater rights than our ordinary shares.</i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
amended articles of association authorize our board of directors to issue one or more series of preferred shares and set the terms of
the preferred shares without seeking any further approval from our shareholders. Any preferred shares that are issued may rank ahead
of our ordinary shares, in terms of dividends, liquidation rights and voting rights.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>If
securities or industry analysts do not publish or cease publishing research reports about us, if they adversely change their recommendations
regarding our ordinary shares or if our operating results do not meet their expectations, the price of our ordinary shares could decline.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
trading market for our ordinary shares will be influenced by the research and reports that industry or securities analysts may publish
about us, our business, our market or our competitors. Securities and industry analysts currently publish limited research on us. If
there is limited or no securities or industry analyst coverage of our company, the market price and trading volume of our ordinary shares
would likely be negatively impacted. Moreover, if any of the analysts who may cover us downgrade our ordinary shares, provide more favorable
relative recommendations about our competitors or if our operating results or prospects do not meet their expectations, the market price
of our ordinary shares could decline. If any of the analysts who may cover us were to cease coverage or fail to regularly publish reports
on us, we could lose visibility in the financial markets, which in turn could cause our share price or trading volume to decline.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>As
an &#8220;emerging growth company&#8221; under the JOBS Act, we are allowed to postpone the date by which we must comply with some of
the laws and regulations intended to protect investors and to reduce the amount of information we provide in our reports filed with the
SEC, which could undermine investor confidence in our company and adversely affect the market price of our ordinary shares.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
so long as we remain an &#8220;emerging growth company&#8221; as defined in the JOBS Act, we intend to take advantage of certain exemptions
from various requirements that are applicable to public companies that are not &#8220;emerging growth companies&#8221; including:</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not being required to comply
    with the auditor attestation requirements for the assessment of our internal control over financial reporting provided by Section
    404 of the Sarbanes-Oxley Act of 2002;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not being required to comply
    with any requirements adopted by the Public Company Accounting Oversight Board requiring mandatory audit firm rotation or a supplement
    to the auditor&#8217;s report in which the auditor would be required to provide additional information about the audit and our financial
    statements;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Reduced disclosure obligations
    regarding executive compensation; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not being required to hold
    a nonbinding advisory vote on executive compensation or seek shareholder approval of any golden parachute payments not previously
    approved.</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
intend to take advantage of these exemptions until we are no longer an &#8220;emerging growth company.&#8221; We will remain an emerging
growth company until the earlier of: (1) the last day of the fiscal year (a) following the fifth anniversary of the completion of our
initial public offering, (b) in which we have total annual gross revenue of at least $1.235 billion, or (c) in which we are deemed to
be a large accelerated filer, which means the market value of our ordinary shares that is held by non-affiliates exceeds $700 million
as of the prior June 30, and (2) the date on which we have issued more than $1 billion in non-convertible debt during the prior three-year
period.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Because
the likelihood of paying cash dividends on our ordinary shares is remote at this time, investors must look solely to appreciation of
our ordinary shares in the market to realize a gain on their investments.</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not know when or if we will pay dividends to our shareholders, and the likelihood that we will be paying dividends on our ordinary
is remote at this time. We currently intend to retain future earnings, if any, to finance the expansion of our business. Our future dividend
policy is within the discretion of our board of directors and will depend upon various factors, including our business, financial condition,
results of operations, capital requirements and investment opportunities. Accordingly, investors must look solely to appreciation of
our ordinary shares in the market to realize a gain on their investment. This appreciation may not occur.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_034"></span>ITEM
4. INFORMATION ON THE COMPANY</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Overview
and History and Development of the Company</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indonesia
Energy Corporation Limited is an oil and gas exploration and production company focused on Indonesia. Alongside operational excellence,
we believe we have set the highest standards for ethics, safety and corporate social responsibility practices to ensure that we add value
to society. Led by a professional management team with extensive oil and gas experience, we seek to bring forth the best of our expertise
to ensure the sustainable development of a profitable and integrated energy exploration and production business model.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently have rights through contracts with the Government to one oil and gas producing block (Kruh Block) and one oil and gas exploration
block (Citarum Block). We may seek to acquire or otherwise obtain rights to additional oil and gas producing assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
produce oil through PT Green World Nusantara (&#8220;GWN&#8221;), our indirect wholly-owned subsidiary which operates the Kruh Block
under an agreement with PT Pertamina (Persero), the Indonesian state-owned oil and gas company (&#8220;Pertamina&#8221;). Our operatorship
Kruh Block previously ran until May 2030 under a ten-year Operations Cooperation Agreement, known as Joint Operation Partnership (the
&#8220;KSO&#8221;), between GWN and Pertamina. Kruh Block covers an area of 258 km2 (63,753 acres) and is located onshore 16 miles northwest
of Pendopo, Pali, South Sumatra. In December 2022, we started our negotiations with Pertamina for a five-year extension of our contract
for Kruh Block. Effective on August 9, 2023, GWN and Pertamina executed an amendment to the KSO (the &#8220;Amended KSO&#8221;) that
moved the expiration date of our operatorship of Kruh Block to September 2035. This extension effectively gives us 13 years to fully
develop the existing 3 oil fields, and 5 other undeveloped oil and gas bearing structures at Kruh Block. Further, the Amended KSO increases
our after-tax profit split from 15% to 35%, for an increase of more than 100%, and increases cost recovery cap from 80% to 100%.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
mission is to efficiently manage targeted profitable energy resources in Indonesia. Our vision is to be a leading company in the Indonesian
oil and gas industry for maximizing hydrocarbon recovery with the minimum environmental and social impact possible.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
were incorporated on April 24, 2018 as an exempted company with limited liability under the laws of the Cayman Islands and are a holding
company for WJ Energy Group Limited (or WJ Energy), which in turn owns our Indonesian holding and operating subsidiaries.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Indonesia&#8217;s
Oil and Gas Industry and Economic Information</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 35.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
largest economy in Southeast Asia, Indonesia (located between the Indian and Pacific oceans and bordered by Malaysia, Singapore, East
Timor and Papua New Guinea) has charted impressive economic growth since overcoming the Asian financial crisis of the late 1990s. According
to the Word Bank, Indonesia experienced resilient growth of 5.0 percent in 2023 with inflation on a declining trend and a stable currency,
with growth expected to be maintained on average at 4.9 percent over the medium term between 2024 and 2026. Indonesia has the world&#8217;s
7<sup>th</sup> largest economy, is a member of the G-20 and is the world&#8217;s fourth most populous nation with an estimated 2023 population
of over 279 million according to the Central Intelligence Agency&#8217;s World Factbook. Indonesia also has a prominent presence in other
commodities markets such as thermal coal, copper, gold and tin, with Indonesia being the world&#8217;s second largest tin producer and
largest tin exporter, as well as in the agriculture industry as a producer of rice, palm oil, coffee, medicinal plants, spices and rubber
according to the Indonesia Commodity &amp; Derivatives Exchange and the World Factbook.</span></p>

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Indonesian oil and gas industry is among the oldest in the world. Indonesia has been active in the oil and gas sector for over 130 years
after its first oil discovery in North Sumatra in 1885. The major international energy companies began their significant exploration
and development operations in the mid-20<sup>th</sup> century. According to the Special Taskforce for Upstream Oil and Gas Business Activities
(SKK Migas - Satuan Kerja Khusus Pelaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi) Company Profile 2023, Indonesia held proven oil reserves
of 4.17 billion barrels in July 2023. According to its public filings, Chevron has been very active in Indonesia for over 50 years. Chevron
has produced a very large amount of oil &#8212; 12 billion barrels &#8212; over this period with billions of those barrels having been
produced in Sumatra (the location of our Kruh Block, as described below. The following map shows the area in which international major
companies operate within Indonesia:</span></p>

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following map shows the area in which international major companies operate within Indonesia:</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img src="form20-f_001.jpg" alt=""/></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Source:
Indonesia Energy Corporation Limited</span></p>

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early entry into the energy industry helped the country become a global pioneer in developing a legal, commercial and financial framework
to support a very stable, growing industry that encouraged the hundreds of billions of dollars made in investment. The Indonesian energy
industry was the model of the global industry, having been the founder of the model form of PSC which is still used around the world
as a preferred contract form; and this is the form of contract under which we operate our Citarum Block, as described below.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indonesia&#8217;s
oil and gas sector is governed by Law No. 22 of 2001 regarding Oil and Gas (November 22, 2001) as amended by Law 6/2023 (or the Oil and
Gas Law). The Government retains mineral rights throughout Indonesian territory and the government controls the state mining authority.
The oil and gas sector is comprised of upstream (namely exploration and production) and downstream activities (namely refining and processing),
which are separately regulated and organized. The upstream sector is managed and supervised by SKK Migas. Private companies earn the
right to explore and exploit oil and gas resources by entering into cooperation contracts, mainly based upon a production sharing scheme,
with the government through SKK Migas, thus acting as a contractor to SKK Migas. One entity can hold only one PSC, and a PSC is normally
granted for 30 years, typically comprising six plus four years of exploration and 20 years of exploitation.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
oil and gas industry, however, both in Indonesia and globally, has experienced significant volatility in the last four years. Global
geopolitical and economic considerations play a significant role in driving the sensitivity of oil prices. From its peak in mid-2014
(US$105.72 per barrel), the Indonesia Crude Price (the &#8220;ICP&#8221;) for the type of crude oil we produce collapsed to an average
price of US$37.58 per barrel for the year ended December 31, 2020 due to COVID-19 but rose again to reach a yearly average price of US$96.94
per barrel in 2022, 45% higher than 2021 yearly average price of US$67.02 per barrel. For the year ended December 31, 2023, the average
Indonesia Crude Price was US$77.61 per barrel. According to the International Energy Agency (&#8220;IEA&#8221;) December 2023 Oil Market
Report, world oil demand is on track to rise 2.3 mb/d to 101.7 mb/d in 2023, but this masks the impact of a further weakening of the
macroeconomic climate. Global 4Q23 demand growth has been revised down by almost 400 kb/d, with Europe making up more than half the decline.
The slowdown is set to continue in 2024, with global gains halving to 1.1 mb/d, as GDP growth stays below trend in major economies.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
the decline of oil price at over $100 in July 2022, Brent oil price remains relatively stable around $80 except for a spike
of $93.72 in September 2023 when Saudi Arabia and Russia decided to extend the output cut of 1.3 mb/d. The average ICP in 2022 was $96.94
while the average ICP in 2023 was $77.61. Although the regional conflicts of the ongoing Russia-Ukraine war and Israel-Hamas war may
potentially result in an oil price exceeding $100, we expect the oil price is likely to remain around $80 per barrel in 2024 and 2025
because of the relatively balanced supply and demand.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
problem of a lack of new reserve discoveries and reserve depletion still remains, resulting in a decline in the contribution to state
revenue from the Indonesian oil and gas sector. According to an article titled &#8220;Oil and Gas in Indonesia: Investment and Taxation
Guide 2023&#8221; released on pwc.com, in 2022, investment in the oil and gas industry in Indonesia increased to $12.3 billion for the
upstream sector, or 93% of the $13.2 billion target. On a gas reserve basis, as stated in the BP Statistical Review of World Energy 2021
(or the BP 2021 Report), Indonesia ranks 20<sup>th</sup> in the world and the 4<sup>th</sup> in the Asia-Pacific region, following China,
Australia and India.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to the Directorate General of Oil and Gas (&#8220;DGOG&#8221;), in 2022, investment of US$12.33 billion has been realized in upstream
activities in Indonesia. The SKK Migas company profile report recorded that at the end of July 2023, Indonesia had a total of 171 Contract
Areas, comprising 103 Contract Areas in production stage and the remaining 68 in the exploration stage. SKK Migas Annual Report also
reported that total investment in 2022 was US$ 12.11 billion, reflecting an increase of 11% from 2021. This growth rate surpassed the
average increase in global investment of only 5%. Apart from the gradual recovery of the worldwide economy, the rise in investment can
also be attributed to several incentives provided by the Government of the Republic of Indonesia to the upstream oil and gas industry
to maintain project economics and increase production. The gross split scheme allocates oil and gas production to contracting parties
based on gross production, whereas in cost recovery, oil and gas production was shared between the government and contractors after deducting
the production costs. The government remains keen to attract more foreign investment into the domestic oil and gas industry due to insufficient
production against rising demand.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
further improve the oil and gas investment and to reverse the current trend in production, in 2021, the Government offered a stimulus
package which provides fiscal incentives for the upstream oil production sector including, among others, an exemption to allow PSC contractors
to offer discounts to buyers (known as &#8220;offtakers&#8221;) who agree to buy all or a portion of the future production for the oil
quantities taken in excess of the offtakers&#8217; &#8220;take or pay&#8221; arrangement (under which an offtaker takes an agreed-upon
amount of oil on a certain date or pays a set fee if it does not) and a reduction of up to 100% of indirect taxes. Additionally, the
Government also provided contractors with the flexibility to choose between the cost recovery PSC and the gross split PSC, discontinued
the previous requirement of mandatory relinquishment by the third contract year, granted access to data in the Migas Data Repository
and offered additional tax incentives to contractors.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According
to the BP 2023 Report, Indonesia&#8217;s oil consumption in 2022 reached 1.59 million barrels per day, 40.6% of which was met by domestic
production. The MEMR specified that Indonesia exported 15.49 million barrels of oil and imported 104.72 million barrels of oil in 2022.
SKK Migas recorded Thailand and Australia as the top two countries Indonesia exported oil and condensate to in 2022, at 11,818 million
barrels and 1,473 million barrels, respectively.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Further,
we believe that Indonesia&#8217;s expanding economy, in combination with the government&#8217;s intention to lower reliance on coal as
a source for energy supply in industries, power generation and transportation, will cause Indonesian domestic demand for gas to rise
in the future. Indonesia&#8217;s power infrastructure needs substantial investment if it is not to inhibit Indonesia&#8217;s economic
growth. According to the MEMR 2022 Report, generating capacity at the end of 2022 was standing at around 83.8 gigawatts or an increase
of 12.5% compared to 74.5 gigawatts generating capacity in 2021.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">According to Indonesia Energy Outlook 202<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3,
a report published by the Secretariate General of The National Energy Council, in the next ten years from 2023 to 2033, Indonesia&#8217;s
final energy demand is projected to grow 4.6% in average, natural gas consumption average growth rate is estimated at 3.2%, and total
electricity demand is expected to increase 53% by 2033</span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In terms of gas distribution, Indonesia still lacks an extensive gas pipeline network because the major gas reserves
are located away from the demand centers due to the particular territorial composition of the archipelagic state of Indonesia. Indonesian
gas pipeline networks have been developed based on business projects; thus, they are composed of a number of fragmented systems. The developed
gas networks are located mostly near consumer centers. Total gas transmission and distribution pipeline infrastructure in 2023 was 22,478.62
km which is 4.97% higher compared to 2022 with an additional of 1,064.68 km pipeline length. Based on the total pipe length achieved in
2023, the medium- and long-term target in 2024 of 17,300 km has been exceeded according to Oil and Gas Downstream Regulatory Agency (BPH
MIGAS) 2023 Performance Report.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
West Java, where the Citarum Block is located, the total natural gas demand is expected to increase significantly from 2,521 MMSCFD in
2020 to 3,032 MMSCFD by 2035 according to <i>Petromindo</i>, an Indonesian petroleum, mining and energy news outlet. This will require
additional gas supply of 603 MMSCFD in 2020 and 1,836 MMSCFD in 2028 including import. Being relatively low-carbon compared to coal,
as well as being medium-cost, gas is likely to remain a favored fuel for at least the next decade, especially given Indonesia&#8217;s
extensive gas reserves. Moreover, energy demand in Indonesia is expected to increase as Indonesia&#8217;s economy and population grow.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Opportunity</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beginning
in 2014, our management team identified a significant opportunity in the Indonesian oil and gas industry through the acquisition of medium-sized
producing and exploration blocks. In general terms, our goal was to identify assets with the highest potential for profitable oil and
gas operations. As described further below, we believe that our two current assets &#8212; Kruh and Citarum &#8212; represent just these
types of assets.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe these medium-sized blocks were available for two main reasons: (i) a general lack of investment in the industry by smaller companies
such as ours and (ii) the fact that these blocks are overlooked by the major oil and gas exploration companies; many of which operate
within Indonesia.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fundamentals for the lack of investment in our target sector are the industry&#8217;s intensive capital requirements and high barriers
to entry, including high startup costs, high fixed operating costs, technology, expertise and strict government regulations. We have
and will continue to seek to overcome this through the careful deployment of investor capital as well as cash from our producing operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 40.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, the medium-sized blocks we target are overlooked by the larger competitors because their asset selection is subject to a higher
threshold criterion in terms of reserve size and upside potential to justify the deployment of their human resources and capital. This
means that a very small company is not capable of operating these blocks, a new investor is unlikely to enter this sector and the major
producers are competing for the larger assets.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
scenario creates our corporate opportunity: the availability of overlooked assets including producing and exploration projects with untapped
potential resources in Indonesia that creates the potential to both generate economic profit and expand our operations in the years to
come.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
important fact is that, since we started our operations in 2014, the natural resources industry has gone through a dramatic change due
to oil price volatility. The challenges imposed by low oil prices during this period created an incentive for us to operate efficiently
by driving our business to make the most use of the resources available within our organization to lower costs and improve operational
productivity. More recently, with an improvement in oil prices, we believe are in a good position to take advantage of our lower producing
costs.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Asset
Portfolio Management</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
asset portfolio target is to establish an optimum mix between medium-sized producing blocks and exploration blocks with significant potential
resources. We believe that the implementation of this diversification technique provides our company the ability to invest in exploration
assets with substantial upside potential, while also protecting our investments via cash flow producing assets.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
consider a producing block an oil and gas asset that produces cash flow or has the potential to produce positive cash flows in a short-term
period. An exploration block refers to an oil and gas block that requires a discovery to prove the resources and, once these resources
are proven, such project can generate multiple returns on capital.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
portfolio management approach requires us to acquire assets with different contracting structures and maturity stage plays. Another key
factor is that we believe the diversification provided by our asset portfolio gives us the ability to better face the challenges posed
by the industry, such as uncertainties in macroeconomic factors, commodity price volatility and the overall future state of the oil and
gas industry.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe this strategy also allows us to maintain a sustainable oil and gas production business (a so-called &#8220;upstream&#8221; business)
by holding a portfolio of production, development and exploration licenses supported by a targeted production level. We believe that,
in the long-term, this should allow us to generate excess returns on investment along with reducing risk exposure.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Assets</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently hold two oil and gas assets through our operating subsidiaries in Indonesia: one producing block (the Kruh Block) and one exploration
block (the Citarum Block). We also have identified a potential third exploration block (the Rangkas Area).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Kruh
Block</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 35.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
acquired rights to the Kruh Block in 2014 and started its operations in November 2014 through our Indonesian subsidiary PT Green World
Nusantara (or GWN). Kruh Block operated under a Technical Assistance Contract (or TAC) with Pertamina, until May 2020 and the operatorship
of Kruh Block shall continue as a Joint Operation Partnership (or KSO) from May 2020 until September 2035 after the extension. This block
covers an area of 258 km<sup>2</sup> (63,753 acres) and is located 16 miles northwest of Pendopo, Pali, South Sumatra. This block produced
an average of about 6,044 barrels of oil per month in 2020, about 5,053 barrels oil per month in 2021, about 5,206 barrels oil per month
in 2022, and about 4,885 barrels oil per month in 2023. Out of the total eight proved and potentially oil bearing structures in the block,
three structures (North Kruh, Kruh and West Kruh fields) have combined proved developed and undeveloped gross crude oil reserves of 3.14
million barrels (net crude oil proved reserves of 2.33 million barrels) and probable undeveloped gross crude oil reserves of 3.17 million
barrels as of December 31, 2023 determined on a September 2035 contract expiration date. In December 2022, we started our negotiations
with Pertamina for a five-year extension of our contract for Kruh Block. Effective on August 9, 2023, GWN and Pertamina executed an amendment
to the KSO (the &#8220;Amended KSO&#8221;) that moved the expiration date of our operatorship of Kruh Block to September 2035. This extension
effectively gives us 13 years to fully develop the existing 3 oil fields, and 5 other undeveloped oil and gas bearing structures at Kruh
Block. Further, the Amended KSO increases our after-tax profit split from 15% to 35%, for an increase of more than 100%, and increases
cost recovery cap from 80% to 100%. We received Pertamina&#8217;s signature to the Amended KSO in early September 2023. The additional
5 years production and higher profit split lead to a significant increase of proved and probable reserves from 2.06 and 2.44 million
barrels, respectively, as of December 31, 2022 to 3.14 and 3.17 million barrels, respectively, as of December 31, 2023. Due to the lengthy
negotiations with the Government on the contract amendment, the seismic program was rescheduled from 2023 to 2024. The new drilling program
after the completion of 3D seismic program is expected to increase the proved reserves and probable reserves.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 35.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Probable
reserves are those additional reserves that are less certain to be recovered than proved reserves but which, together with proved reserves,
are as likely as not to be recovered. While proved undeveloped reserves include locations directly offsetting development spacing areas,
probable reserves are locations directly offsetting proved reserves areas and where data control or interpretations of available data
are less certain. There should be at least a 50% probability that the actual quantities recovered will equal or exceed the proved plus
probable reserves estimates. The estimate of probable reserves is more uncertain than proved reserves and has not been adjusted for risk
due to the uncertainty. Therefore, estimates of proved and probable reserves may not be comparable with each other and should not be
summed arithmetically.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
estimate of the proved reserves for the Kruh Block was prepared by representatives of our company (a team consisting of engineering,
geological and geophysical staff) based on the definitions and disclosure guidelines of the SEC contained in Title 17, Code of Federal
Regulations, Modernization of Oil and Gas Reporting, Final Rule released January 14, 2009 in the Federal Register. Our proved oil reserves
have not been estimated or reviewed by independent petroleum engineers.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following map shows the Kruh Block and its producing fields:</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img src="form20-f_003.jpg" alt=""/></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
two main objectives in acquiring Kruh Block was to initiate our operations with a cash producing asset and for our legal entity to earn
the required experience to participate in bids and direct tenders with the Government.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
selected Kruh based on certain criteria according to our strategy: (i) selecting an area with proven hydrocarbons; (ii) finding a currently
producing structure which is not overdeveloped; and (iii) operating an asset located in the western part of Indonesia.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant to the Kruh TAC, our subsidiary GWN was a contractor with the
rights to operate in the Kruh area with an economic interest in the development of the petroleum deposits within the block until May 2020.
The contract was based on a &#8220;cost recovery&#8221; system, meaning that all operating costs (expenditures made and obligations incurred
in the exploration, development, extraction, production, transportation, marketing, abandonment and site restoration) were advanced by
GWN and later repaid to GWN by Pertamina. Pursuant to the Kruh TAC, all the oil produced in Kruh Block was delivered to Pertamina and,
subsequently, GWN recovered the operating costs through the proceeds of the sale of the crude oil produced in the block in a monthly basis,
but capped at 65% of such monthly proceeds. GWN was also entitled to an additional 26.7857% of the remaining proceeds from the sale of
the crude oil after monthly cost recovery repayment as part of the profit sharing. Together with our share split, our net revenue income
was around 74% of the total production times the ICP. On a monthly basis, we submitted to Pertamina an Entitlement Calculation Statement
(ECS) stating the amount of money that we were entitled to base on the oil lifting, ICP, cost recovery and profit sharing of the respective
month. In connection with our acquisition (by which we mean our entry into the TAC) of Kruh Block, approximately $15 million of the acquisition
costs were carried to our financial statements from the previous contractor. The cost recovery scheme is illustrated and described in
&#8220;&#8212;Legal Framework for the Oil and Gas Industry in Indonesia&#8221; below. Since our recoverable cost balance will not be fully
recovered up to the expiry of the contract, our net income is not subject to any tax whatsoever.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Historically,
the cooperation agreement between Pertamina and its contractors were established via a TAC, but after the regulatory reform in the early
2000&#8217;s and the reorganization of Pertamina, the contractual relationship between Pertamina and its partners was changed into KSO.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 22, 2020, we commenced the continuation of our operatorship of Kruh Block under a KSO contract that has a term until May 2030, which
was extended to 2035. In essence, the TAC and KSO are very similar in nature due to its &#8220;cost recovery&#8221; system, with a few
important differences to note. The main differences between both contracts are that: (1) in the TAC, all oil produced is shareable between
Pertamina and its contractor, while in the KSO, a Non-Shareable Oil (NSO) production is determined and agreed between Pertamina and its
partners so that the baseline production, with an established decline rate, belongs entirely to Pertamina, so that the partners&#8217;
revenue and production sharing portion shall be determined only from the production above the NSO baseline; (2) in the TAC, the cost
recovery was capped at 65% of the proceeds from the sale of the oil produced in the block, while in the KSO, the
cost recovery is capped at 80% of the proceeds from the sale of the oil produced within Kruh Block for the cost incurred during the term
under the KSO plus 80% of the operating cost per bbl multiplying non-shareable oil (NSO). Also, similar to the TAC contract, under the
KSO terms, we have committed to a 3 years&#8217; work program to drill additional wells and perform exploration activities such as 2D
and 3D seismic within the Kruh Block. If we fail to fulfill our obligations, including the performance of the work program commitment,
Pertamina will have the right to terminate our KSO contract and our bank guarantee shall be deemed forfeited. As of December 2022, we
have fulfilled the obligation of drilling commitment specified in the KSO contract.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 35.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2022, we started our negotiations with Pertamina for a five-year extension of our contract for Kruh Block. Effective on August
9, 2023, GWN and Pertamina executed an amendment to the KSO (the &#8220;Amended KSO&#8221;) that moved the expiration date of our operatorship
of Kruh Block to September 15, 2035. This extension effectively gives us 13 years to fully develop the existing 3 oil fields, and 5 other
undeveloped oil and gas bearing structures at Kruh Block. Further, the Amended KSO increases our after-tax profit split from the 15%
to 35%, for an increase of more than 100%, and increases cost recovery cap from 80% to 100%. We received Pertamina&#8217;s signature
to the Amended KSO in early September 2023. To maximize the benefits from the amended KSO contract, we have rescheduled the 2023 seismic
program to 2024 when the amended contract went effective. We will resume drilling program after the 3D seismic program and evaluation
is completed, subject to the availability of funding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 35.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 35.45pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
respect to our drilling program at Kruh Block, in March 2021 we announced our plan to drill a total of 5 wells in 2021, 6 wells in
2022 and 7 wells in 2023, for a total of 18 new wells on Kruh Block. Due to delays in the Government permitting process and COVID-19
related delays experienced during 2021 and 2022, our overall drilling program for Kruh Block has similarly been delayed. We continue
to plan on drilling a total of 18 new wells at Kruh Block, and current estimation is that this will be completed by the end of 2029
(we previously estimated that this goal would be completed earlier, but as discussed elsewhere in this report, we have experienced
delays in our exploration and drilling programs). Four of these 18 new Kruh Block wells have already been completed as of the date
of this report. We expect to finance additional exploration and drilling activities through short-term and long-term borrowings from
third parties or related parties as well as further use of our ATM.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 35.45pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 35.45pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
commenced the drilling of a well named &#8220;K-25&#8221; at Kruh Block on April 21, 2021 and another well named &#8220;K-26&#8221; at
Kruh Block on August 22, 2021. As a result of our successful drilling program at K-26, our production rate increased by over 50% from
approximately 160 barrels of oil per day during the first 10 months of 2021 to approximately 245 barrels of oil per day as of late December
2021. On April 7, 2022, we spudded the K-27 well and reached the total depth of 3,359 feet on May 9, 2022. In December 2022, a hydraulic
fracturing stimulation was conducted at the K-27 well. The well is currently producing 38 BOPD. <span style="background-color: white">The
fourth of the 18 new well program, K-28, was spudded on June 22, 2022 and reached the total depth of 3,359 feet on July 14, 2022. Due
to the unexpected large amount of gas was encountered causing well bore instability, we side-tracked the K-28 well at 1,230 feet on September
4, 2022 and the K-28ST well, the side-tracked portion of the K-28 well, reached a total depth of 3,475 feet on September 16, 2022. In
addition to the proved oil-bearing Lamat B sand, several other potential oil and gas bearing reservoirs were encountered. We plan to
complete the testing of K-28ST well in the first half of 2024.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 35.45pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">When
we acquired the Kruh Block in 2014, it had seven producing wells in 2014 and produced 200 barrels of oil per day (BOPD) with an average
cost of production per barrel of US$60.25, while 90% of the production relied on only one well, K-20.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
development plan for the Kruh Block was to increase the production by drilling proved undeveloped (PUD) wells which we considered a low
risk investment due to the higher probability of these wells to produce commercial levels of oil compared to drilling wells with unproved
reserves. Finding ways to increase the production is particularly important in maturing fields as producing volumes inevitably decline
due to the normal decline rate of production in these fields. In financial terms, our target was to produce the highest cash inflow within
the remaining period of the contract.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
this target in mind, following execution of Kruh TAC we started to collect data through a passive seismic survey in 80 locations and
by reactivating an old well (K-19) to obtain additional geological information. After seismic data re-interpretation and modelling, we
initiated our drilling campaign for 2 wells, K-21 and K-22.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
October 2015, we started drilling K-21 with a targeted depth of 3,418 feet that resulted in a daily production of only 45 BOPD due to
a permeability and tortuosity (a measure of how convoluted a well is) issues.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
November 2015, we started drilling K-22 with a targeted depth of 4,600 feet which resulted in a 30 BOPD due to the same permeability
and tortuosity issue discovered in K-21.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the beginning of 2016, we focused on finding solutions to increase the production in K-21 and K-22. From February to May, we performed
an acidizing and sand fracturing operation to bypass the challenges in production efficiency that affected the wells K-21 and K-22. This
resulted in a multiple production gain in both K-21 and K-22, increasing the production of these wells to 95 BOPD and 98 BOPD, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
2016, oil price crisis hit its bottom with an ICP of only $25.83 in the month of January. As a result of this low price, our operations
went through a cost analysis procedure in order to determine the economic limit of each of our producing wells by identifying their respective
direct production cost. Accordingly, we closed a total of 6 wells that were producing less than 10 BOPD that year. We were required to
find solutions to enhance our operating margins in a tough oil price environment, so we discontinued operations of 6 out of the 9 wells
we had at that time.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
such, 2016 represented our effort to consolidate our operations in terms of efficiency that resulted in the reduction of operating costs,
allowing our company to go through the crude oil price turmoil. The cost reduction and efficiency measures taken include (i) setting
an economic limit for each operating well and closing wells that has exceeded $40 per barrel production cost; (ii) increased production
from the remaining wells through stimulation activities; (iii) renegotiating contracts with service providers; (iv) establishing a fuel
utilization plan that allowed us to use the gas produced from our wells as engine fuel and (v) optimized surface facilities equipment
and system.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
May 2017, we drilled our third development well (K-23) with a cost of approximately US$ 1.5 million in Kruh Block with total depth of
3,315 feet that resulted in a production of 30 BOPD due to same issues encountered in K-21 and K-22, permeability and tortuosity issues.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
October 2017, a stimulation operation of sand fracturing by Halliburton was performed in two wells, K-21 and K-23, in order to improve
the flow of hydrocarbons into these wells. Following completion, the production of K-23 was increased from 30 BOPD to 170 BOPD and in
K-21 from 20 BOPD (production in K-21 declined back to 20 BOPD due to increase in the water cut from 2016 to 2017) to 95 BOPD. This stimulation
resulted in an increase of 3,844 barrels oil per month, resulting on our peak total production of more than 11,000 barrels oil per month
or 380 BOPD during the subsequent month.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">One
well service was completed in June 2018 for K-21 to restore the production by cleaning the well from the sand material that filled the
borehole carried by the formation fluid. No development wells were drilled in 2016 and 2018 and no exploratory wells were drilled by
our company up to date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
major activities in the Kruh field during 2018 were well services and necessary work for maintaining production. The work included well
cleaning and production string replacement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2018, we initiated a pilot project with the application of electrical stimulation oil recovery method (ESOR) for an attempt
of increasing the oil production in the Kruh field. The basic function of the ESOR process is to increase the mobility of the oil by
reducing its viscosity, which in turn helps move the oil toward producing wells. By inducing direct current power through existing oil
wells, the electric field drives the oil from the anode to the cathode, a process commonly referred to as electrokinetics. During the
trial period in 2019, we did not observe significant increases of production rate from the 4 producing wells. Therefore, we terminated
the pilot project in February 2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the period of our operatorship, we have incurred total expenditures of at least $15 million, including drilling costs of three wells.
We were able to produce oil from all three wells drilled during our operatorship, which represents a 100% drilling success ratio. We
also improved our water treatment system, installed a thermal oil heater to increase the speed in which the water is separated from the
oil, as Pertamina allows a maximum of 0.5% of water content in the oil transferred to them, and upgraded our power generating facilities
to gas fueled engines.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
2014, we have increased the gross production from 250 BOPD (gross) in early 2014 and reached a peak of 400 BOPD in 2018, which we achieved
by the drilling of three new wells and upgrade of the production facilities. Our production is our primary source of revenue. At a per
barrel crude price of US$61.89 (historical 12-month average price calculated as the average ICP for each month in 2019) and a production
of 7,582 barrels of oil per month, we were able to generate approximately US$470,000 per month of gross revenue from Kruh. We intend
to gradually increase production on the block over the next few years, with an anticipated nominal amount of additional capital expenditure
required.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
2019, Kruh Block produced an average of about 7,582 barrels per month (gross). This represented an average of 26.9% decline from the
4 producing wells. The two major producing wells K-22 and K-23 wells, however, only declined at 14.9% rate. During the period of December
2014 to December 2019, we have produced a total of 497,398 barrels of oil from the Kruh structure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
2020, Kruh Block produced an average of about 6,044 barrels per month (gross), slightly less than in 2019 due to an anticipated decline
of 20.3%. For the year ended December 31, 2020, we have produced a total of 72,524 barrels of oil from the Kruh structure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
2021, Kruh Block produced an average of about 5,053 barrels per month (gross), which is less than in 2020 due to further anticipated
decline of 16.4%. For the year ended December 31, 2021, we have produced a total of 60,637 barrels of oil from the Kruh structure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During 2022, we discovered two back-to-back discovery wells, K-27 and K-28
wells, at our 63,000-acre Kruh Block. The fourth well K-28 is still waiting for final flow test. For the year ended December 31, 2022,
we have produced a total of 62,467 barrels of oil from the Kruh structure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
2023, we concentrated on the negotiation of the 5 year contract extension for Kruh Block with the Government providing for a higher
profit split. To maximize the benefit from the amended contract terms, major work programs such as seismic acquisition and drilling
were rescheduled after the amended contract terms became effective. In the meantime, our operations team effectively managed the
reservoir and production to minimize the decline. As a result, we produced an average of about 4,885 barrels per month of oil in
2023 compared to about 5,206 barrels per month in 2022, a 6.1% annual decline.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Historically,
the average gross initial production of the 29 oil wells drilled in Kruh Block is 191 BOPD, with an average gross production of 173 BOPD
throughout the wells&#8217; first year of production, considering an exponential decline rate per year of 21%. The decline rate of 21%
was estimated based on the decline curve analysis of field-wide production history from 2017 to December 2019. Based on this data, a
well in Kruh Block would be expected to produce, on average, a total gross amount of approximately 63,112 bbls of crude oil in its first
year. Also, due to the successful stimulation and maintenance, wells K-22 and K-23 have significantly lower decline rate than 21%. Based
on the data above, the KSO cost recovery terms and using an average oil price of US$61.89 (the previous 12-months average monthly ICP
as of December 31, 2019), on average, a well would generate US$ 3.24 million net revenue in its first year (US$ 1.70 million in its first
6 months).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
October 2017, we formally started negotiations with Pertamina to obtain an extension for the operatorship of the Kruh Block after the
expiry of our term in May 2020 through a KSO contract with Pertamina. Through a performance appraisal, we successfully qualified to continue
the operatorship of Kruh Block. In October 2018, Pertamina has sent us the Direct Offering Invitation of Kruh Block attached with the
contract draft for 10 years continuing operatorship period. In July 2019, we received the award from Pertamina to operate the Kruh Block
for an additional 10 years under an extended KSO. The KSO contract was signed on July 26, 2019. Thus, the reserve estimation and economic
models assumptions, as of December 31, 2019 and 2018, consider that we have the operatorship of the Kruh Block until May 2030, as evidence
indicates that renewal is reasonably certain, based on SEC Regulation S-X &#167;210.4-10(a)(22) that defines proved oil and gas reserves.
In December 2022, we started our negotiations with Pertamina for a five-year extension of our contract for Kruh Block. Effective on August
9, 2023, GWN and Pertamina executed an Amended KSO that moved the expiration date of our operatorship of Kruh Block to September 2035.
This extension effectively gives us 13 years to fully develop the existing 3 oil fields, and 5 other undeveloped oil and gas bearing
structures at Kruh Block. Further, the Amended KSO increases our after-tax profit split from 15% to 35%, for an increase of more than
100%, and increases cost recovery cap from 80% to 100%. We received Pertamina&#8217;s signature to the Amended KSO in early September
2023.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">As
of December 31, 2023 and 2022, considering the operatorship of Kruh Block ending in September 2035, net proved reserves have a net ratio
of approximately 74.16% and 57.56% of total reserves, respectively. This net ratio calculation is based on our revenue entitlement, taking
into consideration the cost recovery balance estimations and profit sharing portions throughout the Kruh Block operatorship period. </span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">As
of December 31, 2017, with the Kruh Block operatorship ending in May 2020, the unrecovered expenditures on TAC operations of $20,258,361
would remain unrecovered up to the end of the TAC, hence our entitlement to 74.37% of the revenue from the sales of the crude oil produced
until the expiry of the TAC in May 2020 (65% of the proceeds from the sale of the crude oil produced as cost recovery plus 26.7857% profit
sharing portion of the remaining 35% of the proceeds from the sale of the crude oil), which resulted in a net proved reserves ratio of
74.37% of total reserves at that point in time. In contrast, as of December 31, 2023, with an extension of the Kruh Block operatorship
to September 2035 and with the cost recovery </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">cost recovery
cap increased from 80% to 100%.<span style="background-color: white">, we estimated that we would be entitled to approximately 74.16%
of the revenues from the sales of the crude oil produced throughout the operatorship in Kruh Block until September 2035, considering
the cost recovery balance estimations and profit sharing portions throughout the Kruh Block operatorship period, resulting on a net proved
reserves ratio of 74.16% of total reserves</span><span style="background-color: white">.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
the confirmation of the Kruh Block extension to September 2035, our board of directors approved a development plan for a drilling program
of 14 Proved Undeveloped Reserves (or PUD) wells at Kruh Block, according to the schedule we estimate below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Total gross PUD added</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">750,189</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">884,661</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Total net PUD added</td><td>&#160;</td>
    <td style="text-align: center">Bbls</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">656,094</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future
    wells costs are the estimated capital expenditures associated with the estimated new wells costs and do not include other capital
    expenditures such as production facilities.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
commenced new drilling operations in Kruh Block in March 2021, and new drilling of 4 wells were completed in 2021 and 2022. The fourth
well, K-28, is still waiting for final flow test.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2022, we announced that in order to maximize the potential of Kruh Block after several encouraging new oil discoveries made
during 2021 and 2022, our plan is to conduct significant new seismic operations across the entire Kruh Block. We believe that this
new work, together with what has been learned from recent oil and gas discoveries, will greatly assist us in ascertaining the best
locations conduct, conducting a continuous drilling campaign at Kruh Block that will look to develop not only the one oil formation
currently being targeted, but to look to develop what appears to be at least three additional oil formations that may contain
significant commercial quantities of oil and natural gas. Completion and full interpretation of this seismic operations is currently
expected to occur by the middle of 2024 (although it could take longer), after which we plan to re-start our continuous drilling
campaign at Kruh Block in 2026 and subject to the availability of funding. We continue to plan on drilling a total of 18 new wells at Kruh Block, and current estimation is that this
will be completed by the end of 2029 (we previously estimated that this goal would be completed earlier, but as discussed elsewhere
in this report, we have experienced delays in our exploration and drilling programs). Four of these 18 new Kruh Block wells have
already been completed as of the date of this report. We expect to finance additional exploration and drilling activities through
short-term and long-term borrowings from third parties or related parties as well as further use of our ATM. After the Kruh Block
seismic acquisition, processing and interpretation program in 2024, we expect to resume drilling in 2025 with the goal of drilling
14 additional wells and significantly increasing our production rate. The result of the high quality 3D seismic data will also
provide strong support of additional PUD locations which will result in additional proved reserves.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
Proved Developed (or PDP) reserves, we produced 62,467 bbls and 58,616 bbls for the years ended December 2022 and 2023, respectively.
The natural reservoir energy decline and delay in drilling new wells due to COVID-19 slowed down the production rate increase after drilling
program.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
gross proved oil reserves were increased from 2,056,407 bbls as of December 31, 2022 to 3,144,659 bbls as of December 31, 2023 mostly
due to the production from 5 additional years and higher profit split in the Amended KSO. As of December 31,2023, the net reserves were
estimated as 2,332,183 bbls using a per barrel crude price of US$77.61 (historical 12-month average price calculated as the average ICP
for each month in 2023). In a &#8220;cost recovery&#8221; system such as the Kruh KSO contract, the production share and net reserves
entitlement to our company decreases in periods of higher oil prices (57.56% net share for ICP, US$96.94 in year 2022) and increases
in periods of lower oil prices (74.16% net share for ICP, US$77.61 in year 2023). This means that the estimated net proved reserves quantities
are subject to oil price related volatility due to the method in which the revenue is derived throughout the contract period. Therefore,
the net proved reserves are estimated based on the revenue generated by our company according to the KSO economic models.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table below summarizes the gross and net crude oil proved reserves as of December 31, 2023 in Kruh Block:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">Crude Oil Proved Reserves at Kruh Block</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Gross Crude Oil Reserves</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Gross Crude Oil Proved Developed Producing Reserves (PDP)</td><td>&#160;</td>
    <td style="text-align: left">Bbl</td><td style="text-align: right">335,191</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; width: 78%; text-align: left">Gross Crude Oil Proved Undeveloped Reserves (PUD)</td><td style="padding-bottom: 1.5pt; width: 2%">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; width: 18%; text-align: right">2,809,468</td><td style="padding-bottom: 1.5pt; width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Total Gross Crude Oil Reserves</td><td>&#160;</td>
    <td style="text-align: left">Bbl</td><td style="text-align: right">3,144,659</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Net Crude Oil Reserves</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Net Crude Oil Proved Developed Producing Reserves (PDP)</td><td>&#160;</td>
    <td style="text-align: left">Bbl</td><td style="text-align: right"> 248,589</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt; text-align: left">Net Crude Oil Proved Undeveloped Reserves (PUD)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">2,083,594</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Total Net Crude Oil Reserves</td><td>&#160;</td>
    <td style="text-align: left">Bbl</td><td style="text-align: right">2,332,183</td><td style="text-align: left">&#160;</td></tr>
  </table>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
estimates of the proved reserves are made using available geological and reservoir data as well as production performance data. These
estimates are reviewed annually by internal reservoir engineers, and Pertamina, and revised as warranted by additional data. The results
of infill drilling are treated as positive revisions due to increases to expected recovery. Other revisions are due to changes in, among
other things, development plans, reservoir performance and governmental restrictions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
proved oil reserves have not been estimated or reviewed by independent petroleum engineers. The estimate of the proved reserves for the
Kruh Block was prepared by IEC representatives, a team consisting of engineering, geological and geophysical staff based on the definitions
and disclosure guidelines of the SEC contained in Title 17, Code of Federal Regulations, Modernization of Oil and Gas Reporting, Final
Rule released January 14, 2009 in the Federal Register.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kruh
Block&#8217;s general manager and our Chief Operating Officer have reviewed the reserves estimate to ensure compliance to SEC guidelines
for (1) the appropriateness of the methodologies employed; (2) the adequacy and quality of the data relied upon; (3) the depth and thoroughness
of the reserves estimation process; (4) the classification of reserves appropriate to the relevant definitions used; and (5) the reasonableness
of the estimated reserve quantities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
reserves were estimated using a per barrel crude price of US$77.61 (historical 12-month average price calculated as the average ICP for
each month in 2023). In a &#8220;cost recovery&#8221; system, such as the TAC or KSO, in which Kruh Block operates or will operate, the
production share and net reserves entitlement to our company reduces in periods of higher oil price and increases in periods of lower
oil price. This means that the estimated net proved reserves quantities are subject to oil price related volatility due to the method
in which the revenue is derived throughout the contract period. Therefore, the net proved reserves are estimated based on the revenue
generated by our company according to the KSO economic models.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, Kruh Block had 6 oil producing wells (K-20, K-21, K-22, K-23, K-26 and K-27 in Kruh field) covering 48.0 acres.
K-25 well is temporarily shut-in and K-28 is waiting for testing and completion. There were 14 proved undeveloped oil locations in Kruh
(3), North Kruh (6) and West Kruh (5) field covering 381.4 acres. In the Kruh, North Kruh and West Kruh fields, there are additional
7, 5 and 5 probable locations respectively covering 270 acres. See details on table below. Larger oil reserves due to bigger share and
5 years additional production lead to greater acreage of each PDP, PUD and probable location.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td colspan="33" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">PDP, PUD and Probable Locations and Acreage for the Kruh Block as of December 31, 2023</td></tr>
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">5</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">5</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the gross and net developed and undeveloped acreage of Kruh Block based on our TAC and KSO terms, as well
as our economic model as of December 31, 2022:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td colspan="25" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Gross and Net Developed and Undeveloped Acreage of Kruh Block as of December 31, 2023</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center; padding-bottom: 1.5pt">Kruh Block</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Gross</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">&#160;</td><td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Gross</b></span></td><td style="padding-bottom: 1.5pt; font-weight: bold; text-align: center">&#160;</td><td style="text-align: center; font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">156</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">46,857</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">63,181</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">46,857</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">191</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">63,562</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">47,140</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">63,753</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right">281</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Citarum
Block</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Citarum
Block is an exploration block covering an area of 3,924.67 km2 (969,807 acres). The block is located onshore in West Java with a population
of 48.7 million people and only 16 miles south of the capital city of Indonesia, Jakarta, thus placing it within a short distance to
the major gas consumption area in Indonesia &#8211; the Greater Jakarta region in West Java. We believe this significantly mitigates
the logistical and geographical challenges posed by Indonesia&#8217;s composition and infrastructure, significantly reducing the commercial
risks of our project.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Citarum
Block is located in onshore Northwest Java basin. In terms of geology, a very effective petroleum system has been proved in the region
from the long history of exploration and production efforts since the 1960&#8217;s. According to the United States Geological Survey
(USGS) assessment (Bishop, Michele G. &#8220;Petroleum Systems of The Northwest Java Province, Java and Offshore Southeast Sumatra, Indonesia&#8221;,
<i>Open-File Report 99-50R</i>, 2000), &#8220;Northwest Java province may contain more than 2 billion barrels of oil equivalent in addition
to the 10 billion barrels of oil equivalent already identified&#8221;. However, little new reserves have been added to the region during
the last 15 years due to the lack of investments in exploration programs. We have not engaged independent oil and gas reserve engineers
to audit and evaluate the accuracy of the reserve data from the USGS research. Citarum Block also shares its border with the producing
gas fields of Subang, Pasirjadi, Jatirarangon and Jatinegara. The combined oil and gas production from more than 150 oil and gas fields
in the onshore and offshore Northwest Java basin, operated by Pertamina, is 45,000 BOPD and 450 million standard cubic feet gas per day
(MMSCFD). The following graphics show the Citarum Block together with the producing oil and gas fields in the region, as well as the
block&#8217;s proximity to the West Java gas transmission network:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img src="form20-f_004.jpg" alt=""/></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Source:
Indonesia Energy Corporation Limited</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
started collecting data regarding the Citarum Block in 2016, when we decided it was time to expand our asset base by adding an exploration
block to our portfolio. Given our strategy, we had to find a cost-efficient method to acquire a block with the potential to add hydrocarbons
reserves to our company as part of the process to maximize our company&#8217;s value. With the necessary technical knowledge and regulatory
experience from our professionals, we agreed that the best method for us to acquire an exploration block was via a Joint Study proposal
to the Government in a &#8220;work area&#8221; that had not yet been reserved for the bidding process by the Government. The Joint Study
objective is to determine oil and gas potential within a proposed working area by conducting geological and geophysical work such as
field surveys, magnetic surveys and the reprocessing of existing seismic lines. Upon completion of the Joint Study, if the Government
further decided to conduct a bidding process for the working area, we would have the right to change our offer (right to match) in the
bidding process if the other bidders gave higher offers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Therefore,
following our plans, our team identified Citarum, an open onshore area in West Java that was available for a Joint Study. In September
2016, after we formally expressed our interest to the government to conduct the Joint Study in Citarum and fulfilled all requirements,
we obtained the approval to initiate our Joint Study program in conjunction with DGOG and LAPI ITB (a third-party consultancy service
provided by Bandung Institute of Technology (or ITB)). The study target was to integrate field geological survey, subsurface mapping,
identify stratigraphy and structural geology, perform a basin analysis and petroleum system assessment. As part of our proposal, we engaged
a surveyor to perform a passive seismic as an alternative method to fill the gap of the existing two-dimensional seismic survey due to
the absence of data on some area on the block. With 111 survey points, the work was completed in two months and covered approximately
one third of the area, as shown in the illustration below. The data produced from the passive seismic together with the existing two-dimensional
seismic data we acquired from the Indonesian National Data Management Company were the base for the Joint Study.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img src="form20-f_005.jpg" alt=""/></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Between
2009 and 2016, Citarum Block had been operated by Pan Orient Energy Corp. (or POE), a Canadian oil and natural gas company whose shares
are listed on the TSX Venture Exchange. POE carried out various exploration work on the Citarum Block, including the drilling of 4 wells
in different locations across the block: Pasundan-1, Geulis-1, Cataka-1 and Jatayu-1. Providentially, all 4 wells discovered natural
gas and gas flow was recorded for the Pasundan-1 and Jatayu-1 wells. The total investment made by POE on Citarum Block was $40,630,824
during this period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pasundan-1
encountered gas at a depth between 6,000 feet and 9,000 feet, while the mud log and sidewall cores displayed oil and gas shows. Cataka-1
well had gas indication from approximately 1,000 feet depth to 2,737 feet when the well was abandoned due to drilling problems as a result
of inexperience operating in the region. Jatayu-1 well flowed high-pressured gas from approximately 6,000 feet depth and had a strong
indication of gas-bearing between 5,800 feet and 6,700 feet depth. Geulis-1 well had gas indication from 1,000 feet to 4,300 feet depth.
All 4 wells were suspended and plugged as the equipment and consumables used were not compatible to the drilling conditions, formation
or strong gas flow.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Also,
the gas indication/flowing from the wells would have been much more significant had the formations had not been damaged by high mud weight
during drilling. Proper preparation to avoid drilling issues encountered by the previous operator for the up-coming drilling program
should lead to an efficient delineation of gas discoveries.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
results from the 4 wells drilled in Citarum and the amount of data available regarding the block are the key factors for us in selecting
Citarum as the block&#8217;s risk profile was significantly reduced with the discovery of gas across the block. Likewise, the fact that
gas zones exist at different depths between 1,000 feet and 6,000 feet contributes to the potential of commercially developing these gas
discoveries. As a result of this plus the significant amount of capital expenditures incurred by the previous operator, who discovered
natural gas and gas flows from the 4 drilled wells. We believe this provides us with a unique de-risked asset to continue exploration
on.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img src="form20-f_006.jpg" alt=""/></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the region, oil and gas have been producing from sandstone and carbonate reservoirs within 5 geologic formations (from old to young,
Jatibarang, Talangakar, Baturaja, Upper Cibulakan and Parigi). The carbonate buildups in the Baturaja, Upper Cibulakan and Parigi formations
are particularly gas rich. Within the Citarum Block, both sandstone and carbonate reservoirs have been encountered during drilling. Because
of the gas-prone type II Kerogen domination in the Talangakar source rock of deltaic origin in the hydrocarbon generating &#8220;kitchens&#8221;
(Ciputat, Kepuh, Pasirbungur and Cipunegara), prospects within the Citarum Block are mostly gas-bearing if discovered. The following
illustration shows the northwest java stratigraphy:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Joint Study was completed within a 12-month period (8 months plus a 4-month extension period) and the findings summarized in a report
with the following information regarding the area: synopsis of regional geology and petroleum system, play concept, lead and prospect,
volumetric of hydrocarbon prospect and economic prospect valuation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following diagram illustrates the full Joint Study process:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img src="form20-f_007.jpg" alt=""/></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
February 2018, Citarum Block was tendered through a direct offer by the MEMR. Following the tender process, we were awarded the rights
to explore the Citarum Block in May 2018. The exploration period for Citarum Block is comprised of a 6-year period that could be extended
for an additional 4 years up to 2028.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
July 2018, a PSC was signed with respect to Citarum between MEMR and two of our wholly-owned subsidiaries, PT Cogen Nusantara Energi
(or CNE) and PT Hutama Wiranusa Energi (or HWE), marking the official commencement of our 30 years operatorship term for the Citarum
Block.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following timeline illustrates the Citarum Block acquisition process:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_008.jpg" alt=""/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
part of our commitment of conducting a 300 km of seismic survey, we have recently submitted our work program and budget to the Indonesian
Interim Taskforce for Upstream Oil and Gas Business Activities (<i>Satuan Kerja Khusus Pelaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi,
</i>or SKK Migas). We have also completed an Environmental Base Assessment for the region in conjunction with a local university and
will use the result as a base for any exploration activity in the area. This is part of our exploration activity in Citarum. When the
exploration program is initiated, we plan to conduct more Geological and Geophysical (&#8220;G&amp;G&#8221;) studies and a 300km<sup>2
</sup>2D seismic within the first year of the exploration program and drill our first exploration well in the Jonggol area in its second
year. If the drilling is successful, we plan on conducting a 100km<sup>2</sup> 3D seismic within the second year and drill additional
2 delineation wells in the third year in order to propose a phase 1 development plan for the Citarum Block. If no petroleum in commercial
quantities is discovered in Citarum during the exploration period, our PSC would be automatically terminated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
upcoming exploration program for Citarum will begin with the 8 prospects with the lowest risk (38%-48%), 5 in the Jonggol region and
3 in the Purwakarta region, out of the 28 exploration prospects previously identified and evaluated by the Joint Study. According to
data published by SKK Migas, from 2012 to 2022, there were a total of 441 exploration wells drilled in Indonesia and 286 out of the 441
resulted in an oil and gas discovery. The most recent complete data is shown in the table below<b>.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Considering
the closeness to the oil and gas generating &#8220;kitchens&#8221;, multiple reservoir horizons, moderate risked faulted anticlinal traps,
and proved hydrocarbons in previous drilling and nearby producing fields, we believe that 23 of the 28 prospects have geological chance
factors of success in the range of 30%-48%. Geological chance factors for the remaining 11 prospects are between 20% and 30% and 12 are
between 10% and 20%.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2022 and 2023, further technical work in the Citarum Block was conducted to evaluate the additional 9 prospects and 9 exploration leads
(T series prospects and leads on the maps below) identified in 2020. The 28 prospects identified in 2019 (J and P series prospects) remain
to be the primary prospects for further evaluation by the upcoming new seismic data. The acreage of primary prospects, potential reservoir
thickness and net reservoir volume remain no change at this time.</span></p>

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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">59</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">383</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: center">21</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">314</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: center">23</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: center">24</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: center">25</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: center">27</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">762</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt; text-align: center">28</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following depicts our development plan for Citarum, with the first priority being to confirm the value of the block by proving reserves
and later to monetize the asset through the production and sale of gas:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img src="form20-f_010.jpg" alt=""/></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
2020, a new geological, geophysical and biostratigraphic study was performed on the Citarum Block. Eighteen additional exploration prospects
were identified. This provides additional opportunities for oil and gas exploration in the future.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
2022 and 2023, we continued to evaluate the resource size and risk for the prospects. Design of the 2D seismic acquisition and processing
program is underway and our application for the requisite environmental permit for the seismic acquisition program is in progress as
of the date of this report. The 2D seismic program will be used to further evaluate the prospects before we begin the drilling program.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Citarum PSC contract is based on the &#8220;gross split&#8221; regime, in which the production of oil and gas is to be divided between
the contractor and the Indonesian Government based on certain percentages in respect of (a) the crude oil production and (b) the natural
gas production. Our share will be the Base Split share plus a Variable and Progressive component. Our Crude Oil Base Split share is 43%
and our Natural Gas Base Split share is 48%. Our share percentage is determined based on both variable (such as carbon dioxide and hydrogen
sulfide content) and progressive (such as crude oil and refined gas prices) components.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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pursuant to our Citarum PSC contract, once Citarum commences production, we are entitled to at least 65% of the natural gas produced,
calculated as 48% from the Base Split plus a Variable Component of 5% from the first Plan of Development (POD I) in Citarum, a Variable
Component of 2% from the use of Local Content, as the oil and gas onshore services are mostly closed or restricted for foreign companies
(as described below under &#8220;&#8212;Legal Framework for the Oil and Gas Industry in Indonesia), and a 10% increase for the first
180 BSCF produced or 30 million barrels of oil equivalent which according to our economic model, the cumulative production of 180 BSCF
will only be achieved in 2029 based on an aggressive exploration and development program or in 2033 based on a conservative program.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the gross and net developed and undeveloped acreage of Citarum Block based on our PSC terms and economic model
as of December 31, 2023:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="width: 40%; text-align: left; padding-bottom: 1.5pt">Citarum Block</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
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    <td style="font-weight: bold; padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to our PSC for Citarum Block, in order to incentivize and optimize our exploration activities at Citarum, there are circumstances under
which we are required or may be required to relinquish portions of the contract area back to the Government, with such portions being
subject to be agreed to between us and the Government. For example:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">on or before the end of
    the initial three (3) contract years beginning with the date the PSC was approved by the Government, we are required to relinquish
    twenty percent (20%) of the original total contract area in Citarum.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
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    (3<sup>rd</sup>) contract year, certain agreed to work programs have not been completed, upon consideration and evaluation of SKK
    Migas, we would be obliged to relinquish an additional fifteen percent (15%) of the original total contract area at the end of the
    third contract year.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    the sixth (6<sup>th</sup>) contract year, we are required relinquish additional portions of contract area so that the area retained
    thereafter shall not be in excess of twenty percent (20%) of the original total contract area; provided, however, that on or before
    the end of the sixth (6<sup>th</sup>) contract year, if any part of the contract area corresponding to the surface area in which
    petroleum has been discovered, is greater than twenty percent (20%) of the original contract area, then we will not be obliged to
    relinquish such excess area.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to the high level of COVID-19 cases from late 2020 till the middle of year 2022, populated areas such as Jakarta and Java have enforced
the lockdown policy which restricted practically all work activities to home-based. Travelling and mobilization of goods between cities
and towns were restricted. In view of this situation, SKKMIGAS has given extension until 2024 of seismic acquisition project and G&amp;G
studies in the Citarum Block. Discussions of partial relinquishment of the block have also been postponed due to COVID-19.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><p style="margin: 0pt">&#160;</p></div>
    <!-- Field: /Page -->

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
advance of the date of any relinquishment, we will advise SKK Migas of the portion to be relinquished. For the purpose of such relinquishment,
we will consult with SKK Migas regarding the shape and size of each individual portion of the areas being relinquished, provided, however,
that so far as reasonably possible, such portion shall each be of sufficient size and convenient shape to enable petroleum operations
to be conducted thereon.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Potential
Additional Block (Rangkas Area)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
mid-2018, we identified an onshore open area in the province of West Java, adjacent to our Citarum Block. We believe that this area,
also known as the Rangkas Area, holds large amounts of crude oil due to its proven petroleum system. To confirm the potential of Rangkas
Area, in July 2018, we formally expressed our interest to the DGOG of MEMR to conduct a Joint Study in the Rangkas Area and we attained
the approval to initiate our Joint Study program in this area on November 5, 2018. The Rangkas Joint Study covered an area of 3,970 km2
(or 981,008 acres) and was completed in November 2019. The DGOG accepted the completion of the joint study and inquired IEC&#8217;s interest
for further process to tender the block. The study result suggested an effective petroleum system for oil and gas accumulations. As of
the date of this report, we have not decided when to acquire this block due to our work load in Kruh and Citarum blocks.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img src="form20-f_011.jpg" alt=""/></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Source:
Indonesia Energy Corporation Limited</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Rangkas Joint Study includes field geological surveys, geochemical and passive seismic surveys and the reprocessing of existing seismic
lines was completed in November 2019. The Joint Study evaluated stratigraphy and structural geology of the area, conducted geochemical
techniques to evaluate source rock and oils, performed passive seismic data analysis for identifying hydrocarbon occurrence, and performed
basin analyses for assessing the petroleum system of the area with the objective of determining its oil and gas potential. Results of
the study suggested (1) data from four wells drilled pre-World War II and two wells drilled in 1991 indicated the presence of hydrocarbon
in the area with the discovery of several oil seeps and one gas seep, (2) the petroleum system in the area is proven with the occurrence
of Eocene-Oligocene-Miocene source, reservoir and seal rocks similar to adjacent major producing hydrocarbon areas in West Java, and
(3) twenty-one petroleum prospects and leads with potentially stacked reservoirs were identified.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
the study of Rangkas block suggests high potential of finding hydrocarbons, we plan to continue pursue the PSC contract of the block
which would be available through a direct tender process in which we will have the right to change our offer in order to match the best
offer following the results of the bidding process, which has not taken place as of the date of this report. The timeline for the tender
is contingent upon the DGOG&#8217;s plans and schedule.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Competitive Strengths</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe we have the following competitive strengths:</span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Experienced management</i>.</span></td></tr>
  </table>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9676;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our management and technical
    team are comprised of some of the brightest and most passionate people in the industry, including with expertise in exploration technology.</span></td></tr>
  </table>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9676;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our professional team consistently
    adopts innovative concepts and technologies to reduce risks in exploring oil and gas, and continually looks for better ways to effectively
    manage our exploration and production operations.</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9676;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our management team members
    (Chief Executive Officer, Chief Operating Officer, Chief Business Development Officer and General Manager) collectively have many
    years of experience in petroleum exploration, development and production operations. Together they have successfully operated more
    than 17 oil and gas blocks and found and developed more than 10 oil and gas fields over the last 16 years. Our management team located
    in the United States consists of our President and Chief Financial Officer. Our President brings 43 years of public energy company
    experience and was the founder of two energy companies that are or were listed on the NYSE American. Our Chief Financial Officer
    brings 40 years of financial business experience, mostly as either a chief financial officer or controller, including over 18 years
    working in public companies.</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9676;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our top management team
    members have certification in &#8220;Kepala Teknik Tambang&#8221; from the Indonesian government, qualifying them for the implementation
    and compliance of occupational safety and health legislation in mining and petroleum operations. We are fully committed to conducting
    our operations according to the best industry practices to ensure the health, safety and security of all our stakeholders as well
    as the protection of the environment and surrounding communities.</span></td></tr>
  </table>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Established relationships</i>.
    Through our management team&#8217;s experience in operating blocks in Indonesia, we have established close relationships with central
    and local governments, service providers and other petroleum companies in Indonesia. The excellent relationship between management
    members and government agencies provides us extraordinary opportunities of accessing low risk and high potential blocks. In addition,
    our U.S. management team likewise has established relationships with key participants in the U.S. capital and energy markets that
    we believe will be an asset to us as a U.S.-listed public company.</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Significant network</i>.
    Our company has built solid alliances and a vast knowledge network within the Indonesian oil and gas industry, which gives us the
    ability to execute complex projects and traverse Indonesian regulatory and institutional risk.</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Niche market</i>. We
    look to acquire the rights to operate small to &#8220;medium sized blocks&#8221; onshore that are most likely overseen by the larger
    competitors. Being an independent and efficient oil and gas company in Indonesia, we have the flexibility and speed necessary to
    seize opportunities as they arise.</span></td></tr>
  </table>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Strategically located
    assets.</i> Our company has a proven track record in acquiring assets located close to major infrastructure and populous cities.
    We believe that being strategically located to major infrastructure will enable higher margins as we scale our business.</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Our
Business Strategies</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an active independent Indonesian exploration and production company with an ultimate goal to generate value for our shareholders.
Our overall growth strategy is to actively develop our current blocks and to acquire new assets to boost our growth. We will also evaluate
available opportunities to expand our business into the oil and gas downstream industry in Indonesia.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
key elements for achieving our goal are set out below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Strategic investment
    allocation in existing blocks. </i>We are focused on validating the reserves of our blocks by continuing to develop high impact exploration
    activities to add reserves, combined with a plan of development in order to increase production.</span></td></tr>
  </table>
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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Commercialization and
    monetization of oil and gas discoveries.</i> We are a revenue driven company and we strategically adjust our operations and development
    programs in our blocks by evaluating the market and the Indonesian energy demand.</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Develop our &#8220;de-risked&#8221;
    969.807 acres Citarum Block.</i> $40.6 million was invested by the block&#8217;s prior owner, Pan Orient Energy Corp. (TSXV.POE)
    who drilled 4 wells and successfully discovered natural gas and gas flow from each of the 4 wells. We believe this contribution provides
    us with a unique de-risked asset to continue exploration on.</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Expansion of our company&#8217;s
    asset portfolio.</i> We actively seek to acquire blocks to increase our company&#8217;s value. The energy demand growth and increase
    of manufacturing activities in the region could lead us to invest into the downstream oil and gas sector.</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Maintain balance sheet
    strength to offset commodity cyclicality.</i> We intend to fund our exploration and production activities with equity, free cash
    flow and a moderate use of debt. With the uncertainty within our sector, we believe that maintaining a strong balance sheet will
    be critical to our growth.</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Competition</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
face competition from other oil and gas companies in the acquisition of new oil blocks through the Indonesian government&#8217;s tender
process. Our competitors for these tenders include Pertamina, the Indonesian state-owned national oil company (who can tender for blocks
on its own), and other well-established large international oil and gas companies. Such companies have substantially greater capital
resources and are able to offer more attractive terms when bidding for concessions. Therefore, to mitigate the risk of competition, our
corporate strategy is to focus on small to &#8220;medium sized blocks&#8221; onshore that are most likely overseen by the larger competitor.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Facilities,
Distribution and Logistics</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not own any property or facilities. We lease our corporate headquarters in Jakarta, Indonesia, as well as a field office for our operations
in Kruh Block. In Kruh Block, due to the cost recovery fiscal terms, the facilities, vehicles, machinery and equipment required for the
production of oil and gas are leased by us. The diagram below depicts our current storage, distribution and logistics of the oil from
our wells at Kruh to the delivery point to Pertamina:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img src="form20-f_012.jpg" alt=""/></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Legal
Framework for the Oil and Gas Industry in Indonesia</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Background</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Article 33(3) of the Constitution of the Republic of Indonesia, all natural resources, including all oil and gas resources, in Indonesia
belong to the state and should be used for the greatest benefit of the citizens of Indonesia. As a result, while the Government controls
and manages oil and gas resources by, among other things, granting licenses or concessions to third party contractors such as our company,
it retains ultimate control over all oil and gas activities in Indonesia.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Prior
to the Law No. 22 of 2001 on Oil and Gas (which we refer to herein as the Oil and Gas Law), the Government controlled all oil and gas
undertakings in Indonesia and granted <i>Perusahaan Pertambangan Minyak dan Gas Bumi Negara</i> (the predecessor to Pertamina, as described
below) the exclusive right to manage and carry out all operations within the territory of Indonesia. Any other enterprise seeking to
invest in the Indonesian oil and gas sector required the appointment or approval of the MEMR, and any actual investment would be done
through a contractual arrangement with Pertamina. Most of these arrangements took the form of production sharing arrangements such as
PSCs, TACs, and KSOs entered into between Pertamina and the contractors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beginning
with the Oil and Gas Law in 2001, the Government adopted a series of measures to introduce market reform into Indonesia&#8217;s oil and
gas sector. The Oil and Gas Law remains the primary umbrella legislation governing all oil and gas activities in Indonesia. It places
control over the oil and gas industry in the hands of the MEMR and the DGOG. It also established two new governmental bodies &#8211;
the Oil and Gas Upstream Regulatory Body (<i>Badan Pelaksana Minyak dan Gas Bumi,</i> or BP Migas) and the Oil and Gas Downstream Regulatory
Body (<i>Badan Pengatur Hilir Minyak dan Gas Bumi,</i> or BPH Migas) &#8211; to regulate activities in their respective sectoral areas.
The Oil and Gas Law also divides and for the first time distinguishes between upstream and downstream activities. Further regulations
elaborate and implement important aspects of the Oil and Gas Law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
the transfer of Pertamina&#8217;s control over exploration and production activities in the territory of Indonesia to BP Migas, Pertamina
was converted under Government Regulation No. 31 of 2003 converted <i>Perusahaan Pertambangan Minyak dan Gas Bumi Negara </i>into a for-profit,
state-owned company in the form of a limited liability company (known as a Perseroan). Further, Government Regulation No. 35 of 2004
on Upstream Oil and Gas Business as amended several times, most recently by Government Regulation No. 55 of 2009 on Second Amendment
to the Upstream Oil and Gas Business (or GR 35/2004), transferred Pertamina&#8217;s responsibility for managing all production sharing
arrangements (except TACs) to BP Migas. These changes have left the reformed Pertamina free to tender for contracts on an equal basis
with other companies. Pertamina also split its upstream and downstream operations by incorporating subsidiaries which specifically engage
in either upstream or downstream activities. Pertamina&#8217;s subsidiary in charge of the upstream activities is PT Pertamina EP (or
Pertamina EP) while there are several Pertamina&#8217;s subsidiaries established for the downstream activities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 13, 2012, the Constitutional Court of the Republic of Indonesia (<i>Mahkamah Konstitusi Republic Indonesia,</i> or MK) issued
Decision 36/PUU-X/2012 (which we refer to as MK Decision 36/2012), which found the transfer of authority to BP Migas under the Oil and
Gas Law unconstitutional, ordering the regulatory body be dissolved and all its authority and responsibilities be transferred to the
Government through the MEMR. Following a series of Presidential and Ministerial regulations, the duties and functions of BP Migas ultimately
were transferred to the Interim Taskforce for Upstream Oil and Gas Business Activities (<i>Satuan Kerja Khusus Pelaksana Kegiatan Usaha
Hulu Minyak dan Gas Bumi,</i> or SKK Migas) in 2013. As a consequence, production sharing contracts (except TACs) that had previously
been transferred to BP Migas from Pertamina were then transferred to SKK Migas. As for TACs, they remain with Pertamina.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Executing
Agency for Upstream Activities</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indonesian
law currently distinguishes between upstream activities (encompassing the exploration and exploitation of oil and gas resources) and
downstream activities (comprising the processing, transporting, storing, and trading of oil and gas). As described above, the distinction
between the two types of activities was introduced in the Oil and Gas Law in 2001. Prior to this, Indonesian law did not recognize any
market segmentation, and Pertamina was responsible for all aspects of oil and gas operation activities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Oil and Gas Law extends this sectoral division to the regulatory bodies established under such law, with BP Migas assuming responsibility
for regulating upstream activities and BPH Migas assuming responsibility for downstream activities and both reporting to the DGOG. Furthermore,
the Oil and Gas Law and Government Regulation No. 42 of 2002 on Executing Agency for upstream Oil and Gas Business Activities together
required that, once established, BP Migas take over Pertamina&#8217;s existing production sharing arrangements and that BP Migas become
the Government party to subsequent arrangements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MK
Decision 36/2012 dissolved BP Migas and transferred its authority and responsibility back to the MEMR until a new oil and gas law is
adopted. In reaching its decision, the MK found that Article 33(3) of the Indonesian Constitution required the Government to manage oil
and gas resources directly and that the supervisory duties given to BP Migas fell short of that requirement. It also found that the Government&#8217;s
monitoring and regulatory activities under BP Migas had deteriorated to the point where it no longer met its constitutional obligations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
the same day as the MK&#8217;s decision, both the President and the MEMR responded to MK Decision 36/2012 by issuing, in order, Presidential
Regulation No. 95 of 2012 on the Transfer of Duties and Functions of Upstream Oil and Gas Activities (or PR 95/2012), which transfers
BP Migas&#8217; authority and responsibilities to the MEMR. In addition, PR 95/2012 upholds existing arrangements by confirming that
all PSCs signed by BP Migas would remain valid until their respective expiration dates. MEMR Regulation No. 3135 K/08/MEM/2012 on Transfer
of Duties, Functions and Organizations in Execution of Oil and Gas Business (or MEMR Regulation 3135/2012), which transfers those duties
to the Interim Task Force for Upstream Oil and Gas Business Activities (<i>Satuan Kerja Sementara Pelaksana Kegiatan Usaha Hulu Minyak
dan Gas Bumi</i>) as the implementation regulation of PR 95/2012. The Interim Task Force for Upstream Oil and Gas Business Activities
is accountable to the MEMR.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
the enactment of PR 95/2012 and MEMR Regulation 3135/2012, on January 10, 2013 the President issued Presidential Regulation No. 9 of
2013 on the Implementation of Management of Natural oil and Gas Upstream Business Activities, as amended by the Presidential Regulation
No. 36 of 2018 (or PR 9/2013), which established SKK Migas and transferred the authorities to manage upstream oil and gas activities
which are based on cooperation contracts to the new regulatory body. PR 9/2013 also establishes a Supervisory Commission, whose membership
consists of the MEMR as Chairman, the Vice Minister of Finance, who manages the State Budget as the Vice Chairman, the Chairman of the
Capital Investment Coordinating Board, Minister of Environment and Forestry, Chief of National Police and the Vice Minister of the MEMR,
so that SKK Migas can control, supervise, and evaluate the management of the upstream oil and gas business activities under its authority.
The Supervisory Commission is required to submit a report to the President at least once every six months.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Foreign
Direct Investment in the Oil and Gas Industry</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Private
investment in upstream interests in Indonesia can be made through either a &#8220;business entity&#8221; or a &#8220;permanent establishment&#8221;.
The Oil and Gas Law defines &#8220;business entity&#8221; as a legal entity which is established under the law of and domiciled in the
Republic of Indonesia, which operates in Indonesia, and which undertakes business permanently and continuously in Indonesia. Such business
entities usually take the form of a limited liability company (<i>Perseroan Terbatas</i>). The Oil and Gas Law defines &#8220;permanent
establishment&#8221; as a legal entity which is established outside of Indonesia which undertakes activities within the Indonesian territory
and complies with the prevailing Indonesian laws. The permanent establishment allows foreign investors to conduct upstream activities
through a branch of a foreign incorporated enterprise.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in">Law 6/2023
amended several provisions of the Oil and Gas Law. However, the changes were relatively limited pending the enactment of the
proposed amendments to the Oil and Gas Law. The Government has since issued Government Regulation No. 5 of 2021 on Implementation of
Risk-based Licensing, which serves as an implementing regulation to the Omnibus Law and which, among others, extends the requirement
to obtain a Business Registration Number (<i>Nomor Induk Berusaha </i>or NIB<i>)</i> to oil and gas contractors which operate as
&#8220;permanent establishments&#8221;.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Business
entities and permanent establishments carry out upstream activities as contractors under a cooperation agreement with the representative
of the Government. The Oil and Gas Law stipulates that a contractor may only be awarded one cooperation agreement for one working area
as an implementation of the &#8220;ring-fencing&#8221; principle where revenues and costs in respect of one working area under one cooperation
agreement cannot be consolidated with and used to relieve the tax obligations of another working area under a different cooperation agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
our operating subsidiaries are each a Perseroan domiciled in Indonesia, we operate under the &#8220;business entity&#8221; regime of
the Oil and Gas Law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Upstream
Regulations</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upstream
activities are conducted in working areas whose boundaries are determined by the MEMR. Each contractor may only be granted one working
area; as a result, upstream oil and gas companies operating in Indonesia, such as ours, incorporate separate legal entities for each
asset in which they have an interest. Upstream activities are performed through cooperation contracts between either SKK Migas or Pertamina
and contractors. Unlike any other industry in Indonesia, upstream oil and gas activities are open to participation by foreign business
entities that are established and incorporated outside Indonesia.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MEMR
Regulation No. 35 of 2021 on Procedures of Determining and Bidding Oil and Gas Working Areas (or MEMR Regulation 35/2021) regulates the
awards of work areas, which may be granted on the basis of either a competitive tender process or a direct offer. The Director General
of the DGOG may put a working area out to tender and invite bids for an interest in the area after considering the opinion and inputs
of SKK Migas. Direct offers shall be performed based on a contractor&#8217;s written proposal for a working area that has not been reserved
for the bidding process; if the Director General of the DGOG approves such proposal, the contractor must conduct a survey together with
the DGOG to locate potential oil and gas fields (which we refer to as a Joint Study).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Joint
Study Agreement</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to MEMR Regulation 35/2021<b>, </b>where an area has not already been reserved for the bidding process, a contractor may bid for such
working area directly by providing the Director General of the DGOG with a written proposal. If the Director General approves the proposal,
the contractor must conduct a Joint Study of the proposed area with the DGOG or any other party appointed by the DGOG. The Joint Study
is conducted for the purposes of upgrading the data quality of geological and geophysical work such as field surveys, magnetic surveys,
or the reprocessing of existing seismic lines, and is conducted over an eight-month period with a single possible extension of up to
four months. Contractors are required to deliver a performance bond in the amount of US$500,000 from a well-known bank during the Joint
Study, to be submitted 14 days from the date the Director General approves the direct offer; to bear all the costs, which generally range
from US$500,000 to US$700,000, and risks in implementing the Joint Study; and to maintain the confidentiality of data used and produced
in the Joint Study. Upon completion of the Joint Study, the Director General may choose to announce a bidding process for the working
area, in which case the contractors who conducted the Joint Study will have the right to change their offer (right to match) in the bidding
process if the other bidders give higher offers, but otherwise receive no preferential treatment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
May 2018, we were awarded the rights to explore the Citarum Block by the MEMR through a direct tender process after a Joint Study in
the Citarum area was completed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cooperation
Contracts</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Cooperation
contract&#8221; is a general term used under the Oil &amp; Gas Law to describe the contract between the contractor and the representative
of the Government which can be entered into by the parties in various forms, such as PSCs (Production Sharing Contracts), TACs (Technical
Assistance Contracts), and KSOs (Joint Operation Partnership). Regardless of the form, the cooperation contracts essentially provide
for production sharing arrangements. For example, title over resources in the ground remains with the Government (and title to the oil
and gas lifted for the contractor&#8217;s share passes at the point of transfer, usually the point of export), ultimate management control
is with SKK Migas, and capital requirements and risks are to be assumed by the contractors. These cooperation contracts are to be entered
into with SKK Migas and thereafter notified in writing to the Indonesian Parliament. Only one working area will be given to any legal
entity. Cooperation contracts can be made for a maximum term of 30 years and can be extended for a maximum of 20 years. Cooperation contracts
are divided into exploration and exploitation stages. The exploration stage is for a term of six years, subject to only one extension
for a maximum of four years.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
implementation regulations for the upstream sectors, such as GR35/2004, reiterate the obligation by a contractor to offer a certain minimum
participating interest to domestic parties, such as regional government-owned enterprises, although the procedure for, and timing of,
offering such an interest has been modified. The MEMR has a right to request that a contractor who wishes to sell its participating interest
under a production sharing arrangement grants a right of first offer to national enterprises such as regional government-owned companies,
central government-owned companies, cooperatives, small scale businesses and Indonesian companies wholly-owned by Indonesians. Under
the existing upstream regulations, such an offer must be made on an &#8220;arms-length&#8221; basis. These modifications are applicable
only to the cooperation contracts entered into after the issuance of the Oil and Gas Law in 2001.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following principles provide the basis for all types of production sharing arrangements between the Government and private contractors:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The contractors are responsible
    for all investments and production costs (exploration, development, and production), including provision of capital to implement
    the agreed work program;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The operational risk in
    performing upstream activities under the contracts is borne by contractors;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The profits are split between
    the Government and contractors based on production (the split depends on the fiscal terms adopted by the PSCs, namely the cost-recovery
    model or the gross-split model);</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The ownership of all tangible
    and intangible assets remains with the Government; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The overall management
    and control remain with SKK Migas (previously BP Migas) on behalf of the Government.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>PSCs
(Production Sharing Contracts)</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
PSC is the most common type of production sharing arrangement. PSCs have been granted in respect of exploration properties and are awarded
for the exploration for oil and gas reserves and the establishment of commercial production of those resources.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
a PSC, the Government, through SKK Migas, allows one or more contractors to explore, develop, and produce oil and gas reserves and resources
in a designated working area. Accordingly, PSCs are entered into with SKK Migas and approved by the co-signature of the MEMR on behalf
of the Government. Each PSC is based on a standard form contract and typically contains provisions such as:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The requirement for the
    contractor to pay to the Government certain signature bonuses, yearly administrative fees, royalty payments, production-level payments,
    and the payment of certain bonuses upon the achievement of certain production milestones for the working area;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The term of the initial
    exploration and development period, with an option for the parties to agree to extend this period;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The obligations of the
    contractor to bear the risk and costs of exploration and development activities and/or production operations;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    scope and schedule for the contractor (and any other operators of the working area) to undertake exploration and production activities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Save
    for the gross-split PSCs (as discussed below), the ability of the contractor, if commercial production is successful, to recover
    its exploration, development and production costs out of the oil and gas produced after deduction of the First Tranche Petroleum
    or FTP). The percentage of FTP portion is 10 percent of the oil and gas produced if the FTP is allocated entirely to the Government
    or 20 percent if it is shared between the Government and the contractor in the same proportion as the percentage for profit sharing;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    percentage allocation of total oil and gas production between BP Migas (now SKK Migas) and the contractor out of FTP and the following
    recovery by the contractor of their costs;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    requirement for the contractor to supply the Indonesian domestic market at a discounted price with a certain percentage, usually
    25 percent, of the contractor&#8217;s share of total oil and gas produced (this is referred to as the domestic market obligation,
    or DMO);</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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    <div style="break-before: page; margin-top: 6pt; margin-bottom: 0pt"><p style="margin: 0pt">&#160;</p></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    requirement that the title to petroleum at all times lies with the Government, except where the title to crude oil or gas has passed
    in accordance with the provisions of the PSC;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    obligation of the contractor to pay the Indonesian corporate taxes on its share of profits, including FTP;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    requirements for the contractor to provide financial and performance guarantees to BP Migas (now SKK Migas) to secure the contractor&#8217;s
    firm commitments;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    requirements for the contractor to market the oil and gas produced; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    requirement (such as exists in our PSC for Citarum Block) for the contractor to relinquish specified percentages of the working area,
    which are not required for production and/or in which hydrocarbons have not been discovered by specified times.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to GR 35/2004, once the approval of the field development plan for first production from a working area has been received, contractors
are required to offer up to a 10 percent participating interest to a regional government-owned enterprise (<i>Badan Usaha Milik Daerah</i>).
In the event the regional government-owned enterprise does not accept such offer within 60 days after the offer, the contractor must
offer such participating interest to national enterprises such as regional government-owned companies, central government-owned companies,
cooperatives, small scale businesses, and Indonesian companies wholly-owned by Indonesians. If no such enterprise accepts the offer within
60 days of the offer being made, then the offering is closed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
MEMR issued MEMR Regulation No. 37 of 2016 on Terms of Bidding Participating Interest 10.0% in Oil and Gas Working Areas (known as the
MEMR Regulation 37/2016) which operates as the implementation regulations for the offering by the contractors of the 10 percent participating
interest in the oil and gas working areas to regional government-owned enterprises. MEMR Regulation 37/2016 restricts the right to bid
to regional government-owned enterprises which meet the following requirements (i) the entities must be incorporated either as a regional
company (commonly known as BUMD) with the shares wholly owned by the regional government, or as a limited liability company where at
least 99% of its shares are owned by regional government; (ii) their status of the regional government-owned enterprise was established
through the enactment of a local regulation; and (iii) their businesses are limited only to engage in participating interest management
business. Each regional government-owned enterprise can only hold participating interest management in one working area.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Where
a PSC involves more than one contractor, the contractors may enter into a joint operating agreement (or JOA) with the other holders of
participating interests under the PSC. Pursuant to this JOA, each participant agrees to participate in proportion to its respective equity
interest in all costs, expenses, and liabilities incurred in conjunction with petroleum operations in the working area and each participant
will own, in the same proportion, the contractual and operating rights in the PSC. One participant is appointed operator and, subject
to the terms of the operating agreement and supervision by the operating committee, which consists of one representative appointed by
each party, the operator is vested with the discretion to manage all petroleum operations in the working area. In doing so, the operator
is obliged to use its best efforts to conduct the petroleum operations in accordance with generally accepted practices in the petroleum
industry and receives an indemnity from the other contractors for acting in the capacity of operator. An operating agreement generally
continues in effect for the term of the PSC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Extension
of PSCs</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Oil and Gas Law and GR 35/2004, PSCs may be extended for a period of not more than 20 years for each extension. A contractor who
intends to extend its PSC must submit a request to the MEMR through SKK Migas. Then, SKK Migas evaluates the request and submits it to
the MEMR for consideration. A request for an extension of a PSC may be submitted no sooner than ten years and no later than two years
before the expiry date of the PSC. However, if the contractor has entered into a natural gas sales/purchase contract, such contractor
may request an extension of the PSC earlier than ten years prior to the expiry date of the PSC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
granting approval, the MEMR shall consider, among other things, the potential reserves of oil and/or gas from the work area concerned,
the potential or certainty of market/needs, and the technical/economic feasibility of the activities. Based on its consideration, the
MEMR may reject or approve such request.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>PSC
Financial Terms</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
January 2017, a new production sharing regime of PSC, called &#8220;gross-split&#8221;, was introduced, while the previously introduced
&#8220;cost recovery&#8221; PSCs remain in place until the expiry of the relevant PSCs. Under the gross-split PSCs, the Government and
the contractor are allocated a &#8220;base split&#8221; of oil or gas production, where the split percentage will be adjusted by certain
components set out in the PSC. In contrast with the gross-split PSCs where production sharing is done at the beginning, without production
being allocated towards recovery of the contractor&#8217;s operating costs first, the cost recovery PSCs provide for production to be
shared between the Government and the contractor through a &#8220;cost recovery&#8221; mechanism. After the production is reduced by
certain costs and deductibles, the remaining oil or gas will then be split between the Government and the contractor based on the agreed
percentage set forth in the PSC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are a party to the gross-split PSC with respect to our operations in Citarum Block. Financial terms of our PSC are described above under
&#8220;&#8212;Our Assets&#8212;Citarum Block.&#8221; Further details on the gross-split and cost recovery PSCs are set out below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Gross-Split
PSCs</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
January 2017, a new fiscal regime was introduced by MEMR where gross production of oil and gas is to be divided between the contractor
and the Government based on certain percentages in respect of (a) the crude oil production and (b) the natural gas production. This mechanism
is known as &#8220;gross split&#8221;. Under the gross split sharing concept, the starting point for determining the relevant percentage
of the contractor&#8217;s share is the &#8220;base split&#8221; percentage, which will then be adjusted upon the plan of development
approval according to the &#8220;variable components&#8221; and &#8220;progressive components&#8221;. In short, the contractor&#8217;s
share equals to the &#8220;base split&#8221; plus or minus the &#8220;variable components&#8221; plus or minus &#8220;progressive components&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
base split, pursuant to the MEMR Regulation No. 08 of 2017 (MEMR 08/2017) as amended by the MEMR Regulation No. 52 of 2017, the MEMR Regulation No. 20 of 2019 (MEMR 20/2019) and lastly by MEMR Regulation No. 12 of 2020 (MEMR 12/2020), is currently set at, for gas, 52% for the Government and 48% for the contractor
and for oil, 57% for the Government and 43% for the contractor. The percentage of variable components is determined based on, among others,
the status of the work area, the field location, reservoir, supporting infrastructure, carbon dioxide and hydrogen sulfide content and
compliance with local content requirements. The latest percentage of each variable component is detailed in the schedule to the MEMR
20/2019. For the progressive components, the adjustment is made by taking into account oil price, gas price and the cumulative oil and
gas production. Current details on the split adjustment based on the progressive components are provided for in the MEMR 20/2019.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
concerns over the new Gross Split PSC introduced in 2017 may be relieved with issuance of MEMR Regulation No. 12/2020 in July 2020
which opens the door to oil and gas investors to elect to use the previous conventional cost recovery scheme, that is perceived to
provide better investment returns. However, the oil and gas landscape both in Indonesia and globally has only worsened due to the
COVID-19 pandemic which has significantly reduced energy demand and consequently hydrocarbon prices. With all those negative
conditions, SKK Migas in June 2020 launched a comprehensive reforms initiative with a goal to achieve production of one million
barrels of oil per day (BOPD) and 12 billion standard cubic feet per day (Bscfd) of gas production by 2030.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depending
upon the particular oil and gas field and related economic considerations, the MEMR may adjust the split in favor of either the contractor
or the Government. The gross split is calculated based on gross production split, without regard to the cost recovery approach. Contractors
who have entered into the PSCs prior to the issuance of MEMR 08/2017 may propose to amend the sharing mechanism under their existing
PSCs to the gross split mechanism. The latest iteration of the gross-split PSCs fiscal terms are provided for in Government Regulation
No. 53 of 2017, promulgated on 28 December 2017, regarding the Tax Treatment for the Upstream Oil and Gas Activities with Gross-Split
Production Sharing Contracts (GR 53/2017).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Key
points of GR 53/2017 include:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#8220;Taxable
    income&#8221; is to be the contractor&#8217;s &#8220;gross income&#8221; less &#8220;operating costs&#8221; but with a 10 year tax
    loss carry forward entitlement;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    gross split taxing point begins at the &#8220;point of transfer&#8221; of the relevant hydrocarbon to the contractor;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    value of oil is to be determined using the Indonesian Crude Price and that the value of gas is to be determined via the price agreed
    under the relevant gas sales contract;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
    separately arising from &#8220;uplifts&#8221; is subject to tax at a final rate of 20% of the uplift amount;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
    tax facilities or incentives may be given to the contractors from the exploration and exploitation stages up to the commencement
    of commercial production. Such incentives are, amongst other things, the exemption of import duties on the import of goods used in
    petroleum activities and the deduction of land and building tax amounting to 100 percent of the land and building tax payable amount.
    Further provisions regarding the granting of facilities will be regulated by a ministerial regulation, which, to date, has not been
    issued.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><img src="form20-f_014.jpg" alt=""/></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">On May 23,
2023, the MEMR made a press release announcing that the Government planned to revise the existing regulations to provide for a &#8220;new
simplified gross split&#8221; arrangement. Aside for improving the investment climate in the oil and gas industry, the revisions are primarily
intended to achieve the following objectives:</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">(i) Increasing
the contractor&#8217;s production share (before tax) to become within the range of 80% - 90% of the gross production, depending on the
risk profile of the working area;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">(ii) Reducing
the need for the contractor to rely on the Minister&#8217;s discretionary decision (to award additional split) to increase the economics
of the working area;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">(iii) Reducing
the components and parameters for the split; and</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">(iv) Designing
fiscal policies that are better suited for unconventional oil and gas development.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in">Such revisions will be effected
through an amendment to MEMR 08 of 2017.</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Cost
Recovery PSCs.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until
2017, all Indonesian PSCs adopted the &#8220;cost-recovery&#8221; concept and their fiscal terms reflects such a concept, the &#8220;cost
recovery&#8221; approach requires the contractor to, among other things, prepare work program and budget which needs to be approved by
SKK Migas and submit a request for approval for expenditure (or AFE) prior to performing a certain activity. Under this scheme, a waterfall
mechanism is used in the sharing of the oil/gas production between the contractor and the Government &#8211; the oil/gas production will
be deducted by, first, the FTP and then tax and subsequently, the (approved) cost recovery amount. The remaining oil/gas will then be
split between the Government and the contractor based on the agreed percentage set forth in the PSC. The following flow chart of the
cost-recovery PSC illustrates the sharing of oil and gas production between the Government and the contractor.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
latest iteration of the cost-recovery PSCs fiscal terms is found in Government Regulation No. 27 of 2017 on the Amendment of Government
Regulation No. 79 of 2010 on the Operating Costs that May Be Recovered and Income Tax Treatment for Upstream Oil and Gas Activities (or
GR 27/2017, which amended GR 79/2010<b>)</b>. GR 27/2017, which came into effect on June 19, 2017, regulates the costs that cannot be
recovered in the calculation of profit sharing and income tax. Such costs include costs incurred for the personal interests of the participating
interest holders, penalties imposed due to violations of any laws by the contractor, depreciation costs, legal consultant (which is not
directly related to the oil and gas operation activities) and tax consultant fees, and bonuses payable to the Government. GR 27/2017
also regulates the income tax applicable to the transfer of participating interests and any other activities conducted by PSCs, and requires
the contractor to have its own tax identification number.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
provisions of GR 27/2017 only apply to contracts entered into and extensions of contracts after the issuance of GR 27/2017. Additionally,
for contracts in existence up to the issuance of GR 79/2010 to remain in force until their expiration date, they must be adjusted to
comply with GR 27/2017 in areas not previously or not sufficiently clearly regulated. Such provisions include provisions related to:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    Government&#8217;s interest in the PSC;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    terms for operating costs which can be recovered and the standard norms for operating costs;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-recoverable
    operating costs;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Third-party
    appointments to conduct financial and technical verification;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    issuance of income tax assessments;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Import
    duties and import tax exemptions on the importation of goods for exploration and exploitation activities;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Contractors&#8217;
    income taxes in the form of oil and/or gas volume from contractor entitlement; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Income
    from outside the contract in the form of uplift and/or participating interest transfer, must be adjusted to comply with GR 27/2017.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
implementing regulations for GR 79/2010 and GR 27/2017 cover various subjects, from the method for determining the Indonesian Crude Price
issued by the MEMR, the terms and conditions for indirect head office cost recovery, procedures for withholding and remitting income
tax arising from other income in the form of uplift or other similar compensation and contractor&#8217;s income from participating interest
transfer, to subjects such as the maximum remuneration that can be cost recovered by the contractor issued by the Indonesian Minister
of Finance (or MoF).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GR
79/2010, the provisions of which are maintained in GR 27/2017, also stipulates that income arising from a direct or indirect transfer
of a participating interest is subject to a final income tax at 5.0 percent or 7.0 percent of the gross proceeds for the exploration
stage or exploitation stage, respectively. Subject to satisfying certain requirements, a transfer of a risk-sharing participating interest
during the exploration stage is not included as a taxable participating interest transfer.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">MoF
Regulation No. 257/PMK.011/2011 dated December 28, 2011 (or MoF 257/2011) further stipulates that taxable income, after deduction of
final income tax on uplift and/or participating interest transfer, is subject to branch profit tax in accordance with the income tax
law. GR 27/2017 has introduced tax facilities that exempt such taxable income, after deduction of final income tax on uplift and/or participating
interest transfer, from branch profit tax. However, it remains unclear whether these tax facilities can be applied to the participating
interest transfer in relation to PSCs entered into or extended prior to the enactment of GR 27/2017. In addition, although technically
GR 27/2017 should override the contents of MoF 257/2011, it is uncertain whether another implementing regulation is needed to revoke
MoF 257/2011.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
regards to land and building tax, under the Regulation of Director General of Tax No. PER-45/PJ/2013, effective as of January 1, 2014
(or DGT Regulation 45/2013), the land and/or buildings located within and outside (i.e., the supporting area for the oil and gas mining
activity that physically forms an inseparable part of the onshore and offshore area) the working area utilized for oil and gas mining
activities and geothermal was subject to land and building tax. DGT Regulation 45/2013 defines &#8220;land&#8221; as both the onshore
and offshore areas, including depth measurements. The onshore area which was subject to land and building tax included the productive,
not yet productive, not productive, and emplacement areas while the offshore area which was subject to land and building tax was defined
as offshore waters within and outside (i.e., the supporting area for the oil and gas mining activity that physically forms an inseparable
part of the onshore and offshore area) the working area utilized for upstream oil and gas business activities, whereby the taxpayer had
rights and/or received benefits over such area. Not all onshore and offshore areas were subject to land and building tax as the regulation
exempted land, inland waters, and offshore waters within the working area which, among other things, did not create a benefit for the
taxpayer in respect of its oil and gas activities. DGT Regulation 45/2013 also provided the formula for calculating the amount of tax
to be paid during the exploration and exploitation periods.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
on November 27, 2020, the Directorate General of Tax issued Regulation of Directorate General of Tax No. PER-22/PJ/2020 of 2020 (or DGT
Regulation 22/2020), which revokes 10 regulations, including DGT Regulation 45/2013, in an attempt to simplify the regulations. However,
it is not entirely clear how the revocation of DGT Regulation 45 of 2013 would affect the obligations to pay land and building tax in
the oil and gas sectors, including on how the tax is to be assessed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 31, 2014, the MoF issued Regulation Number 267/PMK.011/2014 on Land and Building Tax Reduction for Oil and Gas Mining at the
Exploration. This regulation, which became applicable in 2015, grants land and building tax incentives for the subsurface at the exploration
stage. The tax reduction incentive can be granted on a yearly basis for a maximum of six years from the signing of the PSC and can be
extended by up to four years and can be obtained if the PSC with the Government is signed after the enactment of GR 79/2010 (i.e., after
December 20, 2010), the Tax Object Notification Form (<i>Surat Pemberitahuan Objek Pajak,</i> or SPOP) has been submitted to the relevant
tax office, and there is a recommendation letter from the MEMR attached to the SPOP stating that the land and building tax object is
still at the exploration stage.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">GR
27/2017 also provides for complete exemptions of land and building tax during the exploitation and exploration period. Exemptions for
the land and building tax during exploitation period for the subsurface part can be granted by the MoF upon consideration of economics
of the project. The provisions of GR 27/2017 on tax facilities related to land and building tax are subject to further regulation by
the MoF. GR 27/2017 extended the benefits of the facilities under the regulation to parties to PSCs signed or extended prior to the application
of the regulation if they chose to adjust the existing contract to fully comply with the regulation within six months after the effective
date (i.e., by December 19, 2017).</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>TACs
(Technical Assistance Contracts)</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">TACs
are another form of production sharing arrangement created under the regulatory framework that preceded the Oil and Gas Law of 2001.
TACs were awarded for fields having prior or existing production and are valid for a specified term. The oil or gas production is divided
into non-shareable and shareable portions. The non-shareable portion represents the production which is expected from the field (based
on historic production) at the time the TAC is signed. Under a TAC, the non-shareable portion declines annually. The shareable portion
corresponds to the additional production resulting from the operator&#8217;s investment in the field and is further split in the same
way as a PSC. Pursuant to the Oil and Gas Law of 2001 and GR35/2004, existing TACs shall remain with Pertamina and are not renewable
after the expiry of the initial term. In practice, the contractors may &#8220;renew&#8221; their TAC contracts with Pertamina by entering
into the KSOs with Pertamina EP.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Kruh Block operatorship was under a TAC until May 2020, under which we were entitled to recover our share of past exploration and development
costs and ongoing production costs of maximum 65% per annum and if those costs exceed the stated 65%, then the unrecovered surplus would
be recovered in the succeeding years. Together with our share split, our monthly revenue was around 74% of the total production times
Indonesian Crude Price during the TAC term. In May 2020, our Kruh Block operatorship was &#8220;renewed&#8221; under a KSO for an additional
10 years. Under KSO, part of the revenue. would be recognized based on the prevailing ICP through GWN from the 65% of monthly proceeds as monthly cost recovery entitlement, which was different from TAC and would exclude all previous right form TAC
to recover previously unrecovered costs.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>JOBs
(Joint Operating Bodies)</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">JOBs
are another form of production sharing arrangement created under the regulatory framework that preceded the Oil and Gas Law of 2001.
In a JOB, operations are conducted by a JOB headed by Pertamina and assisted by one or more private sector energy companies through their
respective secondees to the JOB. In a JOB, Pertamina is entitled to a specified percentage of the working interest in the project. The
balance, after production is applied towards cost recovery and cost bearing as between Pertamina and the private sector participants,
is the shareable portion which is generally split in the same way as for an ordinary PSC. Unlike TACs, GR35/2004 transferred the rights
to operations under existing JOBs from Pertamina to SKK MIGAS by law. JOBs are not renewable after the expiry of their initial term.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are not currently a party to any JOBs.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>KSOs
(Kerja Sama Operasi or Joint Operation Partnership)</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">KSOs
are contractual arrangement between Pertamina EP and the contractor on the provision of technical assistance by the contractor to Pertamina
EP for a certain work area. Unlike the cooperation contracts, the KSO does not create a contractual relationship between the contractor
and the authority, i.e. BP Migas or SKK Migas. The contractors will have a contractual relationship with Pertamina EP instead. Pertamina
EP&#8217;s authorization to award the KSOs to contractors is stated in the PSC which Pertamina EP entered into with BP Migas (now SKK
Migas) in 2005. The terms of such PSC specify, among other things, that:</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    KSO must first be reviewed by SKK Migas;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    KSO contractor will receive compensation from a portion of the oil and gas entitlement of Pertamina EP under its PSC with BP Migas
    (now SKK Migas);</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    compensation given to the KSO contractor shall not exceed the production sharing entitlement of other parties who enter into a cooperation
    contract with BP Migas (now SKK Migas) in the surrounding area; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    compensation given to the KSO contractor may be sourced from the proceeds of Pertamina EP&#8217;s entitlement which is calculated
    at the delivery point pursuant to the terms of the KSO.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Environmental
Regulations</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indonesian
law requires companies whose operations have a significant environmental or social impact to create and maintain one of two
documents. Where a company&#8217;s operations meet or exceed a specified threshold, that company must obtain an AMDAL. The Minister
of Environment and Forestry Regulation No. 4 of 2021 on List of Business Plan and/or Activities Requiring Environmental Impact
Analysis, Environmental Management Efforts and Environmental Monitoring Efforts or Statements of Ability to Manage and Monitor the
Environment requires companies whose operations involve the exploitation of oil and gas; and development of production facility, and
whose operations meet the environmental or social impact threshold, to create and maintain an AMDAL. Where operations do not reach
the threshold required for an AMDAL but still have an appreciable environmental or social impact, the company must prepare an
Environmental Management Effort-Environmental Monitoring Effort (<i>Upaya Pengelolaan Lingkungan Hidup dan Upaya Pemantauan
Lingkungan Hidup,</i> or UKL-UPL). Finally, in instances where operations do not reach the threshold required
for a UKL-UPL, the company must prepare a Statement of Ability to Manage and Monitor the Environment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are a number of other key obligations that companies involved in upstream oil and gas may be required to fulfill in order to monitor
their environmental impact and ensure adequate resources are allocated to cleanup activities. GR 22/2021 requires business actors to
submit reports detailing their disposal of wastewater and compliance with applicable regulations to the Environmental Information System,
a newly established system to support environmental protection operations and management. Government Regulation No. 74 of 2001 on Management
of Hazardous or Toxic Materials (Bahan Berbahaya dan Beracun) requires companies using or producing specified hazardous materials such
as flammable, poisonous, or infectious waste to obtain a revocable permit in relation to their activities and subjects mining operations
to controls on the disposal of such materials. The Environmental Law requires the environmental license
holder to create an environmental deposit fund for the restoration of the environment in a state-owned bank appointed by the MEF, Governor,
Regent, or Mayor in accordance with their authority, who also has the authority to appoint a third party to conduct the restoration of
the environment using the environmental deposit fund (this is to be detailed in an implementing regulation, which to date has not been
issued). GR 35/2004 also requires contractors to allocate environmental deposit funds for the restoration of the environment after decommissioning,
the amount of which is to be determined each year in conjunction with the budgets for operating costs and included in the work program
and annual budget.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition to the environmental deposit funds allocated for environmental restoration, on February 23, 2018 the MEMR issued MEMR Regulation
No. 15 of 2018 on the Post-Operation Activities in Upstream Oil and Gas Business Activities (or MEMR Regulation 15/2018), which requires
all contractors who are parties to an unexpired PSC to set aside certain amounts in an abandonment and site restoration (ASR) fund deposited
in a bank account held jointly with SKK Migas from the start of commercial operations until the expiry of the PSC. Moreover, on September
12, 2018, SKK Migas issued the Guidance of Abandonment and Restoration No.KEP-0087/SKKMA0000/2018/S0 of 2018 and Working Procedure Guidelines
No. PTK-040/SKKMA0000/2018/S0 (or the Restoration Guidance) as guidance for the implementation of abandonment and site restoration (or
ASR) activities for upstream oil and gas business activities. Under the Restoration Guidance, the contractor must prepare an ASR report
in relation to existing assets, assets being constructed, and assets that will be constructed in accordance with the development plan
that must contain estimates of ASR costs, and the total amount to be reserved as an ASR fund which is to be established with a reputable
Indonesian bank as a joint account with SKK Migas. The contractor must also submit a report on the results of the implementation plan
as well as the use of the ASR fund after completing its ASR activities to SKK Migas, which will evaluate the report submitted and issue
a statement letter confirming completion of the ASR if the evaluation result is satisfactory.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe we are in compliance in all material respects with all applicable environmental laws, rules and regulations in Indonesia.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Labor
Regulations Applicable to the Indonesian Oil and Gas Sectors</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Save
for certain limited exceptions, such as the working hours for the oil and gas sector discussed below, there are currently very few manpower
regulations enacted specifically for the oil and gas industry. While certain operational guidelines, commonly known as &#8220;PTK&#8221;,
issued by SKK Migas may establish additional requirements, such as age limitation for certain key positions, the oil and gas industry
is subject to the labor regulations that are applicable generally in Indonesia.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Employment
of Expatriates</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indonesian
law generally requires contractors to give preference to local workers, but companies may use foreign manpower to bring in expertise
not available in the local market. While several ministries are involved legally with manpower decisions, in practice SKK Migas often
coordinates these issues, including controls on the number of expatriate positions. It reviews these positions, as well as contractor
training programs for Indonesian workers, annually with a view to assessing the costs and benefits together with plans to localize expatriate
positions. SKK Migas also requires contractors to submit organization charts for both nationals (known as RPTKs) and expatriates (known
as RPTKAs) annually for review and approval.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Until
recently, the employment of foreign manpower in the upstream and downstream sectors of the oil and gas industry was subject to additional
requirements under MEMR Regulation No. 31 of 2013 on Expatriate Utilization and the Development of Indonesian Employees in the Oil and Gas
Business (or MEMR31/2013). MEMR 31/2013 provided stringent regulations on the employment of expatriates, including a general
obligation to prioritize the employment of Indonesian workers and specific prohibitions on hiring foreign manpower for certain roles
such as human resources, legal, quality control, and exploration and exploitation functions below the level of superintendent. MEMR 31/2013 also permitted the use of foreign manpower in limited circumstances based on a stringent set of requirements such as age, relevant
work experience, and willingness to transfer knowledge to the local workforce.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">However,
on February 8, 2018 the MEMR issued MEMR Regulation No. 6 of 2018 on the Revocation of the Regulations of the Minister of Energy and
Mineral Resources, the Regulations of the Minister of Mining and Energy Regulations, and the Decisions of the Minister of Energy and
Mineral Resources (or MEMR 6/2018). MEMR 6/2018 revokes 11 regulations which were deemed onerous in an attempt to, among other
things, simplify the regulations in order to promote foreign investment in the energy and natural resources sectors. Among other things,
MEMR 6/2018 revokes MEMR Regulation31/2013 and the Regulation of the Minister of Mining and Energy No. 02/P/M/Pertamb/1975 regarding
the Work Safety on Distribution Pipes and other Facilities for the Transportation of Oil and Gas Outside of the Oil and Gas Working Area.
As a result, expatriates are now subject to the Ministry of Manpower&#8217;s more relaxed requirements and certain positions that were
previously restricted for expatriates have been opened for expatriates unless restricted under the general manpower regulations.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Contract
Period</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Law
No. 13 of 2003 on Manpower, as amended by Law 6/2023 (or the Manpower Law), and Government Regulation No. 35 of 2021 on Temporary Employment
Contract, Outsourcing, Working and Resting Time, and Termination of Employment Relationship (or GR 35/2021) stipulate that an employee
can be hired under 2 schemes, either on a contract basis (temporary) or a permanent basis. For temporary employment contracts, the maximum
period for the temporary employment contract is 5 years. Under the Manpower Law, temporary employment contracts are permitted only for
works that are &#8220;temporary&#8221; in nature, such as seasonal works (e.g. crop harvesters) and project-based employments, such as
construction works. Save for these types of works, workers are required to be employed on a permanent basis.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Statutory
Benefits</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Law No. 24 of 2011 on Social Security Administrative Bodies (or BPJS Law), a company is obligated to enroll its employees (including
expatriates with an employment period of 6 months or more) for manpower social security programs with the Manpower Social Security Administrative
Body (or BPJS Ketenagakerjaan) and Health Social Security Administrative Body (or BPJS Kesehatan). The coverage of BPJS Ketenagakerjaan
includes, among other things, insurance for work-related accidents and pension/retirement. The premium payment arrangement for these
programs vary from one program to the other. The insurance premiums for the work-related accidents, for example, is borne and paid by
the employer while the premium payment for retirement insurance is shared between the employers and the employees.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Working
Hours</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Manpower Law and the Minister of Manpower and Transmigration Regulation No. 4 of 2014 on Working and Resting Hours for the Oil and Gas
Sector and GR 35/2021 regulate that the maximum working hours for 1 week is 40 hours, which can be divided for 5 or 6 days of work. If
the working days in a week is 6, the maximum working hours per day is 7 and if the working days in a week is 5, the maximum working hours
per day is 8.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Outsourcing</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Regulation of the Minister of Manpower and Transmigration No. 19 of 2012 on Requirements for Assignment of Parts of the Works
to be Performed by Other Companies (or MoMT 19/2012), in general, a company may outsource a third party to perform certain work if such
work is not the core activity of the company&#8217;s business. MoMT 19/2012 provides for two types of outsourcing schemes, namely &#8220;labor
supply&#8221; scheme or &#8220;sub contract&#8221; scheme.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the &#8220;labor supply&#8221; scheme, works that may be outsourced are limited to menial activities or functions that are supportive
in nature to the company&#8217;s operation and businesses or are indirectly related to the company&#8217;s production process. These
activities are limited to (i) cleaning services, (ii) catering services, (iii) security services, (iv) supporting services in the mining
and oil sectors, and (v) transportation service for employees (i.e. drivers for company&#8217;s cars only for picking up and delivering
employees).</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the &#8220;sub-contract&#8221; scheme or &#8220;cooperation&#8221; scheme, the outsourced functions must not be the &#8220;core&#8221;
or the &#8220;main&#8221; business activities of the company. In addition, to be able to adopt the &#8220;cooperation scheme&#8221;,
the company is required to prepare and register its business &#8220;flow-chart&#8221; with the relevant manpower office. Please note
that to register such &#8220;flow-chart&#8221;, the company must apply and become a member at one of the business associations (whose
members have identical business activities with the company) as the registration would need to be processed through such business association.
Failure to meet any of these requirements will usually result in the issuance an order issued by the Ministry of Manpower to the violating
company instructing such company to employ the &#8220;outsourced&#8221; personnel as a permanent employee with a retroactive effect.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Due
to the enactment of the Omnibus Law, MOMT 19/2012 was revoked by Minister of Manpower Regulation No. 23 of 2021 and the restriction on
the type of work that can be outsourced was abolished. Although GR 35/2021 includes certain provisions relating to outsourcing, it did
not specifically limit the activities that can be outsourced to another company. The Omnibus Law however was later revoked by GR 2/2022
which re-introduced the restriction. GR 2/2022 stipulates that &#8220;certain work&#8221; that can be outsourced will be specified in
an implementation regulation and as such, GR 35/2021 would likely need to be amended to reflect such changes. Until such amendments are
enacted, the type of works that can be outsourced remain unclear.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Other
Labor Compliance Obligations</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Law No. 7 of 1981 on Mandatory Manpower Report, an employer is obligated to submit a mandatory manpower report consisting of among others
the number of employees and the lowest to highest salary. In addition, the Manpower Law also requires a company that employs at least
10 employees to put in place a company regulation (or an employee handbook), which typically set forth general terms and conditions of
employment such as number of leaves, procedure to take leave, working hours and disciplinary measure. Such company regulation must be
registered with and ratified by the local manpower office. If there is a labor union in the company, the employer and the labor union
may enter into a &#8220;collective labor agreement&#8221; which contents are often similar with the company regulation, and register
the collective labor agreement with the local Manpower Office. If the employer and the labor union enter into a collective labor agreement,
the preparation of company regulation by the company is not mandatory. We are not a party to any collective labor agreement.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>History
and Corporate Structure</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
were incorporated on April 24, 2018 as a holding company for WJ Energy, which in turn owns our Indonesian holding and operating subsidiaries.
We presently have one major shareholder, Maderic, which owns 51.34% of our issued and outstanding ordinary shares. Our Chairman and Chief
Executive and certain of his family members own and control Maderic (see Item 7. Major Shareholders and Related Party Transactions).</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">WJ
Energy was incorporated in Hong Kong on June 3, 2014. The initial shareholders of WJ Energy were Maderic and HFO Investment Group Ltd.
(which is controlled by the adult sister of our Chief Investment Officer and director, James J. Huang) (or HFO), with each owning 50%
of WJ Energy&#8217;s shares. On October 20, 2014, HFO received HKD 4,000 from Maderic as consideration for 4,000 shares in WJ Energy,
which resulted in Maderic owning 90% of WJ Energy and HFO owning 10%.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 27, 2015, WJ Energy formed GWN as a vehicle to acquire and thereafter operate the Kruh Block. On March 20, 2017, PT Harvel Nusantara
Energi, an Indonesian limited liability company (or HNE), was formed by WJ Energy as a required vehicle for oil and gas block acquisitions
in compliance with Indonesian law. On June 26, 2017, Maderic sold 500 shares of WJ Energy to HFO in consideration of HKD 500. Concurrently,
Maderic sold 1,500 shares of WJ Energy to Opera Cove International Limited, an unaffiliated third party (or Opera), in consideration
of HKD 1,500. At the end of such transactions, the outstanding shares of WJ Energy were owned 70% by Maderic, 15% by HFO and 15% by Opera.
On June 25, 2017, Maderic and Opera executed an entrustment agreement giving Maderic legal and beneficial ownership of the shares held
by Opera. On December 7, 2017, PT Cogen Nusantara Energi, an Indonesian limited liability company, was formed under HNE as a required
vehicle for the prospective acquisition of a new oil and gas block through a Joint Study program in consortium with GWN. On May 14, 2018,
PT Hutama Wiranusa Energi, was formed under GWN as a requirement to sign the contract for the acquisition of Citarum Block as part of
the consortium that conducted the Joint Study for the Citarum Block.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 30, 2018, we entered into two agreements with Maderic and HFO (the two then shareholders of WJ Energy): a Sale and Purchase of Shares
and Receivables Agreement and a Debt Conversion Agreement (which we refer to collectively as the Restructuring Agreements). The intention
of the Restructuring Agreements was to restructure our capitalization in anticipation of our initial public offering. As a result of
the transactions contemplated by the Restructuring Agreements: (i) WJ Energy (including its assets and liabilities) became a wholly-owned
subsidiary of our company, (ii) loans amounting to $21,150,000 and $3,150,000 that were owed by WJ Energy to Maderic and HFO, respectively,
were converted for nominal value into ordinary shares of our company and (iii) we issued an aggregate of 15,999,000 ordinary shares to
Maderic and HFO. The above-mentioned transaction is accounted for as a nominal share issuance (which we refer to as the Nominal Share
Issuance). All number of shares and per share data presented in this report have been retroactively restated to reflect the Nominal Share
Issuance.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
series of transactions resulted in the then ownership of our company prior to our initial public offering to be set at 87.04% owned by
Maderic (13,925,926 ordinary shares), and 12.96% owned by HFO (2,074,074 ordinary shares), out of a total of 16,000,000 issued ordinary
shares.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 8, 2019, we implemented a one-for-zero point three seven five (1 for 0.375) reverse stock split of our ordinary shares by way
of share consolidation under Cayman Islands law (which we refer to herein as the Reverse Stock Split). As a result of the Reverse Stock
Split, the total of 16,000,000 issued and outstanding ordinary shares prior to the Reverse Stock Split was reduced to a total of 6,000,000
issued and outstanding ordinary shares. The purpose of the Reverse Stock Split was for us to be able to achieve a share price for our
ordinary shares consistent with the listing requirements of the NYSE American. Any fractional ordinary share that would have otherwise
resulted from the Reverse Stock Split was rounded up to the nearest full share. The Reverse Stock Split maintained our founding shareholders&#8217;
then percentage ownership interests in our company at 87.04% owned by Maderic (5,222,222 ordinary shares) and 12.96% owned by HFO (777,778
ordinary shares), out of a total of 6,000,000 issued ordinary shares. The Reverse Stock Split also increased the par value of our ordinary
shares from $0.001 to $0.00267 and decreased the number of authorized ordinary shares of our company from 100,000,000 to 37,500,000 and
authorized preferred shares from 10,000,000 to 3,750,000.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of April 23, 2024, Maderic owns 51.34% of our issued and outstanding shares, while HFO owns less than 5% of our issued and outstanding
shares. As of April 23, 2024, we have 10,202,694 ordinary shares issued and outstanding.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following diagram illustrates our corporate structure, including our consolidated holding and operating subsidiaries, as of the date
of this report:</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_015.jpg" alt=""/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
reflected in the above is that, for purposes of compliance with Indonesian law related to ownership of Indonesian companies: (i) WJ Energy
owns 99.90% of the outstanding shares of GWN and HNE, and (ii) GWN and HNE each own 0.1% of the outstanding shares of the other; and
(iii) GWN owns 99.50% of the outstanding shares of HWE, and the remaining 0.50% is owned by HNE; and (iv) HNE owns 99.90% of the outstanding
shares of CNE, and the remaining 0.10% is owned by GWN.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Recent
Developments</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Drilling
and Production at Kruh Block</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 35.45pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
mobilized the drilling rigs to drill 2 back-to-back producing wells, namely the K-27 and K-28 well, at our Kruh Block in March 2022 and
have commenced the drilling operations at the K-27 well in April 2022. The K-27 well reach a total depth of 3,359 feet on May 9, 2022.
In December 2022, a hydraulic fracturing stimulation was conducted in the K-27 well. The well is currently producing 45 bopd. The fourth
of the 18 wells program, K-28, was spudded on June 22, 2022 and reach the total depth of 3,359 feet on July 14, 2022. Due to the unexpected
large amount of gas was encountered causing well bore instability, we side-tracked the well at 1,230 feet on September 4, 2022 and the
K-28ST well reached a total depth of 3,475 feet on September 16, 2022. In addition to the proved oil-bearing Lamat B sand, several other
potential oil and gas bearing reservoirs were encountered. We plan to complete the testing of K-28ST well in the first half of 2024.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
2023, we were concentrated on the negotiation of the 5 year Kruh Block contract extension with the Government providing for a higher
profit split. To maximize the benefit from the amended contract terms, major work programs such as seismic acquisition and drilling are
rescheduled after the Amended KSO contract terms became effective. In the meantime, our operations team effectively managed the reservoir
and production to minimize the decline. As a result, we produced an average of approximately 4,885 barrels per month of oil in 2023,
compared with approximately 5,206 barrels per month in 2022, approximately a 6.1% annual decline.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>L1
Capital Financing</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 21, 2022 (the &#8220;Initial Closing Date&#8221;), we closed an initial $5.0 million tranche (the &#8220;First Tranche&#8221;)
of a total anticipated $7.0 million private placement with L1 Capital pursuant to the terms of Securities Purchase Agreement, dated January
21, 2022, between our company and L1 Capital (the &#8220;Purchase Agreement&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the closing of the First Tranche, we issued to L1 Capital (i) a 6% Original Issuance Discount Senior Convertible Note
in a principal amount of up to $7,000,000 (as described further below, the &#8220;Note&#8221;) and (ii) a five year ordinary share purchase
warrant (the &#8220;Initial Warrant&#8221;) to purchase up to 383,620 of our ordinary shares at an exercise price of $6.00 per share,
subject to adjustment.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 4, 2022, we entered into a First Amendment with L1 Capital to the Purchase Agreement (the &#8220;SPA Amendment&#8221;) and an Amended
and Restated Senior Convertible Promissory Note, which amends and restates the Original Note in its entirety (the &#8220;Replacement
Note&#8221;).</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 16, 2022, we executed and delivered to L1 Capital a Second Amended and Restated Senior Convertible Promissory Note which amends and
restates the SPA Amendment in its entirety (the &#8220;Second SPA Amendment&#8221;).</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2022, $9,900,000 of the total $10,000,000 principal amount of the convertible notes were converted into ordinary
shares at $6.00 per share at L1 Capital&#8217;s election and 325,000 of the total 767,240 warrants were exercised. During the year ended
December 31, 2023, the remaining $100,000 principal amount of the convertible notes were fully repaid and no warrants were exercised.
As of the date of this report, there are still certain warrants not exercised under the L1 Capital financing.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Amendments
to Executive Employment Agreements</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 16, 2024, we entered into a First Amendment to the Said Agreement (as defined below) with Mirza F. Said (the &#8220;Said First
Amendment&#8221;), our prior Chief Business Development Officer (who is also a member of the board), effective on January 16, 2024. The
Said First Amendment amended and restated the Said Agreement between us and Mr. Said.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Said First Amendment: (i) Mr. Said serve as our Chief Operating Officer (&#8220;COO&#8221;), effective from January 16, 2024;
(ii) the pre-tax annual base salary for Mr. Said remains at US$204,000; and (iii) Mr. Said shall perform the duties and responsibilities
(a) typically associated with the office of COO of a similarly sized U.S. listed public company in the oil and gas exploration and production
sector and (b) outlined in the Said First Amendment. As a result of the Said First Amendment, Mr. Said, is our COO, and is no longer
our Chief Business Development Officer, and no other individual was appointed to this position.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 16, 2024, we entered into a First Amendment to the Wu Agreement (as defined below) with Chia Hsin &#8220;Charlie&#8221; Wu (the
&#8220;Wu First Amendment&#8221;), our prior COO, effective on January 16, 2024. The Wu First Amendment amended and restated the Wu Agreement
between us and Dr. Wu.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Wu First Amendment: (i) Dr. Wu serves as the our Chief Technology Officer (&#8220;CTO&#8221;), effective from January 16, 2024;
(ii) the pre-tax annual base salary for Dr. Wu remains at US$204,000; (iii) Dr. Wu shall perform the duties and responsibilities (a)
typically associated with the office of CTO of a similarly sized U.S. listed public company in the oil and gas exploration and production
sector and (b) outlined in the Wu First Amendment. As a result of the Wu First Amendment, Dr. Wu is our CTO, and is no longer our COO.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
for the foregoing, no further changes were made to either the Said First Amendment or the Wu First Amendment.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 28, 2023, we entered into a Third Amendment to the Ingriselli Agreement (as defined below) with Frank C. Ingriselli (the
&#8220;Ingriselli Third Amendment&#8221;), our President, effective on January 1, 2024. The Ingriselli Third Amendment amended and
restated the Ingriselli Agreement between us and Mr. Ingriselli, as amended by certain First Amendment to the Ingriselli Agreement,
effective as of February 1, 2020 (the &#8220;Ingriselli First Agreement&#8221;), and certain Second Amendment to the Ingriselli
Agreement, effective as of January 1, 2022 (the &#8220;Ingriselli Second Agreement&#8221;).</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Ingriselli Third Amendment: (i) the term of the Ingriselli Agreement was extended to December 31, 2025, unless terminated earlier
pursuant to the terms of the Ingriselli Agreement; (ii) the pre-tax annual base salary for Mr. Ingriselli remains at US$150,000; and
(iii) Mr. Ingriselli was granted an award of 60,000 ordinary shares, with 30,000 ordinary shares vesting on July 1, 2024 and 30,000 ordinary
shares vesting on January 1, 2025, under a lock-up period of 180 days from each vesting date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 1, 2024, we entered into a Third Amendment to the Overholtzer Agreement (as defined below) with Gregory L. Overholtzer (the
&#8220;Overholtzer Third Amendment&#8221;), our Chief Financial Officer, effective on January 1, 2024. The Overholtzer Third
Amendment amended and restated the Overholtzer Agreement between us and Mr. Overholtzer, as amended by certain First Amendment to
the Overholtzer Agreement, effective as of February 1, 2020 (the &#8220;Overholtzer First Agreement&#8221;), and certain Second
Amendment to the Overholtzer Agreement, effective as of January 1, 2022 (the &#8220;Overholtzer Second Agreement&#8221;).</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Overholtzer Third Amendment: (i) the term of the Overholtzer Agreement was extended to December 31, 2025, unless terminated earlier
pursuant to the terms of the Overholtzer Agreement; and (ii) the pre-tax annual base salary for Mr. Overholtzer remains at US$80,000.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
for the foregoing, no further changes were made to either the Ingriselli Agreement or the Overholtzer Agreement.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Departure
of Director and Appointment of Director</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 15, 2024, Tamba P. Hutapea, our independent director, resigned from the board, the chairman and a member of the Nominating and
Corporate Governance Committee and a member of the Compensation Committee of the Company, effective on January 15, 2024. Mr. Hutapea&#8217;s
resignation was not due to any disputes or disagreements with us or our Board.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 16, 2024, our board appointed Ahmad Fathurachman as an independent director, the chairman and a member of the Nominating and
Corporate Governance Committee and a member of the Compensation Committee of the Company, effective on January 16, 2024. Mr. Fathurachman
currently serves as our independent director for a term expiring at our next annual meeting or until his successor is duly elected.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>First
Amendment to the ATM Agreement</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 22, 2022, we entered into an At The Market Offering Agreement (the &#8220;ATM Agreement&#8221;) with the Sales Agent, pursuant to
which we may offer and sell, from time to time, to or through the Sales Agent, ordinary shares (the &#8220;ATM Shares&#8221;) having
an aggregate gross offering price of up to $20,000,000. Under the ATM Agreement, the ATM Shares, if offered and sold by us, will be offered
and sold pursuant to a prospectus dated February 16, 2021 and a prospectus supplement, dated July 22, 2022, that form a part of our shelf
registration statement on Form F-3 (File No. 333-252520), which registration statement was declared effective by the SEC on February
16, 2021 (&#8220;Prior Registration Statement&#8221;). On August 25, 2022, we sold 177,763 ATM Shares at $10.7407 per share for net proceeds
(after Sales Agent commissions) of $1,801,193. On August 25, 2022, we sold an additional 280,612 ATM Shares at $10.1090 per share for
net proceeds (after Sales Agent commissions) of $2,750,449. As of December 31, 2023, there are no ATM Shares sold under the ATM Agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 22, 2024, we filed a New F-3 Registration Statement, which includes a Prospectus Supplement and a base prospectus supplemented
by the Prospectus Supplement, covering (i) the offering, issuance and sale by us of up to a maximum aggregate offering price of $50,000,000
of our ordinary shares, preferred shares, warrants, debt securities, rights, depositary shares, and/or units from time to time in one
or more offerings, and (ii) up to a maximum aggregate offering price of $4,267,622 of our ordinary shares that may be issued and sold
from time to time under the ATM Agreement, as amended by the ATM Amendment No.1 on March 22, 2024, with the Sales Agent. We are not permitted
to sell any ATM Shares prior to the effectiveness of the New F-3 Registration Statement. As of the date of this report, the New F-3 Registration
Statement has not been declared effective.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Corporate
Information</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
principal executive offices are located at GIESMART PLAZA 7th Floor, Jl. Raya Pasar Minggu No. 17A, Pancoran &#8211; Jakarta 12780 Indonesia.
Our telephone number at this address is +62 21 2696 2888. Our registered office in the Cayman Islands is located at Ogier Global (Cayman)
Limited, 89 Nexus Way, Camana Bay, Grand Cayman, Cayman Islands. Our web site is located at <i>www.indo-energy.com</i>. The information
contained on our website is not incorporated by reference into this report, and the reference to our website in this report is an inactive
textual reference only.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_001"></span>ITEM
4A. UNRESOLVED STAFF COMMENTS</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_002"></span>ITEM
5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
following discussion of the results of our operations and our financial condition should be read in conjunction with the consolidated
financial statements and the related notes to those statements included in this annual report. This discussion contains forward-looking
statements that involve risks, uncertainties, and assumptions. Actual results may differ materially from those anticipated in these forward-looking
statements as a result of many factors, including those set forth in &#8220;Item 3. Key Information&#8211;D. Risk Factors&#8221;.</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>As
described elsewhere in this annual report, all share amounts and per share amounts set forth below have been presented on a retroactive
basis to reflect a reverse stock split by way of share consolidation of our outstanding ordinary shares at a ratio of one-for-zero point
three seven five (1 for 0.375) shares which was implemented on November 8, 2019.</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Business
Overview</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
are an oil and gas exploration and production company focused on the Indonesian market. Alongside operational excellence, we believe
we have set the highest standards for ethics, safety and corporate social responsibility practices to ensure that we add value to society.
Led by a professional management team with extensive oil and gas experience, we seek to bring forth at all times the best of our expertise
to ensure the sustainable development of a profitable and integrated energy exploration and production business model.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently have rights through contracts with the Government to one oil and gas producing block (Kruh Block) and one oil and gas exploration
block (Citarum Block). We may seek to acquire or otherwise obtain rights to additional oil and gas producing assets.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
produce oil through GWN, our indirect wholly-owned subsidiary which operates the Kruh Block under an agreement with Pertamina, the Indonesian
state-owned oil and gas company (&#8220;Pertamina&#8221;). Our operatorship Kruh Block previously ran until May 2030 under a ten-year
Operations Cooperation Agreement, known as Joint Operation Partnership (the &#8220;KSO&#8221;), between GWN and Pertamina. Kruh Block
covers an area of 258 km2 (63,753 acres) and is located onshore 16 miles northwest of Pendopo, Pali, South Sumatra. In December 2022,
we started our negotiations with Pertamina for a five-year extension of our contract for Kruh Block. Effective on August 9, 2023, GWN
and Pertamina executed the Amended KSO that moved the expiration date of our operatorship of Kruh Block to September 2035. This extension
effectively gives us 13 years to fully develop the existing 3 oil fields, and 5 other undeveloped oil and gas bearing structures at Kruh
Block. Further, the Amended KSO increases our after-tax profit split from 15% to 35%, for an increase of more than 100%, and increases
cost recovery cap from 80% to 100%.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
reserves estimate of 3 fields (Kruh, North Kruh and West Kruh) within the Kruh KSO block was based on two major sources: (i) an integrated
study of geology, geophysics and reservoir including reserve evaluation of Kruh, North Kruh and West Kruh fields by LEMIGAS (a Government
oil and gas research and development center responsible for exploration and production technology development and assessment of oil and
gas fields) in 2005, and (ii) additional reservoir and production data since 2005, particularly from the addition of 8 new wells since
2013.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
content and reserves in the LEMIGAS report (2005) was approved by Pertamina. The methods used in updating the proved, probable and possible
reserves of LEMIGAS report with additional reservoir and production data was based on guidelines from the SPE-PRMS (Society of Petroleum
Engineers-Petroleum Resources Management System) and SEC guidelines.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
proved oil reserves have not been estimated or reviewed by independent petroleum engineers. The estimate of the proved reserves for the
Kruh Block was prepared by representatives of our company, a team consisting of engineering, geological and geophysical staff based on
the definitions and disclosure guidelines of the SEC contained in Title 17, Code of Federal Regulations, Modernization of Oil and Gas
Reporting, Final Rule released January 14, 2009 in the Federal Register.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
estimates of the proven reserves are made using available geological and reservoir data as well as production performance data. These
estimates are reviewed annually by internal reservoir engineers, and Pertamina, and revised as warranted by additional data. Revisions
are due to changes in, among other things, development plans, reservoir performance, TAC effective period and governmental restrictions.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kruh
Block&#8217;s general manager, Mr. Denny Radjawane, and our Chief Technology Officer, Mr. Charlie Wu, have reviewed the reserves estimate
to ensure compliance to SEC guidelines for (1) the appropriateness of the methodologies employed; (2) the adequacy and quality of the
data relied upon; (3) the depth and thoroughness of the reserves estimation process; (4) the classification of reserves appropriate to
the relevant definitions used; and (5) the reasonableness of the estimated reserve quantities. The estimate of reserves was also reviewed
by our Chief Business Development Officer and our Chief Executive Officer.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table below shows the individual qualifications of our internal team that prepares the reserves estimation:</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Total</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="14" style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; width: 22%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Charlie
    Wu</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 14%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Geosciences</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 10%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ph.D.</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 6%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">46</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 6%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 6%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 6%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">34</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 6%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">23</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Frans
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">M.S.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">35</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Denny
    Radjawane</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Geophysics</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">M.S.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">33</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">12</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Fransiska
    Sitinjak</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Petroleum
    Engineering</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">M.S.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">20</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">6</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">14</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Yudhi
    Setiawan</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Geology</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.S.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">21</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: White">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Oni
    Syahrial</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Geology</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.S.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">17</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">15</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">9</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: rgb(204,238,255)">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Juan
    Chandra</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Geology</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">B.S.</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">18</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">16</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
individuals from the reserves estimation team are members 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).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Citarum
Block is an exploration block covering an area of 3,924.67 km2 (969,807 acres). This block is located onshore in West Java and only 16
miles south of the capital city of Indonesia, Jakarta.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Citarum PSC contract, valid until July 2048, is based on the &#8220;gross split&#8221; regime, in which the production of oil and gas
is to be divided between the contractor and the Indonesian Government based on certain percentages in respect of (a) the crude oil production
and (b) the natural gas production. Our share will be the Base Split share plus a Variable and Progressive component. Our Crude Oil Base
Split share is 43% and our Natural Gas Base Split share is 48%. Our share percentage is determined based on both variable (such as carbon
dioxide and hydrogen sulfide content) and progressive (such as crude oil and refined gas prices) components.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Thus,
pursuant to our Citarum PSC contract, once Citarum commences production, we are entitled to at least 65% of the natural gas produced,
calculated as 48% from the Base Split plus a Variable Component of 5% from the first Plan of Development (POD I) in Citarum, a Variable
Component of 2% from the use of Local Content, as the oil and gas onshore services are mostly closed or restricted for foreign companies
(as described in &#8220;Legal Framework for the Oil and Gas Industry in Indonesia&#8221; elsewhere in this annual report), and a 10%
increase for the first 180 BSCF produced or 30 million barrels of oil equivalent which according to our economic model, the cumulative
production of 180 BSCF will only be achieved in 2025, if our exploration efforts succeed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
mid-2018, we identified an onshore open area in the province of West Java, adjacent to our Citarum Block. We believe that this area,
also known as the Rangkas Area, holds large amounts of crude oil due to its proven petroleum system. To confirm the potential of Rangkas
Area, in July 2018, we formally expressed our interest to the DGOG of MEMR to conduct a Joint Study in the Rangkas Area and we attained
the approval to initiate our Joint Study program in this area on November 5, 2018. The Rangkas Joint Study covered an area of 3,970 km2
(or 981,008 acres) and was completed in November 2019. The DGOG accepted the completion of the joint study and inquired IEC&#8217;s interest
for further process to tender the block. The study result suggested an effective petroleum system for oil and gas accumulations. Furthermore
with the opportunity to integrate the operation of Citarum and Rangkas together efficiently, we decided to issue a Statement of Interest
Letter in December 2019 to the Ministry of Energy (DGOG) as we intend to enter into a PSC contract for the Rangkas through a direct tender
process. We will have the right to change our offer in order to match the best offer following the results of the bidding process which
has not taken place as of the date of this report. The timeline for the tender is contingent upon the DGOG&#8217;s plans and schedule.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
currently generate revenue from Kruh Block and profit sharing from the sale of the crude oil under our new 10-year Joint Operation Partnership
(or KSO) that commenced in May 2020 by Pertamina. Prior to May 2020, Kruh Block was operated under a TAC agreement. Under our KSO, we
have the operatorship to, but not the ownership of, the extraction and production of oil from the designated oil deposit location in
Indonesia until May 2030. In December 2022, we started our negotiations with Pertamina for a five-year extension of our contract for
Kruh Block. Effective on August 9, 2023, GWN and Pertamina executed the Amended KSO that moved the expiration date of our operatorship
of Kruh Block to September 2035. This extension effectively gives us 13 years to fully develop the existing 3 oil fields, and 5 other
undeveloped oil and gas bearing structures at Kruh Block. Further, the Amended KSO increases our after-tax profit split from 15% to 35%,
for an increase of more than 100%, and increases cost recovery cap from 80% to 100%.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During the operations, our company pays all expenditures and obligations
incurred including but not limited to exploration, development, extraction, production, transportation, abandonment and site restoration.
Under the TAC, revenue was recognized based on the prevailing ICP through GWN from the 65% of monthly proceeds as monthly cost recovery
entitlement plus 26.7857% of the remaining proceeds from the sale of the crude oil after monthly cost recovery entitlement as part of
the profit sharing. For the original KSO, with an 80% cap on the proceeds of such sale as part of the cost recovery scheme, on a monthly
basis, calculated by multiplying the quantity of crude oil produced by our company and the prevailing ICP published by the Government
of Indonesia plus 80% of the operating cost per bbl multiplying Non-Shareable Oil (&#8220;NSO&#8221;). In addition, we were also entitled
to an additional 23.5294% of the remaining 20% of such sales proceeds as part of the profit sharing. The main differences between the
two contracts (KSO and TAC) are that: (1) in the TAC, all oil produced is shareable between Pertamina and its contractor, while in the
KSO, a NSO production is determined and agreed between Pertamina and its partners so that the baseline production, with an established
decline rate, belongs entirely to Pertamina, so that the partners&#8217; revenue and production sharing portion shall be determined only
from the production above the NSO baseline; (2) in the TAC, the cost recovery was capped at 65% of the proceeds from the sale of the oil
produced in the block, while in the KSO, the cost recovery is capped at 80% of the proceeds from the sale of the oil produced within Kruh
Block for the cost incurred during the term under the KSO plus 80% of the operating cost per bbl multiplying NSO. Any remaining cost recovery
balance from the KSO period of contract is carried over to the next period, although the cost recovery balance from the TAC contract will
not be carried over to the KSO, meaning that the cost recovery balance was reset to nil with the commencement of the operatorship under
the KSO in May 2020.</span></p>




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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the Amended KSO contract, Pertamina receives 5% gross production as the first tranche production (ftp). GWN is entitled to use 100% of
the rest for cost recovery. For the DMO responsibility, GWN receives 100% of ICP in the amended KSO compared to 25% of ICP in the original
KSO contract. Further, the Amended KSO increases our after-tax profit split from 15% to 35%, for an increase of more than 100%, and increases
cost recovery cap from 80% to 100%.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
revenue and potential for profit depend mostly on the level of oil production in Kruh Block and the ICP that is correlated to international
crude oil prices. Therefore, the biggest factor affecting our financial results in 2023 and 2022 was the volatility in the price of crude
oil. For the year ended December 31, 2023, ICP decreased to an average of $77.61 per Bbl., 19.94% lower when compared to the ICP average
of $96.94 per Bbl. for the year ended December 31, 2022, which eroded the financial performance of our company in 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
the commencement of operations in 2014 (then via our now subsidiary WJ Energy), the natural resources industry has gone through a dramatic
change. The downturn in the price of crude oil during this period has impacted our results of operations, cash flows, capital and exploratory
investment program and production outlook. A sustained lower price environment could result in the impairment or write-down of specific
assets in future periods. During 2016, oil price crisis hit its bottom with an ICP of only $25.83 per Bbl. in the month of January. As
a result of this low price, our operations went through a cost analysis procedure in order to determine the economic limit of each of
our producing wells at Kruh by identifying their respective direct production cost. Accordingly, we closed a total of 6 wells that were
producing less than 10 BOPD each that year. We commenced new drilling operations in Kruh Block in March 2021. Our originally anticipated
drilling commencement date was delayed due to COVID-19 and the government permitting process. The first new well was spudded in April
2021 and the drilling of the second well was commenced in August 2021. The reserve estimate was updated at the end of 2021. We mobilized
the drilling rigs to drill 2 back-to-back producing wells, namely the K-27 and K-28 well, at our Kruh Block in March 2022 and have commenced
the drilling operations at the K-27 well in April 2022 and reached a total depth of 3,359 feet on May 9, 2022. In December 2022, a hydraulic
fracturing stimulation was performed in K-27 well. The well is currently producing 38 bopd. The fourth of the 18 wells program, K-28,
was spudded on June 22, 2022 and reached a total depth of 3,359 feet on July 14, 2022. Due to the unexpected large amount of gas was
encountered causing well bore instability, we side-tracked the well at 1,230 feet on September 4 and the K-28ST well reached a total
depth of 3,475 feet on September 16, 2022. In addition to the proved oil-bearing Lamat B sand, several other potential oil and gas bearing
reservoirs were encountered. We plan to complete the testing of K-28ST well in the first half of 2024.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Key
Components of Results of Operations</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>For
the years ended December 31, 2023 and 2022</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
and operating results for the year ended December 31, 2023 compared to the year ended December 31, 2022 are as follows:</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    oil production decreased approximately 6.16%, from 62,467 Bbl. for the year ended December 31, 2022 to 58,616 Bbl. for the same
    period in 2023. The decline of production in 2023 was due to the natural reservoir energy decline and no new production from
    drilling contributed to the production decrease in 2023. The lower oil price in 2023 resulted in lower revenue and cost recovery
    entitlements for the year ended December 31, 2023 than for the same period in 2022. However, effective production and reservoir
    management minimized the decline rate in 2023. The Proved, Developed and Producing reserves (PDP) decreased from 371,076 bbls in
    2022 to 335,191 bbls in 2023 due to production.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ICP
    decreased 19.94% from an average price of $96.94 per Bbl. for the year ended December 31, 2022 to $77.61 per Bbl. for the same
    period in 2023. The ICP, which correlates to the international crude oil price, is determined by MEMR. Throughout 2023, increases in
    U.S. petroleum production put downward pressure on crude oil prices. In addition, the production increases likely limited the effect
    on prices from the attack on key energy installations in Saudi Arabia on September 16, 2019, production cut announcements from the
    Organization of the Petroleum Exporting Countries (OPEC), and U.S. sanctions on Iran and Venezuela that limited crude oil exports
    from those countries. This production increase accompanied by weaker demand growth, have led to a large build up in stocks caused
    the decrease of crude oil price. In the first half of 2022, geopolitical tension with Russia, culminating with Russia&#8217;s
    full-scale invasion of Ukraine in February 2022, to some extent, contributed to crude oil price increases. In second half of 2022,
    crude oil prices generally decreased as concerns about a possible economic recession to some extent reduced demand. Since the
    decline of oil price at over $100 in July 2022, Brent oil price remains relatively stable around $80 except a spike of $93.72 in
    September 2023 when Saudi Arabia and Russia decided to extend the output cut of 1.3 mb/d. The average ICP in 2022 was $96.94 while
    the average ICP in 2023 was $77.61. Although the regional conflicts of the ongoing Russia-Ukraine war and Israel-Hamas war could
    lead to oil price shock above $100, we expect the oil price would most likely stay around $80 per barrel in 2024 and 2025 because of
    the relatively balanced supply and demand.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
    decreased by $571,949, or 13.96%, from $4,097,403 for the year ended December 31, 2022 to $3,525,454 for the same period in 2023 due
    to a combination of a significantly lower average ICP and slightly lower production.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
    and administrative expenses decreased by $1,234,627, or 26.82%, for the year ended December 31, 2023 as compared to the same period
    in 2022, mainly due to a decrease in share-based compensation which was fully amortized in 2022, and a decrease in professional
    service fees resulted from lower volume of financing activities.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    amount of lease operating expenses slightly decreased by $2,385, or 0.08%, for the year ended December 31, 2023 as compared to the
    same period in 2022 mainly because of stable productivity activities as no new well developed in 2023.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    incurred a net loss of $2,642,684 for the year ended December 31, 2023 as compared to a net loss of $3,063,349 for the same period
    in 2022, with the reduction in net loss being due to a combination of the factors described above.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    average production cost per barrel of oil for the year ended December 31, 2023 was $50.34 compared to $47.2 for the year ended December
    31, 2022, computed using production costs disclosed pursuant to FASB ASC Topic 932 and only to exclude ad valorem and severance taxes,
    an increase of 6.20% due to a combination of the factors discussed above.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>For
the years ended December 31, 2022 and 2021</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Financial
and operating results for the year ended December 31, 2022 compared to the year ended December 31, 2021 are as follows:</span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
    oil production increased approximately 3.02%, from 60,637 Bbl. for the year ended December 31, 2021 to 62,467 Bbl. for the same period
    in 2022. Despite the natural decline of production due to reservoir energy decline, the production from new wells contributed to
    the production increase in 2022. The higher oil price in 2022, however, resulted in higher revenue and cost recovery entitlements
    for the year ended December 31, 2022 than for the same period in 2021. The production increase from the three new wells K-25, K-26
    and K-27 was offset by the natural decline of the four existing wells. The Proved, Developed and Producing reserves (PDP) had increased
    from 311,211 bbls in 2021 to 371,076 bbls in 2022.</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">ICP
    increased 44.64% from an average price of $67.02 per Bbl. for the year ended December 31, 2021 to $96.94 per Bbl. for the same period
    in 2022. The ICP, which correlates to the international crude oil price, is determined by MEMR. Throughout 2020, increases in U.S.
    petroleum production put downward pressure on crude oil prices. In addition, the production increases likely limited the effect on
    prices from the attack on key energy installations in Saudi Arabia on September 16, 2019, production cut announcements from the Organization
    of the Petroleum Exporting Countries (OPEC), and U.S. sanctions on Iran and Venezuela that limited crude oil exports from those countries.
    This production increase accompanied by weaker demand growth, have led to a large build up in stocks caused the decrease of crude
    oil price. In the first half of 2022, geopolitical tension with Russia, culminating with Russia&#8217;s full-scale invasion of Ukraine
    in February 2022, to some extent, contributed to crude oil price increases. In the second half of 2022, crude oil prices generally
    decreased as concerns about a possible economic recession to some extent reduced demand.</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Revenue
    increased by $1,644,863, or 67.07%, from $2,452,540 for the year ended December 31, 2021 to $4,097,403 for the same period in 2022
    due to a combination of a significantly higher average ICP and slightly higher production.</span></td></tr>
  </table>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
    and administrative expenses decreased by $647,962, or 12.34%, for the year ended December 31, 2022 as compared to the same period
    in 2021, mainly due to a decrease of share-based compensation and travel expenses, which was offset by increases in professional
    service fees.</span></td></tr>
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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    amount of lease operating expenses increased by $460,778, or 18.49%, for the year ended December 31, 2022 as compared to the same
    period in 2021 mainly because of additional equipment rental added, well stimulation and fracturing activity for existing wells and
    a lease for a water treatment/environmental system as well as pumping units and gensets (power generators) for three wells (namely,
    K-25, K-26 and K-27).</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    incurred a net loss of $3,122,592 for the year ended December 31, 2022 as compared to a net loss of $6,083,379 for the same period
    in 2021, with the reduction in net loss being due to a combination of the factors described above.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
    average production cost per barrel of oil for the year ended December 31, 2022 was $47.28 compared to $41.10 for the year ended December
    31, 2021, computed using production costs disclosed pursuant to FASB ASC Topic 932 and only to exclude ad valorem and severance taxes,
    an increase of 15.02% due to a combination of the factors discussed above.</span></td></tr>
  </table>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trends
Affecting Future Operations</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
factors that will most significantly affect results of operations will be (i) the selling prices of crude oil and natural gas, and (ii)
the amount of production from oil or gas wells in which we have an interest. Our revenues will also be significantly impacted by its
ability to maintain or increase oil or gas production through exploration and development activities.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
is expected that the principal source of cash flow will be from the production and sale of crude oil and natural gas capitalized property
which are depleting assets. Cash flow from the sale of oil and gas production depends upon the quantity of production and the price obtained
for the production. An increase in prices will permit us to finance operations to a greater extent with internally generated funds and
may allow us to obtain equity financing more easily or on better terms, and lessen the difficulty of obtaining financing. However, price
increases heighten the competition for oil and gas prospects, increase the costs of exploration and development, and, because of potential
price declines, increase the risks associated with the purchase of producing properties during times that prices are at higher levels.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Since
the decline of oil price at over $100 in July 2022, Brent oil price remains relatively stable around $80 except a spike
of $93.72 in September 2023 when Saudi Arabia and Russia decided to extend the output cut of 1.3 mb/d. The average ICP in 2022 was $96.94
while the average ICP in 2023 was $77.61. Although the regional conflicts of the ongoing Russia-Ukraine war and Israel-Hamas war could
lead to oil price shock above $100, we expect the oil price would most likely stay around $80 per barrel in 2024 and 2025 because of
the relatively balanced supply and demand. ICP of the first three months in 2024 is $77.02, $80.16 and $82.78, respectively.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
commenced new drilling operations in Kruh Block in March 2021. Our originally anticipated drilling commencement date was delayed due
to COVID-19 and the government permitting process. The first new well was spudded in April 2021 and the second well commenced in August
2021. The reserve estimate was updated at the end of 2021. The third and fourth well K-27 and K-28 were drilled in 2022. The K-27 was
producing a maximum of 59 barrels of oil per day in June 2023 while the K-28 well is still waiting for testing and completion <span style="background-color: white">in
the first half of 2024</span>. To further understand the oil and gas potential in the Kruh Block, we will complete a seismic data acquisition,
processing and interpretation program in 2024. After the Kruh Block seismic acquisition, processing and interpretation program is completed
in 2024, we expect to resume drilling in 2024 with the goal of finishing 14 additional wells and significantly increasing our production.
The result of the high quality 3D seismic data will also provide strong support of additional PUD locations which will result in additional
proved reserves.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Russian-Ukraine conflict which began in February 2022 and the most recent Israel-Hamas conflict have caused an oil supply concern,
which has led to a sharp increase in global oil prices. This trend has led to a higher Indonesian Crude Price (ICP), from $94.92 per
Bbl in February and $114.02 per Bbl in March 2022 from the average ICP price of $67.02 per Bbl for the year 2021, and an average ICP
price of $96.94. A sustained increase in ICP creates the potential for higher revenue for our company without a resulting increase
in expenses. In 2023, the range of ICP prices was between US$68.06 and US$89.69 per barrel with an average of US$77.61 per barrel.
It is our expectation that for 2024, the oil price will be around US$80 per barrel. This will help us establish a stable cash flows
for our company, enhance our liquidity and may provide us with enhanced access to capital resources.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than the foregoing, the management is unaware of any other trends, events or uncertainties that will have, or are reasonably expected
to have, a material impact on sales, revenues or expenses.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Results
of Operations</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table below sets forth certain line items from our Consolidated Statement of Operations for the years ended December 31, 2023, 2022 and
2021:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center; font-size: 11pt">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-size: 11pt"><span style="font-size: 10pt">&#160;</span></td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; text-align: center; font-size: 11pt"><span style="font-size: 10pt"><b>For The Years Ended</b></span></td><td style="padding-bottom: 1.5pt; text-align: center; font-size: 11pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center; font-size: 11pt">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="text-align: center; font-weight: bold">December 31,</td><td style="text-align: center; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="text-align: center; font-weight: bold">December 31,</td><td style="text-align: center; font-weight: bold">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="text-align: center; font-weight: bold">December 31,</td><td style="text-align: center; font-weight: bold">&#160;</td></tr>
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    <td style="padding-bottom: 1.5pt; text-align: center; font-size: 11pt">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2023</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; text-align: center; font-weight: bold">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%">Revenue</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">3,525,454</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">4,097,403</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">2,452,540</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Lease operating expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,950,869</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,953,254</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">2,492,476</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Depreciation, depletion and amortization</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">702,217</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">1,139,723</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">810,855</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">General and administrative expenses</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,368,029</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">4,602,656</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5,250,618</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">852,977</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">1,475,638</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(10,459</td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Loss before income tax</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(2,642,684</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(3,122,592</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(6,083,379</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; text-align: left">Income tax provision</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,642,684</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(3,122,592</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(6,083,379</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Actuarial gain for post-employment benefits</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">8,543</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">59,243</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">30,704</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt; text-align: left">Total comprehensive loss</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(2,634,141</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(3,063,349</td><td style="padding-bottom: 2.5pt; text-align: left">)</td><td>&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">(6,052,675</td><td style="padding-bottom: 2.5pt; text-align: left">)</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Year
ended December 31, 2023 compared with year ended December 31, 2022</i></b>&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Revenue</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
revenue for the year ended December 31, 2023, were $3,525,454 compared to $4,097,403 for the year ended December 31, 2022, an decreased
of $571,949 or 13.96% due to a combination of a significantly lower average ICP and slightly lower production.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Lease
operating expenses</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease
operating expenses decreased by $2,385, or 0.08%, for the year ended December 31, 2023, compared to the same period in 2022 mainly because
of stable productivity activities as no new well developed in 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Depreciation,
depletion and amortization (DD&amp;A)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount of DD&amp;A decreased by $437,506, or 38.39% for the year ended December 31, 2023 compared to the same period in 2022 mainly due
to decrease in depletion per unit as there was an increase in total estimated proved reserves and slight decrease in production.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>General
and Administrative Expenses</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
and administrative expenses decreased by $1,234,627 or 26.82%, for the year ended December 31, 2023 as compared to the same period in
2022 due to a decrease in share-based compensation which was fully amortized in 2022, and a decrease in <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">professional
service fees resulted from lower volume of financing activities</span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Total
other income, net</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
was other income, net of $852,977 for the year ended December 31, 2023 as compared to other income, net of $1,475,638 in the same
period in 2022. The decreased was mainly due to a $1,971,235 decrease in fair value change of warrant liability as a result of a
decline of year-end share price compared to 2022, the decrease of amortization of debt discount for convertible note and an exchange
gain as a result of the fluctuation in exchange rate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Net
Loss</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
had net loss for the year ended December 31, 2023, in the amount of $2,642,684 as compared to $3,122,592 for the same period in 2022,
with the reduction in loss being due to the combination of the factors discussed above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Year
ended December 31, 2022 compared with year ended December 31, 2021</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Revenue</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Total
revenue for the year ended December 31, 2022, were $4,097,403 compared to $2,452,540 for the year ended December 31, 2021, an increase
of $1,644,863 or 67.07% due to a combination of a significantly higher average ICP and slightly higher production.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Lease
operating expenses</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Lease
operating expenses increased by $460,778, or 18.49%, for the year ended December 31, 2022, compared to the same period in 2021 mainly
because of additional equipment rental added, well stimulation and fracturing activity for existing wells and a lease for a water treatment/environmental
system as well as pumping units and gensets (power generators) for three wells (namely, K-25, K-26 and K-27).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Depreciation,
depletion and amortization (DD&amp;A)</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
amount of DD&amp;A increased by $328,868, or 40.56% for the year ended December 31, 2022 compared to the same period in 2021 due to retirement
of certain drilling and production tools for the TAC Period and an increase in depletion number, which was the result of $4,912,336 addition
of the depletion base due to the development of the two new drilled wells (K-27 and K-28) and an increase in depletion per unit due to
a decrease in total estimated proved reserves.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>General
and Administrative Expenses</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">General
and administrative expenses decreased by $647,962 or 12.34%, for the year ended December 31, 2022 as compared to the same period in 2021
due to a decrease of share-based compensation and travel expenses, which was offset by increases in professional service fees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Total
other income, net</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
was other income, net of $1,475,638 for the year ended December 31, 2022 as compared to other income, net of $18,030 in the same period
in 2021. The increase was mainly due to a $2,878,660 decrease of fair value of warrant liability as a result of a decline of year-end
share price compared to May 2022, which was offset by an issuance cost allocated to warrants issued in a financing, an increase in other
expense and an exchange loss as a result of the fluctuation in exchange rate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Net
Loss</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
had net loss for the year ended December 31, 2022, in the amount of $3,122,592 as compared to $6,083,379 for the same period in 2021,
with the reduction in loss being due to the combination of the factors discussed above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Critical
Accounting Policies and Estimates</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
accounting policies affecting our financial condition and results of operations are more fully described in our consolidated
financial statements for the years ended December 31, 2023, 2022 and 2021, included elsewhere in this annual report. The preparation
of these consolidated financial statements requires us to make judgments in selecting appropriate assumptions for calculating
accounting estimates, which inherently contain some degree of uncertainty. We base our estimates on historical experience and on
various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis of making
judgments about the carrying values of assets and liabilities and the reported amounts of revenues and expenses that are not readily
apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. Out of our
significant accounting policies, which are described in Note 2 &#8212; Summary of Significant Accounting Policies of our
consolidated financial statements included elsewhere in this annual report, certain accounting policies and practices are deemed
as &#8220;critical accounting policy,&#8221; as they require management&#8217;s highest degree of judgment, estimates and assumptions, including (i)
impairment of long-lived assets; (ii) oil and gas property, net, full cost method, and (iii) warrant liabilities. We believe that the following estimates involve the
most significant judgments used in the preparation of our financial statements are deemed as &#8220;critical accounting estimate&#8221;:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Impairment
of long-lived assets</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
review our long-lived assets or asset group for impairment whenever events or changes in circumstances, such as a significant adverse change to market conditions that will impact
the future use of the assets, indicate that the carrying value of an asset may no longer be recoverable. When these events occur, we assess the recoverability of the long-lived assets or
asset group by comparing the carrying value of the long-lived assets or asset group to the estimated undiscounted future cash flows
expected to result from the use of the assets and their eventual disposition when the estimated undiscounted future cash flows is
lower than the carrying value, an impairment loss is recognized in the consolidated statements of operations and comprehensive loss
for the difference between the fair value, using the expected future discounted cash flows, and the carrying value of the assets. We
primarily consider whether the following factors exist when evaluating impairment:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 12pt Times New Roman, Times, Serif; width: 100%; background-color: white"><tr style="vertical-align: top">
<td style="width: 0.5in"/><td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">significant
                                            underperformance relative to projected operating results;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"/><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">significant
                                            changes in the overall business strategy;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"/><td style="font: 10pt Times New Roman, Times, Serif; padding-left: -10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">significant
                                            adverse changes in legal or business environment: and</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif"/><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">significant
                                            competition, unfavorable industry trends, or economic outlook.</span></td></tr></table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There was no impairment for long-lived
assets for the years ended December 31, 2023, 2022 and 2021, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Oil
and gas property, net, Full cost method</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
follow the full-cost method of accounting for the oil and gas property. Under the full-cost method, all productive and
non-productive costs incurred in the acquisition, exploration and development associated with properties with proven reserves under
KSO Kruh Block, are capitalized. As of December 31, 2023 and 2022, all capitalized costs associated with Kruh&#8217;s reserves were
subject to amortization. Capitalized costs are subject to a quarterly ceiling test that limits such costs to the aggregate of the
present value of estimated future net cash flows of proved reserves, computed using the unweighted arithmetic average of the
first-day-of the-month oil and gas prices for each month within the 12-month period prior to the end of reporting period, updated
drilling schedule and estimated production and development costs, discounted at 10%, and the lower of cost or fair value of proved
properties. If unamortized costs capitalized exceed the ceiling, the excess is charged to expense in the period the excess occurs.
There were no cost ceiling write-downs for the years ended December 31, 2023, 2022 and 2021, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depletion
for each of the reported periods is computed on the units-of-production method. Depletion base is the total capitalized oil and gas property
in the previous period, plus the period capitalization and future development costs. Furthermore, the depletion rate is calculated as
the depletion base divided by the total estimated proved reserves that expected to be extracted during the operatorship. Then, depletion
is calculated as the production of the period times the depletion rate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2023, 2022 and 2021, the estimated proved reserves were considered based on the operatorship of the Kruh
Block under the TAC through May 2020 and then the KSO and Amended KSO from June 2020 and expiring in September 2035.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
costs associated with properties with unproved reserves or under development, such as PSC Citarum Block, are not initially included in
the full-cost depletion base. The costs include but are not limited to unproved property acquisition costs, seismic data and geological
and geophysical studies associated with the property. These costs are transferred to the depletion base once the reserve has been determined
as proven.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We primarily consider whether the following factors exist when evaluating
future net cash flows and future development costs:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 36pt">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 22pt">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">significant
                                            underperformance relative to projected operating results;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">significant
                                            changes in the overall business strategy;</span></td></tr>
<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify; width: 22pt">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">significant
                                            changes in legal, business or environmental factors; and</span></td></tr><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
<td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#9679;</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">significant competition, industry trends, or economic outlook.</td></tr>
                                                                                                                     </table>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Fair
Value of Warrant Liabilities</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for the warrants issued in connection with its 2022 convertible note financing in accordance with the guidance contained
in Accounting Standards Codification (&#8220;ASC&#8221;) 815-40 Derivatives and Hedging - Contracts in Entity&#8217;s Own Equity (&#8220;ASC
815&#8221;) under which the warrants do not meet the criteria for equity treatment and must be recorded as liabilities. Accordingly,
the Company classifies such warrants as liabilities at their fair value and adjusts the warrants to fair value at each reporting period.
This liability is subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in
the condensed consolidated statements of operations. Such warrants are valued using the Black-Scholes option-pricing model as no observable
traded price was available for such warrants. Determining the appropriate valuation model and estimating the fair values of warrant liabilities
requires the input of subjective assumptions, including risk-free interest rate, expected stock price volatility, dividend yields and
expected term. The assumptions used in calculating the fair values of warrant liabilities represent management&#8217;s best estimates,
but these estimates involve inherent uncertainties and the application of judgment. As a result, if factors change and different assumptions
are used, warrant liabilities could be significantly different from what we recorded in the current period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; background-color: white; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; text-align: justify; background-color: white; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Going
Concern Forecast</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; text-align: justify; background-color: white; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company assessed its ability to continue as a going concern, evaluating whether there are conditions and events, considered in the
aggregate, that raise substantial doubt about its ability to continue as a going concern using all information available about the
future, focusing on the twelve-month period following the issuance date of the consolidated financial statements. For the cashflow
projection, we assume production from existing wells with natural decline, average ICP of last 12 months in the most recent fiscal
year as expected ICP, stable operational cost and limited capital expenditure as new drilling will not begin until 2026.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s going concern status is subject to various risks and uncertainties mainly includes limited unrestricted cash balance
as of the date of this report, volatility on profit forecast affected by fluctuations in oil price, planned level of operational and
capital expenditures and ability to obtain the necessary additional capital on a timely basis, on acceptable terms, or at all, from any
source.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; text-indent: 0.5in; margin-top: 0pt; text-align: justify; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Recent
Accounting Pronouncements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
list of recently adopted accounting pronouncements that are relevant to us is included in Note 2 - Summary of Significant Accounting Policies
of our consolidated financial statements included elsewhere in this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Liquidity
and Capital Resources</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
generated a net loss of $2,634,141 and net cash used in operating activities of $2,978,919 for the year end December 31, 2023. As of
December 31, 2023, we had an accumulated deficit of $39,583,437 and working capital of $5,016,233. Our operating results for future periods
are subject to numerous risks and uncertainties and it is uncertain if we will be able to reduce or eliminate our net losses and achieve
cash flow positive operations in the near term or eventually achieve profitability. If we are not able to increase revenues or manage
operating expenses in line with revenue forecasts, or if the price of oil should drop significantly, we may not be able to achieve profitability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white; text-indent: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have financed the operations primarily through cash flow from operations, loans from banks, and proceeds from equity instrument financing,
where necessary. As of December 31, 2023, the Company had total cash of $3,997,187. On March 22, 2024, we filed a New F-3 Registration
Statement, which includes a Prospectus Supplement and a base prospectus supplemented by the Prospectus Supplement, covering (i) the offering,
issuance and sale by us of up to a maximum aggregate offering price of $50,000,000 of our ordinary shares, preferred shares, warrants,
debt securities, rights, depositary shares, and/or units from time to time in one or more offerings, and (ii) up to a maximum aggregate
offering price of $4,267,622 of our ordinary shares that may be issued and sold from time to time under the ATM Agreement, as amended
by the ATM Amendment No.1 on March 22, 2024, with H.C. Wainwright &amp; Co., LLC as Sales Agent. We are not permitted to sell any ATM
Shares prior to the effectiveness of the New F-3 Registration Statement. As of the date of this report, the New F-3 Registration Statement
has not been declared effective yet.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of April 23, 2024, we had approximately $0.75 million of cash, which is placed with financial institutions and is
unrestricted as to withdrawal or use. We intend to meet the cash requirements for the next 12 months from the issuance date of the
Company&#8217;s audited consolidated financial statements through a combination of improving operational efficiency, equity or debt
financing and financial support from principal shareholder. We will collect the account receivables and other receivables more
closely and review the payment schedule in a planned manner, especially for general and administrative expenses, seismic and G&amp;G
study. We will not plan any new drilling activity for the next 12 months, unless further proceeds from above ATM offering or
exercise of outstanding warrants are received. We expect that we will be able to obtain new bank loans based on past experience and
the Company&#8217;s good credit history. In addition, Mr. Wirawan Jusuf, the Chief Executive Officer and Chairman of the Board of
the Company, has agreed to provide $4 million of financial support in the form of debt to the Company to enable the Company to meet
its obligations and commitments as they become due for at least next 12 months. We believe that our cash on hand and internally
generated cash flows will be sufficient to fund its operations over at least the next 12 months from the date of this
filing.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on our current liquidity and anticipated funding requirements, if we determine that our cash requirements exceed the amount of cash we
have on hand at the time, we may seek to issue equity or debt securities or obtain credit facilities. The issuance and sale of additional
equity would result in further dilution to our shareholders. The incurrence of indebtedness would result in increased fixed obligations
and could result in operating covenants that might restrict our operations. We cannot assure you that financing will be available from
any source in amounts or on terms acceptable to us, if at all or, therefore, that we will be able to alleviate our anticipated funding
requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Cash
flows</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth certain historical information with respect to our statements of cash flows for the years ended December 31,
2023, 2022 and 2021:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">For The Years Ended</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">December 31,</td><td style="font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 52%; text-align: left">Net cash used in operating activities</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(2,978,919</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(3,208,138</td><td style="width: 1%; text-align: left">)</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 12%; text-align: right">(3,548,656</td><td style="width: 1%; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Net cash used in investing activities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(419,459</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(5,416,501</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(2,759,829</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Net cash provided by (used in) financing activities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">12,925,190</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Effect of exchange rate changes on cash and restricted cash</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Net change in cash, and restricted cash</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(3,398,378</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">4,300,551</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">(6,308,485</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Cash and restricted cash at beginning of year</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">7,395,565</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">3,095,014</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">9,403,499</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Cash and restricted cash at end of year</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">3,997,187</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">7,395,565</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">3,095,014</td><td style="text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Year
ended December 31, 2023 compared with year ended December 31, 2022</i></b>&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Operating
activities</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
activities used $2.99 million in cash for the year ended December 31, 2023, as compared to $3.21 million for 2022. The decrease of approximately
$0.22 million in the amount of net cash used in operating activities is primarily due to decrease in operating expenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing
activities</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 30pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in investing activities for the year ended December 31, 2023 was approximately $0.42 million, as compared to approximately
$5.42 million for the year ended December 31, 2022. The decreased is mainly due to decrease in cash paid for fracturing job
stimulation expenditure and drilling expenditures as no new well developed in 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Financing
activities</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash received from financing activities for the year ended December 31, 2023 was $nil, as compared to $12.93 million for the year
ended December 31, 2022. There was no cash received in financing activities for the year ended December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Year
ended December 31, 2022 compared with year ended December 31, 2021</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Operating
activities</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operating
activities used $3.21 million in cash for the year ended December 31, 2022, as compared to $3.55 million for 2021. The decrease of approximately
$0.34 million in the amount of net cash used in operating activities is primarily due to $1.04 million increase in cash received from
our customer (Pertamina) which was offset by approximately $0.55 million increase of cash paid for prepaid tax that will be reimbursed
by Pertamina.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Investing
activities</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 30pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash used in investing activities for the year ended December 31, 2022 was approximately $5.42 million, as compared to approximately
$2.76 million for the year ended December 31, 2021. The increase of approximately $2.60 million in the amount of net cash used in investing
activities was primarily a result of an increase of cash paid for one fracturing job/stimulation expenditure and drilling expenditures
for two wells in 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Financing
activities</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
cash received from financing activities for the year ended December 31, 2022 was approximately $12.93 million, as compared to $nil for
the year ended December 31, 2021. Cash received in financing activities for the year ended December 31, 2022 amounted to $15.09 million, which primarily consisted of the proceeds from issuance of convertible note &amp; warrants amounted to $8.59 million, exercise of warrants
amounted to $1.95 million and issuance of ordinary shares by ATM offering amounted to $4.55 million. Cash used in financing activities
for the year ended December 31, 2022 amounted to $1.98 million and primarily consisted of repayment of bank loan amounted to $0.98 million
and repayment of long term loan to a third party amounted to $1 million.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Capital
Expenditures</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
made capital expenditures of $419,459 and $5,416,501 for the years ended December 31, 2023 and 2022, respectively, which were primarily
related to the development and exploration of the oil and gas property and purchases of property and equipment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Transfers
of Funds Through Our Corporate Organization</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
respect to how cash funds are transferred from our company to WJ Energy and subsequently to our operating subsidiaries in Indonesia,
such transfers are undertaken in the form of shareholder loans to fund capital, operational and general and administrative expenditures
of our operating subsidiaries. For the years ended December 31, 2022 and 2021: (i) the total amount of cash transferred from us to WJ
Energy was $8,675,000 and $2,922,205, respectively and (ii) the total amount of cash transferred from WJ Energy to our operating subsidiaries
was $7,785,506 and $2,899,444, respectively. All the above-mentioned transactions have been made through bank accounts owned by each
respective company in Indonesia. Our parent company, WJ Energy and our operating subsidiaries each hold bank accounts in Indonesia to
minimize international or cross-border cash transfers.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">No
dividends or distributions have been made to date from our operating subsidiaries to WJ Energy, nor from WJ Energy to our company. While
as of the date of this annual report, the likelihood of our paying dividends to our shareholders (including our public shareholders)
is remote, we are not aware of any Hong Kong or other restriction on foreign exchange nor any restriction that impairs (i) our ability
to distribute earnings to our shareholders, (ii) WJ Energy&#8217;s ability to make distributions to our parent company or (iii) our operating
subsidiaries ability to make distributions to WJ Energy.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Research
and development</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Development
costs that are expected to generate probable future economic benefits can be capitalized as intangible assets. All other research and
development expenditure is recognized in income as incurred. For the years ended December 31, 2023 and 2022, the Company conducts no
Research and Development activities, nor is it dependent upon any patents or licenses.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Trend
Information</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than as disclosed elsewhere in this annual report, we are not aware of any trends, uncertainties, demands, commitments or events for
the year ended December 31, 2023 that are reasonably likely to have a material and adverse effect on our total revenues, income, profitability,
liquidity or capital resources, or that would cause the disclosed financial information to be not necessarily indicative of future results
of operations or financial conditions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 40pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_003"></span>ITEM
6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Directors
and Executive Officers</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth information regarding our executive officers and directors as of the date of this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 30%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Name</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 6%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Age</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: top; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; white-space: nowrap; vertical-align: bottom; width: 60%; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Position/Title</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
    Wirawan Jusuf</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">38</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    Chairman of the Board and Chief Executive Officer</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Frank
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">69</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">President</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chia
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">71</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Technology Officer, prior <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Operating Officer</span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mirza
    F. Said</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">58</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Operating Officer and Director, prior <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Business Development Officer</span></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">James
    J. Huang</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">37</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Investment Officer and Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Gregory
    L. Overholtzer</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief
    Financial Officer</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Mochtar
    Hussein</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">66</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Benny
    Dharmawan</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">41</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Ahmad
    Fathurachman</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">32</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Director</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Michael
    L. Peterson</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">62</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Independent
    Director</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Dr.
Wirawan Jusuf </i></b>is a co-founder, Chief Executive Officer and Chairman of the board of directors of our company, and has served
as the Chief Executive Officer of WJ Energy since 2014. Since 2015, Dr. Jusuf has also served as a co-founder and Commissioner of Pt.
Asiabeef Biofarm Indonesia, a fully integrated and sustainable cattle business company in Indonesia. Dr. Jusuf also serves as the Director
of Maderic Holding Limited, a private investment firm and our majority shareholder, which he founded in 2014. Dr. Jusuf began his professional
career when he co-founded and served as the Director of Pt. Wican Indonesia Energi, an oil and gas services company, from 2012 to 2014.
Dr. Jusuf earned his Master&#8217;s in Public Health at the Gajah Mada University-Jogjakarta in Central Java, Indonesia, and his medical
degree at the University of Tarumanegara in Jakarta, Indonesia beforehand. We believe Dr. Jusuf is qualified to serve in his positions
with our company due to his strong qualifications in business development, government relations and strategic planning.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Frank
C. Ingriselli</i></b> has served as our President since February 2019. With over 45 years of experience in the energy industry, Mr. Ingriselli
is a seasoned leader and entrepreneur with wide-ranging exploration and production experience in diverse geographies, business climates
and political environments. From 2005 to 2018, Mr. Ingriselli was the founder, President, CEO and Chairman of PEDEVCO Corp. and Pacific
Asia Petroleum, Inc., both energy companies which are or were listed on NYSE American. Prior to founding these two companies, from 1979
to 2001, Mr. Ingriselli worked at Texaco in diverse senior executive positions involving exploration and production, power and gas operations,
merger and acquisition activities, pipeline operations and corporate development. The positions Mr. Ingriselli held at Texaco included
President of Texaco Technology Ventures, President and CEO of the Timan Pechora Company (owned by affiliates of Texaco, Exxon, Amoco,
Norsk Hydro and Lukoil), and President of Texaco International Operations, where he directed Texaco&#8217;s global initiatives in exploration
and development. While at Texaco, Mr. Ingriselli, among other activities, led Texaco&#8217;s initiatives in exploration and development
in China, Russia, Australia, India, Venezuela and many other countries. Mr. Ingriselli served as an independent member of the Board of
Directors of NXT Energy Solutions Inc. (TSX:SFD; OTC QB:NSFDF) from 2019 to 2022 and is also on the Board of Trustees of the Eurasia
Foundation, and is the founder and Chairman of Brightening Lives Foundation, Inc., a charitable public foundation. From 2016 through
2018, Mr. Ingriselli founded and was the President and CEO of Blackhawk Energy Ventures Inc. which endeavored to acquire oil and gas
assets in the United States for development purposes. Mr. Ingriselli also <span style="background-color: white">served as the chief executive
officer of </span>Trio Petroleum Corp. (<span style="background-color: white">NYSE American: TPET</span>) (&#8220;Trio Petroleum&#8221;),
a company developing assets in California, <span style="background-color: white">from February 2022 to October 2023, and has been serving
as </span>vice chairman and director of Trio Petroleum since February 2022, and serves on the Board of Directors of Lafayette Energy
(a private company developing assets in Louisiana). Mr. Ingriselli graduated from Boston University in 1975 with a B.S. in business administration.
He also earned an M.B.A. from New York University in both finance and international finance in 1977 and a J.D. from Fordham University
School of Law in 1979.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Dr.
Chia Hsin (Charlie) Wu </i></b>has served as our Chief Technology Officer since January 2024 and previously served as our Chief Operating
Officer since 2018. Dr. Wu is a highly qualified and recognized oil and gas industry veteran with over 40 years of experience. Dr. Wu
has been responsible for building and leading the upstream exploration and production teams for 3 independent oil and gas companies in
Indonesia over the last 15 years. Prior to joining our company, since 2017 Dr. Wu has been acting as the Chief Technology Officer for
Pt. Pandawa Prima Lestari, an oil and gas company operating a PSC block in Kalimantan, as well as an independent oil and gas consultant.
Dr. Wu previously served as the Director of Operations and Chief Operating Officer of Pt. Sugih Energy TBK, an oil and gas exploration
and production company with 4 PSC blocks in Central and South Sumatera from 2013 to 2016. From 2010 to 2013, Dr. Wu was the President
Director of Pacific Oil &amp; Gas Indonesia, an oil and gas company operating 2 PSC blocks in North Sumatra and one KSO block in Aceh.
Prior to 2010, Dr. Wu had transitioned into the senior role of Vice-President and General Manager with Petroselat Ltd., operator of an
exploration and production PSC block in Central Sumatra between 2000 and 2010, and simultaneously served as Chief Operating Officer at
International Mineral Resources Inc from 2003 to 2010. From 1999 to 2000, Dr. Wu served as an Exploration Consultant with EMP Kondur
Petroleum, an oil company which operated a production PSC in Central Sumatra. From 1981 to 1999, Dr. Wu worked in a variety of roles
internationally with Atlantic Richfield Company (ARCO, now recognized as BP Plc). Dr. Wu worked in the position of Geological Specialist
from 1996 to 1999 in Jakarta, Indonesia. From 1990 to 1995, Dr. Wu worked as a New Venture Geologist with the ARCO organization in Plano,
Texas, and from 1985 to 1990, Dr. Wu worked as an Exploration Coordinator of the for ARCO in Jakarta, Indonesia. Dr. Wu began his work
with ARCO from 1983 to 1985 as an explorationist in Plano, Texas, during which time he earned ARCO&#8217;s &#8220;Exploration Excellence
Award&#8221; on the Vice-President Level for providing training to worldwide staff in geohistory and basin modelling with subsequent
exploration successes. From 1979 to 1981, Dr. Wu worked as a Petrophysical Supervisor with Core Laboratories Inc. Dr. Wu began his career
as a Research Specialist with the US Department of Energy at the University of Oklahoma in 1979. Dr. Wu completed his Postgraduate Diploma
in Business Administration at DeMontfort University in 2000 and earned his Ph.D. in Geosciences in 1991 at the University of Texas. He
also completed his Masters of Science in Geology at the University of Toledo in 1979. Prior to his graduate studies, Dr. Wu earned his
Bachelors of Science degree in Geology at National Taiwan University in 1975. Dr. Wu was once an Adjunct Associate Professor at the University
of Texas at Dallas between 1995 and 2000 and has served as a lecturer at the University of Indonesia since 2006. Dr. Wu has also been
a member of American Association of Petroleum Geologists (AAPG) since 1979.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Mirza
F. Said</i></b> has served as Chief Operating Officer since January 2024 and a Director of our company since 2018, Chief Executive Officer
of our subsidiary Pt. Green World Nusantara since 2014, PT Harvel Nusantara Energi since 2015, and PT Hutama Wiranusa Energi since 2018.
Mr. Said was also our Chief Business Development Officer between February 2019 and January 2024. From 2012 to 2014, Mr. Said had served
as President Director of Pt. Humpuss Patragas, and Commissioner of Pt. Humpuss Trading and Pt. Humpuss Wajo Energi simultaneously. All
of these companies are the subsidiaries of PT. Humpuss, an Indonesian holding company focusing on energy business, including in upstream,
transportation and refining activities. From 2010 to 2012, Mr. Said acted as the Senior Business Development &amp; External Relations
Manager for Pacific Oil &amp; Gas. From 2007 to 2010, Mr. Said Co-Founded Pt. Corpora Hydrocarbon Asian, a private oil and gas investment
company, and served as that organization&#8217;s Operational Specialist. Prior to serving as Chief Operating Officer of Pt. Indelberg
Indonesia from 2006 to 2007, Mr. Said served as the Corporate Operations Controller for Akar Golindo Group from 2004 to 2006. From 2001
to 2004, Mr. Said was the Project Cost Controller &amp; Analyst for the Kangean Asset for BP Indonesia, during which time, as a result
of his achievements he was awarded the &#8220;Spot Recognition Award of Significant Contribution in Managing &amp; Placing&#8221;. From
1997 to 1999, he served as Operations Manager for JOB Pertamina Western Madura Pty Ltd., a joint operation company between Citiview Corporation
Ltd (an Australian based oil and gas company) and Pertamina (the Indonesian state owned oil and gas company) that operated a block in
Madura, East Java. Mr. Said began his professional career as Senior Drilling Engineer with Pt. Humpuss Patragas, an Indonesian private
oil and gas company a subsidiary of PT. Humpuss, which operated Cepu Block, East Java from 1991 to 1997 (he would later return to that
organization in 2012 and serve in two senior executive positions concurrently). Mr. Said earned his Master of Engineering Management
at the Curtin University of Technology in Perth, Australia, and had completed his Bachelor&#8217;s degree in Chemical Engineering at
the Institute Technology of Indonesia. Mr. Said holds professional memberships with the Indonesian Petroleum Association (IPA) and Society
of Indonesian Petroleum Engineers (IATMI) and is fluent in English and Indonesian. We believe Mr. Said is qualified to serve in his positions
with our company as a result of his education and professional experiences, including achievements and expertise within the energy and
infrastructure sector.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>James
J. Huang </i></b>is co-founder and has served as Chief Investment Officer and Director of our company since inception, and has served
as the Chief Investment Officer of WJ Energy since 2014. Mr. Huang co-founded and has served as Director of Asiabeef Group Limited, a
fully integrated and sustainable cattle business company and holding company of Pt. Asiabeef Biofarm Indonesia, since 2015. Mr. Huang
founded and is a Director at Pt. HFI International Consulting, an Indonesian based business consulting company, since 2014. Mr. Huang
was previously the Director of Pt. Biofarm Plantation, a cattle trading company, from 2013 until 2015. From 2010 to 2013, Mr. Huang founded
and served as a Director at HFI Ind. Imp. e Exp. Ltd., an information technology company providing integrated security and surveillance
solutions in Brazil. Mr. Huang began his professional career in 2008 as an intern practicing corporate law and tax consulting with Barbosa,
M&#252;ssnich &amp; Arag&#227;o in S&#227;o Paulo, Brazil. Mr. Huang holds the Chartered Financial Analyst<sup>&#174;</sup> (CFA)
designation and maintains an Attorney at Law professional license from the Brazilian Bar Association (OAB/SP). Mr. Huang earned his Bachelor&#8217;s
degree in law at the Escola de Direito de S&#227;o Paulo in Brazil at Funda&#231;&#227;o Get&#250;lio Vargas and previously participated
at a Double Degree Business Management Program at the Escola de Administra&#231;&#227;o de Empresas de S&#227;o Paulo also at Funda&#231;&#227;o
Get&#250;lio Vargas. We believe Mr. Huang is qualified to serve in his positions with our company due to his expertise in finance,
legal matters, business management and strategic planning.</span></p>




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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Gregory
L. Overholtzer</i></b> has served as our Chief Financial Officer since February 2019. Mr. Overholtzer is a seasoned financial officer
for public companies, including in the energy space. Mr. Overholtzer has worked as a part-time Chief Financial Officer for Trio Corporation
since February 2022. In addition, since November 2019, Mr. Overholtzer has served as a Consulting Director of Ravix Consulting Group.
From December 2018 until November 2019, Mr. Overholtzer served as a Field Consultant at Resources Global Professionals. Mr. Overholtzer
had served as the Chief Financial Officer of PEDEVCO Corp. from January 2012 to December 2018. From 2011 to 2012, Mr. Overholtzer served
as Senior Director and Field Consultant for Accretive Solutions, where he had consulted for various companies at the chief financial
officer and controller levels. Mr. Overholtzer acted as the Chief Financial Officer of Omni-ID USA Inc. from 2008 to 2011. Mr. Overholtzer
was the Corporate Controller of Genitope Corporation from 2006 to 2008, and Stratex Inc. from 2005 to 2006. Mr. Overholtzer served as
the Chief Financial Officer and Vice President of Finance for Polymer Technology Group from 1998 to 2005. From 1997 to 1998, he was the
Chief Financial Officer and Vice President of Finance at TeleSensory Corporation. Mr. Overholtzer held roles of Chief Financial Officer,
Vice President of Finance and Corporate Secretary with Giga-tronics Inc. from 1994 to 1997. Mr. Overholtzer also held several positions
with Airco Coating Tech., a division of BOC Group London from 1982 to 1994, which included Senior Financial Analyst, General Accounting
Manager, Vice President of Finance and Administration. In the early years of his career, Mr. Overholtzer also was as an MBA course Instructor
in Managerial Accounting at Golden Gate University from 1984 to 1987 and 1989 to 1991. Mr. Overholtzer had received his MBA at the University
of California, Berkeley, concentrating in Finance and Accounting and graduating with Beta Sigma Honors. Prior to his graduate studies,
Mr. Overholtzer earned his B.A. in Zoology at the University of California, Berkeley, graduating with University Honors.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Mochtar
Hussein</i></b> has served as a Director of our company since October 2018. From 2013 to 2018, Mr. Hussein acted as Inspector General
of Inspectorate General of the MEMR. From 2014 to 2018, Mr. Hussein also served as Commissioner of Pt. Timah (Persero) Tbk, an Indonesian
state-owned enterprise engaged in tin mining and listed on Indonesia Stock Exchange. In 2012, Mr. Hussein served as Director of Indonesian
Government Institution Supervision of Public Welfare and Defence &amp; Security, and from 2009 to 2012, he served as the Head of the
Representative Office of the Indonesian State Finance &amp; Development Surveillance Committee (known as BPKP) in Central Java Province.
From 2005 to 2009, he served as Director of Fiscal and Investment Supervision in the BPKP, and during 2004, he served as the Head of
the Representative Office of BPKP in Lampung Province. From 2000 to 2004, Mr. Hussein served as Head of Indonesian State &amp; Regionally
Owned Enterprises Supervision in Jakarta. From 1997 to 2000, Mr. Hussein concurrently served as Head of Indonesian State &amp; Regionally
Owned Enterprises Supervision in East Nusa Tenggara Province and the Section Head of Fuel &amp; Non-Fuel Distribution Supervision. Mr.
Hussein began his professional career in 1993 as Section Head of Services, Trading &amp; Financial Institution Supervision in Bengkulu
Province and served in a range of senior positions with the BPKP until 2012. Mr. Hussein holds a Forensic Auditor Certification. He earned
his Bachelor&#8217;s degree in Economics at the Brawijaya University, Malang in East Java. We believe Mr. Hussein is qualified to serve
as a Director of our company due to his expertise in investigative auditing, compliance and corporate governance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Benny
Dharmawan </i></b>has served as a Director of our company since October 2018. Since 2006, following his previous international experiences
throughout Australia, United Kingdom and the United States, Mr. Dharmawan has served as the Chief Compliance Officer for GIGA Carbon
Neutrality Inc., a Canadian incorporated private company headquartered in London and offices in New York and Beijing, primarily engaged
in the manufacturing and sales of zero emission commercial vehicle and equipment which integrates hydrogen fuel cells with electric battery.
Mr. Dharmawan has also served as Director of Pt. Panasia Indo Resources Tbk., a holding company that primarily engages in yarn manufacturing
and synthetic fibers through its subsidiaries, and in the mining sector. Since 2015, Mr. Dharmawan has served as a Controller at Pt.
Sinar Tambang Arthalestari, a fully integrated cement producer in Central Java, Indonesia. From 2007 to 2015, Mr. Dharmawan served in
several executive positions, first as equity capital markets, regional operations, and compliance, and later being promoted to Associate
Vice President, at the Macquarie Group, a global provider of banking, advisory, trading, asset management and retail financial services,
in New York, London and Sydney. Mr. Dharmawan earned his Bachelor&#8217;s degree in Commerce at the Macquarie University in Australia
and received his Master&#8217;s degree in Applied Finance and Investments in Kaplan, Australia. We believe Mr. Dharmawan is qualified
to serve as a Director of our company due to his previous international professional accomplishments, particularly his expertise in risk
management, compliance, financial markets, business management and strategic and tactical planning.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Ahmad
Fathurachman </i></b>has served as a Director of our company since January 2024. Mr. Fathurachman is an oil and gas professional
with a multifaceted skillset in electrical &amp; instrumentation (&#8220;E&amp;I&#8221;) engineering. Since August 2022, Mr.
Fathurachman has served as a consultant in Indonesia to Weatherford International (&#8220;Weatherford&#8221;), a global oil field
services company. Prior to this role, he held several positions at Weatherford, first as a project manager for production business
unit between March 2018 and June 2020, and later as a senior project manager for project development &amp; product sales between
June 2020 and August 2022. Between October 2022 and June 2023, he served as a Business Development Specialist at Deleum Oilfield
Services, an oilfield services company engaged in oil &amp; gas chemical business in Southeast Asia. Between October 2016 and
February 2018, he served as an E&amp;I system engineer at PT. Wifgasindo Dinamika Instrument Engineering, an Indonesia engineering,
procurement, construction, and installation company, and between January 2016 and September 2016, he worked as an E&amp;I system
engineer at PT. Mangunkerta Nusantara, an E&amp;I system integrator company in Indonesia. From January 2014 to December 2015, he
served as an E&amp;I services engineer at Matrik Engineering (j.v PT. Kota Minyak Internusa), an E&amp;I manufacturing company in
Indonesia. Mr. Fathurachman received his bachelor&#8217;s degree in electrical engineering from Universitas Jenderal Achmad Yani in
Indonesia in 2013. We believe Mr. Fathurachman is qualified to serve as a Director of our company due to his expertise in
implementation and optimization of heavy oil production, especially deep understanding of oilfield digital solution and project
executions in Indonesia.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Michael
L. Peterson </i></b>has served as a Director of our Company since January 2021. In April 2022, Mr. Peterson founded and currently serves
as a Director and the Chief Executive Officer of Lafayette Energy Corp., a private company developing assets in Louisiana. Since October
2023, Mr. Peterson has served as the chief executive officer of Trio Petroleum, and since June 2021, he has served as a Director of Aesther
Healthcare Acquisition Corp., a Nasdaq listed special purpose acquisition company (&#8220;SPAC&#8221;), which merged with Ocean Biomedical
Inc. (NASDAQ: OCEA) in February 2023, and Mr. Peterson currently serves as a Director of Ocean Biomedical Inc. Since March 2023, Mr.
Peterson has served as a Director of OceanTech Acquisitions I Corp (NASDAQ: OTEC), a Nasdaq listed SPAC. Since December 2020, Mr. Peterson
has served as the Chief Executive Officer of Nevo Motors, Inc. (Formerly Nevo Energy, Inc.), a company that is commercializing low carbon
emission trucks. Between June 2018 and June 2021, Mr. Peterson served as the President of the Taipei Taiwan Mission of The Church of
Jesus Christ of Latter-day Saints, in Taipei, Taiwan. From August 2016 to May 2021, Mr. Peterson served as an Independent Director of
Trxade Health, Inc. (NASDAQ: MEDS), a Nasdaq listed company primarily engaged in pharmaceutical B2B technology. From 2011 to 2018, Mr.
Peterson served in several executive officer positions and a Director at PEDEVCO Corp. (NYSE American: PED), a public company primarily
engaged in the acquisition, exploration, development and production of oil and natural gas shale plays in the United States. These executive
officer positions included Chief Executive Officer, President, Chief Financial Officer and Executive Vice President. Mr. Peterson previously
served as Interim President and Chief Executive Officer (from June 2009 to December 2011), and as a Director (from May 2008 to December
2011), of Blast Energy (Pacific Energy Development&#8217;s predecessor), a company primarily engaged in oil and gas development, as a
Director (from May 2006 to July 2012) of Aemetis, Inc. (formerly AE Biofuels Inc.), a Cupertino, California-based global advanced biofuels
and renewable commodity chemicals company (AMTX.OB), and as Chairman and Chief Executive Officer of Nevo Energy, Inc. (&#8220;NEVE&#8221;,
formerly Solargen Energy, Inc.), a Cupertino, California-based developer of utility-scale solar farms from December 2008 to July 2012.
From 2005 to 2006, Mr. Peterson served as a Managing Partner of American Institutional Partners, a venture investment fund based in Salt
Lake City. From 2000 to 2004, he served as a First Vice President at Merrill Lynch, where he helped establish a new private client services
division to work exclusively with high-net-worth investors. From September 1989 to January 2000, Mr. Peterson was employed by Goldman
Sachs &amp; Co. in a variety of positions and roles, including as a Vice President with the responsibility for a team of professionals
that advised and managed over $7 billion in assets. Mr. Peterson received his Master&#8217;s degree of Business Administration at the
Marriott School of Management and a Bachelor&#8217;s degree in statistics/computer science from Brigham Young University. Mr. Peterson
is qualified to be a Director of our company due to his experience in managing, operating and growing both public and private companies,
especially those active in the energy industry.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Family
Relationships and Conflicts of Interests</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no family relationships between any of our officers and directors. We are not aware of any conflicts of interests related to our
officers and directors arising from the management and operations of our business.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Board
of Directors and Committees</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>General</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors consists of seven (7) directors. A majority of our board of directors (namely, Mochtar Hussein, Benny Dharmawan, Ahmad
Fathurachman and Michael L. Peterson) are independent, as such term is defined by the NYSE American. The members of our board of directors
are elected annually at our annual general meeting of shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not have a lead independent director, and we do not anticipate having a lead independent director. Our board of directors as a whole
play a key role in our risk oversight. Our board of directors makes all decisions relevant to our company. We believe it is appropriate
to have the involvement and input of all of our directors in risk oversight matters.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Board
Committees</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors have three standing committees: the audit committee, the compensation committee and the nominating and corporate governance
committee. Each committee has three members, and each member is independent, as such term is defined by the NYSE American.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
audit committee is responsible for overseeing the accounting and financial reporting processes of our company and audits of the financial
statements of our company, including the appointment, compensation and oversight of the work of our independent auditors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
compensation committee reviews and makes recommendations to the board regarding our compensation policies for our officers and all forms
of compensation, and also administers and has authority to make grants under our incentive compensation plans and equity-based plans.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
nominating and corporate governance committee is responsible for the assessment of the performance of our board of directors, considering
and making recommendations to our board of directors with respect to the nominations or elections of directors and other governance issues.
The nominating and corporate governance committee will consider diversity of opinion and experience when nominating directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
members of the audit committee, the compensation committee and the nominating and corporate governance committee are set forth below.
All such members will qualify as independent under the rules of NYSE American.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 12%; text-align: right">&#8212;</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(2</td><td style="text-align: left">)</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(1</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(2</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1</td><td style="text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(1</td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(1</td><td style="text-align: left">)</td><td>&#160;</td>
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    member</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Committee
    chair</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    committee financial expert</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Duties
of Directors</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a matter of Cayman Islands law, a director owes three types of duties to the company: (a) statutory duties, (b) fiduciary duties, and
(iii) common law duties. The Companies Act imposes a number of statutory duties on a director. A Cayman Islands director&#8217;s fiduciary
duties are not codified, however the courts of the Cayman Islands have held that a director owes the following fiduciary duties (a) a
duty to act in what the director bona fide considers to be in the best interests of the company, (b) a duty to exercise their powers
for the purposes they were conferred, (c) a duty to avoid fettering his or her discretion in the future and (d) a duty to avoid conflicts
of interest and of duty. The common law duties owed by a director are those to act with skill, care and diligence that may reasonably
be expected of a person carrying out the same functions as are carried out by that director in relation to the company and, also, to
act with the skill, care and diligence in keeping with a standard of care commensurate with any particular skill they have which enables
them to meet a higher standard than a director without those skills. In fulfilling their duty of care to us, our directors must ensure
compliance with our amended articles of association, as amended and restated from time to time (our &#8220;Articles of Association&#8221;).
We have the right to seek damages if a duty owed by any of our directors is breached. Our board of directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Interested
Transactions</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
director may vote, attend a board meeting or, presuming that the director is an officer and that it has been approved, sign a document
on our behalf with respect to any contract or transaction in which he or she is interested. We require directors to promptly disclose
the interest to all other directors after becoming aware of the fact that he or she is interested in a transaction we have entered into
or are to enter into. A general notice or disclosure to the board or otherwise contained in the minutes of a meeting or a written resolution
of the board or any committee of the board that a director is a shareholder, director, officer or trustee of any specified firm or company
and is to be regarded as interested in any transaction with such firm or company will be sufficient disclosure, and, after such general
notice, it will not be necessary to give special notice relating to any particular transaction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Remuneration
and Borrowing</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
directors may receive such remuneration as our board of directors may determine or change from time to time. The compensation committee
will assist the directors in reviewing and approving the compensation structure for the directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors may exercise all the powers of the company to borrow money and to mortgage or charge our undertakings and property
and assets both present and future and uncalled capital or any part thereof, to issue debentures and other securities whether outright
or as collateral security for any debt, liability or obligation of our company or its parent undertaking (if any) or any subsidiary undertaking
of our company or of any third party.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Qualification</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
majority of our board of directors is required to be independent. There are no membership qualifications for directors. The shareholding
qualification for directors may be fixed by our shareholders by ordinary resolution and unless and until so fixed no share qualification
shall be required.</span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Limitation
of Director and Officer Liability</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Cayman Islands law, each of our directors and officers, in performing his or her functions, is required to act honestly and in good faith
with a view to our best interests and exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable
circumstances. Cayman Islands law does not limit the extent to which a company&#8217;s Articles of Association may provide for indemnification
of officers and directors and secretaries, except to the extent any such provision may be held by the Cayman Islands courts to be contrary
to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Articles of Association provide, to the extent permitted by law, for the indemnification of each existing or former director (including
alternate director), secretary and any of our other officers (including an investment adviser or an administrator or liquidator) and
their personal representatives against:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">all
    actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by the existing or former director
    (including alternate director), secretary or officer in or about the conduct of our business or affairs or in the execution or discharge
    of the existing or former director&#8217;s (including alternate director&#8217;s), secretary&#8217;s or officer&#8217;s duties, powers,
    authorities or discretions; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">without
    limitation to paragraph (a) above, all costs, expenses, losses or liabilities incurred by the existing or former director (including
    alternate director), secretary or officer in defending (whether successfully or otherwise) any civil, criminal, administrative or
    investigative proceedings (whether threatened, pending or completed) concerning us or our affairs in any court or tribunal, whether
    in the Cayman Islands or elsewhere. To be entitled to indemnification, these persons must have acted honestly and in good faith with
    a view to the best interest of the company and, in the case of criminal proceedings, they must have had no reasonable cause to believe
    their conduct was unlawful. Such limitation of liability does not affect the availability of equitable remedies such as injunctive
    relief or rescission. These provisions will not limit the liability of directors under United States federal securities laws.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
decision of our board of directors as to whether the director acted honestly and in good faith with a view to our best interests and
as to whether the director had no reasonable cause to believe that his or her conduct was unlawful, is in the absence of fraud sufficient
for the purposes of indemnification, unless a question of law is involved. The termination of any proceedings by any judgment, order,
settlement, conviction or the entry of no plea does not, by itself, create a presumption that a director did not act honestly and in
good faith and with a view to our best interests or that the director had reasonable cause to believe that his or her conduct was unlawful.
If a director to be indemnified has been successful in defense of any proceedings referred to above, the director is entitled to be indemnified
against all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred by
the director or officer in connection with the proceedings.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have purchased and currently maintain insurance in relation to any of our directors or officers against any liability asserted against
the directors or officers and incurred by the directors or officers in that capacity, whether or not we have or would have had the power
to indemnify the directors or officers against the liability as provided in our Articles of Association. Insofar as indemnification for
liabilities arising under the Securities Act may be permitted for our directors, officers or persons controlling our company under the
foregoing provisions, we have been informed that in the opinion of the SEC, such indemnification is against public policy as expressed
in the Securities Act and is therefore unenforceable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Involvement
in Certain Legal Proceedings</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
our knowledge, none of our directors or officers has been convicted in a criminal proceeding, excluding traffic violations or similar
misdemeanors, nor has been a party to any judicial or administrative proceeding during the past five years that resulted in a judgment,
decree or final order enjoining the person from future violations of, or prohibiting activities subject to, federal or state securities
laws, or a finding of any violation of federal or state securities laws, except for matters that were dismissed without sanction or settlement.
Except as set forth in our discussion below in &#8220;Related Party Transactions,&#8221; our directors and officers have not been involved
in any transactions with us or any of our affiliates or associates which are required to be disclosed pursuant to the rules and regulations
of the SEC.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Code
of Business Conduct and Ethics</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
board adopted a code of ethics and business conduct applicable to our directors, officers and employees on June 21, 2019.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Executive
Compensation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Summary
Compensation Table</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
compensation committee, consisting of independent board members determined the compensation to be paid to our executive officers based
on our financial and operating performance and prospects, and contributions made by the officers&#8217; to our success. Our compensation
committee measures each of our officers by a series of performance criteria by our board of directors, or the compensation committee
on a yearly basis. Such criteria is based on certain objective parameters such as job characteristics, required professionalism, management
skills, interpersonal skills, related experience, personal performance and overall corporate performance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors has not adopted or established a formal policy or procedure for determining the amount of compensation paid to our
executive officers. Our board of directors will make an independent evaluation of appropriate compensation to key employees, with input
from management. Our board of directors has oversight of executive compensation plans, policies and programs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Summary
Compensation Table</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table presents summary information regarding the total compensation awarded to, earned by, or paid to each of the named executive
officers for services rendered to us for the years ended December 31, 2023 and 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr style="vertical-align: bottom">
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Fiscal<br/> Year</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 28%; text-align: left">Dr. Wirawan Jusuf</td><td style="width: 2%">&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)
The options and bonus were granted pursuant to agreements between the executives and our company. The values of the option awards represent
grant-date fair values without regard to forfeitures.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)
All other compensation refers to income tax withholding under Indonesian law. Salaries in Indonesia are negotiated on a &#8220;take home
pay&#8221; basis. Therefore, we pay the income withholding tax on behalf of the employee, which is legally considered part of the employee&#8217;s
compensation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Outstanding
Equity Awards at 2023 Year-End</i></b>&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table provides information regarding each unexercised stock option held by the named executive officers as of December 31,
2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="text-align: left">&#160;</td><td style="text-align: right">50,000</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right">11.00</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">December 19, 2029</span></td><td style="text-align: left">&#160;</td></tr>
  </table>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>2018
Omnibus Equity Incentive Plan</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 31, 2018, our board of directors and shareholders adopted a 2018 Omnibus Equity Incentive Plan for our company (which we refer
to as the 2018 Plan).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Purpose</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
purpose of our 2018 Plan is to attract and retain directors, officers, consultants, advisors and employees whose services are considered
valuable, to encourage a sense of proprietorship and to stimulate an active interest of such persons in our development and financial
achievements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Administration</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
compensation committee of our board of directors (or the Compensation Committee) will have primary responsibility for administering the
2018 Plan. The Compensation Committee will have the authority to, among other things, the (a) determine terms and conditions of any option
or stock purchase right granted, including the exercise price and the vesting schedule, (b) determine the persons who are to receive
options and stock purchase rights and (c) determine the number of shares to be subject to each option and stock purchase right, (d) prescribe
any limitations, restrictions and conditions upon any awards, including the vesting conditions of awards, (e) determine if a grant will
be an &#8220;incentive&#8221; options (qualified under section 422 of the Internal Revenue Code of 1986, as amended, which is referred
to herein as the Code) to employees of our company or a non-qualified options to directors and consultants of our company, and (f) make
any other determination and take any other action that the Compensation Committee deems necessary or desirable for the administration
of the 2018 Plan. The Compensation Committee will have full discretion to administer and interpret the 2018 Plan and to adopt such rules,
regulations and procedures as it deems necessary or advisable and to determine, among other things, the time or times at which the awards
may be exercised and whether and under what circumstances an award may be exercised.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Eligibility</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
employees, directors, officers and consultants (and those of any affiliated companies of ours) are eligible to participate in the 2018
Plan. The Compensation Committee has the authority to determine who will be granted an award under the 2018 Plan, however, it may delegate
such authority to one or more of our officers under the circumstances set forth in the 2018 Plan; provided, however, that all awards
made to non-employee Directors shall be determined by our board of directors in its sole discretion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Number
of Shares Authorized</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Approximately
1,104,546 ordinary shares are reserved for issuance under our 2018 Plan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
an award is forfeited, canceled, or if any option terminates, expires or lapses without being exercised, the ordinary shares subject
to such award will again be made available for future grant. However, shares that are used to pay the exercise price of an option or
that are withheld to satisfy the Participant&#8217;s tax withholding obligation will not be available for re-grant under the 2018 Plan.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Awards
Available for Grant</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Compensation Committee may grant awards of non-qualified share options, incentive share options, share appreciation rights, restricted
share awards, restricted share units, share bonus awards, performance compensation awards (including cash bonus awards) or any combination
of the foregoing, as each type of award is described in the 2018 Plan. Unless accelerated in accordance with the 2018 Plan, unvested
awards shall, if so determined by the Compensation Committee, terminate immediately upon the grantee resigning from or our terminating
the grantee&#8217;s employment or contractual relationship with us or any related company without cause, including death or disability.</span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Options</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Compensation Committee is authorized to grant options to purchase ordinary shares that are either &#8220;qualified,&#8221; meaning they
are intended to satisfy the requirements of Code Section 422 for incentive stock options, or &#8220;non-qualified,&#8221; meaning they
are not intended to satisfy the requirements of Section 422 of the Code. Options granted under the 2018 Plan will be subject to the terms
and conditions established by the Compensation Committee. Under the terms of the 2018 Plan, unless the Compensation Committee determines
otherwise in the case of an option substituted for another option in connection with a corporate transaction, the exercise price of the
options will not be less than the fair market value (as determined under the 2018 Plan) of the ordinary shares on the date of grant.
Options granted under the 2018 Plan are subject to such terms, including the exercise price and the conditions and timing of exercise,
as may be determined by the Compensation Committee and specified in the applicable award agreement. The maximum term of an option granted
under the 2018 Plan is 10 years from the date of grant (or five years in the case of an incentive share option granted to a 10% shareholder).
Payment in respect of the exercise of an option may be made in cash or by check, by surrender of unrestricted ordinary shares (at their
fair market value on the date of exercise) that have been held by the participant for any period deemed necessary by our accountants
to avoid an additional compensation charge or have been purchased on the open market, or the Compensation Committee may, in its discretion
and to the extent permitted by law, allow such payment to be made through a broker-assisted cashless exercise mechanism, a net exercise
method, or by such other method as the Compensation Committee may determine to be appropriate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Share
Appreciation Rights</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Compensation Committee is authorized to award share appreciation rights (or SARs) under the 2018 Plan. SARs are subject to such terms
and conditions as established by the Compensation Committee. A SAR is a contractual right that allows a participant to receive, either
in the form of cash, shares or any combination of cash and shares, the appreciation, if any, in the value of a share over a certain period
of time. A SAR granted under the 2018 Plan may be granted in tandem with an option and SARs may also be awarded to a participant independent
of the grant of an option. SARs granted in connection with an option shall be subject to terms similar to the option which corresponds
to such SARs. SARs shall be subject to terms established by the Compensation Committee and reflected in the award agreement.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Restricted
shares</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Compensation Committee is authorized to award restricted shares under the 2018 Plan. The Compensation Committee will determine the terms
of such restricted shares awards. Restricted shares are ordinary shares that generally are non-transferable and subject to other restrictions
determined by the Compensation Committee for a specified period. Unless the Compensation Committee determines otherwise or specifies
otherwise in an award agreement, if the participant terminates employment or services during the restricted period, then any unvested
restricted shares will be forfeited.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Restricted
share unit Awards</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Compensation Committee is authorized to award restricted share unit awards. The Compensation Committee will determine the terms of such
restricted share units. Unless the Compensation Committee determines otherwise or specifies otherwise in an award agreement, if the participant
terminates employment or services during the period of time over which all or a portion of the units are to be earned, then any unvested
units will be forfeited.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Bonus
Share Awards</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Compensation Committee is authorized to grant awards of unrestricted ordinary shares or other awards denominated in ordinary shares,
either alone or in tandem with other awards, under such terms and conditions as the Compensation Committee may determine.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Performance
Compensation Awards</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Compensation Committee is authorized to grant any award under the 2018 Plan in the form of a Performance Compensation Award exempt from
the requirements of Section 162(m) of the Code by conditioning the vesting of the Award on the attainment of specific performance criteria
of our company and/or one or more of our affiliates, divisions or operational units, or any combination thereof, as determined by the
Compensation Committee. The Compensation Committee will select the performance criteria based on one or more of the following factors:
(i) revenue; (ii) sales; (iii) profit (net profit, gross profit, operating profit, economic profit, profit margins or other corporate
profit measures); (iv) earnings (EBIT, EBITDA, earnings per share, or other corporate profit measures); (v) net income (before or after
taxes, operating income or other income measures); (vi) cash (cash flow, cash generation or other cash measures); (vii) share price or
performance; (viii) total shareholder return (share price appreciation plus reinvested dividends divided by beginning share price); (ix)
economic value added; (x) return measures (including, but not limited to, return on assets, capital, equity, investments or sales, and
cash flow return on assets, capital, equity, or sales); (xi) market share; (xii) improvements in capital structure; (xiii) expenses (expense
management, expense ratio, expense efficiency ratios or other expense measures); (xiv) business expansion or consolidation (acquisitions
and divestitures); (xv) internal rate of return or increase in net present value; (xvi) working capital targets relating to inventory
and/or accounts receivable; (xvii) inventory management; (xviii) service or product delivery or quality; (xix) customer satisfaction;
(xx) employee retention; (xxi) safety standards; (xxii) productivity measures; (xxiii) cost reduction measures; and/or (xxiv) strategic
plan development and implementation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Transferability</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
award may be exercised during the participant&#8217;s lifetime only by the participant or, if permissible under applicable law, by the
participant&#8217;s guardian or legal representative and may not be otherwise transferred or encumbered by a participant other than by
will or by the laws of descent and distribution. The Compensation Committee, however, may permit options (other than incentive share
options) to be transferred to family members, a trust for the benefit of such family members, a partnership or limited liability company
whose partners or shareholders are the participant and his or her family members or anyone else approved by it.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Amendment</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
addition, our board of directors may amend, in whole or in part, our 2018 Plan at any time. However, without shareholder approval, except
that (a) any amendment or alteration shall be subject to the approval of the our shareholders if such shareholder approval is required
by any federal or state law or regulation or the rules of any stock exchange or automated quotation system on which the Shares may then
be listed or quoted, and (b) our board of directors may otherwise, in its discretion, determine to submit other such amendments or alterations
to shareholders for approval. Awards previously granted under the 2018 Plan may not be impaired or affected by any amendment of our 2018
Plan, without the consent of the affected grantees.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Change
in Control</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
2018 Plan provides that in the event of a change of control, the Compensation Committee shall, unless an outstanding award is assumed
by the surviving company or replaced with an equivalent award granted by the surviving company in substitution for such outstanding award
cancel any outstanding awards that are not vested and non-forfeitable as of the consummation of such corporate transaction (unless the
Compensation Committee, in its discretion, accelerates the vesting of any such awards). In respect to any vested and non-forfeitable
awards, the Compensation Committee may, in its discretion, (i) allow all grantees to exercise such awards within a reasonable period
prior to the consummation of the corporate transaction and cancel any outstanding awards that remain unexercised, or (ii) cancel any
or all of such outstanding awards in exchange for a payment (in cash, or in securities or other property, up to the sole discretion of
the Compensation Committee) in an amount equal to the amount that the grantee would have received if such vested awards were settled
or distributed or exercised immediately prior to the consummation of the corporate transaction.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Director
Compensation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Each
independent director receives annual cash compensation equal to $30,000 per year for such directors&#8217; services to our board of directors.
The Chairman of the Board receives an additional $15,000 per year. In addition to the annual cash compensation for serving on our board
of directors, each independent director that also serves on a committee of our board of directors receives compensation as follows: each
member of the audit committee and compensation committee (not including the chairperson) receives annual cash compensation of $3,000
per year and each member of the Nominating and Corporate Governance Committee (not including the chairperson) receives annual cash compensation
of $3,000 per year. The chairperson of our Audit Committee receives annual compensation of $27,000 and the chairperson of our Compensation
Committee receives annual compensation of $6,000 and the chairperson of our Nominating and Corporate Governance Committee receives annual
compensation of $3,000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Employment
Agreements and Other Arrangements with Named Executive Officers</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Except
as set forth below, we currently have no written employment agreements with any of our officers, directors, or key employees. While certain
of our officers hold positions with other entities, pursuant to their employment agreements with us, each officer is required to spend
substantially all of his working time, attention and skills to the performance of his duties to our company. Unless otherwise stated
below, all employment agreements listed below with auto-renewal provisions were not terminated by either us or the employee, and were
therefore automatically renewed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the Reverse Stock Split, the number of stock options granted as described below decreased accordingly.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Wirawan
Jusuf</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 27, 2019, our board of directors approved an employment agreement with Wirawan Jusuf and we entered into such agreement (which
we refer to as the Jusuf Agreement) with Mr. Jusuf effective February 1, 2019, under which he serves as our Chief Executive Officer.
We also entered into a share option agreement with Mr. Jusuf effective as of February 1, 2019.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Jusuf Agreement has an initial term beginning on February 1, 2019, and expiring one (1) year from such date. The Jusuf Agreement is subject
to automatic renewal on a year-to-year renewal basis unless either we or Mr. Jusuf provides written notice not to renew the Jusuf Agreement
no later than 30 days prior to the end of the then current or renewal term.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the terms and provisions of the Jusuf Agreement, Mr. Jusuf is entitled to an annual base salary of $282,000 (Mr. Jusuf&#8217;s annual
base salary prior to the completion of our initial public offering was $189,000), cash bonuses as determined by our board of directors
or its designated committee in its sole discretion, participation in our 2018 Omnibus Equity Incentive Plan or similar equity incentive
plans, and other employee benefits as approved by our board of directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may terminate the Jusuf Agreement without cause upon 30 days&#8217; prior written notice and Mr. Jusuf may resign without cause upon
30 days&#8217; prior written notice. We may also immediately terminate the Jusuf Agreement for cause (as set forth in the Jusuf Agreement).
Upon the termination of the Jusuf Agreement for any reason, Mr. Jusuf will be entitled to receive payment of any base salary earned but
unpaid through the date of termination and any other payment or benefit to which he is entitled under the applicable terms of any applicable
company arrangements. If Mr. Jusuf is terminated during the term of the employment agreement other than for cause, Mr. Jusuf is entitled
to, upon delivering to us a general release of our company and its affiliates in a form satisfactory to us, the amount of base salary
earned and not paid prior to termination and such severance payments as may be mandated by Indonesian law (presently one month of base
salary for every year worked with us) (the &#8220;Jusuf Severance Payment&#8221;). In the event that such termination is upon a Change
of Control (as defined in the Jusuf Agreement), Mr. Jusuf shall be entitled to the Jusuf Severance Payment. In addition, the Jusuf Agreement
will terminate prior to its scheduled expiration date in the event of Mr. Jusuf&#8217;s death or disability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Jusuf Agreement also includes confidentiality and non-disclosure covenants as well as a twelve (12) month non-competition and non-solicitation
covenant. The Jusuf Agreement is governed by Cayman Islands law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Mr. Jusuf&#8217;s share option agreement, Mr. Jusuf was granted an option to purchase 150,000 ordinary shares under our 2018 Omnibus
Equity Incentive Plan at an exercise price equal to $11.00 per share. Mr. Jusuf&#8217;s option shall vest as follows (assuming, in each
case, that Mr. Jusuf remains employed with us): (a) 50,000 ordinary shares shall vest on the first anniversary of the closing of our
initial public offering, (b) 50,000 ordinary shares shall vest on the second anniversary of the closing of our initial public offering;
and (c) 50,000 ordinary shares shall vest on the third anniversary of the closing of our initial public offering. The share option agreement
is governed by Cayman Islands law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Frank
C. Ingriselli</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 27, 2019, our board of directors approved an employment agreement with Frank C. Ingriselli and we entered into such
agreement (which we refer to as the Ingriselli Agreement) with Mr. Ingriselli effective February 1, 2019, under which he serves as
our President. We also entered into a share option agreement with Mr. Ingriselli effective as of February 1, 2019. On January 23,
2020, we entered into an amendment to the Ingriselli Agreement (the &#8220;Ingriselli Amendment&#8221;). On January 21, 2022, we
entered into a Second Amendment to Ingriselli Agreement (the &#8220;Ingriselli Second Amendment&#8221;). On December 28, 2023, we
entered into the Ingriselli Third Amendment with Mr. Ingriselli, effective on January 1, 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Ingriselli Agreement had an initial term beginning on February 1, 2019, and expired one (1) year from such date. The Ingriselli Amendment
extends the term of Mr. Ingriselli&#8217;s employment as our President for a two-year term commencing on February 1, 2020 and terminating
on January 31, 2022, the Ingriselli Second Amendment extends the term of the Ingriselli Agreement to December 31, 2023, and the Ingriselli
Third Amendment further extends the term of the Ingriselli Agreement to December 31, 2025 unless terminated earlier pursuant to the terms
of the Ingriselli Agreement. The Ingriselli Agreement is not subject to automatic renewal.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the terms and provisions of the Ingriselli Agreement, as amended by the Ingriselli Amendment, Mr. Ingriselli is entitled to an annual
base salary of $150,000 and a $75,000 cash bonus for services rendered during the year ended December 31, 2019. Cash bonuses as determined
by our board of directors or its designated committee in its sole discretion. Pursuant to the Ingriselli Amendment, Mr. Ingriselli was
also granted 35,000 ordinary shares as an equity incentive award for his continued service as our President. The vesting schedule of
these shares is as follows: 18,750 vested on December 19, 2019, 9,375 will vest on June 16, 2020, and 9,375 will vest on December 19,
2020. The award also includes a 180-day lock-up period from the date of vesting. Participation in our 2018 Omnibus Equity Incentive Plan
or similar equity incentive plans, and other employee benefits as approved by our board of directors. Pursuant to the Ingriselli Second
Amendment, Mr. Ingriselli was granted an award of 60,000 ordinary shares, with 30,000 shares vesting on July 1, 2022 and 30,000 vesting
on January 1, 2023, with a lock-up period of 180 days from each vesting date. Pursuant to the Ingriselli Third Amendment, the pre-tax
annual base salary for Mr. Ingriselli will remain at US$150,000; Mr. Ingriselli was granted an award of 60,000 ordinary shares, with
30,000 ordinary shares vesting on July 1, 2024 and 30,000 ordinary shares vesting on January 1, 2025, under a lock-up period of 180 days
from each vesting date.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may terminate the Ingriselli Agreement, as amended without cause upon 30 days&#8217; prior written notice and Mr. Ingriselli may resign
with or without cause upon 30 days&#8217; prior written notice. We may also immediately terminate Ingriselli Agreement, as amended for
cause (as set forth in the Ingriselli Agreement). Upon the termination of the Ingriselli Agreement for any reason, Mr. Ingriselli will
be entitled to receive payment of any base salary earned but unpaid through the date of termination and any other payment or benefit
to which he is entitled under the applicable terms of any applicable company arrangements. If Mr. Ingriselli is terminated during the
term of the employment agreement other than for cause, Mr. Ingriselli is entitled to, upon delivering to us a general release of our
company and its affiliates in a form satisfactory to us, the amount of base salary earned and not paid prior to termination. In addition,
the Ingriselli Agreement, as amended will terminate prior to its scheduled expiration date in the event of Mr. Ingriselli&#8217;s death
or disability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Ingriselli Agreement, as amended, also includes confidentiality and non-disclosure covenants as well as a twelve (12) month non-competition
and non-solicitation covenant. The Ingriselli Agreement, as amended is governed by Cayman Islands law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Mr. Ingriselli&#8217;s share option agreement, Mr. Ingriselli was granted an option to purchase 37,500 ordinary shares under our 2018
Omnibus Equity Incentive Plan at an exercise price equal to $11.00 per share. Mr. Ingriselli&#8217;s option shall vest as follows (assuming,
in each case, that Mr. Ingriselli remains employed with us): (a) 18,750 ordinary shares shall vested on the date of effectiveness of
our initial public offering registration statement, (b) 9,375 ordinary shares shall vest on the 180<sup>th </sup>day following the closing
of our initial public offering; and (c) 9,375 ordinary shares shall vest on the first anniversary of the closing of our initial public
offering. The share option agreement is governed by Cayman Islands law.</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>James
Jerry Huang</i></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 27, 2019, our board of directors approved an employment agreement and share option agreement with James Jerry Huang and we entered
into such agreements (which we refer to as the Huang Agreement) with Mr. Huang effective February 1, 2019, under which he serves as our
Chief Investment Officer. We also entered into a share option agreement with Mr. Huang effective as of February 1, 2019.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Huang Agreement has an initial term beginning on February 1, 2019, and expiring one (1) year from such date. The Huang Agreement is subject
to automatic renewal on a year-to-year renewal basis unless either we or Mr. Huang provides written notice not to renew the Huang Agreement
no later than 30 days prior to the end of the then current or renewal term.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the terms and provisions of the Huang Agreement, Mr. Huang is entitled to an annual base salary of $240,000 (Mr. Huang&#8217;s annual
base salary prior to the completion of our initial public offering was $150,000), cash bonuses as determined by our board of directors
or its designated committee in its sole discretion, participation in our 2018 Omnibus Equity Incentive Plan or similar equity incentive
plans, and other employee benefits as approved by our board of directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may terminate the Huang Agreement without cause upon 30 days&#8217; prior written notice and Mr. Huang may resign without cause upon
30 days&#8217; prior written notice. We may also immediately terminate Huang Agreement for cause (as set forth in the Huang Agreement).
Upon the termination of the Huang Agreement for any reason, Mr. Huang will be entitled to receive payment of any base salary earned but
unpaid through the date of termination and any other payment or benefit to which he is entitled under the applicable terms of any applicable
company arrangements. If Mr. Huang is terminated during the term of the employment agreement other than for cause, Mr. Huang is entitled
to, upon delivering to us a general release of our company and its affiliates in a form satisfactory to us, the amount of base salary
earned and not paid prior to termination and such severance payments as may be mandated by Indonesian law (presently one month of base
salary for every year worked with us) (the &#8220;Huang Severance Payment&#8221;). In the event that such termination is upon a Change
of Control (as defined in the Huang Agreement), Mr. Huang shall be entitled to the Huang Severance Payment. In addition, the Huang Agreement
will terminate prior to its scheduled expiration date in the event of Mr. Huang&#8217;s death or disability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Huang Agreement also includes confidentiality and non-disclosure covenants as well as a twelve (a) month non-competition and non-solicitation
covenant. The Huang Agreement is governed by Cayman Islands law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Mr. Huang&#8217;s share option agreement, Mr. Huang was granted an option to purchase 150,000 ordinary shares under our 2018 Omnibus
Equity Incentive Plan at an exercise price equal to $11.00 per share. Mr. Huang&#8217;s option shall vest as follows (assuming, in each
case, that Mr. Huang remains employed with us): (a) 50,000 ordinary shares shall vest on the first anniversary of the closing of our
initial public offering, (b) 50,000 ordinary shares shall vest on the second anniversary of the closing of our initial public offering;
and (c) 50,000 ordinary shares shall vest on the third anniversary of the closing of our initial public offering. The share option agreement
is governed by Cayman Islands law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Gregory
L. Overholtzer</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 27, 2019, our board of directors approved an employment agreement with Gregory L. Overholtzer and we entered into such
agreement (which we refer to as the Overholtzer Agreement) with Mr. Overholtzer effective February 1, 2019, under which he serves as
our Chief Financial Officer. On January 29, 2020, we and Mr. Overholtzer entered into an amendment to the Overholtzer Agreement (the
&#8220;Overholtzer Amendment&#8221;). On January 21, 2022, we entered into a Second Amendment to Overholtzer Agreement (the
&#8220;Overholtzer Second Amendment&#8221;), effective January 1, 2022. On January 1, 2024, we entered into the Overholtzer Third
Amendment with Mr. Overholtzer, effective on January 1, 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Overholtzer Agreement had an initial term beginning on February 1, 2019, which expired one (1) year from such date. Pursuant to the Overholtzer
Amendment, Mr. Overholtzer&#8217;s employment term was extended for a two-year term commencing on February 1, 2020 and terminating on
January 31, 2022, the Overholtzer Second Amendment extends the term of the Overholtzer Agreement to December 31, 2023, and the Overholtzer
Third Amendment further extends the term of the Overholtzer Agreement to December 31, 2025 unless terminated earlier pursuant to the
Overholtzer Agreement, as amended. The Overholtzer Agreement, as amended, is not subject to automatic renewal.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the terms and provisions of the Overholtzer Agreement, as amended by the Overholtzer Amendment, Mr. Overholtzer was entitled to an
annual base salary of $40,000 until the effectiveness of our registration statement in connection with our IPO on December 19, 2019,
when his annual base salary increased to $80,000. Cash bonuses as determined by our board of directors or its designated committee in
its sole discretion, participation in our 2018 Omnibus Equity Incentive Plan or similar equity incentive plans, and other employee benefits
as approved by our board of directors. Pursuant to the Overholtzer Third Amendment, the pre-tax annual base salary for Mr. Overholtzer
will remain at US$80,000.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may terminate the Overholtzer Agreement without cause upon 30 days&#8217; prior written notice and Mr. Overholtzer may resign with or
without cause upon 30 days&#8217; prior written notice. We may also immediately terminate Overholtzer Agreement for Cause (as set forth
in the Overholtzer Agreement). Upon the termination of the Overholtzer Agreement for any reason, Mr. Overholtzer will be entitled to
receive payment of any base salary earned but unpaid through the date of termination and any other payment or benefit to which he is
entitled under the applicable terms of any applicable company arrangements. If Mr. Overholtzer is terminated during the term of the employment
agreement other than for cause, Mr. Overholtzer is entitled to, upon delivering to us a general release of our company and its affiliates
in a form satisfactory to us, the amount of base salary earned and not paid prior to termination. In addition, the Overholtzer Agreement,
as amended will terminate prior to its scheduled expiration date in the event of Mr. Overholtzer&#8217;s death or disability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Overholtzer Agreement, as amended, also includes confidentiality and non-disclosure covenants as well as a twelve (12) month non-competition
and non-solicitation covenant. The Overholtzer Agreement, as amended, is governed by Cayman Islands law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Chia
Hsin &#8220;Charlie&#8221; Wu</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 27, 2019, our board of directors approved an employment agreement with Chia Hsin &#8220;Charlie&#8221; Wu and we entered into
such agreements (which we refer to as the Wu Agreement) with Dr. Wu effective February 1, 2019, under which he serves as our Chief Operating
Officer. We also entered into a share option agreement with Dr. Wu effective as of February 1, 2019.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Wu Agreement has an initial term beginning on February 1, 2019, and expiring one (1) year from such date. The Wu Agreement is subject
to automatic renewal on a year-to-year renewal basis unless either we or Dr. Wu provides written notice not to renew the Wu Agreement
no later than 30 days prior to the end of the then current or renewal term.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the terms and provisions of the Wu Agreement, Dr. Wu is entitled to an annual base salary of $204,000 following our initial public
offering (Dr. Wu&#8217;s annual base salary prior to the completion of our initial public offering was $75,000), cash bonuses as determined
by our board of directors or its designated committee in its sole discretion, participation in our 2018 Omnibus Equity Incentive Plan
or similar equity incentive plans, and other employee benefits as approved by our board of directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 16, 2024, we entered into the Wu First Amendment with Dr. Wu, effective January 16, 2024. The Wu First Amendment amended and
restated the Wu Agreement between us and Dr. Wu. Pursuant to the Wu First Amendment: (i) Dr. Wu serves as our Chief Technology Officer
(&#8220;CTO&#8221;), effective from January 16, 2024; (ii) the pre-tax annual base salary for Dr. Wu remains at US$204,000; (iii) Dr.
Wu shall perform the duties and responsibilities (a) typically associated with the office of CTO of a similarly sized U.S. listed public
company in the oil and gas exploration and production sector and (b) outlined in the Wu First Amendment. As a result of the Wu First
Amendment, Dr. Wu is our CTO, and is no longer our COO. Except for the foregoing, no further changes were made to the Wu First Amendment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may terminate the Wu Agreement without cause upon 30 days&#8217; prior written notice and Dr. Wu may resign without cause upon 30 days&#8217;
prior written notice. We may also immediately terminate Wu Agreement for cause (as set forth in the Wu Agreement). Upon the termination
of the Wu Agreement for any reason, Dr. Wu will be entitled to receive payment of any base salary earned but unpaid through the date
of termination and any other payment or benefit to which he is entitled under the applicable terms of any applicable company arrangements.
If Dr. Wu is terminated during the term of the employment agreement other than for cause, Dr. Wu is entitled to, upon delivering to us
a general release of our company and its affiliates in a form satisfactory to us, the amount of base salary earned and not paid prior
to termination and such severance payments as may be mandated by Indonesian law (presently one month of base salary for every year worked
with us) (the &#8220;Wu Severance Payment&#8221;). In the event that such termination is upon a Change of Control (as defined in the
Wu Agreement), Dr. Wu shall be entitled to the Wu Severance Payment. In addition, the Wu Agreement will terminate prior to its scheduled
expiration date in the event of Dr. Wu&#8217;s death or disability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Wu Agreement also includes confidentiality and non-disclosure covenants as well as a twelve (12) month non-competition and non-solicitation
covenant. The Wu Agreement is governed by Cayman Islands law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Dr. Wu&#8217;s share option agreement, Dr. Wu was granted an option to purchase 150,000 ordinary shares under our 2018 Omnibus Equity
Incentive Plan at an exercise price equal to $11.00 per share. Dr. Wu&#8217;s option shall vest as follows (assuming, in each case, that
Dr. Wu remains employed with us): (a) 50,000 ordinary shares shall vest on the first anniversary of the closing of our initial public
offering, (b) 50,000 ordinary shares shall vest on the second anniversary of the closing of our initial public offering; and (c) 50,000
ordinary shares shall vest on the third anniversary of the closing of our initial public offering. The share option agreement is governed
by Cayman Islands law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Mirza
F. Said</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 27, 2019, our board of directors approved an employment agreement with Mirza F. Said and we entered into such agreements (which
we refer to as the Said Agreement) with Mr. Said effective February 1, 2019, under which he served as Chief Business Development Officer.
We also entered into a share option agreement with Mr. Said effective as of February 1, 2019.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Said Agreement has an initial term beginning on February 1, 2019, and expiring one (1) year from such date. The Said Agreement is subject
to automatic renewal on a year-to-year renewal basis unless either we or Mr. Said provides written notice not to renew the Said Agreement
no later than 30 days prior to the end of the then current or renewal term.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the terms and provisions of the Said Agreement, Mr. Said is entitled to an annual base salary of $204,000 following our initial public
offering (Mr. Said&#8217;s annual base salary prior to the completion of our initial public offering was $135,000), cash bonuses as determined
by our board of directors or its designated committee in its sole discretion, participation in our 2018 Omnibus Equity Incentive Plan
or similar equity incentive plans, and other employee benefits as approved by our board of directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 16, 2024, we entered into the Said First Amendment with Mr. Said, effective January 16, 2024. The Said First Amendment amended
and restated the Said Agreement between us and Mr. Said.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to the Said First Amendment: (i) Mr. Said serves as our Chief Operating Officer (&#8220;COO&#8221;), effective from January 16, 2024;
(ii) the pre-tax annual base salary for Mr. Said remains at US$204,000; and (iii) Mr. Said shall perform the duties and responsibilities
(a) typically associated with the office of COO of a similarly sized U.S. listed public company in the oil and gas exploration and production
sector and (b) outlined in the Said First Amendment. As a result of the Said First Amendment, Mr. Said, is our COO, and is no longer
our Chief Business Development Officer, and no other individual was appointed to this position. Except for the foregoing, no further
changes were made to the Said First Amendment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
may terminate the Said Agreement without cause upon 30 days&#8217; prior written notice and Mr. Said may resign without cause upon 30
days&#8217; prior written notice. We may also immediately terminate Said Agreement for cause (as set forth in the Said Agreement). Upon
the termination of the Said Agreement for any reason, Mr. Said will be entitled to receive payment of any base salary earned but unpaid
through the date of termination and any other payment or benefit to which he is entitled under the applicable terms of any applicable
company arrangements. If Mr. Said is terminated during the term of the employment agreement other than for cause, Mr. Said is entitled
to, upon delivering to us a general release of our company and its affiliates in a form satisfactory to us, the amount of base salary
earned and not paid prior to termination and such severance payments as may be mandated by Indonesian law (presently one month of base
salary for every year worked with us) (the &#8220;Said Severance Payment&#8221;). In the event that such termination is upon a Change
of Control (as defined in the Said Agreement), Mr. Said shall be entitled to the Said Severance Payment. In addition, the Said Agreement
will terminate prior to its scheduled expiration date in the event of Mr. Said&#8217;s death or disability.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Said Agreement also includes confidentiality and non-disclosure covenants as well as a twelve (12) month non-competition and non-solicitation
covenant. The Said Agreement is governed by Cayman Islands law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
Mr. Said&#8217;s share option agreement, Mr. Said was granted an option to purchase 150,000 ordinary shares under our 2018 Omnibus Equity
Incentive Plan at an exercise price equal to $11.00 per share. Mr. Said&#8217;s option shall vest as follows (assuming, in each case,
that Mr. Said remains employed with us): (a) 50,000 ordinary shares shall vest on the first anniversary of the closing of our initial
public offering, (b) 50,000 ordinary shares shall vest on the second anniversary of the closing of our initial public offering; and (c)
50,000 ordinary shares shall vest on the third anniversary of the closing of our initial public offering. The share option agreement
is governed by Cayman Islands law.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Non-Employee
Director Compensation </i></b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2023, each independent director receives annual cash compensation equal to $30,000 per year for such
directors&#8217; services to our board of directors. In addition to the annual cash compensation for serving on our board of directors,
each independent director that also serves on a committee of our board of directors receives compensation as follows: each member of
the audit committee and compensation committee (not including the chairperson) receives annual cash compensation of $3,000 per year and
each member of the Nominating and Corporate Governance Committee (not including the chairperson) receives annual cash compensation of
$3,000 per year. The chairperson of our Audit Committee receives annual compensation of $27,000 and the chairperson of our Compensation
Committee receives annual compensation of $6,000 and the chairperson of our Nominating and Corporate Governance Committee receives annual
compensation of $3,000.</span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Equity
Awards for Non-Employee Directors</b></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, none of our non-employee directors were granted any options.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Employees</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023, 2022 and 2021, we had 33, 30 and 28 permanent employees, respectively, and 42, 35, and 34 contract employees, respectively.
Our employees are not represented by a labor organization or covered by a collective bargaining agreement. We have not experienced any
work stoppages, and we believe we maintain good relationships with our employees.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table below sets forth the breakdown of our employees by function as of December 31, 2023:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Administration, Procurement and Human Resources</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Health, Safety, Security and Environment (or HSSE)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Total (including 33 permanent employees and 42 contract employees)</td><td style="font-weight: bold">&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
believe that all of our contract employees for non-specialized job functions are replaceable in the marketplace, thus not representing
a material risk to our business. We believe we are in material compliance with Indonesian labor regulations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Share
Ownership</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Please
see <i>Item 7 Major Shareholders and Related Party Transactions </i>of this annual report for information relating to ownership of our
securities by our directors, officers and certain major shareholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_004"></span>ITEM
7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Major
Shareholders</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth information regarding the beneficial ownership of our ordinary shares as of the date of this report by our
officers, directors, and 5% or greater beneficial owners of ordinary shares. There is no other person or group of affiliated persons
known by us to beneficially own more than 5% of our ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have determined beneficial ownership in accordance with the rules of the SEC. These rules generally attribute beneficial ownership of
securities to persons who possess sole or shared voting power or investment power with respect to those securities. The person is also
deemed to be a beneficial owner of any security of which that person has a right to acquire beneficial ownership within 60 days. Unless
otherwise indicated, the person identified in this table has sole voting and investment power with respect to all shares shown as beneficially
owned by him, subject to applicable community property laws. Percentage ownership of our ordinary shares in the following table is based
on 10,172,694 ordinary shares outstanding as of April 23, 202<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">4</span>. Unless otherwise noted, the business address for each of
our directors and executive officers is GIESMART PLAZA 7th Floor, Jl. Raya Pasar Minggu No. 17A, Pancoran &#8211; Jakarta 12780 Indonesia.</span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Directors and Executive Officers:</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Mirza F. Said (2)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">James J. Huang (3)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Chia Hsin &#8220;Charlie&#8221; Wu (4)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">45,545</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Gregory L. Overholtzer</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Mochtar Hussein</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Benny Dharmawan</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Ahmad FathurachmanFathurachman</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#8212;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold">5% shareholders:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">MADERIC Holding Limited (1)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">5,222,222</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
    Wirawan Jusuf, our Chairman and Chief Executive Officer, holds voting and dispositive control over, and thus beneficial ownership
    of, the shares held by MADERIC Holding Limited. Beneficial ownership excludes options to purchase 50,000 ordinary shares at $11.00
    per share which vested on December 23, 2022 (the third anniversary of the closing of our initial public offering).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beneficial
    ownership excludes options to purchase 50,000 ordinary shares at $11.00 per share which vested on December 23, 2022 (the third anniversary
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beneficial
    ownership excludes options to purchase 50,000 ordinary shares at $11.00 per share which vested on December 23, 2022 (the third anniversary
    of the closing of our initial public offering).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beneficial
    ownership excludes options to purchase 50,000 ordinary shares at $11.00 per share which vested on December 23, 2022 (the third anniversary
    of the closing of our initial public offering).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Less
    than one percent</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Related
Party Transactions</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than the executive and director compensation and other arrangements discussed in the &#8220;Item 6. Directors, Senior Management and
Employees&#8221; of this report, we have not entered into any transactions to which we or our subsidiaries have been or are a party of
the type which is required to be disclosed under Item 7.B of the Form 20-F for fiscal years ended December 31, 2023, 2022 and 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audit committee is required to review and approve any related party transaction we propose to enter into. Our audit committee charter
details the policies and procedures relating to transactions that may present actual, potential or perceived conflicts of interest and
may raise questions as to whether such transactions are consistent with the best interest of our company and our stockholders.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Interests
of Experts and Counsel</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_005"></span>ITEM
8. FINANCIAL INFORMATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
financial statements required by this item can be found at the end of this report beginning on page F-1.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Legal
Proceedings</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, we may be subject to legal proceedings arising in the ordinary course of business. As of the date of this report, we are
not a party to any litigation or similar proceedings.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dividend
Policy</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the provisions of the Companies Act and any rights for the time being attaching to any class or classes of shares: (i) our directors
may declare dividends or distributions out of our funds which are lawfully available for that purpose and (ii) our shareholders may,
by ordinary resolution, declare dividends but no such dividend shall exceed the amount recommended by the directors.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the requirements of the Companies Act regarding the application of a company&#8217;s share premium account and with the sanction of
an ordinary resolution, dividends may also be declared and paid out of any share premium account. The directors when paying dividends
to shareholders may make such payment either in cash or in specie.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Unless
provided by the rights attached to a share, no dividend shall bear interest.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not know when or if we will pay dividends to our shareholders (including our public shareholders), and the likelihood that we will
be paying dividends on our ordinary is remote at this time. We currently intend to retain future earnings, if any, to finance the expansion
of our business. Our future dividend policy is within the discretion of our board of directors and will depend upon various factors,
including our business, financial condition, results of operations, capital requirements and investment opportunities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Significant
Changes</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
have been no significant changes since the date of the consolidated financial statements included in this annual report.</span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_006"></span>ITEM
9. THE OFFER AND LISTING</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
ordinary shares are listed on the NYSE American under the symbol &#8220;INDO.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_007"></span>ITEM
10. ADDITIONAL INFORMATION</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Share
    Capital</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Amended
    and Restated Memorandum and Articles of Association of the Company</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
amended and restated memorandum and articles of association have been filed with the SEC as an exhibit to our registration statement
on Form F-1 filed with the SEC on November 12, 2019. Those amended and restated memorandum and articles of association contained in such
filing are incorporated by reference.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material
    contracts</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Attached
as exhibits to this annual report or incorporated by reference herein are the contracts we consider to be both material and outside the
ordinary course of business during the two-year period immediately preceding the date of this annual report. We refer you to &#8220;<i>Item
4. Information on the Company</i>&#8221; and &#8220;<i>Related Party Transactions</i>&#8221; under &#8220;<i>Item 7. Major Shareholders
and related party transactions</i>&#8221; of this annual report for a discussion of these contracts. Other than as discussed in this
annual report, we have no material contracts, other than contracts entered into in the ordinary course of business, to which we are a
party.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exchange
    controls</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
are no exchange control regulations or currency restrictions in the Cayman Islands.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>E.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Taxation</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The
following discussion of material Cayman Islands, Indonesia and United States federal income tax consequences of an investment in our
ordinary shares is based upon laws and relevant interpretations thereof in effect as of the date of this annual report, all of which
are subject to change. This discussion does not deal with all possible tax consequences relating to an investment in our ordinary shares,
such as the tax consequences under state, local and other tax laws. To the extent that the discussion relates to matters of Cayman Islands
tax law, it represents the opinion of Ogier, our Cayman Islands counsel.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Cayman
Islands Taxation</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is
no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to us levied by the Government
of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or after execution brought within,
the jurisdiction of the Cayman Islands. No stamp duty is payable in the Cayman Islands on the issue of shares by, or any transfers of
shares of, Cayman Islands companies (except those which hold interests in land in the Cayman Islands). The Cayman Islands is not party
to any double tax treaties which are applicable to any payments made to or by our company. There are no exchange control regulations
or currency restrictions in the Cayman Islands.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Payments
of dividends and capital in respect of our shares will not be subject to taxation in the Cayman Islands and no withholding will be required
on the payment of dividends or capital to any holder of our shares, nor will gains derived from the disposal of our shares be subject
to Cayman Islands income or corporation tax.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
to Section 6 of the Tax Concessions Act (Revised) of the Cayman Islands, we have obtained an undertaking from the Financial Secretary
of the Cayman Islands:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">that
    no law which is enacted in the Cayman Islands imposing any tax to be levied on profits or income or gains or appreciation shall apply
    to us or our operations; and</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">in
    addition, that no tax to be levied on profits, income, gains or appreciations or which is in the nature of estate duty or inheritance
    tax shall be payable:</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">on
    or in respect of the shares, debentures or other obligations of our company; or</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(ii)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">by
    way of the withholding in whole or in part of any &#8220;relevant payment&#8221; as defined in section 6(3) of the Tax Concessions
    Act (Revised).</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
undertaking is for a period of twenty years from November 2, 2018.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Material
U.S. Federal Income Tax Considerations</b>&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the qualifications and limitations described below, the following are the material U.S. federal income tax consequences of the purchase,
ownership and disposition of ordinary shares to a &#8220;U.S. Holder.&#8221; Non-U.S. Holders are urged to consult their own tax advisors
regarding the U.S. federal income tax consequences of the purchase, ownership and disposition of ordinary shares to them.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
purposes of this discussion, a &#8220;U.S. Holder&#8221; means a beneficial owner of ordinary shares that is, for U.S. federal income
tax purposes:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
    individual who is a citizen or resident of the United States;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    corporation (or other entity taxed as a corporation for U.S. federal income tax purposes) created or organized in or under the laws
    of the United States or any of its political subdivisions;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
    estate, whose income is includible in gross income for U.S. federal income tax purposes regardless of its source; or</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
    trust if (i) a court within the United States is able to exercise primary supervision over the administration of the trust and one
    or more U.S. persons have the authority to control all substantial decisions of the trust, or (ii) it has a valid election to be
    treated as a U.S. person.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
&#8220;non-U.S. Holder&#8221; is any individual, corporation, trust or estate that is a beneficial owner of ordinary shares and is not
a U.S. Holder.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
discussion is based on current provisions of the Internal Revenue Code of 1986, as amended, or the Code, applicable U.S. Treasury Regulations
promulgated thereunder, and administrative and judicial decisions as at the date hereof, all of which are subject to change, possibly
on a retroactive basis, and any change could affect the continuing accuracy of this discussion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
summary does not purport to be a comprehensive description of all of the tax considerations that may be relevant to each person&#8217;s
decision to purchase ordinary shares. This discussion does not address all aspects of U.S. federal income taxation that may be relevant
to any particular U.S. Holder based on such holder&#8217;s particular circumstances, including Medicare tax imposed on certain investment
income. In particular, this discussion considers only U.S. Holders that will own ordinary shares as capital assets within the meaning
of section 1221 of the Code and does not address the potential application of U.S. federal alternative minimum tax or the U.S. federal
income tax consequences to U.S. Holders that are subject to special treatment, including:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Broker
    dealers or insurance companies;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
    Holders who have elected mark-to-market accounting;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tax-exempt
    organizations or pension funds;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Regulated
    investment companies, real estate investment trusts, insurance companies, financial institutions or &#8220;financial services entities&#8221;;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
    Holders who hold ordinary shares as part of a &#8220;straddle,&#8221; &#8220;hedge,&#8221; &#8220;constructive sale&#8221; or &#8220;conversion
    transaction&#8221; or other integrated investment;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
    Holders who own or owned, directly, indirectly or by attribution, at least 10% of the voting power of our ordinary shares;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
    Holders whose functional currency is not the U.S. Dollar;</span></td></tr>

<tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
    Holders who received ordinary shares as compensation;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">U.S.
    Holders who are otherwise subject to UK taxation;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Persons
    holding ordinary shares in connection with a trade or business outside of the United States; and</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Certain
    expatriates or former long-term residents of the United States.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">This
discussion does not consider the tax treatment of holders that are entities treated as partnerships for U.S. federal income tax purposes
or other pass-through entities or persons who hold ordinary shares through a partnership or other pass-through entity. In addition, this
discussion does not address any aspect of state, local or non-U.S. tax laws, or the possible application of U.S. federal gift or estate
tax.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>BECAUSE
OF THE COMPLEXITY OF THE TAX LAWS AND BECAUSE THE TAX CONSEQUENCES TO ANY PARTICULAR HOLDER OF ORDINARY SHARES MAY BE AFFECTED BY MATTERS
NOT DISCUSSED HEREIN, EACH HOLDER OF ORDINARY SHARES IS URGED TO CONSULT WITH ITS TAX ADVISOR WITH RESPECT TO THE SPECIFIC TAX CONSEQUENCES
OF THE ACQUISITION AND THE OWNERSHIP AND DISPOSITION OF ORDINARY SHARES, INCLUDING THE APPLICABILITY AND EFFECT OF STATE, LOCAL AND NON-U.S.
TAX LAWS, AS WELL AS U.S. FEDERAL TAX LAWS AND APPLICABLE TAX TREATIES.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Taxation
of Dividends Paid on Ordinary Shares</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the passive foreign investment company rules discussed below, the gross amount of distributions made by us with respect to our ordinary
shares generally will be includable in the gross income of U.S. Holders as foreign source passive income. Because we do not determine
our earnings and profits for U.S. federal income tax purposes, a U.S. Holder will be required to treat any distribution paid on ordinary
shares, including the amount of non-U.S. taxes, if any, withheld from the amount paid, as a dividend on the date the distribution is
received. Such distribution generally will not be eligible for the dividends-received deduction generally allowed to U.S. corporations
in respect of dividends received from other U.S. corporations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
distributions paid in a non-U.S. currency will be included in the income of U.S. Holders at a U.S. Dollar amount equal to the spot rate
of exchange in effect on the date the dividends are includible in the income of the U.S. Holders, regardless of whether the payment is
in fact converted to U.S. Dollars, and U.S. Holders will have a tax basis in such non-U.S. currency for U.S. federal income tax purposes
equal to such U.S. Dollar value. If a U.S. Holder converts a distribution paid in non-U.S. currency into U.S. Dollars on the day the
dividend is includible in the income of the U.S. Holder, the U.S. Holder generally should not be required to recognize gain or loss arising
from exchange rate fluctuations. If a U.S. Holder subsequently converts the non-U.S. currency, any subsequent gain or loss in respect
of such non-U.S. currency arising from exchange rate fluctuations will be U.S.-source ordinary income or loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dividends
we pay with respect to our ordinary shares to non-corporate U.S. Holders may be &#8220;qualified dividend income,&#8221; which is currently
taxable at a reduced rate; <i>provided that</i> (i) our ordinary shares are readily tradable on an established securities market in the
United States, (ii) we are not a passive foreign investment company (as discussed below) with respect to the U.S. Holder for either our
taxable year in which the dividend was paid or the preceding taxable year, (iii) the U.S. Holder has held our ordinary shares for at
least 61 days of the 121-day period beginning on the date which is 60 days before the ex-dividend date, and (v) the U.S. Holder is not
under an obligation to make related payments on substantially similar or related property. We believe our ordinary shares, which are
expected to be listed on the NYSE American, will be considered to be readily tradable on an established securities market in the United
States, although there can be no assurance that this will continue to be the case in the future. Any days during which a U.S. Holder
has diminished its risk of loss on our ordinary shares are not counted towards meeting the 61-day holding period. U.S. Holders should
consult their own tax advisors on their eligibility for reduced rates of taxation with respect to any dividends paid by us.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Distributions
paid on ordinary shares generally will be foreign-source passive category income for U.S. foreign tax credit purposes and will not qualify
for the dividends received deduction generally available to corporations. Subject to certain conditions and limitations, non-U.S. taxes,
if any, withheld from a distribution may be eligible for credit against a U.S. Holder&#8217;s U.S. federal income tax liability. In addition,
if 50 percent or more of the voting power or value of our shares is owned, or is treated as owned, by U.S. persons (whether or not we
are a &#8220;controlled foreign corporation&#8221; for U.S. federal income tax purposes), the portion of our dividends attributable to
income which we derive from sources within the United States (whether or not in connection with a trade or business) would generally
be U.S.-source income. U.S. Holders would not be able directly to utilize foreign tax credits arising from non U.S. taxes considered
to be imposed upon U.S.-source income.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Taxation
of the Sale or Other Disposition of Ordinary Shares</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Subject
to the passive foreign investment company rules discussed below, a U.S. Holder generally will recognize a capital gain or loss on the
taxable sale or other disposition of our ordinary shares in an amount equal to the difference between the U.S. Dollar amount realized
on such sale or other disposition (determined in the case of consideration in currencies other than the U.S. Dollar by reference to the
spot exchange rate in effect on the date of the sale or other disposition or, if the ordinary shares are treated as traded on an established
securities market and the U.S. Holder is a cash basis taxpayer or an electing accrual basis taxpayer, the spot exchange rate in effect
on the settlement date) and the U.S. Holder&#8217;s adjusted tax basis in such ordinary shares determined in U.S. Dollars. The initial
tax basis of ordinary shares to a U.S. Holder will be the U.S. Holder&#8217;s U.S. Dollar cost for ordinary shares (determined by reference
to the spot exchange rate in effect on the date of the purchase or, if the ordinary shares are treated as traded on an established securities
market and the U.S. Holder is a cash basis taxpayer or an electing accrual basis taxpayer, the spot exchange rate in effect on the settlement
date).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Capital
gain from the sale, exchange or other disposition of ordinary shares held more than one year generally will be treated as long-term capital
gain and is eligible for a reduced rate of taxation for non-corporate holders. Gain or loss recognized by a U.S. Holder on a sale or
other disposition of ordinary shares generally will be treated as U.S.-source income or loss for U.S. foreign tax credit purposes. The
deductibility of a capital loss recognized on the sale or exchange of ordinary shares is subject to limitations. A U.S. Holder that receives
currencies other than U.S. Dollars upon disposition of the ordinary shares and converts such currencies into U.S. Dollars subsequent
to receipt will have foreign exchange gain or loss based on any appreciation or depreciation in the value of such currencies against
the U.S. Dollar, which generally will be U.S.-source ordinary income or loss.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Passive
Foreign Investment Company</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Based
on our current composition of assets and market capitalization (which will fluctuate from time to time), we believe that we are not and
will not become a passive foreign investment company, or a PFIC, for U.S. federal income tax purposes. However, the determination of
whether we are a PFIC is made annually, after the close of the relevant taxable year. Therefore, it is possible that we could be classified
as a PFIC for the current taxable year or in future years due to changes in the composition of our assets or income, as well as changes
to our market capitalization. The market value of our assets may be determined in large part by reference to the market price of our
ordinary shares, which may fluctuate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
general, a non-U.S. corporation will be classified as a PFIC for any taxable year if at least (i) 75% of its gross income is classified
as &#8220;passive income&#8221; or (ii) 50% of its assets (determined on the basis of a quarterly average) produce or are held for the
production of passive income. For these purposes, cash is considered a passive asset. In making this determination, the non-U.S. corporation
is treated as earning its proportionate share of any income and owning its proportionate share of any assets of any corporation in which
it holds 25% or more (by value) of the stock.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Under
the PFIC rules, if we were considered a PFIC at any time that a U.S. Holder holds our shares, we would continue to be treated as a PFIC
with respect to such holder&#8217;s investment unless (i) we cease to be a PFIC and (ii) the U.S. Holder has made a &#8220;deemed sale&#8221;
election under the PFIC rules.</span></p>




<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are considered a PFIC at any time that a U.S. Holder holds our shares, any gain recognized by the U.S. Holder on a sale or other disposition
of the shares, as well as the amount of an &#8220;excess distribution&#8221; (defined below) received by such holder, would be allocated
ratably over the U.S. Holder&#8217;s holding period for the shares. The amounts allocated to the taxable year of the sale or other disposition
and to any year before we became a PFIC would be taxed as ordinary income. The amount allocated to each other taxable year would be subject
to tax at the highest rate in effect for individuals or corporations, as appropriate, for that taxable year, and an interest charge would
be imposed. For purposes of these rules, an excess distribution is the amount by which any distribution received by a U.S. Holder on
its shares exceeds 125% of the average of the annual distributions on the shares received during the preceding three years or the U.S.
Holder&#8217;s holding period, whichever is shorter. Certain elections may be available that would result in alternative treatments (such
as mark-to-market treatment) of the shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we are treated as a PFIC with respect to a U.S. Holder for any taxable year, the U.S. Holder will be deemed to own shares in any of our
subsidiaries that are also PFICs. However, an election for mark-to-market treatment would likely not be available with respect to any
such subsidiaries. If we are considered a PFIC, a U.S. Holder will also be subject to information reporting requirements on an annual
basis. U.S. Holders should consult their own tax advisors about the potential application of the PFIC rules to an investment in our shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we were classified as a PFIC, a U.S. Holder may be able to make a mark-to-market election with respect to our ordinary shares (but not
with respect to the shares of any lower-tier PFICs) if the ordinary shares are &#8220;regularly traded&#8221; on a &#8220;qualified exchange&#8221;.
In general, our ordinary shares issued will be treated as &#8220;regularly traded&#8221; in any calendar year in which more than a de
minimis quantity of ordinary shares are traded on a qualified exchange on at least 15 days during each calendar quarter. We believe the
NYSE American is a qualified exchange. However, we can make no assurance that the ordinary shares will be listed on a &#8220;qualified
exchange&#8221; or that there will be sufficient trading activity for the ordinary shares to be treated as &#8220;regularly traded&#8221;.
Accordingly, U.S. Holders should consult their own tax advisers as to whether their ordinary shares would qualify for the mark-to-market
election.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a U.S. Holder makes the mark-to-market election, for each year in which our company is a PFIC, the holder will generally include as ordinary
income the excess, if any, of the fair market value of the ordinary shares at the end of the taxable year over their adjusted tax basis,
and will be permitted an ordinary loss in respect of the excess, if any, of the adjusted tax basis of the ordinary shares over their
fair market value at the end of the taxable year (but only to the extent of the net amount of previously included income as a result
of the mark-to-market election). If a U.S. Holder makes the election, the holder&#8217;s tax basis in our ordinary shares will be adjusted
to reflect any such income or loss amounts. Any gain recognized on the sale or other disposition of our ordinary shares will be treated
as ordinary income, and any loss will be treated as an ordinary loss to the extent of any prior mark-to-market gains.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
a U.S. Holder makes the mark-to-market election, it will be effective for the taxable year for which the election is made and all subsequent
taxable years unless the ordinary shares are no longer regularly traded on a qualified exchange or the IRS consents to the revocation
of the election.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">If
we were classified as a PFIC, U.S. Holders would not be eligible to make an election to treat us as a &#8220;qualified electing fund,&#8221;
or a QEF election, because we do not anticipate providing U.S. Holders with the information required to permit a QEF election to be made.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>U.S.
Information Reporting and Backup Withholding</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
U.S. Holder is generally subject to information reporting requirements with respect to dividends paid in the United States on ordinary
shares and proceeds paid from the sale, exchange, redemption or other disposition of ordinary shares. A U.S. Holder is subject to backup
withholding (currently at 24%) on dividends paid in the United States on ordinary shares and proceeds paid from the sale, exchange, redemption
or other disposition of our ordinary shares unless the U.S. Holder is a corporation, provides an IRS Form W-9 or otherwise establishes
a basis for exemption.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Backup
withholding is not an additional tax. Amounts withheld under the backup withholding rules may be credited against a U.S. Holder&#8217;s
U.S. federal income tax liability, and a U.S. Holder may obtain a refund from the IRS of any excess amount withheld under the backup
withholding rules, provided that certain information is timely furnished to the IRS. Holders are urged to consult their own tax advisors
regarding the application of backup withholding and the availability of and procedures for obtaining an exemption from backup withholding
in their particular circumstances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>F.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Dividends
    and paying agents</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>G.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Statement
    by experts</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>H.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Documents
    on display</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
file annual reports and other information with the SEC. You may inspect and copy any report or document we file, including this annual
report and the accompanying exhibits, at the website maintained by the SEC at http://www.sec.gov, as well as on our website at <i>www.indo-energy.com</i>.
Information on our website does not constitute a part of this annual report and is not incorporated by reference.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
will also provide without charge to each person, including any beneficial owner of our ordinary shares, upon written or oral request
of that person, a copy of any and all of the information that has been incorporated by reference in this annual report. Please direct
such requests to James J. Huang, Chief Investment Officer, Indonesia Energy Corporation Limited, GIESMART PLAZA 7<sup>th</sup> Floor,
Jl. Raya Pasar Minggu No. 17A, Pancoran &#8211; Jakarta 12780 Indonesia.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>I.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Subsidiary
    information</b></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_008"></span>ITEM
11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Credit
Risk</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023 and 2022, all of our accounts receivable result from the entitlement of Oil &amp; Gas Property subject to amortization
and profit sharing from the sale of the crude oil under the KSO by Pertamina. This concentration of receivables from one party may impact
our overall credit risk, either positively or negatively, in that Pertamina may be similarly affected by changes in economic or other
conditions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2023, 2022 and 2021, 100% of our revenues were generated through the operatorship of Kruh Block. We do not
believe that there will be any material adverse change in the operatorship of Kruh Block or the KSO.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Liquidity
Risk</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
above &#8220;Item 5. Operating and Financial Review and Prospects&#8212;Liquidity and Capital Resources&#8221;.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Interest
Rate Risk</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not enter into investments for trading or speculative purposes and have not used any derivative financial instruments to manage our
interest rate risk exposure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Foreign
Currency Exchange Rate Risk</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
reporting currency is the United States dollar (&#8220;USD&#8221;, &#8220;dollar&#8221;). The currency of the primary economic environment
in which our operations are conducted is dollar. Therefore, the dollar has been determined to be our functional currency.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Non-dollar
transactions and balances have been translated into dollars for financial reporting purposes. Transactions in foreign currency (primarily
in Indonesian Rupiahs &#8211; &#8220;IDR&#8221;) are recorded at the exchange rate as of the transaction date. Monetary assets and liabilities
denominated in foreign currency are translated on the basis of the representative rates of exchange at the balance sheet dates. All exchange
gains and losses from re-measurement of monetary balance sheet items denominated in non-dollar currencies are reflected in the statement
of operations as they arise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
&#8220;Risk Factors &#8211; Risks Related to Doing Business in Indonesia &#8211; Fluctuations in the value of the Indonesian Rupiah may
materially and adversely affect us.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Inflation
Risk</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
do not consider inflation to be a significant risk to direct expenses in the current and foreseeable future. However, in the event that
inflation becomes a significant factor in the global economy, inflationary pressures would result in increased operating and financing
costs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_009"></span>ITEM
12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_010"></span>PART
II</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_011"></span>ITEM
13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_012"></span>ITEM
14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OR PROCEEDS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Rights
of Security Holders</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
Item 10. Additional Information&#8212;B. &#8220;Amended and Restated Memorandum and Articles of Association of the Company&#8221; for
a reference to a description of the rights of securities holders, which remain unchanged.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_013"></span>ITEM
15. CONTROLS AND PROCEDURES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>A.
Disclosure Controls and Procedures</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">An
evaluation was performed under the supervision and with the participation of our management, including our Chief Executive Officer and
Chief Financial Officer, regarding the effectiveness of our design and operation of our disclosure controls and procedures as of December
31, 2023. Based on that evaluation, our management, including our Chief Executive Officer and Chief Financial Officer, has concluded
that our disclosure controls and procedures as of December 31, 2023 were ineffective due to the lack of sufficient financial reporting
and accounting personnel with appropriate knowledge of U.S. GAAP and SEC reporting requirements to properly address complex U.S. GAAP
accounting issues and to prepare and review our consolidated financial statements and related disclosures to fulfil U.S. GAAP and SEC
financial reporting requirements. Our goal is to remediate deficiencies in our disclosure controls via the actions described under &#8220;Management&#8217;s
Annual Report on Internal Control over Financial Reporting&#8221; below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Disclosure
controls and procedures are designed to enable us to record, process, summarize and report information required to be included in the
reports that we file or submit under the Exchange Act within the time period required and also effective to ensure that information required
to be disclosed in the reports that it files or submits under the Exchange Act is accumulated and communicated to our management, including
its principal executive and principal financial officer, to allow timely decisions regarding required disclosure.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">It
should be noted that while our disclosure controls and procedures as of December 31, 2023 were designed at the reasonable assurance level,
our management does not expect that our disclosure controls and procedures or internal financial controls will prevent all errors or
fraud. A control system, no matter how well conceived or operated, can provide only reasonable, not absolute, assurance that the objectives
of the control system are met.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>B.
Management&#8217;s Annual Report on Internal Control over Financial Reporting</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rule
13a-15(f) under the Exchange Act. Internal control over financial reporting is a process designed by, or under the supervision of,
our Principal Executive Officer (Wirawan Jusuf) and Principal Financial Officer (Gregory L. Overholtzer), and effected by our board
of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in accordance with U.S. GAAP, including those policies and procedures
that: (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect our transactions and the
disposition of our assets, (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of
consolidated financial statements in accordance with GAAP and that receipts and expenditures are being made only in accordance with
authorizations of our management and board of directors, and (iii) provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the consolidated
financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of
any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions,
or that the degree of compliance with policies and procedures may deteriorate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
conducted an evaluation of the effectiveness of our control over financial reporting based on the 2013 framework in Internal Control&#8212;Integrated
Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, management concluded
that our internal control over financial reporting was not effective as of December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the audit of our consolidated financial statements for the year ended December 31, 2023, we identified a material weakness
in our internal control over financial reporting as of December 31, 2023. As defined in the standards established by the U.S. Public
Company Accounting Oversight Board (the &#8220;PCAOB&#8221;), a &#8220;material weakness&#8221; is a deficiency, or combination of deficiencies,
in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the annual
or interim financial statements will not be prevented or detected on a timely basis.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">A
material weakness identified with regards to our company related to the lack of sufficient financial reporting and accounting personnel
with appropriate knowledge of U.S. GAAP and SEC reporting requirements to properly address complex U.S. GAAP accounting issues and to
prepare and review our consolidated financial statements and related disclosures to fulfill U.S. GAAP and SEC financial reporting requirements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
2023, we sought to implement and will continue to implement a number of measures to address the material weakness, including the following
measures:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    are continuing our efforts to hire additional qualified internal finance and accounting staff with working experience in U.S. GAAP
    and SEC reporting requirements.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    have also established clear roles and responsibilities for accounting and financial reporting staff to address accounting and financial
    reporting issues.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    intend to establish an ongoing program to provide sufficient and appropriate training for financial reporting and accounting personnel,
    especially training related to U.S. GAAP and SEC reporting requirements.</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#9679;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
    have engaged and will continue to engage professional financial advisory firms if necessary to provide ongoing training to our finance
    and accounting personnel as well as to strengthen our financial reporting expertise and system.</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
expect to complete the measures discussed above as soon as practicable and will continue to implement measures to remediate our internal
control deficiency to comply with Section 404 of the Sarbanes Oxley Act. We expect that we will incur significant costs in the implementation
of such measures. However, we cannot assure you that all these measures will be sufficient to remediate our material weakness in time,
or at all. If we fail to implement and maintain an effective system of internal controls to remediate our material weakness over financial
reporting, we may be unable to accurately report our results of operations, meet our reporting obligations or prevent fraud, and investor
confidence and the market price of our ordinary shares may be materially and adversely affected.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>C.
Attestation Report of the Registered Public Accounting Firm</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a company with less than US$1.235 billion in revenue for our last fiscal year, we qualify as an &#8220;emerging growth company&#8221;
pursuant to the JOBS Act. An emerging growth company may take advantage of specified reduced reporting and other requirements that are
otherwise applicable generally to public companies. These provisions include exemption from the auditor attestation requirement under
Section 404 of the Sarbanes-Oxley Act of 2002 in the assessment of the emerging growth company&#8217;s internal control over financial
reporting for 5 years. Therefore, this annual report contains no such attestation of our registered independent accounting firm.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>D.
Changes in Internal Controls Over Financial Reporting</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
than as described above, there were no changes in our internal controls over financial reporting that occurred during the period covered
by this annual report that have materially affected, or are reasonably likely to materially affect, our internal control over financial
reporting.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_014"></span>ITEM
16. RESERVED</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_015"></span>ITEM
16A. AUDIT COMMITTEE FINANCIAL EXPERT</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
board of directors has determined that Michael L. Peterson, is an independent director and a member and chairperson of our audit committee,
is an &#8220;Audit Committee Financial Expert&#8221; under Section 407(d)(5) of Regulation S-K promulgated under the Securities and Exchange
Act of 1934, as amended, and the corporate governance rules of NYSE American.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_016"></span>ITEM
16B. CODE OF ETHICS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
Code of Ethics (&#8220;Code of Ethics&#8221;) applies to all of our employees, including our chief executive officer, chief financial
officer and principal accounting officer. Our Code of Ethics is available on our corporate website, indo-energy.com. If we amend or grant
a waiver of one or more of the provisions of our Code of Ethics, we intend to file a current report on Form 6-K to disclose amendments
to or waivers from provisions of our Code of Ethics that apply to our principal executive officer, principal financial officer and principal
accounting officer by posting the required information on our website.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_017"></span>ITEM
16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table sets forth the aggregate fees for audit and other services provided by our independent registered public accounting firm,
Marcum Asia CPAs LLP, for the years ended December 31, 2023 and 2022:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">$&#8217;000</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Audit Fees<sup>1</sup></span></td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">303</td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">345</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Tax Fees</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">All Other Fees</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total fees</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">303</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">345</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)
&#8220;Audit Fees&#8221; represent the aggregate fees billed or to be billed for each of the fiscal years listed for professional services
rendered by our principal auditor for the audit of our annual financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have not engaged Marcum Asia CPAs LLP to provide tax compliance, tax advice, tax planning or any other services.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
accordance with our charter, the audit committee is required to pre-approve all audit and non-audit services to be performed by our independent
auditors and the related fees for such services other than prohibited non-auditing services as promulgated under rules and regulations
of the SEC (subject to the inadvertent de minimis exceptions set forth in the Sarbanes-Oxley Act of 2002 and the SEC rules). Subsequent
to our initial public offering in December 2020, all services performed by Marcum Asia CPAs LLP for our benefit were pre-approved by
the audit committee in accordance with its charter and all applicable laws, rules and regulations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_018"></span>ITEM
16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_019"></span>ITEM
16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
did not purchase any ordinary shares from the open market during the period covered by this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_020"></span>ITEM
16F. CHANGE IN REGISTRANT&#8217;S CERTIFYING ACCOUNTANT</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">None.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_021"></span>ITEM
16G. CORPORATE GOVERNANCE</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a foreign private issuer, as defined in Rule 3b-4 under the Exchange Act, we are permitted to follow certain corporate governance rules
of our home country (the Cayman Islands) in lieu of NYSE American&#8217;s corporate governance rules. Our corporate governance practices
do not deviate from NYSE American corporate governance rules and we are in full compliance with all other applicable NYSE American corporate
governance standards; provided, however, that (i) in January 2022 in connection with our financing with L1 Capital, we formally adopted
home country practice and thereby opted out of the NYSE American rule that would otherwise require shareholder approval should we issue
more than 19.99% of our then outstanding ordinary shares in a financing that is not a &#8220;public offering&#8221; at less than the
then current market value, and (ii) on December 22, 2023, we adopted home country practice and thereby opted out of the NYSE American
rule that would otherwise require each issuer listing common stock or voting preferred stock, and/or their equivalents to hold an annual
meeting of shareholders no later than one year after the end of the issuer&#8217;s fiscal year.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_022"></span>ITEM
16H. MINE SAFETY DISCLOSURE</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Not
applicable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_023"></span>PART
III</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_024"></span>ITEM
17. FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">See
Item 18 &#8220;Financial Statements.&#8221;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_025"></span>ITEM
18. FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
financial information required by this item, together with the reports of Marcum Asia CPAs LLP, is set forth on pages F-1 through F-37
and are filed as part of this annual report.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="MS_026"></span>ITEM
19. EXHIBITS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="7" style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Incorporated
    Herein by Reference</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Filed</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 0.75in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Number</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit
    Title</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Form</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 0.75in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>File
    No.</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Exhibit</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 1.25in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Filing
    Date</b></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; width: 0.5in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Herewith</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1757840/000114420419036641/tv525414_ex3-1.htm" style="-sec-extract: exhibit">Amended and Restated Memorandum of Association of the Registrant</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">333-232894</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
    12, 2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1757840/000114420419036641/tv525414_ex3-2.htm" style="-sec-extract: exhibit">Amended and Restated Articles of Association of the Registrant</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">333-232894</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">3.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">November
    12, 2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1757840/000114420419036641/tv525414_ex10-1.htm" style="-sec-extract: exhibit">Sale and Purchase of Shares and Receivables Agreement, dated June 30, 2018, by and between the Registrant, Maderic Holding Limited, HFO Investment Group Limited, Opera Cove International Limited and WJ Energy Group Limited.</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">333-232894</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">July
    30, 2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1757840/000114420419036641/tv525414_ex10-2.htm" style="-sec-extract: exhibit">Debt Conversion Agreement, dated June 30, 2018, by and between the Registrant, Maderic Holding Limited and HFO Investment Group Limited</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">333-232894</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.2</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">July
    30, 2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1757840/000114420419036641/tv525414_ex10-3.htm" style="-sec-extract: exhibit">Debt Acknowledgement Note, dated June 30, 2018 (Maderic Holding Limited)</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">333-232894</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.3</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">July
    30, 2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1757840/000114420419036641/tv525414_ex10-4.htm" style="-sec-extract: exhibit">Debt Acknowledgement Note, dated June 30, 2018 (HFO Investment Group)</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">333-232894</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.4</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">July
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1757840/000110465919062733/tm1922299d1_ex10-5.htm" style="-sec-extract: exhibit">Contract regarding acquisition of Citarum Block and/or the 2016 joint study regarding the Citarum Block (Joint Study Agreement)</a></span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">333-232894</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.5</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">333-232894</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.6</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">July
    30, 2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.7</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1757840/000114420419040868/tv527118_ex10-7.htm" style="-sec-extract: exhibit">Letter extending Kruh contract</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">333-232894</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.7</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">August
    21, 2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.8</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1757840/000114420419036641/tv525414_ex10-8.htm" style="-sec-extract: exhibit">Employment Agreement, dated February 1, 2019, between the Registrant and Dr. Wirawan Jusuf+</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">333-232894</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.8</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">July
    30, 2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.9</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1757840/000114420419036641/tv525414_ex10-9.htm" style="-sec-extract: exhibit">Share Option Agreement, dated February 1, 2019, between the Registrant and Dr. Wirawan Jusuf+</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">333-232894</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.9</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">July
    30, 2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.10</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1757840/000114420419036641/tv525414_ex10-10.htm" style="-sec-extract: exhibit">Employment Agreement, dated February 1, 2019, between the Registrant and Frank C. Ingriselli+</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">333-232894</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.10</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">July
    30, 2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.11</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1757840/000114420419036641/tv525414_ex10-11.htm" style="-sec-extract: exhibit">Share Option Agreement, dated February 1, 2019, between the Registrant and Frank C. Ingriselli+</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">333-232894</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.11</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">July
    30, 2019</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.12</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1757840/000110465920008061/tm206092d1_ex10-1.htm" style="-sec-extract: exhibit">First
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">001-39164</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">10.1</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="vertical-align: top">
    <td style="width: 0.75in"><span style="font-size: 10pt">10.13</span></td>
    <td style="width: 0.1in"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1757840/000114420419036641/tv525414_ex10-12.htm" style="-sec-extract: exhibit">Employment Agreement, dated February 1, 2019, between the Registrant and Chia Hsin &#8220;Charlie&#8221; Wu+</a></span></td>
    <td style="width: 0.1in"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; width: 0.5in"><span style="font-size: 10pt">F-1</span></td>
    <td style="width: 0.1in"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; width: 0.75in"><span style="font-size: 10pt">333-232894</span></td>
    <td style="width: 0.1in"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; width: 0.5in"><span style="font-size: 10pt">10.12</span></td>
    <td style="width: 0.1in"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 1.25in; text-align: center"><span style="font-size: 10pt">July 30, 2019</span></td>
    <td style="width: 0.1in"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; width: 0.5in"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">10.14</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1757840/000114420419036641/tv525414_ex10-13.htm" style="-sec-extract: exhibit">Share Option Agreement, dated February 1, 2019, between the Registrant and Chia Hsin &#8220;Charlie&#8221; Wu+</a></span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">F-1</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">333-232894</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">10.13</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">July 30, 2019</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">10.15</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1757840/000114420419036641/tv525414_ex10-14.htm" style="-sec-extract: exhibit">Employment Agreement, dated February 1, 2019, between the Registrant and Mirza F. Said+</a></span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">F-1</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">333-232894</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
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    <td style="text-align: center"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
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    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1757840/000114420419036641/tv525414_ex10-15.htm" style="-sec-extract: exhibit">Share Option Agreement, dated February 1, 2019, between the Registrant and Mirza F. Said+</a></span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">F-1</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">333-232894</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">10.15</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
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    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
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    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1757840/000114420419036641/tv525414_ex10-16.htm" style="-sec-extract: exhibit">Employment Agreement, dated February 1, 2019, between the Registrant and James J. Huang+</a></span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">F-1</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">333-232894</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
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    <td><span style="font-size: 10pt">&#160;</span></td>
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    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
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    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1757840/000114420419036641/tv525414_ex10-17.htm" style="-sec-extract: exhibit">Share Option Agreement, dated February 1, 2019, between the Registrant and James J. Huang+</a></span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">F-1</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">333-232894</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
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    <td><span style="font-size: 10pt">&#160;</span></td>
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    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
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    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1757840/000114420419036641/tv525414_ex10-18.htm" style="-sec-extract: exhibit">Employment Agreement, dated February 1, 2019, between the Registrant and Gregory L. Overholtzer+</a></span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">F-1</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">333-232894</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">10.18</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">July 30, 2019</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
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    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1757840/000110465920008061/tm206092d1_ex10-2.htm" style="-sec-extract: exhibit">First
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    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">6-K</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">001-39164</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">10.2</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
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    <td style="text-align: center"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">10.21</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1757840/000114420419036641/tv525414_ex10-19.htm" style="-sec-extract: exhibit">Indonesian Energy Corporation Limited 2018 Equity Incentive Plan+</a></span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">F-1</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">333-232894</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">10.19</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">July 30, 2019</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">10.22</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1757840/000149315222002199/ex10-1.htm" style="-sec-extract: exhibit">Securities Purchase Agreement, dated January 21, 2022, between the Company and L1 Capital</a></span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">6-K</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">001-39164</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">10.1</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">January 25, 2022</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">10.23</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1757840/000149315222002199/ex10-2.htm" style="-sec-extract: exhibit">Senior Convertible Promissory Note issued to L1 Capital, dated January 21, 2022</a></span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">6-K</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">001-39164</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">10.2</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">January 25, 2022</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">10.24</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1757840/000149315222002199/ex10-3.htm" style="-sec-extract: exhibit">Form of Ordinary Share Purchase Warrant issued to L1 Capital</a></span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">6-K</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">001-39164</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">10.3</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">January 25, 2022</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">10.25</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1757840/000149315222002199/ex10-4.htm" style="-sec-extract: exhibit">Guaranty, dated January 21, 2022, by WJ Energy Group Limited favor of L1 Capital</a></span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">6-K</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">001-39164</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">10.4</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">January 25, 2022</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">10.26</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1757840/000149315222002199/ex10-5.htm" style="-sec-extract: exhibit">Second
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    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">6-K</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">001-39164</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">10.5</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">January 25, 2022</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">10.27</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1757840/000149315222002199/ex10-6.htm" style="-sec-extract: exhibit">Second
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    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">6-K</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">001-39164</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">10.6</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">January 25, 2022</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">10.28</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1757840/000149315222006409/ex10-1.htm" style="-sec-extract: exhibit">First Amendment to Securities Purchase Agreement, dated March 4, 2022, between the Company and L1 Capital</a></span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">6-K</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">001-39164</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">10.1</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">March 9, 2022</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">10.29</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1757840/000149315222006409/ex10-2.htm" style="-sec-extract: exhibit">Amended and Restated Senior Convertible Promissory Note issued to L1 Capital, dated March 4, 2022</a></span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">6-K</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">001-39164</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">10.2</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
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    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">&#160;</span></td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">10.30</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1757840/000149315222013800/ex10-1.htm" style="-sec-extract: exhibit">Second Amended and Restated Senior Convertible Note issued to L1 Capital, dated May 16, 2022.</a></span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">6-K</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">001-39164</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">10.1</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">May 16, 2022</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">&#160;</span></td></tr>

<tr style="vertical-align: top">
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    <td>&#160;</td>
    <td style="text-align: justify"><span style="font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1757840/000149315222020166/ex1-1.htm" style="-sec-extract: exhibit">At The Market Offering Agreement, dated July 22, 2022, by and between the Company and H.C. Wainwright &amp; Co., LLC</a></span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">6-K</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">001-39164</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">1.1</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">July 22, 2022</span></td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">10.32</span></td>
    <td>&#160;</td>
    <td style="text-align: justify"><a href="https://www.sec.gov/Archives/edgar/data/1757840/000149315224010971/ex10-7.htm" style="-sec-extract: exhibit"><span style="font-size: 10pt">First Amendment to At The Market Offering Agreement, dated March 22, 2024, by and between the Company and and H.C. Wainwright &amp; Co., LLC</span></a></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">F-3</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">333-278175</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">10.7</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">March 22, 2024</span></td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">10.33</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: justify"><span style="font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1757840/000149315223034617/ex10-1.htm" style="-sec-extract: exhibit">English Translation of Amendment to Operations Cooperation Agreement for Kruh Block, dated August 9, 2023, between PT Pertamina EP and PT Green World Nusantara (the Company&#8217;s subsidiary) &#x5E;</a></span></td>
    <td style="text-align: justify">&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">6-K</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">001-39164</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">10.1</span></td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">September 28, 2023</span></td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td></tr>
  <tr style="vertical-align: top">
    <td><span style="font-size: 10pt">10.34</span></td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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<tr style="vertical-align: top">
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    <td style="text-align: center"><span style="font-size: 10pt">&#160;</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">&#160;</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">&#160;</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">&#160;</span></td>
    <td><span style="font-size: 10pt">&#160;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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    <td style="width: 0.5in"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 0.1in"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 0.75in"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 0.1in"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 0.5in"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 0.1in"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center; width: 1.25in"><span style="font-size: 10pt">&#160;</span></td>
    <td style="width: 0.1in"><span style="font-size: 10pt">&#160;</span></td>
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    <td style="text-align: center"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">&#160;</span></td>
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    <td><span style="font-size: 10pt">&#160;</span></td>
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    <td style="text-align: center"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">&#160;</span></td>
    <td style="text-align: center"><span style="font-size: 10pt">&#160;</span></td>
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    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td>
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    <td>&#160;</td>
    <td style="text-align: center">F-1</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">333-232894</td>
    <td style="text-align: center">&#160;</td>
    <td style="text-align: center">99.1</td>
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    <td style="text-align: justify"><span style="font-size: 10pt"><a href="https://www.sec.gov/Archives/edgar/data/1757840/000114420419036641/tv525414_ex99-2.htm" style="-sec-extract: exhibit">Compensation Committee Charter</a></span></td>
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    <td style="text-align: center">99.3</td>
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    <td style="text-align: center">001-39164</td>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center"><span style="font-size: 10pt">X</span></td></tr>
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td style="text-align: center">&#160;</td>
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    <td style="text-align: justify"><span style="font-size: 10pt">Inline XBRL Instance Document</span></td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td style="text-align: justify"><span style="background-color: white">Inline XBRL Taxonomy Extension Schema
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td style="text-align: justify"><span style="background-color: white">Inline XBRL Taxonomy Extension Calculation
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td style="text-align: justify"><span style="background-color: white">Inline XBRL Taxonomy Extension Definition
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td style="text-align: justify"><span style="background-color: white">Inline XBRL Taxonomy Extension Label
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    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
    <td>&#160;</td>
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    <td>&#160;</td>
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    <td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span>&#160;</p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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has determined such portions are both not material and are of the type that the Company treats as private or confidential.</td></tr>
  </table>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>SIGNATURES</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; text-indent: 0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this annual report on its behalf.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INDONESIA
    ENERGY CORPORATION LIMITED</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 50%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 5%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 45%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>/s/
    Dr. Wirawan Jusuf</i></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Dr.
    Wirawan Jusuf</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chairman
    &amp; Chief Executive Officer</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:
April 26, 2024</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INDONESIA
ENERGY CORPORATION LIMITED</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INDEX
TO CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.1in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 0.5in; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Page</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#am_001">Report of Independent Registered Public Accounting Firm</a> (PCAOB ID No: <span id="xdx_900_edei--AuditorFirmId_c20230101__20231231_zKnhrdNPKsia"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000062" name="dei:AuditorFirmId">5395</ix:nonNumeric></span>)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-2</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#am_002">Consolidated Balance Sheets as of December 31, 2023 and 2022</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-3</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#am_003">Consolidated Statements of Operations and Comprehensive Loss for the Years Ended December 31, 2023, 2022 and 2021</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-4</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#am_004">Consolidated Statements of Changes in Shareholders&#8217; Equity for the Years Ended December 31, 2023, 2022 and 2021</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-5</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#am_005">Consolidated Statements of Cash Flows for the Years Ended December 31, 2023, 2022 and 2021</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-6</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><a href="#am_006">Notes to the Consolidated Financial Statements</a></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">F-7</span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_001"></span>REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">To
the Shareholders and Board of Directors of Indonesia Energy Corporation Limited</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Opinion
on the Financial Statements</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
have audited the accompanying consolidated balance sheets of Indonesia Energy Corporation Limited (the &#8220;Company&#8221;) as of December
31, 2023 and 2022, the related consolidated statements of operations and comprehensive loss, changes in shareholders&#8217; equity and
cash flows for each of the three years in the period ended December 31, 2023, and the related notes (collectively referred to as the
&#8220;financial statements&#8221;). In our opinion, the financial statements present fairly, in all material respects, the financial
position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three
years in the period ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Basis
for Opinion</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">These
financial statements are the responsibility of the Company&#8217;s management. Our responsibility is to express an opinion on the Company&#8217;s
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight
Board (United States) (&#8220;PCAOB&#8221;) and are required to be independent with respect to the Company in accordance with the U.S.
federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits
to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part
of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose
of expressing an opinion on the effectiveness of the Company&#8217;s internal control over financial reporting. Accordingly, we express no
such opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and
significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that
our audits provide a reasonable basis for our opinion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/
<i>Marcum Asia CPAs LLP</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: small-caps 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span id="xdx_905_edei--AuditorName_c20230101__20231231_z96z3GWkrTF3"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000063" name="dei:AuditorName">Marcum
Asia CPAs LLP</ix:nonNumeric></span> </i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>We
have served as the Company&#8217;s auditor since 2018.</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font: small-caps 10pt Times New Roman, Times, Serif">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_900_edei--AuditorLocation_c20230101__20231231_zYV9bOcM97c2"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000064" name="dei:AuditorLocation">Beijing,
China</ix:nonNumeric></span><br/>
<i>April 26, 2024</i></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INDONESIA
ENERGY CORPORATION LIMITED</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_002"></span>CONSOLIDATED
BALANCE SHEETS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<table cellpadding="0" cellspacing="0" id="xdx_30E_111_zkPb4C9gBXxa" summary="xdx: Statement - Consolidated Balance Sheets" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_405_eus-gaap--AssetsCurrentAbstract_iB" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0073">-</span></td><td style="text-align: left">&#160;</td></tr>
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  <tr id="xdx_404_eus-gaap--AssetsNoncurrentAbstract_iB" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Non-current assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--RestrictedCashNoncurrent_i01I_maANzCuE_zYk4eXsPd1xg" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Restricted cash</td><td>&#160;</td>
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  <tr id="xdx_40A_eus-gaap--PropertyPlantAndEquipmentNet_i01I_pp0p0_maANzCuE_zXmtgrqTQnQg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Property and equipment, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2023-12-31" id="Fact000090" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">109,017</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40B_eus-gaap--OilAndGasPropertySuccessfulEffortMethodNet_i01I_pp0p0_maANzCuE_zge8jAMEOPGe" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Oil and gas property - subject to amortization, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:OilAndGasPropertySuccessfulEffortMethodNet" contextRef="AsOf2023-12-31" id="Fact000093" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">7,111,624</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:OilAndGasPropertyFullCostMethodNet" contextRef="AsOf2023-12-31" id="Fact000096" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,155,439</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40E_eus-gaap--OperatingLeaseRightOfUseAsset_i01I_pp0p0_maANzCuE_zDsIQaZ88lel" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Right of use assets, net</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseRightOfUseAsset" contextRef="AsOf2023-12-31" id="Fact000099" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,097,168</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_406_eus-gaap--DeferredCosts_i01I_pp0p0_maANzCuE_zYYBDc7Pcomh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Deferred charges</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:DeferredCosts" contextRef="AsOf2023-12-31" id="Fact000102" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">938,392</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_400_eus-gaap--OtherAssetsNoncurrent_i01I_pp0p0_maANzCuE_zEJALwijlndh" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Other non-current assets, net</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:OtherAssetsNoncurrent" contextRef="AsOf2023-12-31" id="Fact000105" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">812,943</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Total non-current assets</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_409_eus-gaap--Assets_iTI_pp0p0_mtAzozr_zHteWTnppc32" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total assets</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:Assets" contextRef="AsOf2023-12-31" id="Fact000111" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">17,724,681</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:Assets" contextRef="AsOf2022-12-31" id="Fact000112" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">20,574,328</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--LiabilitiesAndStockholdersEquityAbstract_iB" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Liabilities and Equity</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--LiabilitiesCurrentAbstract_i01B" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Current liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--AccountsPayableCurrent_i02I_pp0p0_maLCzzZh_zzz3YZQIMw28" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Accounts payables</td><td>&#160;</td>
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  <tr id="xdx_403_eus-gaap--OperatingLeaseLiabilityCurrent_i02I_pp0p0_maLCzzZh_zR465GXa24rd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Short-term operating lease liabilities</td><td>&#160;</td>
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    <td style="text-align: left">Accrued expenses</td><td>&#160;</td>
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    <td style="text-align: left">Taxes payable</td><td>&#160;</td>
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  <tr id="xdx_406_eus-gaap--OtherLiabilitiesCurrent_i02I_pp0p0_maLCzzZh_zZmFUGqCl8sb" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Other current liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_402_eus-gaap--LiabilitiesNoncurrentAbstract_i01B" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_405_eus-gaap--AssetRetirementObligationsNoncurrent_i02I_pp0p0_maLNzFJi_z75Tqa2gJDci" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_40C_ecustom--WarrantLiabilities_i02I_pp0p0_maLNzFJi_zPU4snDuESpg" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_407_eus-gaap--OperatingLeaseLiabilityNoncurrent_i02I_pp0p0_maLNzFJi_zE3PcKgsqXOd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_406_eus-gaap--PostemploymentBenefitsLiabilityNoncurrent_i02I_pp0p0_maLNzFJi_zdviY7KvoEF3" style="vertical-align: bottom; background-color: White">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:PostemploymentBenefitsLiabilityNoncurrent" contextRef="AsOf2023-12-31" id="Fact000150" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">118,250</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_40C_eus-gaap--Liabilities_i01TI_pp0p0_mtLzlG9_maLASEzfXf_z7IVbzRNggyb" style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--CommitmentsAndContingencies_i01I_pp0p0_maLASEzfXf_zLlX6kmiyghe" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Commitments and contingencies</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0159">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0160">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--StockholdersEquityAbstract_i01B" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_eus-gaap--PreferredStockValue_i02I_pp0p0_maSEzfco_z87UgkcUGUof" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Preferred shares (par value $<span id="xdx_908_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_pid_c20231231_zoYa7jVCaBwh" title="Preferred shares, par value"><span id="xdx_90B_eus-gaap--PreferredStockParOrStatedValuePerShare_iI_pid_c20221231_zznvaqEBLak4" title="Preferred shares, par value"><ix:nonFraction name="us-gaap:PreferredStockParOrStatedValuePerShare" contextRef="AsOf2023-12-31" id="Fact000168" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares"><ix:nonFraction name="us-gaap:PreferredStockParOrStatedValuePerShare" contextRef="AsOf2022-12-31" id="Fact000170" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.00267</ix:nonFraction></ix:nonFraction></span></span>; <span id="xdx_900_eus-gaap--PreferredStockSharesAuthorized_iI_c20231231_zMsC9L11nsR5" title="Preferred shares, shares authorized"><span id="xdx_90E_eus-gaap--PreferredStockSharesAuthorized_iI_c20221231_zAIxOu1AZ2t7" title="Preferred shares, shares authorized"><ix:nonFraction name="us-gaap:PreferredStockSharesAuthorized" contextRef="AsOf2023-12-31" id="Fact000172" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:PreferredStockSharesAuthorized" contextRef="AsOf2022-12-31" id="Fact000174" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,750,000</ix:nonFraction></ix:nonFraction></span></span> shares authorized, <span id="xdx_906_eus-gaap--PreferredStockSharesIssued_iI_pid_dxL_c20231231_zA0obBoU6693" title="Preferred shares, shares issued::XDX::-"><span id="xdx_90D_eus-gaap--PreferredStockSharesIssued_iI_pid_dxL_c20221231_zAUbpkmqCmg3" title="Preferred shares, shares issued::XDX::-"><span id="xdx_90E_eus-gaap--PreferredStockSharesOutstanding_iI_pid_dxL_c20231231_zP3NQpnQJ5Zf" title="Preferred shares, shares outstanding::XDX::-"><span id="xdx_90C_eus-gaap--PreferredStockSharesOutstanding_iI_pid_dxL_c20221231_zzKh18bNqqvl" title="Preferred shares, shares outstanding::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl0176"><span style="-sec-ix-hidden: xdx2ixbrl0178"><span style="-sec-ix-hidden: xdx2ixbrl0180"><span style="-sec-ix-hidden: xdx2ixbrl0182">nil</span></span></span></span></span></span></span></span> shares issued and outstanding as of December 31, 2023 and 2022, respectively)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0165">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0166">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--CommonStockValue_i02I_pp0p0_maSEzfco_zdeo8g2fBoi" style="vertical-align: bottom; background-color: White">
    <td>Ordinary shares (par value $<span id="xdx_905_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20231231_z2scB5ZiFFQ4" title="Ordinary shares, par value"><span id="xdx_90E_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20221231_zqxRMrazUYP5" title="Ordinary shares, par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2023-12-31" id="Fact000187" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2022-12-31" id="Fact000189" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.00267</ix:nonFraction></ix:nonFraction></span></span>; <span id="xdx_90C_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20231231_zXBJ9iCPpofl" title="Ordinary shares, shares authorized"><span id="xdx_900_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20221231_zK4lD0fSSjX8" title="Ordinary shares, shares authorized"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2023-12-31" id="Fact000191" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2022-12-31" id="Fact000193" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">37,500,000</ix:nonFraction></ix:nonFraction></span></span> shares authorized, <span id="xdx_90A_eus-gaap--CommonStockSharesIssued_iI_pid_c20231231_zvMnXloc83pl" title="Ordinary shares, shares issued"><span id="xdx_90E_eus-gaap--CommonStockSharesIssued_iI_pid_c20221231_zvI230x5Guyf" title="Ordinary shares, shares issued"><span id="xdx_90D_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20231231_zjm325YIkyRj" title="Ordinary shares, shares outstanding"><span id="xdx_90A_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20221231_zIpW5z1xYAN4" title="Ordinary shares, shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2023-12-31" id="Fact000195" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2022-12-31" id="Fact000197" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2023-12-31" id="Fact000199" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2022-12-31" id="Fact000201" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,142,694</ix:nonFraction></ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span></span> shares issued and outstanding as of December 31, 2023 and 2022)</td><td>&#160;</td>
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    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="us-gaap:CommonStockValue" contextRef="AsOf2022-12-31" id="Fact000185" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">27,046</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_eus-gaap--AdditionalPaidInCapital_i02I_pp0p0_maSEzfco_zfXaCofKLl3g" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Additional paid-in capital</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:AdditionalPaidInCapital" contextRef="AsOf2023-12-31" id="Fact000203" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">54,147,769</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:AdditionalPaidInCapital" contextRef="AsOf2022-12-31" id="Fact000204" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">54,147,769</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eus-gaap--RetainedEarningsAccumulatedDeficit_i02I_pp0p0_maSEzfco_ztYTsPCR80ne" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Accumulated deficit</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2023-12-31" id="Fact000206" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">39,583,437</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2022-12-31" id="Fact000207" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">36,940,753</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_407_eus-gaap--AccumulatedOtherComprehensiveIncomeLossNetOfTax_i02I_pp0p0_maSEzfco_zOc1mNVoK6A" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Accumulated other comprehensive income</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax" contextRef="AsOf2023-12-31" id="Fact000209" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">98,490</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:AccumulatedOtherComprehensiveIncomeLossNetOfTax" contextRef="AsOf2022-12-31" id="Fact000210" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">89,947</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--StockholdersEquity_i02TI_pp0p0_mtSEzfco_maLASEzfXf_zWn3MPTnfyo1" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 20pt">Total shareholders&#8217; equity</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2023-12-31" id="Fact000212" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">14,689,868</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2022-12-31" id="Fact000213" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">17,324,009</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
accompanying notes are an integral part of these consolidated financial statements.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INDONESIA
ENERGY CORPORATION LIMITED</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_003"></span>CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<tr id="xdx_40C_ecustom--IssuanceCostsAllocatedToWarrantLiability_i01N_pp0p0_di_msNIEzZn0_zccLqsLD4Wka" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0266">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_406_eus-gaap--OtherNonoperatingIncomeExpense_i01_pp0p0_maNIEzZn0_zQg56jmAWYk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_400_eus-gaap--NonoperatingIncomeExpense_i01T_pp0p0_maILFCOzx07_mtNIEzZn0_zRxdl1V4iHE8" style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest_iT_pp0p0_mtILFCOzx07_maPLzTY8_zO5qIUL4Ivw3" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Loss before income tax</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2022-01-012022-12-31" id="Fact000279" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">3,122,592</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr id="xdx_40A_eus-gaap--IncomeTaxExpenseBenefit_msPLzTY8_z4Uoxz7phfP6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Income tax provision</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0282">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0283">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0284">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40D_eus-gaap--ProfitLoss_iT_pp0p0_mtPLzTY8_maNILzqeC_zkjQQlPToNi7" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Net loss</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2023-01-01to2023-12-31" id="Fact000286" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">2,642,684</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2022-01-012022-12-31" id="Fact000287" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">3,122,592</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2021-01-012021-12-31" id="Fact000288" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">6,083,379</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eus-gaap--ComprehensiveIncomeNetOfTaxAbstract_iB" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Comprehensive loss:</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold">&#160;</td>
    <td style="font-weight: bold; text-align: left">&#160;</td><td style="font-weight: bold; text-align: right">&#160;</td><td style="font-weight: bold; text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--ProfitLoss_i01_pp0p0_maCINOTzlLL_zPt2aV3xBqIh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Net loss</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2023-01-01to2023-12-31" id="Fact000294" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">2,642,684</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2022-01-012022-12-31" id="Fact000295" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">3,122,592</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:ProfitLoss" contextRef="From2021-01-012021-12-31" id="Fact000296" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">6,083,379</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_400_eus-gaap--OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax_i01_pp0p0_maCINOTzlLL_zzhDb627THTg" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Actuarial gain for post-employment benefits</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax" contextRef="From2023-01-01to2023-12-31" id="Fact000298" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">8,543</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax" contextRef="From2022-01-012022-12-31" id="Fact000299" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">59,243</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:OtherComprehensiveIncomeDefinedBenefitPlansNetUnamortizedGainLossArisingDuringPeriodNetOfTax" contextRef="From2021-01-012021-12-31" id="Fact000300" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">30,704</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest_i01T_pp0p0_mtCINOTzlLL_maCINOTzhCA_zxouxlVEFhRh" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Total comprehensive loss</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" contextRef="From2023-01-01to2023-12-31" id="Fact000302" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">2,634,141</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest" contextRef="From2022-01-012022-12-31" id="Fact000303" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">3,063,349</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_401_eus-gaap--EarningsPerShareBasicAbstract_iB_zX63pTcyGvVd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Loss per ordinary share</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Basic and diluted</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_901_eus-gaap--EarningsPerShareBasic_i01_pid_c20230101__20231231_z6LUWlULaDn2" title="Basic" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__"><span id="xdx_904_eus-gaap--EarningsPerShareDiluted_i01_pid_c20230101__20231231_zCxMt1mO4oB8" title="Diluted" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__">(<ix:nonFraction name="us-gaap:EarningsPerShareBasic" contextRef="From2023-01-01to2023-12-31" id="Fact000310" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares"><ix:nonFraction name="us-gaap:EarningsPerShareDiluted" contextRef="From2023-01-01to2023-12-31" id="Fact000312" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares">0.26</ix:nonFraction></ix:nonFraction></span></span></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><span id="xdx_90E_eus-gaap--EarningsPerShareBasic_i01_pid_c20220101__20221231_z9fcsrHfUKh3" title="Basic" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__"><span id="xdx_900_eus-gaap--EarningsPerShareDiluted_i01_pid_c20220101__20221231_z9TOLq0JSbY4" title="Diluted" class="xdx_phnt_U3RhdGVtZW50IC0gQ29uc29saWRhdGVkIFN0YXRlbWVudHMgb2YgT3BlcmF0aW9ucyBhbmQgQ29tcHJlaGVuc2l2ZSBMb3NzAA__">(<ix:nonFraction name="us-gaap:EarningsPerShareBasic" contextRef="From2022-01-012022-12-31" id="Fact000314" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares"><ix:nonFraction name="us-gaap:EarningsPerShareDiluted" contextRef="From2022-01-012022-12-31" id="Fact000316" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="USDPShares">0.35</ix:nonFraction></ix:nonFraction></span></span></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr id="xdx_400_eus-gaap--WeightedAverageNumberOfSharesOutstandingAbstract_iB_zPMBA3QdKqm4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Weighted average ordinary shares outstanding<span id="xdx_F47_zRUyuJYXm0P2">*</span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 6pt; width: 100%"><tr style="vertical-align: top; text-align: justify">
<td id="xdx_F01_zZBFLCJGeYDe" style="width: 15pt; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>*</i></span></td><td style="width: 5pt"/><td style="text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i id="xdx_F1A_zTMz2EHQwhO3"><ix:footnote id="Footnote000337" xml:lang="en-US">The shares are
presented on a retroactive basis to reflect the reverse stock split.</ix:footnote></i></span></td>
</tr></table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
accompanying notes are an integral part of these consolidated financial statements.</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INDONESIA
ENERGY CORPORATION LIMITED</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_004"></span>CONSOLIDATED
STATEMENTS OF CHANGES IN SHAREHOLDERS&#8217; EQUITY</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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  <tr id="xdx_40D_eus-gaap--NetIncomeLoss_zIH5x9rzTmWg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_401_eus-gaap--StockIssuedDuringPeriodValueNewIssues_z1Vt2CudGTJ6" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Issuance of ordinary shares by ATM offering</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0401">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0402">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_406_eus-gaap--StockIssuedDuringPeriodValueConversionOfConvertibleSecurities_zUkWsTphE0Da" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Conversion of Convertible Note</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0410">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_400_ecustom--StockIssuedDuringPeriodValueWarrantsExercised_zjeeYU99bGs3" style="vertical-align: bottom; background-color: White">
    <td>Exercise of warrants</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0416">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="INDO:StockIssuedDuringPeriodValueWarrantsExercised" contextRef="From2022-01-012022-12-31_us-gaap_CommonStockMember" id="Fact000417" format="ixt:numdotdecimal" decimals="0" unitRef="USD">866</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40D_eus-gaap--StockIssuedDuringPeriodValueIssuedForServices_zdfJXC0ngQz6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Issuance of shares in exchange of service</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodValueIssuedForServices" contextRef="From2022-01-012022-12-31" id="Fact000430" format="ixt:numdotdecimal" decimals="0" unitRef="USD">210,773</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_eus-gaap--StockIssuedDuringPeriodValueStockOptionsExercised_znG96bqIHDZi" style="vertical-align: bottom; background-color: White">
    <td>Exercise of options</td><td>&#160;</td>
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<tr id="xdx_40E_eus-gaap--NetIncomeLoss_zVQJcII3BjT5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_406_ecustom--ActuarialGainForPostemploymentBenefits_zEFyF6oWkL2j" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Actuarial gain for post employment</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0479">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0481">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:StockholdersEquity" contextRef="AsOf2023-12-31_us-gaap_CommonStockMember" id="Fact000487" format="ixt:numdotdecimal" decimals="INF" unitRef="USD">27,046</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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  <tr id="xdx_437_c20230101__20231231_eus-gaap--StockholdersEquity_iE_pid_zxAIOrUTmSih" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt">Balance </td><td style="padding-bottom: 2.5pt">&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0497">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>*</i></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>The shares are presented
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  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
accompanying notes are an integral part of these consolidated financial statements.</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INDONESIA
ENERGY CORPORATION LIMITED</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_005"></span>CONSOLIDATED
STATEMENTS OF CASH FLOWS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_409_eus-gaap--IncreaseDecreaseInAccountsReceivable_i03N_di_msNCPBUztLU_zj8WHeHYHoj" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_401_eus-gaap--IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets_i03N_di_msNCPBUztLU_zEbLQpFWUTPc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_407_eus-gaap--IncreaseDecreaseInAccountsPayable_i03_maNCPBUztLU_zYc0y1W0Y5Lj" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left; padding-left: 10pt">Other current liabilities</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInOtherCurrentLiabilities" contextRef="From2022-01-012022-12-31" id="Fact000585" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">2,649</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr id="xdx_400_eus-gaap--IncreaseDecreaseInAccruedLiabilities_i03_maNCPBUztLU_zYELEyXqAKHl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:IncreaseDecreaseInAccruedLiabilities" contextRef="From2023-01-01to2023-12-31" id="Fact000588" format="ixt:numdotdecimal" decimals="0" unitRef="USD">128,133</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccruedLiabilities" contextRef="From2022-01-012022-12-31" id="Fact000589" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">119,853</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInAccruedLiabilities" contextRef="From2021-01-012021-12-31" id="Fact000590" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">40,403</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_408_eus-gaap--IncreaseDecreaseInPropertyAndOtherTaxesPayable_i03_maNCPBUztLU_zvj8ZlqjWXQk" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Taxes payable</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInPropertyAndOtherTaxesPayable" contextRef="From2023-01-01to2023-12-31" id="Fact000592" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">87,099</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInPropertyAndOtherTaxesPayable" contextRef="From2021-01-012021-12-31" id="Fact000594" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">17,094</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_400_eus-gaap--IncreaseDecreaseInOperatingLeaseLiability_i03_maNCPBUztLU_zmVfYnH6xoyc" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Operating lease liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInOperatingLeaseLiability" contextRef="From2023-01-01to2023-12-31" id="Fact000596" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">472,777</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:IncreaseDecreaseInOperatingLeaseLiability" contextRef="From2022-01-012022-12-31" id="Fact000597" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">353,997</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0598">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--NetCashProvidedByUsedInOperatingActivities_i01T_mtNCPBUztLU_maCCERCzs5P_z1Qupy2b1PAa" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Net cash used in operating activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact000600" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">2,978,919</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2022-01-012022-12-31" id="Fact000601" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">3,208,138</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2021-01-012021-12-31" id="Fact000602" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">3,548,656</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_401_eus-gaap--NetCashProvidedByUsedInInvestingActivitiesAbstract_iB_zKbf3JeY2HR4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Cash flows from investing activities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_404_ecustom--PaymentsForOilAndGasProperty_i01N_di_msNCPBUzDnB_zkaiDEvSheBe" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Oil and gas exploration and development costs</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="INDO:PaymentsForOilAndGasProperty" contextRef="From2023-01-01to2023-12-31" id="Fact000608" format="ixt:numdotdecimal" decimals="0" unitRef="USD">419,459</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="INDO:PaymentsForOilAndGasProperty" contextRef="From2022-01-012022-12-31" id="Fact000609" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,414,817</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="INDO:PaymentsForOilAndGasProperty" contextRef="From2021-01-012021-12-31" id="Fact000610" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,448,270</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_400_eus-gaap--PaymentsToAcquirePropertyPlantAndEquipment_i01N_di_msNCPBUzDnB_zJNNiloN4lo6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Purchase of property and equipment</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0612">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="From2022-01-012022-12-31" id="Fact000613" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,684</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:PaymentsToAcquirePropertyPlantAndEquipment" contextRef="From2021-01-012021-12-31" id="Fact000614" format="ixt:numdotdecimal" decimals="0" unitRef="USD">311,559</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_407_eus-gaap--NetCashProvidedByUsedInInvestingActivities_i01T_mtNCPBUzDnB_maCCERCzs5P_zRWRdtjk2k89" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 1.5pt">Net cash used in investing activities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact000616" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">419,459</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2022-01-012022-12-31" id="Fact000617" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">5,416,501</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:NetCashProvidedByUsedInInvestingActivities" contextRef="From2021-01-012021-12-31" id="Fact000618" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">2,759,829</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_40F_eus-gaap--NetCashProvidedByUsedInFinancingActivitiesAbstract_iB" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left">Cash flows from financing activities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_ecustom--ProceedsFromIssuanceOfConvertibleNotesAndWarrantsNetOfIssuanceCost_i01_maNCPBUzRes_z7JS56Gl8j41" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Proceeds from issuance of convertible notes and warrants, net of issuance cost</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0624">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="INDO:ProceedsFromIssuanceOfConvertibleNotesAndWarrantsNetOfIssuanceCost" contextRef="From2022-01-012022-12-31" id="Fact000625" format="ixt:numdotdecimal" decimals="0" unitRef="USD">8,589,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0626">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--ProceedsFromWarrantExercises_i01_maNCPBUzRes_zCShtic8a7U" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt">Proceeds from exercise of warrant shares</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0628">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:ProceedsFromWarrantExercises" contextRef="From2022-01-012022-12-31" id="Fact000629" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,950,000</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0630">-</span></td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left; padding-left: 10pt">Proceeds from issuance of ordinary shares by ATM offering, net of issuance cost</td><td>&#160;</td>
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    <td style="text-align: left; padding-left: 10pt">Repayment of bank loan</td><td>&#160;</td>
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  <tr id="xdx_406_ecustom--RepaymentOfLongTermLoanToThirdParty_i01_maNCPBUzRes_zgN5qAqSszZf" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_405_eus-gaap--NetCashProvidedByUsedInFinancingActivities_i01T_mtNCPBUzRes_maCCERCzs5P_zlmTVJQaaU0e" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_403_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_iS_zfYvJBVqgke8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" contextRef="AsOf2021-12-31" id="Fact000653" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,095,014</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" contextRef="AsOf2020-12-31" id="Fact000654" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,403,499</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_407_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_iE_zVW3wHJmBPH6" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Cash and restricted cash at end of year</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" contextRef="AsOf2023-12-31" id="Fact000656" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,997,187</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--SupplementalCashFlowInformationAbstract_iB" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Supplementary disclosure of cash flow information:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-left: 10pt">Cash paid for:</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--InterestPaidNet_i01_pp0p0" style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 20pt">Interest</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0664">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_406_eus-gaap--IncomeTaxesPaidNet_i01_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 20pt">Income tax</td><td>&#160;</td>
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    <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0669">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0670">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--RestrictedCashAndCashEquivalentsAbstract_iB_zX8BQNwcM2n5" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><p style="font: bold 10pt Times New Roman, Times, Serif; margin: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Reconciliation of cash and
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--Cash_i01E_maCCERCzYRO_zaHmUrNmuCEe" style="vertical-align: bottom; background-color: White">
    <td><p style="margin: 0pt 0pt 0pt 10pt">Cash</p></td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><p style="margin: 0"><ix:nonFraction name="us-gaap:Cash" contextRef="AsOf2023-12-31" id="Fact000676" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,009,687</ix:nonFraction></p></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40C_eus-gaap--RestrictedCashCurrent_i01E_maCCERCzYRO_zya3MUxSdAG4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt">Restricted Cash - current</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:RestrictedCashCurrent" contextRef="AsOf2023-12-31" id="Fact000680" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,567,500</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0681">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:RestrictedCashCurrent" contextRef="AsOf2021-12-31" id="Fact000682" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,000,000</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--RestrictedCashNoncurrent_i01E_maCCERCzYRO_zZzRPaKtbON4" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt; padding-left: 10pt">Restricted Cash - non-current</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><p style="margin: 0"><ix:nonFraction name="us-gaap:RestrictedCashNoncurrent" contextRef="AsOf2022-12-31" id="Fact000685" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,500,000</ix:nonFraction></p></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_405_eus-gaap--CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents_iE_mtCCERCzYRO_zI9Z7mzJm8Yi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt; padding-left: 10pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
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    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" contextRef="AsOf2022-12-31" id="Fact000689" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,395,565</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents" contextRef="AsOf2021-12-31" id="Fact000690" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,095,014</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_eus-gaap--CashFlowNoncashInvestingAndFinancingActivitiesDisclosureAbstract_iB" style="vertical-align: bottom; background-color: White">
    <td style="font-weight: bold; text-align: left">Non-cash investing and financing activities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_ecustom--IncreaseDecreaseInAcquisitionOfAssetRetirementObligations_i01_pp0d_zi83tue4To2a" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Addition of asset retirement obligations</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>The
accompanying notes are an integral part of these consolidated financial statements.</b></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>INDONESIA
ENERGY CORPORATION LIMITED</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="am_006"></span>NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000712" name="us-gaap:NatureOfOperations"><p id="xdx_805_eus-gaap--NatureOfOperations_zKiqjZKI3aah" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
1 &#8211; <span id="xdx_821_zjCWNkkTP5la">ORGANIZATION AND PRINCIPAL ACTIVITIES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Indonesia
Energy Corporation Limited (the &#8220;Company&#8221; or &#8220;IEC&#8221;)</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indonesia
Energy Corporation Limited was formed on April 24, 2018 as an exempted company with limited liability under the laws of the Cayman Islands
and is a holding company for WJ Energy Group Limited (or &#8220;WJ Energy&#8221;), which in turn owns <span id="xdx_90D_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20180424__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--WJEnergyGroupLimitedMember_zzCbNMvTxqR7" title="Equity method investment ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2018-04-24_custom_WJEnergyGroupLimitedMember" id="Fact000714" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of the operating subsidiaries
in Indonesia, which are described below. The Company has two shareholders: Maderic Holding Limited (or &#8220;Maderic&#8221;) and HFO
Investment Group (or &#8220;HFO&#8221;), which hold <span id="xdx_908_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20180424__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--MadericHoldingLimitedMember_zWkVMiyOAfI4" title="Equity method investment ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2018-04-24_custom_MadericHoldingLimitedMember" id="Fact000716" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">87.04</ix:nonFraction></span>% and <span id="xdx_90E_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_c20180424__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--HfoInvestmentGroupMember_zHWQQ3ucxwl5" title="Equity method investment ownership percentage"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2018-04-24_custom_HfoInvestmentGroupMember" id="Fact000718" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">12.96</ix:nonFraction></span>%, respectively, of IEC&#8217;s outstanding shares, prior to the
initial public offering (&#8220;IPO&#8221;). Certain of IEC&#8217;s officers and directors own interests in Maderic and HFO. The Company,
through its subsidiaries in Hong Kong and in Indonesia, is an oil and gas exploration and production company focused on the Indonesian
market. The Company currently holds two oil and gas assets through subsidiaries in Indonesia: one producing block (the &#8220;Kruh Block&#8221;)
and one exploration block (the &#8220;Citarum Block&#8221;). The Company also identified a potential third exploration block (the &#8220;Rangkas
Area&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following diagram illustrates the Company&#8217;s structure, including its consolidated holding and operating subsidiaries as of December
31, 2023</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><img src="form20-f_013.jpg" alt=""/></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 130; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Corporate
Structuring</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000720" name="INDO:ScheduleOfSubsidiariesOfEntityTableTextBlock"><p id="xdx_89D_ecustom--ScheduleOfSubsidiariesOfEntityTableTextBlock_z2LBTaAbUPN7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Details
of the subsidiaries of the Company as of December 31, 2023 are set out below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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OF DETAILS OF THE SUBSIDIARIES OF THE COMPANY</span></span></p>

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    <td style="text-align: left">PT Harvel Nusantara Energi (&#8220;HNE&#8221;)</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">PT Hutama Wiranusa Energi (&#8220;HWE&#8221;)</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_905_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_pid_dp_uPure_c20231231__srt--OwnershipAxis__custom--PTHutamaWiranusaEnergiMember_zvRRP2NQ3kZ4" title="Percentage of effective ownership"><ix:nonFraction name="us-gaap:MinorityInterestOwnershipPercentageByParent" contextRef="AsOf2023-12-31_custom_PTHutamaWiranusaEnergiMember" id="Fact000758" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span></td><td style="text-align: left">%</td><td>&#160;</td>
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  </table>

</ix:nonNumeric><p id="xdx_8A4_zz8HGBP4QIIa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Kruh
Block Technical Assistance Contract (&#8220;TAC&#8221;) and Joint Operation Partnership (&#8220;KSO&#8221;)</i></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s revenue and potential for profit depend mostly on the level of oil production in Kruh Block and the Indonesian Crude
Price (&#8220;ICP&#8221;) that is correlated to international crude oil prices.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Kruh Block operation was governed by the TAC established between GWN and PT Pertamina (Persero) (&#8220;Pertamina&#8221;), under
which the Company had the operatorship to, but not the ownership of, the extraction and production of oil from the designated oil
deposit location in Indonesia until May 2020 and the operatorship of Kruh Block continued as a KSO from May 2020 until May 2030,
which was further extended to September 2035 in August 2023. This extension effectively gives the Company 13 years to fully develop
the existing <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">three oil fields, and five other undeveloped
oil and gas bearing structures at Kruh Block. Further, <span id="xdx_906_ecustom--IncomeTaxDescription_c20230101__20231231_zGRgJltK97Jh" title="Income tax description"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact000762" name="INDO:IncomeTaxDescription">the Amended KSO increases our after-tax profit split from 15% to 35%, for an
increase of more than 100%, and increases cost recovery cap from 80% to 100%.</ix:nonNumeric></span> </span> During the operations, the Company paid all
expenditures and obligations incurred including but not limited to exploration, development, extraction, production, transportation,
abandonment and site restoration. These costs, depending on the purpose, are either capitalized on the balance sheet as Oil and gas
property &#8211; subject to amortization, net, or expensed as lease operating expenses. Section &#8220;Oil &amp; Gas Property, Full
Cost Method&#8221; of Note 2 provides further discussion about the accounting treatment of these costs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
a monthly basis, based on TAC, the Company submitted to Pertamina an Entitlement Calculation Statement (&#8220;ECS&#8221;) stating the
amount of money that GWN is entitled to. Such entitlement is made through the proceeds of the sale, conducted by Pertamina, of the crude
oil produced in the block on a monthly basis based on the prevailing ICP, but capped at <span id="xdx_90C_ecustom--MaximumMonthlyProceedsOfSaleOfCrudeOilProducedPercentage_pid_dp_uPure_c20230101__20231231_zUYf2c1DCIOj" title="Maximum monthly proceeds of sale of crude oil produced percentage"><ix:nonFraction name="INDO:MaximumMonthlyProceedsOfSaleOfCrudeOilProducedPercentage" contextRef="From2023-01-01to2023-12-31" id="Fact000764" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">65</ix:nonFraction></span>% of such monthly proceeds. In addition, the
Company is also entitled to an additional <span id="xdx_903_ecustom--AdditionalEntitlementOfProceedsFromSaleOfCrudeOilPercentage_pid_dp_c20230101__20231231_zG2B3q7XU35j" title="Additional entitlement of proceeds from sale of crude oil percentage"><ix:nonFraction name="INDO:AdditionalEntitlementOfProceedsFromSaleOfCrudeOilPercentage" contextRef="From2023-01-01to2023-12-31" id="Fact000766" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">26.79</ix:nonFraction></span>% of the remaining <span id="xdx_907_ecustom--RemainingProceedsFromSaleOfCrudeOilAsPartOfProfitSharingPercentage_pid_dp_c20230101__20231231_zvhgab4FhlNh" title="Remaining proceeds from sale of crude oil as part of profit sharing percentage"><ix:nonFraction name="INDO:RemainingProceedsFromSaleOfCrudeOilAsPartOfProfitSharingPercentage" contextRef="From2023-01-01to2023-12-31" id="Fact000768" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">35</ix:nonFraction></span>% of the proceeds from the sale of the crude oil as part of the profit
sharing. Both of these <span id="xdx_90B_ecustom--NumberOfPortionsOfEntitlementsRecognizedAsRevenue_dc_uInteger_c20230101__20231231_zxovRmRFUct7" title="Number of portions of entitlements recognized as revenue"><ix:nonFraction name="INDO:NumberOfPortionsOfEntitlementsRecognizedAsRevenue" contextRef="From2023-01-01to2023-12-31" id="Fact000770" format="ixt-sec:numwordsen" decimals="INF" unitRef="Integer">two</ix:nonFraction></span> portions of entitlements are recognized as revenue of the Company, net of tax. Section &#8220;Revenue Recognition&#8221;
of Note 2 provides further discussion about the accounting treatment of these entitlements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">After
May 2020, the Company continued the operatorship of Kruh Block under a KSO contract. In essence, the TAC and KSO are very similar in
nature due to its &#8220;cost recovery&#8221; system, with a few important differences to note. The main differences between the two
contracts are that: (1) in the TAC, all oil produced is shareable between Pertamina and its contractor, while in the KSO, a Non-Shareable
Oil (NSO) production is determined and agreed between Pertamina and its partners so that the baseline production, with an established
decline rate, belongs entirely to Pertamina, so that the partners&#8217; revenue and production sharing portion shall be determined only
from the production above the NSO baseline; (2) in the TAC, the cost recovery was capped at <span id="xdx_908_ecustom--CostRecoveryBalanceResetWithCommencementOfOperatorship_pid_dp_uPure_c20230101__20231231__us-gaap--TypeOfArrangementAxis__custom--TACMember_zTiE9QQ7Xq99" title="Cost recovery balance reset with commencement of operatorship"><ix:nonFraction name="INDO:CostRecoveryBalanceResetWithCommencementOfOperatorship" contextRef="From2023-01-012023-12-31_custom_TACMember" id="Fact000772" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">65</ix:nonFraction></span>% of the proceeds
from the sale of the oil produced in the block, while in the KSO, the cost recovery is capped at <span id="xdx_90D_ecustom--PercentageOfOperatingCostPerBblMultiplyingNso_pid_dp_c20230101__20231231_zFLoXhQK9skc" title="Percentage of operating cost per Bbl multiplying Nso"><ix:nonFraction name="INDO:PercentageOfOperatingCostPerBblMultiplyingNso" contextRef="From2023-01-01to2023-12-31" id="Fact000774" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></span>% of the proceeds from
the sale of the oil produced within Kruh Block for the cost incurred during the term under the KSO plus <span id="xdx_90B_ecustom--CostRecoveryBalanceResetWithCommencementOfOperatorship_pid_dp_c20230101__20231231__us-gaap--TypeOfArrangementAxis__custom--KSOMember_zuLH2Jkm7jn9" title="Cost recovery balance reset with commencement of operatorship"><ix:nonFraction name="INDO:CostRecoveryBalanceResetWithCommencementOfOperatorship" contextRef="From2023-01-012023-12-31_custom_KSOMember" id="Fact000776" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">80</ix:nonFraction></span>% of the operating cost per
barrel of oil (&#8220;bbl&#8221;) multiplying NSO. Any remaining cost recovery balance from the KSO period of contract is carried over
to the next period, although the cost recovery balance from the TAC contract were not carried over to the KSO, meaning that the cost
recovery balance was reset to nil with the commencement of the operatorship under the KSO in May 2020. As of December 31, 2023 and 2022,
the unrecovered expenditures on KSO operations are $<span id="xdx_90E_ecustom--UnrecoveredExpenditures_pp0d_c20230101__20231231_zMLWXZa97cz4" title="Unrecovered expenditures"><ix:nonFraction name="INDO:UnrecoveredExpenditures" contextRef="From2023-01-01to2023-12-31" id="Fact000778" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,521,865</ix:nonFraction></span> and $<span id="xdx_90F_ecustom--UnrecoveredExpenditures_pp0d_c20220101__20221231_z2ujV3yD9VTd" title="Unrecovered expenditures"><ix:nonFraction name="INDO:UnrecoveredExpenditures" contextRef="From2022-01-012022-12-31" id="Fact000780" format="ixt:numdotdecimal" decimals="0" unitRef="USD">6,700,186</ix:nonFraction></span>, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>


<ix:exclude><!-- Field: Page; Sequence: 131; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000782" name="us-gaap:SignificantAccountingPoliciesTextBlock"><p id="xdx_80A_eus-gaap--SignificantAccountingPoliciesTextBlock_zcda8uRMT7P2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
2 &#8211; <span id="xdx_820_zGRX8VIaNGa7">SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000784" name="us-gaap:BasisOfAccountingPolicyPolicyTextBlock"><p id="xdx_840_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zkivzYbOvOb9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline"><span id="xdx_861_zFNMLHuGc5b7">Basis
of presentation and consolidation</span></span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the
United States of America (&#8220;US GAAP&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
consolidated financial statements include the financial statements of the Company and all its majority-owned subsidiaries from the dates
they were acquired or incorporated. All intercompany balances and transactions have been eliminated in consolidation.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000786" name="us-gaap:UseOfEstimates"><p id="xdx_847_eus-gaap--UseOfEstimates_zmD7Xcz95LI1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline"><span id="xdx_862_zm8XyyAvId56">Use
of estimates</span></span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
preparation of the consolidated financial statements in conformity with US GAAP requires management of the Company to make a number of
estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities
at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Significant
accounting estimates reflected in the Company&#8217;s consolidated financial statements include but are not limited to estimates and
judgments applied in the valuation of warrant liabilities, allowance for receivables, estimated useful lives of property and equipment,
depletion and impairment of oil and gas <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">property</span>, impairment of long-lived assets, asset retirement obligations, provision for post-employment benefit, income taxes, related deferred tax valuation allowances and going concern forecast. Actual results could differ from those estimates and judgments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000788" name="us-gaap:CashAndCashEquivalentsPolicyTextBlock"><p id="xdx_84B_eus-gaap--CashAndCashEquivalentsPolicyTextBlock_zQG3m8WokHH2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline"><span id="xdx_867_zJOupFnzfFp7">Cash</span></span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cash
consists of cash on hand and bank deposits, which are unrestricted as to withdrawal and use. The Company had <span id="xdx_909_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_do_c20231231_zSOuXFrnZ1L5" title="Cash and cash equivalents"><span id="xdx_90A_eus-gaap--CashAndCashEquivalentsAtCarryingValue_iI_do_c20221231_zi4JqWjJtIPl" title="Cash and cash equivalents"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2023-12-31" id="Fact000790" format="ixt-sec:numwordsen" decimals="0" unitRef="USD"><ix:nonFraction name="us-gaap:CashAndCashEquivalentsAtCarryingValue" contextRef="AsOf2022-12-31" id="Fact000792" format="ixt-sec:numwordsen" decimals="0" unitRef="USD">no</ix:nonFraction></ix:nonFraction></span></span> cash equivalents as of
December 31, 2023 and 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000794" name="us-gaap:CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy"><p id="xdx_84C_eus-gaap--CashAndCashEquivalentsRestrictedCashAndCashEquivalentsPolicy_zlBWCqU5GURf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline"><span id="xdx_864_zcOGjmQjCVS2">Restricted
cash</span></span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Restricted
cash includes cash pledged for bank loan facilities, cash deposits in special account for the abandonment and site restoration and as
performance guarantee in the oil and gas concessions in which the Company operates.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000796" name="us-gaap:ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock"><p id="xdx_841_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_zmnOJKcn6EIj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline"><span id="xdx_866_znsPUj0xknkf">Foreign
Currency Transaction</span></span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
reporting currency of the Company is United States dollar (&#8220;USD&#8221;, &#8220;dollar&#8221;). The currency of the primary economic
environment in which the operations of the Company are conducted is dollar. Therefore, the dollar has been determined to be the Company&#8217;s
functional currency. Non-dollar transactions and balances have been translated into dollars for financial reporting purposes. Transactions
in foreign currency (primarily in Indonesian Rupiahs &#8211; &#8220;IDR&#8221;) are recorded at the exchange rate as of the transaction
date. Monetary assets and liabilities denominated in foreign currency are translated on the basis of the representative rates of exchange
at the balance sheet dates. All exchange gains and losses from re-measurement of monetary balance sheet items denominated in non-dollar
currencies are reflected in the statement of operations as they arise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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receivable and other receivables</span></span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company adopted ASU2016-13 from January 1, 2023. In June 2016, the FASB issued ASU 2016-13, Financial Instruments &#8211; Credit Losses
(Topic 326): Measurement of Credit Losses on Financial Instruments, which is intended to improve financial reporting by requiring timelier
recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The standard
will replace incurred loss approach with an expected loss model for instruments measured at amortized cost. After review of accounts
receivable and other receivables as of January 1, 2023, there is no cumulative-effect adjustment to retained earnings for the beginning
balances.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Accounts
receivable and other receivables as of December 31, 2023 are recorded at net realizable value consisting of the carrying amount less
an allowance for expected credit losses as needed. All expected credit losses were measured for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The Company uses forward-looking information to better inform our credit
loss estimates. We will continue to use judgment to determine which loss estimation method is appropriate for their circumstances. Account
balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is
considered remote. The Company did not have any off-balance-sheet credit exposure relating to its customers, suppliers or others.
For the years ended December 31, 2023, the Company recorded $<span id="xdx_907_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iI_c20231231_z6qmPYRPh7K2" title="Allowances for doubtful accounts"><ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivable" contextRef="AsOf2023-12-31" id="Fact000800" format="ixt:numdotdecimal" decimals="0" unitRef="USD">59,604</ix:nonFraction></span>
allowances for doubtful accounts against its other receivables. For the year ended December 31, 2022 and 2021, the Company did not
record any allowances for doubtful accounts against its accounts receivable and other receivables nor did it charge off any such
amounts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 132; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000802" name="us-gaap:ConcentrationRiskCreditRisk"><p id="xdx_842_eus-gaap--ConcentrationRiskCreditRisk_zFS5RHkqmpFl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline"><span id="xdx_865_zc3SkIAQsc5a">Credit
and concentration risk</span></span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023 and 2022, all of the Company&#8217;s accounts receivable result from the entitlement of Oil &amp; Gas Property subject
to amortization and profit sharing from the sale of the crude oil under the KSO by Pertamina. This concentration of receivables from
one party may impact the Company&#8217;s overall credit risk, either positively or negatively, in that Pertamina may be similarly affected
by changes in economic or other conditions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2023, 2022 and 2021, <span id="xdx_90F_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20230101__20231231_zhTx8EfCDm2d" title="Concentration risk percentage"><span id="xdx_902_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20220101__20221231_zw9Y5Vt98xl" title="Concentration risk percentage"><span id="xdx_904_eus-gaap--ConcentrationRiskPercentage1_pid_dp_c20210101__20211231_zszIobBd9cka" title="Concentration risk percentage"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2023-01-01to2023-12-31" id="Fact000804" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2022-01-012022-12-31" id="Fact000806" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure"><ix:nonFraction name="us-gaap:ConcentrationRiskPercentage1" contextRef="From2021-01-012021-12-31" id="Fact000808" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">100</ix:nonFraction></ix:nonFraction></ix:nonFraction></span></span></span>% of the Company&#8217;s revenues were generated through the operatorship of Kruh
Block. The Company does not believe that there will be any material adverse change in the operatorship of Kruh Block or the KSO.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company places its cash and restricted cash, with reputable financial institutions that have high-credit ratings and quality. There has
been no recent history of default in relation to these financial institutions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000810" name="us-gaap:PropertyPlantAndEquipmentPolicyTextBlock"><p id="xdx_840_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_z8nymbOKOiMa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline"><span id="xdx_868_zGghj6IoPYw6">Property
and equipment, net</span></span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Property
and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Cost represents the purchase price
of the asset and other costs incurred to bring the asset into its existing use. Maintenance and repairs are charged to expense; major
additions to physical properties are capitalized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000812" name="INDO:ScheduleOfPropertyPlantAndEquipmentUsefulLifeTableTextBlock"><p id="xdx_89A_ecustom--ScheduleOfPropertyPlantAndEquipmentUsefulLifeTableTextBlock_zTdAvnysiF3j" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
of leasehold improvements is provided using the straight-line method over the shorter of the remaining lease term or their estimated
useful lives. Except for leasehold improvements, depreciation of other property and equipment are provided using the declining balance
method over their estimated useful lives:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BC_z02p4z0LiLM" style="display: none">SCHEDULE
OF PROPERTY AND EQUIPMENT ESTIMATED USEFUL LIVES</span></span></span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="border-bottom: black 1.5pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Useful
    life</b></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 80%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Housing and welfare</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 18%; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_906_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dc_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--HousingAndWelfareMember_zKTsy89WUjC2"><ix:nonNumeric contextRef="AsOf2023-12-31_custom_HousingAndWelfareMember" format="ixt-sec:durwordsen" id="Fact000813" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">10
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furniture and office equipment</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_905_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dc_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--OfficeEquipmentMember_zMTM7cFeFDDb"><ix:nonNumeric contextRef="AsOf2023-12-31_us-gaap_OfficeEquipmentMember" format="ixt-sec:durwordsen" id="Fact000814" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">5
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Computer and software</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_90B_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dc_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerEquipmentMember_zmr74zxuc7Df" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="AsOf2023-12-31_us-gaap_ComputerEquipmentMember" format="ixt-sec:durwordsen" id="Fact000815" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">5
years</ix:nonNumeric></span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_902_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dc_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ManufacturingFacilityMember_zuo0Zp7k1305" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="AsOf2023-12-31_us-gaap_ManufacturingFacilityMember" format="ixt-sec:durwordsen" id="Fact000816" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">5
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_90E_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dc_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--DrillingRightsMember_zHUos7AtT0Pb" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="AsOf2023-12-31_us-gaap_DrillingRightsMember" format="ixt-sec:durwordsen" id="Fact000818" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">5
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: #CCEEFF">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Equipment</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_904_eus-gaap--PropertyPlantAndEquipmentUsefulLife_iI_dc_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember_zaXEqEwoFCj5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonNumeric contextRef="AsOf2023-12-31_us-gaap_EquipmentMember" format="ixt-sec:durwordsen" id="Fact000819" name="us-gaap:PropertyPlantAndEquipmentUsefulLife">5
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</ix:nonNumeric><p id="xdx_8AF_zLnPOb0b7CI2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Upon
sale or disposal, the applicable amounts of asset cost and accumulated depreciation are removed from the accounts and the net amount
less proceeds from disposal is charged or credited to the consolidated statement of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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of long-lived assets</span></span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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Company reviews its long-lived assets or asset group for impairment whenever events or changes in circumstances indicate that the carrying
amount of an asset or asset group may no longer be recoverable. When these events occur, the Company assesses the recoverability of the
long-lived assets or asset group by comparing the carrying value of the long-lived assets or asset group to the estimated undiscounted
future cash flows expected to result from the use of the assets or asset group and their eventual disposition, when the estimated undiscounted
future cash flows is lower than the carrying value, an impairment loss is recognized in the consolidated statements of operations and
comprehensive loss for the difference between the fair value, using the expected future discounted cash flows, and the carrying value
of the assets.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000823" name="us-gaap:OilAndGasPropertiesPolicyPolicyTextBlock"><p id="xdx_849_eus-gaap--OilAndGasPropertiesPolicyPolicyTextBlock_zhRFwn80WNXd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline"><span id="xdx_860_zJ256FsRXoua">Oil
and gas property, net</span></span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company follows the full-cost method of accounting for the oil and gas property. Under the full-cost method, all productive and
non-productive costs incurred in the acquisition, exploration and development associated with properties with proven reserves, under
the KSO for Kruh Block, are capitalized. As of December 31, 2023 and 2022, all capitalized costs associated with Kruh&#8217;s
reserves were subject to amortization. Capitalized costs are subject to a quarterly ceiling test that limits such costs to the
aggregate of the present value of estimated future net cash flows of proved reserves, computed using the unweighted arithmetic
average of the first-day-of the-month oil and gas prices for each month within the 12-month period prior to the end of reporting
period, discounted at <span id="xdx_902_ecustom--PercentageOfDiscount_pid_dp_c20230101__20231231_zXQ0mgLaWEQ4" title="Percentage of discount"><ix:nonFraction name="INDO:PercentageOfDiscount" contextRef="From2023-01-01to2023-12-31" id="Fact000825" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></span>%,
and the lower of cost or fair value of proved properties. If unamortized costs capitalized exceed the ceiling, the excess is charged
to expense in the period the excess occurs. There were no cost ceiling write-downs for the years ended December 31, 2023, 2022 and
2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depletion
for each of the reported periods is computed on the units-of-production method. Depletion base is the total capitalized oil and gas property
in the previous period, plus the current period capitalization and future development costs. Furthermore, the depletion rate is calculated
as the depletion base divided by the total estimated proved reserves that expected to be extracted during the operatorship. Then, depletion
is calculated as the production of the period times the depletion rate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2023, 2022 and 2021, the estimated proved reserves were considered based on the operatorship of the Kruh Block
under the TAC through May 2020 and then the KSO from June 2020 and expiring in September 2035.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
costs associated with properties with unproved reserves or under development, such as Production Sharing Contract (&#8220;PSC&#8221;)
Citarum Block, are not initially included in the full-cost depletion base. The costs include but are not limited to unproved property
acquisition costs, seismic data and geological and geophysical studies associated with the property. These costs are transferred to the
depletion base once the reserve has been determined as proven.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000827" name="us-gaap:LesseeLeasesPolicyTextBlock"><p id="xdx_84D_eus-gaap--LesseeLeasesPolicyTextBlock_zUKjtEeZ6R5d" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline"><span id="xdx_862_zHXZJyUzqS7d">Operating
Leases</span></span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company adopted Accounting Standards Codification 842 (&#8220;ASC 842&#8221;) on January 1, 2022 using a modified retrospective approach
reflecting the application of the standard to leases existing at, or entered into after, the beginning of the earliest comparative period
presented in the consolidated financial statements. The Company elected the package of practical expedients permitted under the transition
guidance within ASC 842, which among other things, allows the Company to carry forward certain historical conclusions reached under ASC
Topic 840 regarding lease identification, classification, and the accounting treatment of initial direct costs. The Company elected not
to record assets and liabilities on its consolidated balance sheet for new or existing lease arrangements with terms of 12 months or
less. The Company recognizes lease expenses for such lease on a straight-line basis over the lease term.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
most significant impact upon adoption relates to the recognition of new Right-of-use (&#8220;ROU&#8221;) assets and lease liabilities
on the Company&#8217;s consolidated balance sheets for office space leases. At the commencement date of a lease, the Company recognizes
a lease liability for future fixed lease payments and a right-of-use (&#8220;ROU&#8221;) asset representing the right to use the underlying
asset during the lease term. The lease liability is initially measured as the present value of the future fixed lease payments that will
be made over the lease term. The lease term includes periods for which it&#8217;s reasonably certain that the renewal options will be
exercised and periods for which it&#8217;s reasonably certain that the termination options will not be exercised. The future fixed lease
payments are discounted using the rate implicit in the lease, if available, or the incremental borrowing rate (&#8220;IBR&#8221;)
on a collateralized basis for a similar term as the underlying lease. The Company will evaluate the carrying value of ROU assets if there
are indicators of impairment and review the recoverability of the related asset group. If the carrying value of the asset group is determined
to not be recoverable and is in excess of the estimated fair value, the Company will record an impairment loss in other expenses in the
consolidated statements of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000829" name="us-gaap:DeferredChargesPolicyTextBlock"><p id="xdx_846_eus-gaap--DeferredChargesPolicyTextBlock_zpSjZtt5QN2i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline"><span id="xdx_866_z3lmtMrD2vn4">Deferred
charges</span></span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Deferred
charges mainly represent the compensation paid for the acquisition of the oil and gas mineral rights to the employer of the block, such
as Pertamina or SKK Migas, for information, equipment and services, signature bonus and other fees required by law for the operatorship
of a TAC, KSO or PSC. As these payments are made as part of the requirements for the participating in the bidding of the oil and gas
operatorship contract, such payments are amortized on a straight-line basis throughout the contract period.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000831" name="us-gaap:AssetRetirementObligationsPolicy"><p id="xdx_842_eus-gaap--AssetRetirementObligationsPolicy_zBmzydio0nl9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline"><span id="xdx_86F_zfumENK6gEa8">Asset
retirement obligations</span></span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company measures its obligations for the retirement of the oil fields using various assumptions such as the expected period upon the
expiry of the contract and the complete depletion of the oil deposits underground, the degree of the damage the operation had done to
the oil field, and the related governmental requirements imposed on the Company as a contractor. The asset retirement obligation is reviewed
and adjusted each quarter for any liabilities incurred or settled during the period, accretion expense and any revisions made to the
estimated cash flows and changes required by Pertamina.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023 and 2022, asset retirement obligations were $<span id="xdx_909_eus-gaap--AssetRetirementObligationsNoncurrent_iI_pp0p0_c20231231_z0ZZp3IxGsee" title="Asset retirement obligations, noncurrent"><ix:nonFraction name="us-gaap:AssetRetirementObligationsNoncurrent" contextRef="AsOf2023-12-31" id="Fact000833" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">352,636</ix:nonFraction></span> and $<span id="xdx_90E_eus-gaap--AssetRetirementObligationsNoncurrent_iI_pp0p0_c20221231_zuGALEnwzac9" title="Asset retirement obligations, noncurrent"><ix:nonFraction name="us-gaap:AssetRetirementObligationsNoncurrent" contextRef="AsOf2022-12-31" id="Fact000835" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">448,720</ix:nonFraction></span>, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000837" name="us-gaap:PostemploymentBenefitPlansPolicy"><p id="xdx_849_eus-gaap--PostemploymentBenefitPlansPolicy_zQ9T684owoYe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline"><span id="xdx_86D_zDa48b2VQ5Qf">Provision
for post-employment benefit</span></span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Post-employment
benefits are recognized, pursuant to the regulatory requirements under the Indonesia Labor Law Article 167 Law No. 13 of 2003, to capture
the amount the Company is obligated to pay, in lump-sum, to the employees hired under the governance of the KSO upon its maturity.
Such recognition is reviewed on an annual basis during the period in which the employees provide their services to the Company and is
performed through the involvement of an actuary.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Actuarial
gains or losses are recognized in the other comprehensive income (&#8220;OCI&#8221;) and excluded permanently from net profit or loss.
Expected returns on plan assets are not recognized in net profit or loss. Expected returns are replaced by recognizing interest income
(or expense) on the net defined asset (or liability) in net profit or loss, which is calculated using the discount rate used to measure
the pension obligation. See note 13 for further information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
past service costs will be recognized at the earlier of when the amendment/curtailment occurs or when the entity recognizes related restructuring
or termination costs.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Such
changes are made in order that the net pension assets or liabilities are recognized in the statement of financial position to reflect
the full value of the plan deficit or surplus.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000839" name="us-gaap:RevenueFromContractWithCustomerPolicyTextBlock"><p id="xdx_846_eus-gaap--RevenueFromContractWithCustomerPolicyTextBlock_ziureCcJCfLa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline"><span id="xdx_869_z7TKyhDd2TB3">Revenue
recognition</span></span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company adopted ASC Topic 606, &#8220;Revenue from Contracts with Customers&#8221; on January 1, 2019, using the modified retrospective
method applied to contract that was not completed as of January 1, 2019, the TAC with Pertamina. Under the modified retrospective method,
prior period financial positions and results were not adjusted. The cumulative effect adjustment recognized in the opening balances included
no significant changes as a result of this adoption.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recognizes revenue from the entitlement of Oil and gas property - Kruh Block ECS and profit sharing from the sale of the
crude oil under the KSO with Pertamina, when the ECS have been submitted to Pertamina after the monthly ICP has been published by
the Government of Indonesia. The only performance obligation of the Company is to deliver the crude oil it produces to Pertamina
Jirak Gathering Station (&#8220;Pertamina-Jirak&#8221;), located approximately 3 miles away from Kruh Block. After the volume and
quality of the crude oil delivered is accepted and recorded by Pertamina, Pertamina is responsible for the ultimate sales of the
crude to the end-users. The total volume of crude oil sold is confirmed by Pertamina and, combining with the monthly published ICP,
the Company calculates the entire amount of its entitlement with Pertamina through the Entitlement Calculation Sheets, at which
point revenue is recognized by the end of each month.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
revenue was calculated based on the proceeds of the sales of the crude oil produced by the Company and conducted by Pertamina,
for TAC with a <span id="xdx_908_ecustom--PercentageOfCapOnSaleProceeds_pid_dp_c20230101__20231231_zKjJsdKE5RK8" title="Percentage of cap on sale proceeds"><ix:nonFraction name="INDO:PercentageOfCapOnSaleProceeds" contextRef="From2023-01-01to2023-12-31" id="Fact000841" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">65</ix:nonFraction></span>%
cap on the proceeds of such sale as part of the cost recovery scheme, on a monthly basis, calculated by multiplying the quantity of
crude oil produced by the Company and the prevailing ICP published by the Government of Indonesia. In addition, the Company was also
entitled to an additional <span id="xdx_90D_ecustom--PercentageOfAdditionalProfitSharingOnRemainingSaleProceeds_pid_dp_c20230101__20231231_zjpYybZhQFaf" title="Percentage of additional profit sharing on remaining sale proceeds"><ix:nonFraction name="INDO:PercentageOfAdditionalProfitSharingOnRemainingSaleProceeds" contextRef="From2023-01-01to2023-12-31" id="Fact000843" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">26.7857</ix:nonFraction></span>%
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of such sales proceeds as part of the profit sharing. Both of these two portions were recognized as revenue of the Company, net of
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cap on the proceeds of such sale as part of the cost recovery scheme, on a monthly basis, calculated by multiplying the quantity of
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of the operating cost per bbl multiplying NSO. In addition, the Company is also entitled to an additional <span id="xdx_905_ecustom--PercentageOfAdditionalProfitSharingOnRemainingSaleProceeds_pid_dp_c20230101__20231231__srt--ConsolidatedEntitiesAxis__custom--KruhBlockKSOMember_zrDbULPFSm0e" title="Percentage of additional profit sharing on remaining sale proceeds"><ix:nonFraction name="INDO:PercentageOfAdditionalProfitSharingOnRemainingSaleProceeds" contextRef="From2023-01-012023-12-31_custom_KruhBlockKSOMember" id="Fact000851" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">52.7963</ix:nonFraction></span>%
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of such sales proceeds as part of the profit sharing. In the TAC, all oil produced was shareable between Pertamina and the Company,
while in the KSO, a NSO production is determined and agreed between Pertamina and the Company so that the baseline production, with
an established decline rate, belongs entirely to Pertamina, so that the Company&#8217;s revenue and production sharing portion shall
be determined only from the production above the NSO baseline.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company does not have any contract assets (unbilled receivables) since revenue is recognized when control of the crude oil is transferred
to the refinery and the payment for the crude oil is not contingent on a future event.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">There
were no contract liabilities as of December 31, 2023 and 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000855" name="us-gaap:IncomeTaxPolicyTextBlock"><p id="xdx_843_eus-gaap--IncomeTaxPolicyTextBlock_zStd9MjDRz1h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline"><span id="xdx_863_zGWN6mZpjcT4">Income
taxes</span></span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company follows the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities
are recorded for the estimated future tax consequences attributable to the differences between the financial carrying amounts of existing
assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the tax rate in effect
for the year in which those temporary differences are expected to reverse. The effect of a change in tax rates on deferred tax assets
and liabilities is recognized in the year of the enacted rate change. A valuation allowance is established to reduce deferred tax assets
if it is more likely than not that the related tax benefits will not be realized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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tax positions</span></span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company follows the guidance of ASC Topic 740 &#8220;Income taxes&#8221;, which prescribes a more likely than not threshold for financial
statement recognition and measurement of a tax position taken or expected to be taken in a tax return. This Topic also provides guidance
on recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting
for interest and penalties associated with tax positions, accounting for income taxes in interim periods, and income tax disclosures.
The Company recognizes interest on non-payment of income taxes and penalties associated with tax positions when a tax position does not
meet more likely than not thresholds be sustained under examination. The tax returns of the IEC&#8217;s subsidiaries are subject to examination
by the relevant tax authorities. According to the Directorate General of Tax of the Republic of Indonesia, the statute of limitations
is 10 years for the company keeping the documents transaction for tax examination. There is no statute of limitation in the case of tax
evasion. The Company recognizes the provisions and any interest and penalties within the income tax expense line item in the accompanying
Consolidated Statements of Operations. The accrued provisions and any related interest and penalties are included in the other tax liabilities
account.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2023, 2022 and 2021, the Company did not have any material interest or penalties associated with tax positions
nor did the Company have any significant unrecognized uncertain tax benefits. The Company does not expect that its assessment regarding
unrecognized tax position will materially change over the following 12 months. The Company is not currently under examination by an income
tax authority, nor has been notified that an examination is contemplated.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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Liabilities</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for the warrants issued in connection with its convertible note financing (see note 8) in 2022 in accordance with the
guidance contained in Accounting Standards Codification (&#8220;ASC&#8221;) 815-40 Derivatives and Hedging - Contracts in Entity&#8217;s
Own Equity (&#8220;ASC 815&#8221;) under which the warrants do not meet the criteria for equity treatment and will be recorded as liabilities.
Accordingly at initial recognition, the Company classifies such warrants as liabilities at their fair value. This warrant liability is
subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the consolidated
statements of operations. Such warrants are valued using the Black-Scholes option-pricing model as no observable traded price was available
for such warrants. See note 8 for further information.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 136; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company records certain of its financial assets and liabilities at fair value on a recurring basis. Fair value is considered to be the
price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded
at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that
market participants would use when pricing the asset or liability. The established fair value hierarchy requires an entity to maximize
the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument&#8217;s categorization
within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three
levels of inputs may be used to measure fair value include:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
carrying values of the Company&#8217;s financial instruments, including cash, restricted cash, accounts receivable, other current assets,
accounts payables, other current liabilities, accrued expenses and tax payables, approximate their fair values due to the short-term
nature of these instruments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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</ix:nonNumeric><p id="xdx_8A6_zgja7a2VDEh9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000889" name="us-gaap:SegmentReportingPolicyPolicyTextBlock"><p id="xdx_84B_eus-gaap--SegmentReportingPolicyPolicyTextBlock_zX8fv6rYW3B1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline"><span id="xdx_868_zpdTxhXEANxc">Segment
reporting</span></span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company uses the &#8220;management approach&#8221; in determining reportable segments. The management approach considers the internal
organization and reporting used by the Company&#8217;s chief operating decision maker (CODM) for making operating decisions and assessing
performance as the source for determining the Company&#8217;s reportable segments. The Company&#8217;s CODM has been identified as the
chief executive officer, who reviews consolidated results when making decisions about allocating resources and assessing performance
of the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company manages its business as a single operating segment engaged in upstream oil and gas industry in Indonesia. Substantially all of
its revenues are derived in Indonesia. All long-lived assets are located in Indonesia.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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loss</span></span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Comprehensive
loss consists of two components, net loss and other comprehensive income. Other comprehensive income refers to revenue, expenses, gains
and losses that under U.S. GAAP are recorded as an element of equity but are excluded from net income or loss. Other comprehensive income
or loss consists of actuarial gain or loss for post-employment benefits.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 137; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000893" name="us-gaap:CommitmentsAndContingenciesPolicyTextBlock"><p id="xdx_841_eus-gaap--CommitmentsAndContingenciesPolicyTextBlock_z0yN4846pxg2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline"><span id="xdx_867_zhLZuRtPJkYi">Commitments
and contingencies</span></span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s estimated loss contingencies are accrued by a charge to income when information available before financial statements
are issued or are available to be issued indicates that it is probable that an asset had been impaired, or a liability had been incurred
at the date of the financial statements and the amount of the loss can be reasonably estimated. Legal expenses associated with the contingency
are expensed as incurred. If a loss contingency is not probable or reasonably estimable, disclosure of the loss contingency is made in
the financial statements when it is at least reasonably possible that a material loss could be incurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000895" name="us-gaap:EarningsPerSharePolicyTextBlock"><p id="xdx_844_eus-gaap--EarningsPerSharePolicyTextBlock_zXsTvI3luKNl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline"><span id="xdx_865_zGxHlkLjkHp5">Net
Loss per Ordinary Share</span></span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Basic
net loss per share is determined by dividing net loss attributable to ordinary shareholders by the weighted average number of the Company&#8217;s
ordinary shares, outstanding during the period, without consideration of potentially dilutive securities, except for those ordinary shares
that are issuable for little or no cash consideration. Diluted net loss per share is determined by dividing net loss attributable to
ordinary shareholders by diluted weighted average ordinary and dilutive ordinary equivalent shares outstanding. Diluted weighted average
shares reflects the dilutive effect, if any, of potentially dilutive ordinary shares, such as stock options and warrants calculated using
the &#8220;treasury stock&#8221; and/or &#8220;if converted&#8221; methods, as applicable. In periods with reported net operating losses,
all potential dilutive securities are generally deemed anti-dilutive such that basic net loss per share and diluted net loss per share
are equal.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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the year end December 31, 2023, the following potentially dilutive securities were excluded from the computation of diluted earnings
per share because their effects would be anti-dilutive:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B8_zNLx4MVNR95e" style="display: none">SCHEDULE
OF ANTI DILUTIVE EARNING PER SHARE</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" id="xdx_49C_20230101__20231231_zGjcTuCvPcIa" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
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    <td style="width: 60%; text-align: left">Warrants issued to L1 Capital (see note 8)</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount" contextRef="From2023-01-012023-12-31_us-gaap_WarrantMember" id="Fact000899" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">442,240</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_40E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__us-gaap--ConvertibleDebtSecuritiesMember_zAaG5cwQoaGl" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Convertible note issued to L1 Capital (see note 8) <sup id="xdx_F40_zrExNhS9aIgj">(i)</sup></span></td><td>&#160;</td>
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    <td style="text-align: left; padding-bottom: 1.5pt">Share options granted to the executive management</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-bottom: 2.5pt">Potentially dilutive securities</td><td style="padding-bottom: 2.5pt">&#160;</td>
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</table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><sup id="xdx_F0F_zxczavEXBgV8">(i)</sup></span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1F_zs2df1sPvSjh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote000913" xml:lang="en-US">Convertible note is assumed
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  </table>
</ix:nonNumeric><p id="xdx_8A1_z70gKQwaZtAa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000917" name="us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock"><p id="xdx_84E_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_z9MGfWwTNNDk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline"><span id="xdx_86E_z9DnOBC1jAk5">Recently
adopted accounting standards</span></span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is an &#8220;emerging growth company,&#8221; as defined in the Jumpstart Our Business Startups Act of 2012 (the &#8220;JOBS Act&#8221;).
Under the JOBS Act, emerging growth companies (&#8220;EGCs&#8221;) can delay adopting new or revised accounting standards issued subsequent
to the enactment of the JOBS Act until such time as those standards apply to private companies.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
June 2016, the FASB issued ASU 2016-13, Financial Instruments &#8211; Credit Losses (Topic 326): Measurement of Credit Losses on Financial
Instruments, which is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial
instruments held by financial institutions and other organizations. The ASU requires the measurement of all expected credit losses for
financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts.
Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates.
Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to
reflect the full amount of expected credit losses. Organizations will continue to use judgment to determine which loss estimation method
is appropriate for their circumstances. The ASU requires enhanced disclosures to help investors and other financial statement users better
understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards
of an organization&#8217;s portfolio. These disclosures include qualitative and quantitative requirements that provide additional information
about the amounts recorded in the financial statements. In addition, the ASU amends the accounting for credit losses on available-for-sale
debt securities and purchased financial assets with credit deterioration. This ASU has subsequently been amended by ASU 2018-19, ASU
2019-04, ASU 2019-05, ASU 2019-10, ASU 2019-11 and ASU 2020-03. The standard will replace today&#8217;s incurred loss approach with an
expected loss model for instruments measured at amortized cost. Entities will apply the standard&#8217;s provisions as a cumulative-effect
adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. This ASU is effective
for public entities for annual and interim periods beginning after December 15, 2019, and effective for all other entities for annual
and interim periods beginning after December 15, 2022. Early adoption is permitted for all entities for annual periods beginning after
December 15, 2018, and interim periods therein. The Company adopted ASU2016-13 from January 1, 2023 and concluded that the adoption of
this standard did not have a material impact on its condensed consolidated financial statements.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Other
accounting pronouncements that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption
until a future date are not expected to have a material impact on the Company&#8217;s consolidated financial statements upon adoption.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000919" name="INDO:NewAccountingStandardsWhichHaveNotYetBeenAdoptedPolicyTextBlock"><p id="xdx_840_ecustom--NewAccountingStandardsWhichHaveNotYetBeenAdoptedPolicyTextBlock_zqUX0daMVMe5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline"><span id="xdx_860_zbwBuTeLF8n">Recently
issued accounting standards which have not yet been adopted</span></span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt; margin-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU updates
reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and information
used to assess segment performance. The amendments in this ASU are effective for public entities for fiscal years beginning after December
15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Group is still
evaluating the effect of the adoption of this guidance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt; margin-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; text-align: justify; margin-bottom: 0pt; margin-left: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
December 2023, the FASB issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures,
which enhances the transparency and decision usefulness of income tax disclosures. The amendments address more transparency about income
tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information.
The ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The amendments in this ASU are
effective for public business entities for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption is
permitted. The Company is still evaluating the effect of the adoption of this guidance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 6, 2024, the SEC approved a rule that will require registrants to provide certain climate-related information in their registration
statements and annual reports. The rule requires information about a registrant&#8217;s climate-related risks that are reasonably likely
to have a material impact on its business, results of operations, or financial condition. The required information about climate-related
risks also includes disclosure of a registrant&#8217;s greenhouse gas emissions. In addition, the rules will require registrants to present
certain climate-related financial metrics in their audited financial statements. The Group is evaluating
the potential impact of this rule on the consolidated financial statements and related disclosures.</span></p>

</ix:nonNumeric><p id="xdx_851_zmI3NVLGig7h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:exclude><!-- Field: Page; Sequence: 138; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000921" name="INDO:LiquidityAndCapitalResourcesTextBlock"><p id="xdx_80D_ecustom--LiquidityAndCapitalResourcesTextBlock_zqOSmNykrGKi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
3</b> <b>&#8211; <span id="xdx_823_z3pZSsl7b9g9">LIQUIDITY AND CAPITAL RESOURCES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
reflected in the Company&#8217;s consolidated financial statements, the Company has incurred a net loss of $<span id="xdx_90D_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_iN_di_c20230101__20231231_z044rXx31fOh" title="Incurred net loss"><ix:nonFraction name="us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic" contextRef="From2023-01-01to2023-12-31" id="Fact000923" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">2,634,141</ix:nonFraction></span>, $<span id="xdx_904_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_iN_di_c20220101__20221231_zH87qlcIBQ6k" title="Incurred net loss"><ix:nonFraction name="us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic" contextRef="From2022-01-012022-12-31" id="Fact000925" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">3,063,349</ix:nonFraction></span> and
$<span id="xdx_90A_eus-gaap--NetIncomeLossAvailableToCommonStockholdersBasic_iN_di_c20210101__20211231_zuGE9D1KRVc4" title="Incurred net loss"><ix:nonFraction name="us-gaap:NetIncomeLossAvailableToCommonStockholdersBasic" contextRef="From2021-01-012021-12-31" id="Fact000927" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">6,052,675</ix:nonFraction></span> for the years ended December 31, 2023, 2022 and 2021, respectively. During the years ended December 31, 2023, 2022 and 2021,
the Company had a negative cash flow from operating activities of $<span id="xdx_903_eus-gaap--NetCashProvidedByUsedInOperatingActivities_iN_di_c20230101__20231231_zqPa0JfMK035" title="Cash flow from operating activities"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2023-01-01to2023-12-31" id="Fact000929" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">2,978,919</ix:nonFraction></span>, $<span id="xdx_901_eus-gaap--NetCashProvidedByUsedInOperatingActivities_iN_di_c20220101__20221231_zHcefFeFcmCd" title="Cash flow from operating activities"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2022-01-012022-12-31" id="Fact000931" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">3,208,138</ix:nonFraction></span> and $<span id="xdx_90C_eus-gaap--NetCashProvidedByUsedInOperatingActivities_iN_di_c20210101__20211231_zo5wx8NQibUd" title="Cash flow from operating activities"><ix:nonFraction name="us-gaap:NetCashProvidedByUsedInOperatingActivities" contextRef="From2021-01-012021-12-31" id="Fact000933" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">3,548,656</ix:nonFraction></span>, respectively. As of December
31, 2023 and 2022, the Company had accumulated deficits of $<span id="xdx_906_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_di_c20231231_zN2FREfDneWk" title="Accumulated deficits"><ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2023-12-31" id="Fact000935" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">39,583,437</ix:nonFraction></span> and $<span id="xdx_904_eus-gaap--RetainedEarningsAccumulatedDeficit_iNI_di_c20221231_zI7tXCjqgHu" title="Accumulated deficits"><ix:nonFraction name="us-gaap:RetainedEarningsAccumulatedDeficit" contextRef="AsOf2022-12-31" id="Fact000937" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">36,940,753</ix:nonFraction></span>, respectively. These conditions raise substantial
doubt about the Company&#8217;s ability to continue as a going concern.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has financed the operations primarily through cash flow from operations, loans from banks, and proceeds from equity instrument
financing, where necessary. On March 22, 2024, we filed a New F-3 Registration Statement, which includes a Prospectus Supplement and
a base prospectus supplemented by the Prospectus Supplement, covering (i) the offering, issuance and sale by us of up to a maximum aggregate
offering price of $<span id="xdx_906_eus-gaap--PaymentsForRepurchaseOfInitialPublicOffering_c20240322__20240322__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__srt--RangeAxis__srt--MaximumMember_zYiWEJNe180k"><ix:nonFraction name="us-gaap:PaymentsForRepurchaseOfInitialPublicOffering" contextRef="From2024-03-222024-03-22_us-gaap_SubsequentEventMember_srt_MaximumMember" id="Fact000938" format="ixt:numdotdecimal" decimals="0" unitRef="USD">50,000,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of our ordinary shares, preferred shares, warrants,
debt securities, rights, depositary shares, and/or units from time to time in one or more offerings, and (ii) up to a maximum aggregate
offering price of $<span id="xdx_904_eus-gaap--PaymentsForRepurchaseOfInitialPublicOffering_c20240322__20240322__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__srt--RangeAxis__srt--MinimumMember_zQq0RUGpcjX6"><ix:nonFraction name="us-gaap:PaymentsForRepurchaseOfInitialPublicOffering" contextRef="From2024-03-222024-03-22_us-gaap_SubsequentEventMember_srt_MinimumMember" id="Fact000939" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,267,622</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of our ordinary shares that may be issued and
sold from time to time under the ATM Agreement, as amended by the ATM Amendment No.1 on March 22, 2024, with H.C. Wainwright &amp; Co.,
LLC as Sales Agent. We are not permitted to sell any ATM Shares prior to the effectiveness of the New F-3 Registration Statement. As
of the date of this report, the New F-3 Registration Statement has not been declared effective yet.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of April 23, 2024, the Company had approximately $<span id="xdx_901_eus-gaap--Cash_iI_pn4n6_c20240423__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zX7laUNOU3H6" title="Cash"><ix:nonFraction name="us-gaap:Cash" contextRef="AsOf2024-04-23_us-gaap_SubsequentEventMember" id="Fact000941" format="ixt:numdotdecimal" decimals="-4" scale="6" unitRef="USD">0.75</ix:nonFraction></span>
million of cash, which is placed with financial institutions and is unrestricted as to withdrawal or use. The Company intends to
meet the cash requirements for the next 12 months from the issuance date of the Company&#8217;s audited consolidated financial
statements. Management&#8217;s plan for mitigating the conditions of substantial doubt about the Company&#8217;s ability to continue
as a going concern includes a combination of improving operational efficiency, debt financing and financial support from the Chief
Executive Officer and Chairman of the Board of the Company. The Company will collect the receivables more closely and review the
payment schedule in a planned manner, especially for seismic and G&amp;G study. The Company will focus on the completion and full
interpretation of seismic operations that will take approximately 12 months, and after which the Company will plan to re-start the
continuous new well drilling campaign at Kruh Block in 2026, subject to the availability of funding. There will be no new well drilling activity for the next 12 months till 2026.
The Company currently does not have any outstanding short-term or long-term bank borrowings balance. Management expects that it will
be able to obtain new bank loans based on past experience and the Company&#8217;s good credit history. In addition, Mr. Wirawan
Jusuf, the Chief Executive Officer and Chairman of the Board of the Company, has agreed to provide $<span id="xdx_906_eus-gaap--ProceedsFromOtherDebt_pn6n6_c20230101__20231231__srt--TitleOfIndividualAxis__custom--CEOAndChairmanMember_za1AmdV9lHBc"><ix:nonFraction name="us-gaap:ProceedsFromOtherDebt" contextRef="From2023-01-012023-12-31_custom_CEOAndChairmanMember" id="Fact000942" format="ixt:numdotdecimal" decimals="-6" scale="6" unitRef="USD">4</ix:nonFraction></span>
million of financial support in the form of debt to the Company to enable the Company to meet its obligations and commitments as
they become due for at least next 12 months from the issuance date of this financial statement for the year ended December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company believes that the current cash and anticipated cash flows from operating and financing activities will be sufficient to meet
its anticipated working capital requirements and commitments for at least the next 12 months after the issuance of the Company&#8217;s
accompanying audited consolidated financial statements. Management believes that it is probable that the above plans can be effectively
implemented, and it is probable that such plans will mitigate the conditions or events that raise substantial doubt about the Company&#8217;s
ability to continue as a going concern. The Company has prepared the consolidated financial statements on a going concern basis. If the
Company encounters unforeseen circumstances that place constraints on its capital resources, management will be required to take various
measures to conserve liquidity. Management cannot provide any assurance that the Company will raise additional capital if needed.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000944" name="us-gaap:CashAndCashEquivalentsDisclosureTextBlock"><p id="xdx_80D_eus-gaap--CashAndCashEquivalentsDisclosureTextBlock_zJHWxTUPfNF5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
4 &#8211; <span id="xdx_82D_znajC2jmsC6i">CASH AND RESTRICTED CASH</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000946" name="us-gaap:ScheduleOfRestrictedCashAndCashEquivalentsTextBlock"><p id="xdx_89D_eus-gaap--ScheduleOfRestrictedCashAndCashEquivalentsTextBlock_zoV0m9au6nd4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table provides a reconciliation of cash and restricted cash reported within the consolidated balance sheets to the total of
such amounts shown in the consolidated statements of cash flows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BB_z3z2P1GTZMFd">SCHEDULE
OF CASH AND RESTRICTED CASH</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_400_eus-gaap--Cash_iI_pp0p0_maCCERCzNpX_zmJNNfBHMmZi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%">Cash</td><td style="width: 2%">&#160;</td>
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  <tr id="xdx_40B_eus-gaap--RestrictedCashCurrent_iI_pp0p0_maCCERCzNpX_zaTUMKSw9qzi" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl0952">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--RestrictedCashNoncurrent_iI_pp0p0_maCCERCzNpX_zsuAt25eCz49" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Restricted cash - non-current</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:RestrictedCashNoncurrent" contextRef="AsOf2023-12-31" id="Fact000954" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">420,000</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_40D_eus-gaap--RestrictedCashAndCashEquivalents_iTI_pp0p0_mtCCERCzNpX_zGiHqikUypE3" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Total Cash and Restricted cash</td><td style="padding-bottom: 2.5pt">&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:RestrictedCashAndCashEquivalents" contextRef="AsOf2022-12-31" id="Fact000958" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">7,395,565</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A8_zzdXZF9JC7X2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023 and 2022, the restricted cash related to (i) cash held in a special account as extended Guarantee for the performance
commitment for Kruh Block with amount of $<span id="xdx_90C_eus-gaap--CashCollateralForBorrowedSecurities_iI_pp0p0_c20231231_zFKS06q9R4c3" title="Cash collateral for borrowed securities"><ix:nonFraction name="us-gaap:CashCollateralForBorrowedSecurities" contextRef="AsOf2023-12-31" id="Fact000960" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">487,500</ix:nonFraction></span> and <span id="xdx_907_eus-gaap--CashCollateralForBorrowedSecurities_iI_pp0p0_dxL_c20221231_zeZ2idLiUGSb" title="Cash collateral for borrowed securities::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl0962">nil</span></span> respectively, (ii) cash held in a time deposit account at Bank Mandiri&#8217;s
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guarantee related to the implementation of the Company&#8217;s contractual commitments for Citarum Block until July 2024.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 139; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000968" name="us-gaap:OtherAssetsDisclosureTextBlock"><p id="xdx_80C_eus-gaap--OtherAssetsDisclosureTextBlock_z9602Fr8EHie" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact000970" name="us-gaap:ScheduleOfOtherAssetsTableTextBlock"><p id="xdx_895_eus-gaap--ScheduleOfOtherAssetsTableTextBlock_zjD06XEWfp23" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8BB_zTzBvCgLSCg1" style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">SCHEDULE
OF OTHER ASSETS</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49B_20231231_zL3uRpLSnLz3" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_400_eus-gaap--OtherReceivables_iI_pp0p0_maOACzEZQ_zKOZ0LWRLGMh" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_405_eus-gaap--OtherInventoriesSpareParts_iI_pp0p0_maOACzEZQ_zaas30RIN70f" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Consumables and spare parts</td><td>&#160;</td>
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    <td style="text-align: left; padding-bottom: 1.5pt">Prepaid expenses</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="text-align: left">Prepayment and other current assets</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left; padding-bottom: 1.5pt">Durable spare parts</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_403_ecustom--OtherAssetsNoncurrentGross_iTI_pp0p0_mtOANzd1c_maOACzEZQ1_zfBszkLORbEk" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Other non-current assets</td><td>&#160;</td>
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  <tr id="xdx_405_ecustom--LessAllowanceOnDoubtfulReceivables_iNI_pp0p0_di_msOACzEZQ1_zLAjGb8Z1bga" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Less: allowance on doubtful receivables</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1000">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_400_eus-gaap--OtherAssetsNoncurrent_iTI_pp0p0_mtOACzEZQ1_zvOkW6w29ndf" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Other non-current assets, net</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:OtherAssetsNoncurrent" contextRef="AsOf2023-12-31" id="Fact001002" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">812,943</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:OtherAssetsNoncurrent" contextRef="AsOf2022-12-31" id="Fact001003" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,018,246</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8AD_zHsdBw8ZdQS3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the year ended December 31, 2023, the Company sold a rig equipment to a third party. As of the date of this filing, there is an
outstanding balance of $<span id="xdx_90A_ecustom--PrepaidToWellEquipment_iI_c20231231_zrkqvUtqsTHc" title="Prepaid to well equipment"><ix:nonFraction name="INDO:PrepaidToWellEquipment" contextRef="AsOf2023-12-31" id="Fact001005" format="ixt:numdotdecimal" decimals="0" unitRef="USD">609,604</ix:nonFraction></span>, which is expected to be received in 2025. Considering the potential risk of default, the Company
recorded $<span id="xdx_907_eus-gaap--AllowanceForDoubtfulAccountsReceivable_iI_c20231231_zNZ3Uo9y80Mf" title="Allowances for doubtful accounts"><ix:nonFraction name="us-gaap:AllowanceForDoubtfulAccountsReceivable" contextRef="AsOf2023-12-31" id="Fact001007" format="ixt:numdotdecimal" decimals="0" unitRef="USD">59,604</ix:nonFraction></span>
allowance for the doubtful account.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001009" name="us-gaap:OilAndGasPropertiesTextBlock"><p id="xdx_806_eus-gaap--OilAndGasPropertiesTextBlock_zfCsQ7jNEdg3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
6 &#8211; <span id="xdx_82C_z1vxZwuCagE5">OIL AND GAS PROPERTY, NET</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001011" name="srt:ScheduleOfOilAndGasInProcessActivitiesTextBlock"><p id="xdx_893_esrt--ScheduleOfOilAndGasInProcessActivitiesTextBlock_zEf1Ucj9Tvw5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following tables summarize the Company&#8217;s oil and gas property by classification.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B6_zk6MhHijEPgc" style="display: none">SCHEDULE
OF OIL AND GAS ACTIVITIES</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_496_20231231_z2LahUSZ85mj" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--OilAndGasPropertyFullCostMethodGross_iI_pp0p0_maOAGPSzQ16_zhzbPH4lmxzk" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Oil and gas property &#8211; subject to amortization</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:OilAndGasPropertyFullCostMethodGross" contextRef="AsOf2023-12-31" id="Fact001013" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">28,035,019</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:OilAndGasPropertyFullCostMethodGross" contextRef="AsOf2022-12-31" id="Fact001014" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">28,740,479</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--OilAndGasPropertyFullCostMethodDepletion_iNI_pp0p0_di_msOAGPSzQ16_zeaDFox8o6S" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Accumulated depletion</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:OilAndGasPropertyFullCostMethodDepletion" contextRef="AsOf2023-12-31" id="Fact001016" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">9,064,212</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:OilAndGasPropertyFullCostMethodDepletion" contextRef="AsOf2022-12-31" id="Fact001017" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">9,411,476</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40A_eus-gaap--OilAndGasPropertySuccessfulEffortMethodAccumulatedImpairment_iNI_pp0p0_di_msOAGPSzQ16_zQx7g8eGc3xl" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Accumulated impairment</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:OilAndGasPropertySuccessfulEffortMethodAccumulatedImpairment" contextRef="AsOf2023-12-31" id="Fact001019" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">11,859,183</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:OilAndGasPropertySuccessfulEffortMethodAccumulatedImpairment" contextRef="AsOf2022-12-31" id="Fact001020" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">11,859,183</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_40E_eus-gaap--OilAndGasPropertySuccessfulEffortMethodNet_iTI_pp0p0_mtOAGPSzQ16_zQdKxAqgJOwf" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Oil and gas property &#8211; subject to amortization, net</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:OilAndGasPropertySuccessfulEffortMethodNet" contextRef="AsOf2023-12-31" id="Fact001022" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">7,111,624</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:OilAndGasPropertySuccessfulEffortMethodNet" contextRef="AsOf2022-12-31" id="Fact001023" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">7,469,820</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_ecustom--OilAndGasPropertyNotSubjectToAmortization_iI_pp0p0_maCCOAGzdHm_zc1yt3GmYiOf" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Oil and gas property &#8211; not subject to amortization</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="INDO:OilAndGasPropertyNotSubjectToAmortization" contextRef="AsOf2023-12-31" id="Fact001025" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,155,439</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="INDO:OilAndGasPropertyNotSubjectToAmortization" contextRef="AsOf2022-12-31" id="Fact001026" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,151,804</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_408_ecustom--AccumulatedImpairment_iNI_pp0p0_di_msCCOAGzdHm_zlfQdGjOkLsg" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Accumulated impairment</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1028">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1029">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_402_ecustom--OilAndGasPropertyNotSubjectToAmortizationNet_iTI_pp0p0_mtCCOAGzdHm_zMfhgDPIs961" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Oil and gas property &#8211; not subject to amortization, net</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="INDO:OilAndGasPropertyNotSubjectToAmortizationNet" contextRef="AsOf2023-12-31" id="Fact001031" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,155,439</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="INDO:OilAndGasPropertyNotSubjectToAmortizationNet" contextRef="AsOf2022-12-31" id="Fact001032" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,151,804</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A6_zL0Wmsuuh7Q5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 140; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001034" name="INDO:ScheduleOfMovementOfOilAndGasPropertyTableTextBlock"><p id="xdx_890_ecustom--ScheduleOfMovementOfOilAndGasPropertyTableTextBlock_zB0LAX0fCKWa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following shows the movement of the oil and gas property &#8211; subject to amortization balance.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B7_zVJRn90jCKEe" style="display: none">SCHEDULE
OF MOVEMENT OF THE OIL AND GAS PROPERTY</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Oil and Gas Property &#8211; Kruh Block</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 78%; padding-bottom: 1.5pt">December 31, 2020</td><td style="width: 2%; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; width: 1%; text-align: left">$</td><td id="xdx_986_eus-gaap--OilAndGasPropertySuccessfulEffortMethodNet_iS_c20210101__20211231_zvGAZD69C0sd" title="Beginning Balance" style="border-bottom: Black 1.5pt solid; width: 18%; text-align: right"><ix:nonFraction name="us-gaap:OilAndGasPropertySuccessfulEffortMethodNet" contextRef="AsOf2020-12-31" id="Fact001036" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,338,987</ix:nonFraction></td><td style="width: 1%; padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Additional capitalization</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_984_ecustom--AdditionalCapitalizationForOilAndGasProperties_c20210101__20211231_z0EFB9ZchU5d" title="Additional capitalization" style="text-align: right"><ix:nonFraction name="INDO:AdditionalCapitalizationForOilAndGasProperties" contextRef="From2021-01-012021-12-31" id="Fact001038" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,916,102</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; padding-left: 10pt">Depletion</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_980_eus-gaap--DepletionOfOilAndGasProperties_iN_di_c20210101__20211231_zo26mriImqR7" title="Depletion" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:DepletionOfOilAndGasProperties" contextRef="From2021-01-012021-12-31" id="Fact001040" format="ixt:numdotdecimal" decimals="0" unitRef="USD">650,609</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt">December 31, 2021</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">$</td><td id="xdx_989_eus-gaap--OilAndGasPropertySuccessfulEffortMethodNet_iS_c20220101__20221231_zGrBiDqjE871" title="Beginning Balance" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:OilAndGasPropertySuccessfulEffortMethodNet" contextRef="AsOf2021-12-31" id="Fact001042" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,604,480</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Additional capitalization</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; padding-left: 10pt">Depletion</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_987_eus-gaap--DepletionOfOilAndGasProperties_iN_di_c20230101__20231231_zcRFdn9muTUk" title="Depletion" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:DepletionOfOilAndGasProperties" contextRef="From2023-01-01to2023-12-31" id="Fact001056" format="ixt:numdotdecimal" decimals="0" unitRef="USD">609,738</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt">December 31, 2023</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_986_eus-gaap--OilAndGasPropertySuccessfulEffortMethodNet_iE_c20230101__20231231_zEBdz7SCxcP4" title="Ending Balance" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:OilAndGasPropertySuccessfulEffortMethodNet" contextRef="AsOf2023-12-31" id="Fact001058" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,111,624</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A4_zGlbep3AekOe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the years ended December 31, 2023, 2022 and 2021 the Company incurred an aggregated development costs and abandonment and site restoration
provisions, which were capitalized, at $<span id="xdx_90A_eus-gaap--CostsIncurredAcquisitionOfOilAndGasProperties_c20230101__20231231_z3yOaKooxnK4" title="Costs capitalized to oil and gas property"><ix:nonFraction name="us-gaap:CostsIncurredAcquisitionOfOilAndGasProperties" contextRef="From2023-01-01to2023-12-31" id="Fact001060" format="ixt:numdotdecimal" decimals="0" unitRef="USD">294,540</ix:nonFraction></span>, $<span id="xdx_90E_eus-gaap--CostsIncurredAcquisitionOfOilAndGasProperties_c20220101__20221231_zI2jcacUTdil" title="Costs capitalized to oil and gas property"><ix:nonFraction name="us-gaap:CostsIncurredAcquisitionOfOilAndGasProperties" contextRef="From2022-01-012022-12-31" id="Fact001062" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,723,463</ix:nonFraction></span> and $<span id="xdx_907_eus-gaap--CostsIncurredAcquisitionOfOilAndGasProperties_c20210101__20211231_zO8XXtSWczOg" title="Costs capitalized to oil and gas property"><ix:nonFraction name="us-gaap:CostsIncurredAcquisitionOfOilAndGasProperties" contextRef="From2021-01-012021-12-31" id="Fact001064" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,916,102</ix:nonFraction></span> respectively, mainly for the purpose of the geological and
geophysical studies and drilling of wells.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depletion
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and $<span id="xdx_90C_eus-gaap--DepletionOfOilAndGasProperties_c20210101__20211231_zPyn7SW0frV9" title="Depletion to oil and gas property"><ix:nonFraction name="us-gaap:DepletionOfOilAndGasProperties" contextRef="From2021-01-012021-12-31" id="Fact001070" format="ixt:numdotdecimal" decimals="0" unitRef="USD">650,609</ix:nonFraction></span> respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Furthermore,
for the years ended December 31, 2023 and 2022, the Company has conducted ceiling test to which the present value of the estimated future
net revenues generated by the oil and gas property - Kruh Block Proven exceed the carrying balances. As a result, no impairment was recognized.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001072" name="us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock"><p id="xdx_804_eus-gaap--PropertyPlantAndEquipmentDisclosureTextBlock_zrUH0dw33bv1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
7 &#8211; <span id="xdx_829_zpY8tC9mxh7a">PROPERTY AND EQUIPMENT, NET</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001074" name="us-gaap:PropertyPlantAndEquipmentTextBlock"><p id="xdx_89F_eus-gaap--PropertyPlantAndEquipmentTextBlock_zMxQSLcusOR4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B2_zZLPtylCTD33" style="display: none">SCHEDULE
OF PROPERTY AND EQUIPMENT, NET</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
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<tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ToolsDiesAndMoldsMember_zwue4f7L981f" title="Total" style="width: 16%; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2023-12-31_us-gaap_ToolsDiesAndMoldsMember" id="Fact001076" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,499,535</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Production facilities</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Computer and software</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerSoftwareIntangibleAssetMember_zoulza8lMKa2" title="Total" style="text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2023-12-31_us-gaap_ComputerSoftwareIntangibleAssetMember" id="Fact001088" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">5,605</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_981_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_c20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--ComputerSoftwareIntangibleAssetMember_zeUZs2PsY1Ge" title="Total" style="text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2022-12-31_us-gaap_ComputerSoftwareIntangibleAssetMember" id="Fact001090" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">5,605</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Housing and welfare</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_982_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_c20231231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__custom--HousingAndWelfareMember_zxt9hu04uK06" title="Total" style="text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2023-12-31_custom_HousingAndWelfareMember" id="Fact001092" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">4,312</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Furniture and office equipment</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt">Equipment</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98C_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_c20221231__us-gaap--PropertyPlantAndEquipmentByTypeAxis__us-gaap--EquipmentMember_zGDOau6DrNfj" title="Total" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2022-12-31_us-gaap_EquipmentMember" id="Fact001102" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,650</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_maPPAENzpoz_zuwBDb3dBRv2" style="vertical-align: bottom; background-color: White">
    <td>Total</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2022-12-31" id="Fact001105" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,931,839</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--PropertyPlantAndEquipmentGross_iI_pp0p0_maPPAENzpoz_zVnW5DzMCRIe" style="display: none; vertical-align: bottom; background-color: White">
    <td>Property, plant and equipment, gross</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2023-12-31" id="Fact001107" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,931,839</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentGross" contextRef="AsOf2022-12-31" id="Fact001108" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,931,839</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_404_eus-gaap--AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment_iNI_pp0p0_di_msPPAENzpoz_zoEP6sFrDRs3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Less: accumulated depreciation</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" contextRef="AsOf2023-12-31" id="Fact001110" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,822,822</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment" contextRef="AsOf2022-12-31" id="Fact001111" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,730,344</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_405_eus-gaap--PropertyPlantAndEquipmentNet_iTI_pp0p0_mtPPAENzpoz_zblEWokewfIb" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Property and equipment, net</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2023-12-31" id="Fact001113" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">109,017</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:PropertyPlantAndEquipmentNet" contextRef="AsOf2022-12-31" id="Fact001114" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">201,495</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AA_zBoqu7xgEFO4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Depreciation
charged to expense amounted to $<span id="xdx_906_eus-gaap--Depreciation_pp0p0_c20230101__20231231_zKlEqN5xIqcj" title="Depreciation"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2023-01-01to2023-12-31" id="Fact001116" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">92,478</ix:nonFraction></span>, $<span id="xdx_905_eus-gaap--Depreciation_pp0p0_c20220101__20221231_zLwk4XgQcgGg" title="Depreciation"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2022-01-012022-12-31" id="Fact001118" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">92,727</ix:nonFraction></span> and $<span id="xdx_906_eus-gaap--Depreciation_pp0p0_c20210101__20211231_zg8mmW75zNb6" title="Depreciation"><ix:nonFraction name="us-gaap:Depreciation" contextRef="From2021-01-012021-12-31" id="Fact001120" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">160,246</ix:nonFraction></span> for the years ended December 31, 2023, 2022 and 2021, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 141; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001122" name="us-gaap:FinancialInstrumentsDisclosureTextBlock"><p id="xdx_800_eus-gaap--FinancialInstrumentsDisclosureTextBlock_zAMqelYxbZN" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
8 &#8211; <span id="xdx_829_zlAOFcWT5Gj7">FINANCIAL LIABILITY</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span>&#160;</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001124" name="INDO:ScheduleOfFinancialLiabilityTableTextBlock"><p id="xdx_897_ecustom--ScheduleOfFinancialLiabilityTableTextBlock_zbcCO66465Oj" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B4_zrTWThNJHPO6">SCHEDULE
OF FINANCIAL LIABILITY</span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_493_20231231_zbLSeNpgyRM2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
31, 2023</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49A_20221231_zxBp09dr1MW2" style="border-bottom: Black 1.5pt solid; text-align: center"><p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>December
31, 2022</b></span></p></td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr id="xdx_409_ecustom--ConvertibleNotesPayableNetOfDebtIssuanceCosts_iI_zJO8Q1YSBufb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: justify">Convertible note payable, net of debt issuance costs</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1126">-</span></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="INDO:ConvertibleNotesPayableNetOfDebtIssuanceCosts" contextRef="AsOf2022-12-31" id="Fact001127" format="ixt:numdotdecimal" decimals="0" unitRef="USD">52,143</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_409_ecustom--WarrantLiabilityNet_iI_zBpVSYb8Czc8" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Warrant liabilities, net of debt issuance costs</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="INDO:WarrantLiabilityNet" contextRef="AsOf2023-12-31" id="Fact001129" format="ixt:numdotdecimal" decimals="0" unitRef="USD">482,219</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="INDO:WarrantLiabilityNet" contextRef="AsOf2022-12-31" id="Fact001130" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,389,643</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A2_zh2fTIGcMKLf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 21, 2022 (the &#8220;Initial Closing Date&#8221;), the Company closed an initial $<span id="xdx_903_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_c20220120__20220121__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--VestingAxis__custom--FirstTrancheMember_zEpGpJGbAW33" title="Proceeds from IPO"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceInitialPublicOffering" contextRef="From2022-01-202022-01-21_custom_SecuritiesPurchaseAgreementMember_custom_FirstTrancheMember" id="Fact001132" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,000,000</ix:nonFraction></span> tranche (the &#8220;First Tranche&#8221;)
of a total then anticipated $<span id="xdx_900_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_c20220120__20220121__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--L1CapitalGlobalOpportunitiesMasterFundLtdMember__us-gaap--VestingAxis__custom--FirstTrancheMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zIE7QHkoOoBi" title="Proceeds from private placement"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfPrivatePlacement" contextRef="From2022-01-202022-01-21_custom_SecuritiesPurchaseAgreementMember_custom_L1CapitalGlobalOpportunitiesMasterFundLtdMember_custom_FirstTrancheMember_us-gaap_PrivatePlacementMember" id="Fact001134" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,000,000</ix:nonFraction></span> private placement with L1 Capital pursuant to the terms of a Securities Purchase Agreement, dated
January 21, 2022, between the Company and L1 Capital (the &#8220;Purchase Agreement&#8221;). In connection with the closing of the First
Tranche, the Company issued to the L1 Capital (i) a <span id="xdx_90A_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20220121__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--L1CapitalGlobalOpportunitiesMasterFundLtdMember_zI1WE9c3e4xc" title="Original issuance discount rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateEffectivePercentage" contextRef="AsOf2022-01-21_custom_SecuritiesPurchaseAgreementMember_custom_L1CapitalGlobalOpportunitiesMasterFundLtdMember" id="Fact001136" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">6</ix:nonFraction></span>% Original Issuance Discount Senior Convertible Note in a principal amount of up
to $<span id="xdx_900_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_c20220120__20220121__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--L1CapitalGlobalOpportunitiesMasterFundLtdMember__us-gaap--VestingAxis__custom--FirstTrancheMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_z4TNJxxbOz85" title="Proceeds from private placement"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfPrivatePlacement" contextRef="From2022-01-202022-01-21_custom_SecuritiesPurchaseAgreementMember_custom_L1CapitalGlobalOpportunitiesMasterFundLtdMember_custom_FirstTrancheMember_us-gaap_PrivatePlacementMember" id="Fact001138" format="ixt:numdotdecimal" decimals="0" unitRef="USD">7,000,000.00</ix:nonFraction></span> (the &#8220;Note&#8221;) and (ii) a five-year Ordinary Share Purchase Warrant (the &#8220;Initial Warrant&#8221;) to
purchase up to <span id="xdx_90A_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20220121__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--L1CapitalGlobalOpportunitiesMasterFundLtdMember__us-gaap--VestingAxis__custom--FirstTrancheMember_zD8zn0KzYMA9" title="Purchase of warrants, shares"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" contextRef="AsOf2022-01-21_custom_SecuritiesPurchaseAgreementMember_custom_L1CapitalGlobalOpportunitiesMasterFundLtdMember_custom_FirstTrancheMember" id="Fact001140" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">383,620</ix:nonFraction></span> ordinary shares at an exercise price of $<span id="xdx_906_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20220121__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--L1CapitalGlobalOpportunitiesMasterFundLtdMember__us-gaap--VestingAxis__custom--FirstTrancheMember_zXuom68B68ie" title="Warrant exercise price"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2022-01-21_custom_SecuritiesPurchaseAgreementMember_custom_L1CapitalGlobalOpportunitiesMasterFundLtdMember_custom_FirstTrancheMember" id="Fact001142" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6.00</ix:nonFraction></span> per share, subject to adjustment. As of the date of the original
Purchase Agreement, a second tranche (the &#8220;Second Tranche&#8221;) of funding under the Note in the amount of $<span id="xdx_905_eus-gaap--DebtInstrumentFaceAmount_iI_c20220121__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--L1CapitalGlobalOpportunitiesMasterFundLtdMember__us-gaap--VestingAxis__custom--SecondTrancheMember_zkqw2AYBMd92" title="Debt instrument face amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2022-01-21_custom_SecuritiesPurchaseAgreementMember_custom_L1CapitalGlobalOpportunitiesMasterFundLtdMember_custom_SecondTrancheMember" id="Fact001144" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,000,000</ix:nonFraction></span> (the &#8220;Second
Tranche Amount&#8221;) was contemplated. The Note was subject to a deduction of a <span id="xdx_903_eus-gaap--DebtInstrumentInterestRateEffectivePercentage_iI_pid_dp_uPure_c20220121__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--L1CapitalGlobalOpportunitiesMasterFundLtdMember__us-gaap--VestingAxis__custom--FirstTrancheMember_zfObQIgV9Qnd" title="Original issuance discount rate"><ix:nonFraction name="us-gaap:DebtInstrumentInterestRateEffectivePercentage" contextRef="AsOf2022-01-21_custom_SecuritiesPurchaseAgreementMember_custom_L1CapitalGlobalOpportunitiesMasterFundLtdMember_custom_FirstTrancheMember" id="Fact001146" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">6.0</ix:nonFraction></span>% original issuance discount. Except as upon an
Event of Default (as defined in the Note), the Note did not bear interest.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Beginning
120 days after the Initial Closing Date, the Company was required to commence monthly installment payments of the Note through maturity
(or 14 payments) (&#8220;Monthly Payments&#8221;), which Monthly Payments could be made, at the Company&#8217;s election, in cash or
ordinary shares (or a combination of cash and ordinary shares), with such ordinary shares being issued at a valuation equal to the lesser
of: (i) $<span id="xdx_906_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20220121__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--L1CapitalGlobalOpportunitiesMasterFundLtdMember__us-gaap--VestingAxis__custom--FirstTrancheMember_zDZJcySO17Rh" title="Warrant exercise price"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2022-01-21_custom_SecuritiesPurchaseAgreementMember_custom_L1CapitalGlobalOpportunitiesMasterFundLtdMember_custom_FirstTrancheMember" id="Fact001148" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6.00</ix:nonFraction></span> per share or (ii) <span id="xdx_901_ecustom--AverageLowestClosingPricesPercentage_iI_pid_dp_c20220121__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--L1CapitalGlobalOpportunitiesMasterFundLtdMember__us-gaap--VestingAxis__custom--SecondTrancheMember_zxY9pd9GMZDl" title="Average lowest closing prices percentage"><ix:nonFraction name="INDO:AverageLowestClosingPricesPercentage" contextRef="AsOf2022-01-21_custom_SecuritiesPurchaseAgreementMember_custom_L1CapitalGlobalOpportunitiesMasterFundLtdMember_custom_SecondTrancheMember" id="Fact001150" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">90</ix:nonFraction></span>% of the average of the two lowest closing bid prices of the ordinary shares for the ten (<span id="xdx_906_eus-gaap--DebtInstrumentConvertibleThresholdConsecutiveTradingDays1_uDays_c20220120__20220121__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--L1CapitalGlobalOpportunitiesMasterFundLtdMember_zhRV0VIFtPAi" title="Consecutive trading days"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleThresholdConsecutiveTradingDays1" contextRef="From2022-01-202022-01-21_custom_SecuritiesPurchaseAgreementMember_custom_L1CapitalGlobalOpportunitiesMasterFundLtdMember" id="Fact001152" format="ixt:numdotdecimal" decimals="INF" unitRef="Days">10</ix:nonFraction></span>) consecutive
trading days ending on the trading day immediately prior to the payment date, with a floor price of $<span id="xdx_904_eus-gaap--DebtInstrumentConvertibleStockPriceTrigger_pid_c20220120__20220121__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--L1CapitalGlobalOpportunitiesMasterFundLtdMember_zVNlJFBN3E0d" title="Floor price"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleStockPriceTrigger" contextRef="From2022-01-202022-01-21_custom_SecuritiesPurchaseAgreementMember_custom_L1CapitalGlobalOpportunitiesMasterFundLtdMember" id="Fact001154" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">1.20</ix:nonFraction></span> per share. In addition, at
any time following the date of effectiveness of a Registration Statement covering the applicable ordinary shares underlying the Note
(such Registration Statement having been declared effective on June 1, 2022), the Note is convertible (in whole or in part), at the option
of L1 Capital, into such number of fully paid and non-assessable ordinary shares determined by dividing (x) that portion of the outstanding
principal amount of the Note that L1 Capital elects to convert by (y) $<span id="xdx_906_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20220121__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--L1CapitalGlobalOpportunitiesMasterFundLtdMember__us-gaap--VestingAxis__custom--FirstTrancheMember_znEMBjBzIxJ8" title="Warrant exercise price"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2022-01-21_custom_SecuritiesPurchaseAgreementMember_custom_L1CapitalGlobalOpportunitiesMasterFundLtdMember_custom_FirstTrancheMember" id="Fact001156" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6.00</ix:nonFraction></span> per share, which price was subject to adjustment as provided
in the Note. Upon the occurrence of any Event of Default that has not been remedied, the Company would be obligated to pay to L1 Capital
an amount equal to one hundred twenty percent (<span id="xdx_902_ecustom--PercentageOfPrincipalAmountObligatedToPay_iI_pid_dp_c20220121__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--L1CapitalGlobalOpportunitiesMasterFundLtdMember__us-gaap--VestingAxis__custom--SecondTrancheMember_zRLmEbEx9S9d" title="Percentage of principal amount obligated to pay"><ix:nonFraction name="INDO:PercentageOfPrincipalAmountObligatedToPay" contextRef="AsOf2022-01-21_custom_SecuritiesPurchaseAgreementMember_custom_L1CapitalGlobalOpportunitiesMasterFundLtdMember_custom_SecondTrancheMember" id="Fact001158" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">120</ix:nonFraction></span>%) of the outstanding principal amount of the Amended Note on the date on which the
first Event of Default has occurred.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 4, 2022, the Company and L1 Capital entered into a First Amendment to the Purchase Agreement and an Amended and Restated Senior
Convertible Promissory Note (the &#8220;Amended Note&#8221;) pursuant to which, among other items, Second Tranche Amount was increased
from $<span id="xdx_902_eus-gaap--DebtInstrumentFaceAmount_iI_c20220304__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--L1CapitalGlobalOpportunitiesMasterFundLtdMember__us-gaap--VestingAxis__custom--SecondTrancheMember__srt--RangeAxis__srt--MinimumMember_zp8OLm1Ur27" title="Debt instrument face amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2022-03-04_custom_SecuritiesPurchaseAgreementMember_custom_L1CapitalGlobalOpportunitiesMasterFundLtdMember_custom_SecondTrancheMember_srt_MinimumMember" id="Fact001160" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,000,000</ix:nonFraction></span> to $<span id="xdx_90F_eus-gaap--DebtInstrumentFaceAmount_iI_c20220304__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--L1CapitalGlobalOpportunitiesMasterFundLtdMember__us-gaap--VestingAxis__custom--SecondTrancheMember__srt--RangeAxis__srt--MaximumMember_zAmqCVnJxa4j" title="Debt instrument face amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2022-03-04_custom_SecuritiesPurchaseAgreementMember_custom_L1CapitalGlobalOpportunitiesMasterFundLtdMember_custom_SecondTrancheMember_srt_MaximumMember" id="Fact001162" format="ixt:numdotdecimal" decimals="0" unitRef="USD">5,000,000</ix:nonFraction></span>. Upon the funding of the Second Tranche Amount, L1 Capital was entitled to receive an additional five-year
Ordinary Share Purchase Warrant (the &#8220;Second Warrant&#8221;) to purchase up to <span id="xdx_905_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20220304__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--L1CapitalGlobalOpportunitiesMasterFundLtdMember__us-gaap--VestingAxis__custom--SecondTrancheMember_zq82GaTfTeJb" title="Purchase of warrants, shares"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" contextRef="AsOf2022-03-04_custom_SecuritiesPurchaseAgreementMember_custom_L1CapitalGlobalOpportunitiesMasterFundLtdMember_custom_SecondTrancheMember" id="Fact001164" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">383,620</ix:nonFraction></span> ordinary shares at $<span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20220304__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--L1CapitalGlobalOpportunitiesMasterFundLtdMember__us-gaap--VestingAxis__custom--SecondTrancheMember_z5eQbVT58315" title="Warrant exercise price"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2022-03-04_custom_SecuritiesPurchaseAgreementMember_custom_L1CapitalGlobalOpportunitiesMasterFundLtdMember_custom_SecondTrancheMember" id="Fact001166" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6.00</ix:nonFraction></span> per share (subject
to adjustment).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
May 16, 2022, the Company executed and delivered to L1 Capital a Second Amended and Restated Senior Convertible Promissory Note which
amends and restates the Amended Note in its entirety (the &#8220;Second Amended Note&#8221; and collectively with the Note and the Amended
Note, the &#8220;Notes&#8221;). Among other matters, the Second Amended Note provided for an accelerated funding of the Second Tranche
Amount, which was funded to the Company on May 23, 2022, at which time the Second Warrant was issued to L1 Capital.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Accounting
for convertible notes</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Adoption
of ASU 2020-06</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
August 2020, the FASB issued ASU No. 2020-06, Debt &#8211; Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and
Hedging &#8211; Contracts in Entity&#8217;s Own Equity (Subtopic 815-40) (&#8220;ASU 2020-06&#8221;). The update removes separation models
for (i) convertible debt with a cash conversion feature and (ii) convertible instruments with a beneficial conversion feature. Under
ASU 2020-06, these features will be combined with the host contract. ASU 2020-06 does not impact the accounting treatment for conversion
features that are accounted for as a derivative under Topic 815. The update also requires the application of the if-converted method
to be used for convertible instruments and the effect of potential share settlement be included in the diluted earnings per share calculation
when an instrument may be settled in cash or shares. The amendments in this update are effective for public business entities for fiscal
years beginning after December 15, 2021, and interim periods within those fiscal years. The amendment is to be adopted through either
a fully retrospective or modified retrospective method of transition, only at the beginning of an entity&#8217;s fiscal year. Early adoption
is permitted. The Company has elected to adopt the standard as of January 1, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:exclude><!-- Field: Page; Sequence: 142; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company evaluated the terms of its Notes with L1 Capital and concluded that the instrument does not require separation and that there
were no other derivatives that required separation. The Company evaluated the embedded features of the Notes in accordance with ASC 815-15-25
and determined that the most significant feature is the equity-like conversion option, which is not clearly and closely related to the
debt host instrument. The Company further determined it would not meet the definition of a derivative, and therefore not required to
be bifurcated and separately measured at fair value. As a result, there is no equity component, and the Company recorded the Notes as
a single liability within long-term debt on the accompanying consolidated balance sheet.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Initial Warrant and the Second Warrant (collectively, the &#8220;Warrants&#8221;) were issued in connection with the Notes, and exercise
of such Warrants are not contingent upon conversion of the Notes; therefore, proceeds were allocated first to the Warrants based on their
fair value and the residual were allocated to the Notes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company incurred debt issuance costs associated with the Notes in the amount of $<span id="xdx_904_ecustom--DebtIssuanceCosts_iI_c20231231_zOawKi5B68B4" title="Debt issuance costs"><ix:nonFraction name="INDO:DebtIssuanceCosts" contextRef="AsOf2023-12-31" id="Fact001168" format="ixt:numdotdecimal" decimals="0" unitRef="USD">811,000</ix:nonFraction></span>, which are allocated to the Warrants based on
assessed fair value of Warrants and residual proceeds allocated to Notes, compared to total proceeds received. Debt issuance costs associated
with derivative warrant liabilities are expensed as incurred, presented as other expenses in the consolidated statements of operations.
Offering costs associated with the Notes were charged as a direct deduction from the principal amount of the Notes. Debt issuance and
offering costs are recorded as debt discount, which is amortized as interest expense over the term of the convertible debt instrument
using the effective interest method.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">With
regards to the Second Tranche, due to the relatively high closing price of the ordinary shares on May 23, 2022 (the date of issuance
of the Second Warrant), the fair value of Second Warrant of $<span id="xdx_907_ecustom--WarrantLiabilityFairValueDisclosure_iI_c20220523__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--VestingAxis__custom--SecondTrancheMember_zpVsykZDJ8Ef" title="Warrant fair value"><ix:nonFraction name="INDO:WarrantLiabilityFairValueDisclosure" contextRef="AsOf2022-05-23_custom_SecuritiesPurchaseAgreementMember_custom_SecondTrancheMember" id="Fact001170" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,833,325</ix:nonFraction></span> exceeds the net proceeds received (see below for details on accounting
for warrants). $<span id="xdx_909_ecustom--ClassOfWarrantOrRightInsuranceLoss_iI_c20220523__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__us-gaap--VestingAxis__custom--SecondTrancheMember_zKyc3i0pYIog" title="Insurance loss"><ix:nonFraction name="INDO:ClassOfWarrantOrRightInsuranceLoss" contextRef="AsOf2022-05-23_custom_SecuritiesPurchaseAgreementMember_custom_SecondTrancheMember" id="Fact001172" format="ixt:numdotdecimal" decimals="0" unitRef="USD">133,325</ix:nonFraction></span> of insurance loss was recognized and no residual proceeds were allocated to Notes. For the year end December
31, 2022, the total proceeds from both tranches of the Notes have supported oil well drilling of the K-27 and K-28 wells and working
capital general corporate purposes.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2022, $<span id="xdx_90D_eus-gaap--DebtConversionOriginalDebtAmount1_c20220101__20221231__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--L1CapitalGlobalOpportunitiesMasterFundLtdMember_zK3OlJrr8RH6" title="Debt converted amount"><ix:nonFraction name="us-gaap:DebtConversionOriginalDebtAmount1" contextRef="From2022-01-012022-12-31_custom_SecuritiesPurchaseAgreementMember_custom_L1CapitalGlobalOpportunitiesMasterFundLtdMember" id="Fact001174" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,900,000</ix:nonFraction></span> of the total $<span id="xdx_907_eus-gaap--DebtInstrumentFaceAmount_iI_c20221231__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--L1CapitalGlobalOpportunitiesMasterFundLtdMember_zgO0GJbEZMmb" title="Loan facility principal amount"><ix:nonFraction name="us-gaap:DebtInstrumentFaceAmount" contextRef="AsOf2022-12-31_custom_SecuritiesPurchaseAgreementMember_custom_L1CapitalGlobalOpportunitiesMasterFundLtdMember" id="Fact001176" format="ixt:numdotdecimal" decimals="0" unitRef="USD">10,000,000</ix:nonFraction></span> principal amount of the Notes has been converted into ordinary
shares at $<span id="xdx_905_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_c20221231__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--L1CapitalGlobalOpportunitiesMasterFundLtdMember__us-gaap--VestingAxis__custom--SecondTrancheMember_z9xsP2Y41v7c" title="Debt conversion price"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2022-12-31_custom_SecuritiesPurchaseAgreementMember_custom_L1CapitalGlobalOpportunitiesMasterFundLtdMember_custom_SecondTrancheMember" id="Fact001178" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6.00</ix:nonFraction></span> per share at L1 Capital&#8217;s election. On July 21, 2023, the Company repaid the remaining $<span id="xdx_900_eus-gaap--ConvertibleDebt_iI_c20221231__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--L1CapitalGlobalOpportunitiesMasterFundLtdMember_zNK6aBaDElec" title="Convertible note"><ix:nonFraction name="us-gaap:ConvertibleDebt" contextRef="AsOf2022-12-31_custom_SecuritiesPurchaseAgreementMember_custom_L1CapitalGlobalOpportunitiesMasterFundLtdMember" id="Fact001180" format="ixt:numdotdecimal" decimals="0" unitRef="USD">100,000</ix:nonFraction></span> principal amount
of the Notes to L1 Capital in cash. As of December 31, 2023, the carrying value balance of the convertible note was $<span id="xdx_904_eus-gaap--DebtConversionOriginalDebtAmount1_c20230101__20231231__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember__dei--LegalEntityAxis__custom--L1CapitalGlobalOpportunitiesMasterFundLtdMember_zeZuajeIOoj7" title="Debt converted amount"><ix:nonFraction name="us-gaap:DebtConversionOriginalDebtAmount1" contextRef="From2023-01-012023-12-31_custom_SecuritiesPurchaseAgreementMember_custom_L1CapitalGlobalOpportunitiesMasterFundLtdMember" id="Fact001182" format="ixt:numdotdecimal" decimals="0" unitRef="USD">0</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001184" name="us-gaap:ScheduleOfDebtConversionsTextBlock"><p id="xdx_89C_eus-gaap--ScheduleOfDebtConversionsTextBlock_zmFaVGHEAqM3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>&#160;</b><span id="xdx_8BD_zK27YXhiwovg">SCHEDULE
OF CONVERTIBLE DEBT</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold">Convertible note</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" id="xdx_4B9_us-gaap--VestingAxis_custom--SecondTrancheMember_zZSKsTuWMRek" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Second Tranche</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_4BD_zOQmb5oZxMd8" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Total</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
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    <td style="width: 46%; text-align: left">Initial recognition</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><ix:nonFraction name="us-gaap:ConvertibleNotesPayable" contextRef="AsOf2021-12-31_custom_FirstTrancheMember" id="Fact001186" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,438,933</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right"><ix:nonFraction name="us-gaap:ConvertibleNotesPayable" contextRef="AsOf2021-12-31" id="Fact001188" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,438,933</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
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    <td style="text-align: left">Amortization of insurance cost</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="INDO:AmortizationOfInsuranceCost" contextRef="From2022-01-012022-12-31_custom_FirstTrancheMember" id="Fact001190" format="ixt:numdotdecimal" decimals="0" unitRef="USD">358,155</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="INDO:AmortizationOfInsuranceCost" contextRef="From2022-01-012022-12-31" id="Fact001192" format="ixt:numdotdecimal" decimals="0" unitRef="USD">646,250</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
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    <td style="text-align: left; padding-bottom: 1.5pt">Conversion to ordinary shares</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentAmount1" contextRef="From2022-01-012022-12-31_custom_FirstTrancheMember" id="Fact001194" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,797,088</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentAmount1" contextRef="From2022-01-012022-12-31" id="Fact001196" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,033,040</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_43E_c20230101__20231231_eus-gaap--ConvertibleNotesPayable_iS_z1AXzIBhrRBk" style="vertical-align: bottom; background-color: White">
    <td>Balance as of December 31, 2022</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1198">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_431_c20230101__20231231_eus-gaap--ConvertibleNotesPayable_iS_zeCDDsqL2fq8" style="display: none; vertical-align: bottom; background-color: White">
    <td>Convertible note, beginning balance</td><td>&#160;</td>
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<tr id="xdx_408_ecustom--AmortizationOfInsuranceCost_zUcP4qETAAQd" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Amortization of insurance cost</td><td>&#160;</td>
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  <tr id="xdx_40D_eus-gaap--RepaymentsOfNotesPayable_iN_di_z1aIhA3hvK7i" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt">Repayment</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_436_c20230101__20231231_eus-gaap--ConvertibleNotesPayable_iE_zHH0px73zXub" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt">Balance as of December 31, 2023</td><td style="padding-bottom: 2.5pt">&#160;</td>
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    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1215">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1216">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_43B_c20230101__20231231_eus-gaap--ConvertibleNotesPayable_iE_zJ0nws8APrY" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Convertible note, ending balance</td><td>&#160;</td>
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    <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1219">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1220">-</span></td><td style="text-align: left">&#160;</td></tr>
</table>

</ix:nonNumeric><p id="xdx_8A2_ztIl6svMkGoc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Accounting
for warrants</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Warrants were issued in conjunction with the convertible note by a separate contract, and legally detachable and separately transferrable.
The Warrants were exercisable via &#8220;cashless&#8221; exercise if there is not an effective registration statement covering resale
of the ordinary share under the Warrants. The exercise price per ordinary share under the Warrants was $<span id="xdx_904_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20231231__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zGNCDTXc6OCk" title="Warrant exercise price"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2023-12-31_custom_SecuritiesPurchaseAgreementMember" id="Fact001222" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6.00</ix:nonFraction></span> and subject to certain adjustments
which do not meet the criteria for equity treatment in accordance with the guidance contained in ASC 815-40-15-7E. Accordingly at initial
recognition, the Company classifies such warrants as liabilities at their fair value. This warrant liability is subject to re-measurement
at each balance sheet date until exercised, and any change in fair value is recognized in the consolidated statements of operations.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company recognized $<span id="xdx_901_ecustom--WarrantLiabilityNet_iI_c20220124__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember__us-gaap--ClassOfWarrantOrRightAxis__custom--InitialWarrantMember_zSoygyWVxQQ5" title="Warrant liability"><ix:nonFraction name="INDO:WarrantLiabilityNet" contextRef="AsOf2022-01-24_us-gaap_WarrantMember_custom_InitialWarrantMember" id="Fact001224" format="ixt:numdotdecimal" decimals="0" unitRef="USD">915,644</ix:nonFraction></span> for warrant liabilities upon issuance of the Initial Warrant on January 24, 2022. The Company recognized
$<span id="xdx_902_ecustom--WarrantLiabilityNet_iI_c20220523__us-gaap--ClassOfWarrantOrRightAxis__custom--SecondWarrantMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zqpScNDV1twc" title="Warrant liability"><ix:nonFraction name="INDO:WarrantLiabilityNet" contextRef="AsOf2022-05-23_custom_SecondWarrantMember_us-gaap_WarrantMember" id="Fact001226" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,833,325</ix:nonFraction></span> for warrant liabilities upon issuance of the Second Warrant on May 23, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company utilizes the Black-Scholes option-pricing model to estimate the fair value of the Warrants at each reporting period since the
Warrants are not actively traded. The estimated fair value of the Warrant liabilities is determined using Level 3 inputs in accordance
with ASC 820, &#8220;Fair Value Measurement&#8221;. Inherent in the Black-Scholes model are assumptions related to expected stock-price
volatility, expected life, risk-free interest rate and dividend yield. The Company estimates the volatility of its ordinary shares based
on historical volatility of select peer companies that matches the expected remaining life of the Warrants. The risk-free interest rate
is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the
Warrants. The expected life of the Warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based
on the historical rate, which the Company anticipates remaining at zero.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 143; Value: 1 -->
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    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001228" name="us-gaap:FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock"><p id="xdx_89C_eus-gaap--FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock_zd0U9VLBl6i2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following reflects the inputs and assumptions used:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B9_zfsQ9ytObeXb">SCHEDULE
OF WARRANTS VALUATION ASSUMPTIONS</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
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  <tr id="xdx_402_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_ztbnMyQFSK6f" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2023-12-31" id="Fact001233" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6.00</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--SharePrice_iI_zC4u35T2P81j" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Share price</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2022-01-24" id="Fact001235" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">3.64</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2023-12-31" id="Fact001238" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">2.71</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Expected term from grant date (in years)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_904_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20220124__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember_zhqQ4xlM9ldb" title="Expected term from grant date (in years)"><ix:nonNumeric contextRef="AsOf2022-01-24_us-gaap_MeasurementInputExpectedTermMember" format="ixt-sec:duryear" id="Fact001240" name="us-gaap:WarrantsAndRightsOutstandingTerm">5.00</ix:nonNumeric></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_90C_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dtY_c20220523__us-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedTermMember_zrIbxbmru7O5" title="Expected term from grant date (in years)"><ix:nonNumeric contextRef="AsOf2022-05-23_us-gaap_MeasurementInputExpectedTermMember" format="ixt-sec:duryear" id="Fact001242" name="us-gaap:WarrantsAndRightsOutstandingTerm">5.00</ix:nonNumeric></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_401_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_uPure_hus-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputPriceVolatilityMember_zpFyocmWwcf8" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Expected volatility</td><td>&#160;</td>
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  <tr id="xdx_401_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_uPure_hus-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputRiskFreeInterestRateMember_zJvIlMbRNj26" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Risk-free interest rate</td><td>&#160;</td>
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  <tr id="xdx_406_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_uPure_hus-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember_zrnZhHoKGkFe" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Dividend yield (per share)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1262">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1263">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1264">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1265">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_402_eus-gaap--WarrantsAndRightsOutstandingMeasurementInput_iI_uPure_hus-gaap--MeasurementInputTypeAxis__us-gaap--MeasurementInputExpectedDividendRateMember_zf7deapUF55d" style="display: none; vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Warrants  valuation assumptions&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1267">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1268">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1269">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1270">-</span></td><td style="text-align: left">&#160;</td></tr>
</table>

</ix:nonNumeric><p id="xdx_8AE_zWdUEr97oYfe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">During
the year ended December 31, 2022, L1 Capital has exercised <span id="xdx_902_ecustom--StockIssuedDuringPeriodSharesWarrantExercised_c20220101__20221231__us-gaap--ClassOfWarrantOrRightAxis__custom--InitialWarrantMember__dei--LegalEntityAxis__custom--L1CapitalGlobalOpportunitiesMasterFundLtdMember_zg3fe71NeIgl" title="Warrant exercised"><ix:nonFraction name="INDO:StockIssuedDuringPeriodSharesWarrantExercised" contextRef="From2022-01-012022-12-31_custom_InitialWarrantMember_custom_L1CapitalGlobalOpportunitiesMasterFundLtdMember" id="Fact001272" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">325,000</ix:nonFraction></span> of the Initial Warrant at $<span id="xdx_901_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20221231__us-gaap--TypeOfArrangementAxis__custom--SecuritiesPurchaseAgreementMember_zydTCxDowYX4" title="Warrant exercise price"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2022-12-31_custom_SecuritiesPurchaseAgreementMember" id="Fact001274" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6.00</ix:nonFraction></span> per share while the Company has received
$<span id="xdx_900_eus-gaap--ProceedsFromWarrantExercises_c20220101__20221231_zJF8OMrYwJMc" title="Proceeds from warrant exercises"><ix:nonFraction name="us-gaap:ProceedsFromWarrantExercises" contextRef="From2022-01-012022-12-31" id="Fact001276" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,950,000</ix:nonFraction></span> proceeds from exercise of these warrants. As of December 31, 2023, there were <span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_c20231231_z7RnnV83Srxk" title="Warrants issued"><span id="xdx_90B_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20231231_zeccCnOGQOL9" title="Warrants outstanding"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight" contextRef="AsOf2023-12-31" id="Fact001278" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightOutstanding" contextRef="AsOf2023-12-31" id="Fact001280" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">442,240</ix:nonFraction></ix:nonFraction></span></span> warrants issued and outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001282" name="us-gaap:ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock"><p id="xdx_898_eus-gaap--ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock_zFHhnBUXXCYd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
movement of warrant liabilities is summarized as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BE_zFOgkvObQnw9">SCHEDULE
OF WARRANT LIABILITIES</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_4BB_us-gaap--StatementEquityComponentsAxis_us-gaap--WarrantMember_zRQ5zOpJxzWb" style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_434_c20220101__20221231_eus-gaap--WarrantsAndRightsOutstanding_iS_zQY1SHpVLFc1" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Balance as of January 1, 2022</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1284">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_437_c20220124__us-gaap--ClassOfWarrantOrRightAxis__custom--InitialWarrantMember_ecustom--WarrantLiabilityNet_iI_zUPARMjvyKCj" style="vertical-align: bottom; background-color: White">
    <td style="width: 78%">Issuance of Initial Warrant as of January 24, 2022</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 18%; text-align: right"><ix:nonFraction name="INDO:WarrantLiabilityNet" contextRef="AsOf2022-01-24_us-gaap_WarrantMember_custom_InitialWarrantMember" id="Fact001286" format="ixt:numdotdecimal" decimals="0" unitRef="USD">915,644</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_439_c20220523__us-gaap--ClassOfWarrantOrRightAxis__custom--SecondWarrantMember_ecustom--WarrantLiabilityNet_iI_zRKsimfi0TI4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Issuance of Second Warrant as of May 23, 2022</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="INDO:WarrantLiabilityNet" contextRef="AsOf2022-05-23_custom_SecondWarrantMember_us-gaap_WarrantMember" id="Fact001288" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,833,325</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_43C_c20220523__us-gaap--ClassOfWarrantOrRightAxis__custom--SecondWarrantMember_ecustom--WarrantLiabilityNet_iI_zFEgxYls6Bp" style="display: none; vertical-align: bottom; background-color: rgb(204,238,255)">
    <td>Issuance of  Warrant</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="INDO:WarrantLiabilityNet" contextRef="AsOf2022-05-23_custom_SecondWarrantMember_us-gaap_WarrantMember" id="Fact001290" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,833,325</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_43C_c20220615__20220616_ecustom--StockIssuedDuringPeriodValueWarrantExercised_zsqQaTojl7ph" style="vertical-align: bottom; background-color: White">
    <td><span id="xdx_90D_ecustom--StockIssuedDuringPeriodSharesWarrantExercised_c20220615__20220616__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zpgD5ZTrTHbc" title="Warrant exercised, shares" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFdBUlJBTlQgTElBQklMSVRJRVMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="INDO:StockIssuedDuringPeriodSharesWarrantExercised" contextRef="From2022-06-152022-06-16_us-gaap_WarrantMember" id="Fact001294" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">50,000</ix:nonFraction></span> warrant shares exercised on June 16, 2022</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="INDO:StockIssuedDuringPeriodValueWarrantExercised" contextRef="From2022-06-152022-06-16_us-gaap_WarrantMember" id="Fact001292" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">119,343</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_439_c20220818__20220818_ecustom--StockIssuedDuringPeriodValueWarrantExercised_zA4797r0w1U4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td><span id="xdx_900_ecustom--StockIssuedDuringPeriodSharesWarrantExercised_c20220817__20220818__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zlKo29SkO1X" title="Warrant exercised, shares" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFdBUlJBTlQgTElBQklMSVRJRVMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="INDO:StockIssuedDuringPeriodSharesWarrantExercised" contextRef="From2022-08-172022-08-18_us-gaap_WarrantMember" id="Fact001298" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">185,000</ix:nonFraction></span> warrant shares exercised on August 18, 2022</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="INDO:StockIssuedDuringPeriodValueWarrantExercised" contextRef="From2022-08-182022-08-18_us-gaap_WarrantMember" id="Fact001296" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">915,799</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_43B_c20220828__20220829_ecustom--StockIssuedDuringPeriodValueWarrantExercised_zuH2VE8rvk3c" style="vertical-align: bottom; background-color: White">
    <td><span id="xdx_90C_ecustom--StockIssuedDuringPeriodSharesWarrantExercised_c20220828__20220829__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zRyUtp5qXarl" title="Warrant exercised, shares" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFdBUlJBTlQgTElBQklMSVRJRVMgKERldGFpbHMpIChQYXJlbnRoZXRpY2FsKQA_"><ix:nonFraction name="INDO:StockIssuedDuringPeriodSharesWarrantExercised" contextRef="From2022-08-282022-08-29_us-gaap_WarrantMember" id="Fact001302" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">90,000</ix:nonFraction></span> warrant shares exercised on August 29, 2022</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="INDO:StockIssuedDuringPeriodValueWarrantExercised" contextRef="From2022-08-282022-08-29_us-gaap_WarrantMember" id="Fact001300" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">445,524</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_437_c20220828__20220829_ecustom--StockIssuedDuringPeriodValueWarrantExercised_zsUgdReVMDhb" style="display: none; vertical-align: bottom; background-color: White">
    <td>Warrant shares exercised</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="INDO:StockIssuedDuringPeriodValueWarrantExercised" contextRef="From2022-08-282022-08-29_us-gaap_WarrantMember" id="Fact001304" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">445,524</ix:nonFraction></td><td style="text-align: left">)</td></tr>
<tr id="xdx_437_c20220101__20221231_ecustom--IncreaseDecreaseInwarrantLiability_z3fiDtKTRFs3" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Change in fair value of warrant liabilities for the year</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="INDO:IncreaseDecreaseInwarrantLiability" contextRef="From2022-01-012022-12-31_us-gaap_WarrantMember14179562" id="Fact001306" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">2,878,660</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_438_c20230101__20231231_eus-gaap--WarrantsAndRightsOutstanding_iS_zCHKuNFqkfA5" style="vertical-align: bottom; background-color: White">
    <td>Balance as of December 31, 2022</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstanding" contextRef="AsOf2022-12-31_us-gaap_WarrantMember" id="Fact001308" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,389,643</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_433_c20230101__20231231_eus-gaap--WarrantsAndRightsOutstanding_iS_zVnHgb4Egkta" style="display: none; vertical-align: bottom; background-color: White">
    <td>Warrant liabilities, beginning balance</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstanding" contextRef="AsOf2022-12-31_us-gaap_WarrantMember" id="Fact001310" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,389,643</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
<tr id="xdx_43C_c20230101__20231231_ecustom--IncreaseDecreaseInwarrantLiability_znYcVErIagif" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Change in fair value of warrant liabilities for the year</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="INDO:IncreaseDecreaseInwarrantLiability" contextRef="From2023-01-012023-12-31_us-gaap_WarrantMember14179593" id="Fact001312" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">907,424</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_436_c20230101__20231231_eus-gaap--WarrantsAndRightsOutstanding_iE_zVWzS8PVXavj" style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt">Balance as of December 31, 2023</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstanding" contextRef="AsOf2023-12-31_us-gaap_WarrantMember" id="Fact001314" format="ixt:numdotdecimal" decimals="0" unitRef="USD">482,219</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_43A_c20230101__20231231_eus-gaap--WarrantsAndRightsOutstanding_iE_zghN0fxL9Rc1" style="display: none; vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 2.5pt">Warrant liabilities, ending balance</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:WarrantsAndRightsOutstanding" contextRef="AsOf2023-12-31_us-gaap_WarrantMember" id="Fact001316" format="ixt:numdotdecimal" decimals="0" unitRef="USD">482,219</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
</table>


</ix:nonNumeric><p id="xdx_8A0_zuhhkQBhnqN4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001318" name="us-gaap:LesseeOperatingLeasesTextBlock"><p id="xdx_806_eus-gaap--LesseeOperatingLeasesTextBlock_zkHoQUgsroTk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
9 &#8211; <span id="xdx_82B_z79z0NQhdBD7">OPERATING LEASES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company accounts for leases in accordance with ASC Topic 842, Leases (&#8220;ASC 842&#8221;). All contracts are evaluated to determine
whether or not they represent a lease. A lease conveys the right to control the use of an identified asset for a period of time in exchange
for consideration. The Company has operating leases primarily consisting of facilities with remaining lease terms of one year to three
years. The lease term represents the period up to the early termination date unless it is reasonably certain that the Company will not
exercise the early termination option.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Leases
are classified as finance or operating in accordance with the guidance in ASC 842. The Company does not hold any finance leases as of
December 31, 2023 and 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company also has certain leases related to equipment and tools. A short-term lease is a lease with a term of 12 months or less and does
not include the option to purchase the underlying asset that we would expect to exercise. The Company has elected to adopt the short-term
lease exemption in ASC 842 and as such has not recognized a &#8220;right of use&#8221; asset or lease liability for these short-term
leases.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s lease agreements generally do not provide an implicit borrowing rate, therefore 3-year Indonesia government bond yield
to maturity was used for the year ended December 31, 2022 for purposes of determining the present value of lease payments.
As of December 31, 2023, the Company used the 3-year tenure secured borrowing rate at <span id="xdx_90D_eus-gaap--SubordinatedBorrowingInterestRate_dp_c20230101__20231231_zQoOpmdHN7oi" title="Borrowing rate"><ix:nonFraction name="us-gaap:SubordinatedBorrowingInterestRate" contextRef="From2023-01-01to2023-12-31" id="Fact001320" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></span>% per year from Bank UOB (Indonesia) as incremental
borrowing rate.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 144; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001322" name="us-gaap:LeaseCostTableTextBlock"><p id="xdx_894_eus-gaap--LeaseCostTableTextBlock_zkth3Y4CgZW7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B1_zQwtuCSfzB33">SCHEDULE
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr id="xdx_406_eus-gaap--LeaseCost_iT_mtLCzVCH_zin8LAMd7lY7" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Other information</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40B_eus-gaap--OperatingLeasePayments_zvPncl0vN0G8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Weighted average remaining lease term (in years)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98E_eus-gaap--OperatingLeaseWeightedAverageRemainingLeaseTerm1_iI_dtY_c20231231_z7LuKBRzAKc5" title="Weighted average remaining lease term (in years)" style="text-align: right"><ix:nonNumeric contextRef="AsOf2023-12-31" format="ixt-sec:duryear" id="Fact001336" name="us-gaap:OperatingLeaseWeightedAverageRemainingLeaseTerm1">2.00</ix:nonNumeric></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td id="xdx_98A_eus-gaap--OperatingLeaseWeightedAverageDiscountRatePercent_iI_dp_c20231231_z6wqWU7srapc" title="Weighted average discount rate" style="text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseWeightedAverageDiscountRatePercent" contextRef="AsOf2023-12-31" id="Fact001340" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">10</ix:nonFraction></td><td style="text-align: left">%</td><td>&#160;</td>
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  </table>

</ix:nonNumeric><p id="xdx_8A2_zW4HOmejil2h" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001344" name="us-gaap:LesseeOperatingLeaseLiabilityMaturityTableTextBlock"><p id="xdx_89F_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_zlLOGYM9Q8wc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future
lease payments included in the measurement of operating lease liabilities as of December 31, 2023 is as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B1_zKMZN7gxM4r9">SCHEDULE
OF OPERATING FUTURE LEASE PAYMENTS</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_499_20231231_z5rboxfB2Zxf" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">December 31, 2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr id="xdx_405_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_maLOLLPzqX6_zHDIfz3JYC6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 78%; text-align: justify">2024</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 18%; text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths" contextRef="AsOf2023-12-31" id="Fact001346" format="ixt:numdotdecimal" decimals="0" unitRef="USD">662,492</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_403_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_maLOLLPzqX6_zCkwV9TOyZBf" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">2025</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearTwo" contextRef="AsOf2023-12-31" id="Fact001348" format="ixt:numdotdecimal" decimals="0" unitRef="USD">422,683</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearThree_iI_maLOLLPzqX6_zgGEsAhuy6Di" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt">2026</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityPaymentsDueYearThree" contextRef="AsOf2023-12-31" id="Fact001350" format="ixt:numdotdecimal" decimals="0" unitRef="USD">131,224</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr id="xdx_40E_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_mtLOLLPzqX6_mtOLLzAI1_zXEF7jPLRc6e" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt">Total</span></td><td>&#160;</td>
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  <tr id="xdx_403_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_di_maOLLzAI1_zQZPUbrhQMag" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:LesseeOperatingLeaseLiabilityUndiscountedExcessAmount" contextRef="AsOf2023-12-31" id="Fact001354" format="ixt:numdotdecimal" decimals="0" unitRef="USD">119,231</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_40E_eus-gaap--OperatingLeaseLiability_iI_maOLLzAI1_z7L4AMp7Oz6l" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Present value of operating lease liabilities</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiability" contextRef="AsOf2023-12-31" id="Fact001356" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,097,168</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_409_eus-gaap--OperatingLeaseLiabilityCurrent_iNI_di_zKtRthE3Rsoe" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify; padding-bottom: 1.5pt">Less: Current portion of operating lease liabilities</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="us-gaap:OperatingLeaseLiabilityCurrent" contextRef="AsOf2023-12-31" id="Fact001358" format="ixt:numdotdecimal" decimals="0" unitRef="USD">629,325</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_40C_eus-gaap--OperatingLeaseLiabilityNoncurrent_iI_znA2cX5Sd5te" style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 2.5pt">Non-current portion of operating lease liabilities</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">&#160;</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:OperatingLeaseLiabilityNoncurrent" contextRef="AsOf2023-12-31" id="Fact001360" format="ixt:numdotdecimal" decimals="0" unitRef="USD">467,843</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AE_zACXfdK2Bb81" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001362" name="us-gaap:IncomeTaxDisclosureTextBlock"><p id="xdx_805_eus-gaap--IncomeTaxDisclosureTextBlock_zfp0rLBQbXB8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
10 &#8211; <span id="xdx_827_zmW3CwLQVZIg">TAXES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company and its subsidiaries file tax returns separately.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">1)
Value added tax (&#8220;VAT&#8221;)</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s subsidiaries&#8217; activities and revenues are not subject to VAT. VAT is typically due on events involving the transfer
of taxable goods or the provision of taxable services in Indonesia, except for some goods and services, such as mining or drilling products
extracted directly from their sources, for example crude oil, natural gas and geothermal energy.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Nevertheless,
the Company&#8217;s subsidiaries are classified as VAT Collectors. As the name implies, VAT Collector is required to collect the VAT
due from a taxable enterprise (vendor) on the delivery to it of taxable goods or services and to pass the VAT payment directly to the
government, rather than to the vendor or the service provider. The VAT Collectors are currently the State Treasury, State Owned Enterprises
(Badan Usaha Milik Negara/BUMN) and some of their subsidiaries, and PSC companies such as the Company&#8217;s. This means that, although
the Company is not subject to VAT, the Company has the obligation to collect the VAT and pay the VAT on behalf of the Company&#8217;s
vendors to the Indonesian government.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">2)
Income tax</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Cayman
Islands</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company is incorporated in the Cayman Islands. Under the current laws of the Cayman Islands, the Company is not subject to income or
capital gains taxes. In addition, dividend payments are not subject to withholdings tax in the Cayman Islands.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Hong
Kong</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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companies are exempt from Hong Kong income tax on their foreign derived income.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Indonesia</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s subsidiaries incorporated in Indonesia are subject to Indonesia Corporate Income Tax (&#8220;CIT&#8221;) law. Pursuant
to the Indonesia CIT law, given the specific year (2020) in which the KSO was signed, GWN&#8217;s KSO operations are subject to a CIT
rate of 25%. Unless GWN fully recovers its expenditures, the GWN&#8217;s KSO operations are effectively exempted from the application
of the CIT. Upon the expiry of the KSO, any unrecovered portion of the Kruh Block oil and gas investment will be deemed as waived by
the Company and will not be available for tax deduction purposes for any future earnings. As of December 31, 2023 and 2022, the unrecovered
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Pursuant
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CIT rate from 2021 onwards.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001378" name="us-gaap:ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock"><p id="xdx_894_eus-gaap--ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock_zEAag73GZdig" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
components of the income tax provision are:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B3_z25NdRxuO0K2">SCHEDULE
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</ix:nonNumeric><p id="xdx_8A2_zsk14LRJvMad" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001392" name="INDO:ScheduleOfProvisionForIncomeTaxesTableTextBlock"><p id="xdx_893_ecustom--ScheduleOfProvisionForIncomeTaxesTableTextBlock_zfN6JrnmMqS5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BB_zcSqIrrMGSU4" style="display: none">SCHEDULE
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<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2021-01-012021-12-31_us-gaap_ForeignCountryMember" id="Fact001400" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">2,359,219</ix:nonFraction></td><td style="text-align: left">)</td></tr>
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    <td style="text-align: left; padding-bottom: 2.5pt">Total loss before income taxes</td><td style="padding-bottom: 2.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A5_zrEdAqXztUYd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:exclude><!-- Field: Page; Sequence: 146; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001406" name="us-gaap:ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock"><p id="xdx_891_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zizyLTg6WCl5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
reconciliation of income taxes provision computed at the statutory tax rate applicable to income tax provision are as follows:&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B4_zU6EMqbwIBT9">SCHEDULE
OF RECONCILIATION OF INCOME TAXES PROVISION</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="width: 46%; text-align: left">Loss before income tax</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2023-01-01to2023-12-31" id="Fact001408" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">2,642,684</ix:nonFraction></td><td style="width: 1%; text-align: left">)</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 14%; text-align: right">(<ix:nonFraction name="us-gaap:IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest" contextRef="From2022-01-012022-12-31" id="Fact001409" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">3,122,592</ix:nonFraction></td><td style="width: 1%; text-align: left">)</td><td style="width: 2%">&#160;</td>
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    <td style="text-align: left">Computed income tax benefit with statutory income tax rate</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate" contextRef="From2023-01-01to2023-12-31" id="Fact001412" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">581,391</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate" contextRef="From2022-01-012022-12-31" id="Fact001413" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">686,970</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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    <td style="text-align: left">Effect of different tax rates in other jurisdictions</td><td>&#160;</td>
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    <td style="text-align: left">Effect of different tax rates for the KSO operations</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="us-gaap:IncomeTaxReconciliationForeignIncomeTaxRateDifferential" contextRef="From2022-01-012022-12-31_custom_TACAndKSOOperationsMember" id="Fact001421" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">26,458</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr id="xdx_407_ecustom--IncomeTaxReconciliationTaxExemptionForUnrecoveredExpenditures_msITEBzXRf_zisfz9KDHrZi" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Effect of tax exemption for unrecovered expenditures on KSO operations</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="INDO:IncomeTaxReconciliationTaxExemptionForUnrecoveredExpenditures" contextRef="From2023-01-01to2023-12-31" id="Fact001424" format="ixt:numdotdecimal" decimals="0" unitRef="USD">220,274</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr id="xdx_40C_eus-gaap--EffectiveIncomeTaxRateReconciliationGiltiAmount_iN_di_maITEBzXRf_zrseDUfQVJk" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Current year true up</td><td>&#160;</td>
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    <td style="text-align: left">Effect of tax rates adjustment</td><td>&#160;</td>
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  <tr id="xdx_401_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_maITEBzXRf_zu1Sivg7LDbi" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Change in valuation allowance</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance" contextRef="From2023-01-01to2023-12-31" id="Fact001436" format="ixt:numdotdecimal" decimals="0" unitRef="USD">80,856</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="us-gaap:IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance" contextRef="From2022-01-012022-12-31" id="Fact001437" format="ixt:numdotdecimal" decimals="0" unitRef="USD">74,666</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_40F_eus-gaap--IncomeTaxExpenseBenefit_mtITEBzXRf_zYxp6m9zwFfa" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Total income tax provision</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1440">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1441">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1442">-</span></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8A3_zVi7TJqVsGEc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001444" name="us-gaap:ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock"><p id="xdx_898_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_zK7EiJIHLwR9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
components of the deferred tax assets and deferred tax liabilities are as follows:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B8_znRpZYfNX2ji" style="display: none">SCHEDULE
OF COMPONENTS OF DEFERRED TAX ASSETS AND LIABILITIES</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_490_20231231_zgFPdmjAWDk5" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_490_20221231_zwCQTkuyYJzd" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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  <tr id="xdx_400_eus-gaap--DeferredTaxAssetsNet_iTI_pp0p0_mtDTANzoBr_zXga9Coc23Df" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="font-weight: bold; text-align: left; padding-bottom: 2.5pt">Total deferred tax assets, net</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:DeferredTaxAssetsNet" contextRef="AsOf2023-12-31" id="Fact001473" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">274,292</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; padding-left: -6pt; text-align: right"><ix:nonFraction name="us-gaap:DeferredTaxAssetsNet" contextRef="AsOf2022-12-31" id="Fact001474" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">87,862</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8AC_zrLgujdQ0Ku2" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company considers positive and negative evidence to determine whether some portion or all of the deferred tax assets will more
likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of recent losses,
forecasts of future profitability, the duration of statutory carry forward periods, the Company&#8217;s experience with tax
attributes expiring unused and tax planning alternatives. Valuation allowances have been established for deferred tax assets based
on a more-likely-than-not threshold. The Company&#8217;s ability to realize deferred tax assets depends on its ability to generate
sufficient taxable income within the carry forward periods provided for in the tax law. As of December 31, 2023 and 2022, the
Company had tax operating loss carry forwards of $<span id="xdx_90D_eus-gaap--OperatingLossCarryforwards_iI_pp0p0_c20231231_zQPkMk4kRYn8" title="Operating loss carryforwards"><ix:nonFraction name="us-gaap:OperatingLossCarryforwards" contextRef="AsOf2023-12-31" id="Fact001476" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">371,872</ix:nonFraction></span>
and $<span id="xdx_903_eus-gaap--OperatingLossCarryforwards_iI_pp0p0_c20221231_zsxBpH4Tx0yb" title="Operating loss carryforwards"><ix:nonFraction name="us-gaap:OperatingLossCarryforwards" contextRef="AsOf2022-12-31" id="Fact001478" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">120,640</ix:nonFraction></span>,
respectively from its subsidiary in Hong Kong and $<span id="xdx_905_eus-gaap--OperatingLossCarryforwards_iI_pp0p0_c20231231__srt--StatementGeographicalAxis__country--HK_zvhJ5tUtpzV" title="Operating loss carryforwards"><ix:nonFraction name="us-gaap:OperatingLossCarryforwards" contextRef="AsOf2023-12-31_country_HK" id="Fact001480" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,342,618</ix:nonFraction></span>
and $<span id="xdx_904_eus-gaap--OperatingLossCarryforwards_iI_pp0p0_c20221231__srt--StatementGeographicalAxis__country--HK_zBs1TMNaVXdk" title="Operating loss carryforwards"><ix:nonFraction name="us-gaap:OperatingLossCarryforwards" contextRef="AsOf2022-12-31_country_HK" id="Fact001482" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,231,123</ix:nonFraction></span>,
respectively from its subsidiaries in Indonesia, which can be carried forward to offset taxable income. The net operating loss will
be carried forward indefinitely under Hong Kong Tax regulations, while <span id="xdx_90E_ecustom--TaxOperatingLossCarryForwardsExpiry_c20230101__20231231_zSlPY2O0dDl" title="Tax operating loss carry forwards expiry"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact001484" name="INDO:TaxOperatingLossCarryForwardsExpiry">the
net operating loss began to expire in year 2023 if not utilized under Indonesian Tax regulations.</ix:nonNumeric></span> As of December 31, 2023 and
2022, the Company had a valuation allowance against deferred tax assets on tax loss carry forward of $<span id="xdx_906_eus-gaap--DeferredTaxAssetsValuationAllowance_iI_pp0p0_c20231231_z9lsQFSYKKqc" title="Deferred tax assets valuation allowance"><ix:nonFraction name="us-gaap:DeferredTaxAssetsValuationAllowance" contextRef="AsOf2023-12-31" id="Fact001486" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">356,735</ix:nonFraction></span>
and $<span id="xdx_900_eus-gaap--DeferredTaxAssetsValuationAllowance_iI_pp0p0_c20221231_zNnRsKmTOge2" title="Deferred tax assets valuation allowance"><ix:nonFraction name="us-gaap:DeferredTaxAssetsValuationAllowance" contextRef="AsOf2022-12-31" id="Fact001488" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">290,752</ix:nonFraction></span>,
respectively. The change in valuation allowance of $<span id="xdx_903_ecustom--DeferredTaxAssetsValuationAllowanceCurrentAdditions_pp0p0_c20230101__20231231_zmWlrBpLqyLa" title="Valuation allowance current additions"><ix:nonFraction name="INDO:DeferredTaxAssetsValuationAllowanceCurrentAdditions" contextRef="From2023-01-01to2023-12-31" id="Fact001490" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">65,982</ix:nonFraction></span> was due to current additions
of $<span id="xdx_906_eus-gaap--IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance_pp0p0_c20230101__20231231_zNZCB1IB9Myi" title="Change in valuation allowance"><ix:nonFraction name="us-gaap:IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance" contextRef="From2023-01-01to2023-12-31" id="Fact001492" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">80,856</ix:nonFraction></span> offset by foreign exchange differences of $<span id="xdx_901_eus-gaap--IncomeTaxReconciliationForeignIncomeTaxRateDifferential_pp0p0_c20230101__20231231_zAxAKxDfp1h8" title="Deferred tax assets valuation allowance"><ix:nonFraction name="us-gaap:IncomeTaxReconciliationForeignIncomeTaxRateDifferential" contextRef="From2023-01-01to2023-12-31" id="Fact001494" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">14,874</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:exclude><!-- Field: Page; Sequence: 147; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001496" name="us-gaap:PostemploymentBenefitsDisclosureTextBlock"><p id="xdx_803_eus-gaap--PostemploymentBenefitsDisclosureTextBlock_zgrLFCDbOsfe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
11 &#8211; <span id="xdx_827_zIKojQJMs5Le">PROVISION FOR POST-EMPLOYMENT BENEFITS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001498" name="us-gaap:DefinedContributionPlanDisclosuresTableTextBlock"><p id="xdx_895_eus-gaap--DefinedContributionPlanDisclosuresTableTextBlock_z7kwjFUXUefe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Provision
for post-employment benefits consists of the following:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B4_zuEdi8jlf1b" style="display: none">SCHEDULE
OF PROVISION FOR POST- EMPLOYMENT BENEFITS</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 60%; text-align: left">Provision for post-employment benefits</td><td style="width: 2%">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A4_z1GibkS9Zsd3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
provision for post-employment benefits is recognized in the period in which the benefit is earned by the employee, rather than when it
is paid or payable.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001504" name="us-gaap:ChangesInProjectedBenefitObligationsFairValueOfPlanAssetsAndFundedStatusOfPlanTableTextBlock"><p id="xdx_896_eus-gaap--ChangesInProjectedBenefitObligationsFairValueOfPlanAssetsAndFundedStatusOfPlanTableTextBlock_zn860GcQdkvf" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following outlines how each category of employee benefits is measured, providing reconciliation on present value of Defined Benefit Obligation
and Plan Asset.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B4_zQTU6Hemclt6">&#160;SCHEDULE
OF RECONCILIATION ON PRESENT VALUE OF DEFINED BENEFIT OBLIGATION AND PLAN ASSETS</span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">As of December 31,</td><td style="padding-bottom: 1.5pt">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="padding-bottom: 1.5pt">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; text-align: center; font-weight: bold">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Present Value of Defined Benefit Obligation (&#8220;DBO&#8221;) and Fair Value of Plan Assets</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 60%; text-align: left">Present Value of DBO, at the Beginning of Year</td><td style="width: 2%">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Current service cost</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Interest cost on the DBO</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Past Service Cost-Vested</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_ecustom--DefinedBenefitObligationPastServiceCostVested_pdp0_c20230101__20231231_zyYgrxKorRga" title="Past Service Cost-Vested" style="text-align: right">(<ix:nonFraction name="INDO:DefinedBenefitObligationPastServiceCostVested" contextRef="From2023-01-01to2023-12-31" id="Fact001518" format="ixt:numdotdecimal" decimals="0" scale="0" sign="-" unitRef="USD">6,723</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_984_ecustom--DefinedBenefitObligationPastServiceCostVested_pdp0_c20220101__20221231_zbYfdVx8GQN9" title="Past Service Cost-Vested" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1520">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Employee benefits are already noted for quit employees</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_eus-gaap--DefinedBenefitPlanBenefitObligationContributionsByPlanParticipant_pdp0_c20230101__20231231_zCmmhQZssOV6" title="Employee benefits are already noted for quit employees" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1522">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Present Value of DBO, (expected) at the End of Year</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt; text-align: left">Actuarial gain on DBO</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_983_ecustom--DefinedBenefitObligationActuarialGainLoss_c20230101__20231231_zA9g8rEIf5Dk" title="Actuarial gain on DBO" style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="INDO:DefinedBenefitObligationActuarialGainLoss" contextRef="From2023-01-01to2023-12-31" id="Fact001530" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">8,543</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt; text-align: left">Present Value of DBO, (actual) at the End of Year</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98B_eus-gaap--DefinedBenefitPlanBenefitObligation_iE_pp0p0_c20230101__20231231_zRvEPqz9SVii" title="Present Value of DBO, (actual) at the End of Year" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:DefinedBenefitPlanBenefitObligation" contextRef="AsOf2023-12-31" id="Fact001534" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">118,250</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; text-align: left">The effect of asset ceiling</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_987_eus-gaap--DefinedBenefitPlanFundedStatusOfPlan_iI_pdp0_c20231231_zAGAibpT3SY1" title="The effect of asset ceiling" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1538">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98F_eus-gaap--DefinedBenefitPlanFundedStatusOfPlan_iI_pdp0_c20221231_zDygzAJiMWs2" title="The effect of asset ceiling" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1540">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td>&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 2.5pt; text-align: left">Provision for post-employment benefits</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_981_eus-gaap--PostemploymentBenefitsLiabilityNoncurrent_iI_pp0p0_c20231231_zeLqph6xRnb6" title="Provision for post-employment benefits" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:PostemploymentBenefitsLiabilityNoncurrent" contextRef="AsOf2023-12-31" id="Fact001542" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">118,250</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td id="xdx_98A_eus-gaap--PostemploymentBenefitsLiabilityNoncurrent_iI_pp0p0_c20221231_z8d6rButIP2l" title="Provision for post-employment benefits" style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="us-gaap:PostemploymentBenefitsLiabilityNoncurrent" contextRef="AsOf2022-12-31" id="Fact001544" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">99,588</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

</ix:nonNumeric><p id="xdx_8AC_zR3QsU6JQKa9" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001546" name="INDO:ScheduleOfKeyInformationForRecalculationOfEmployeeBenefitObligationsTableTextBlock"><p id="xdx_89B_ecustom--ScheduleOfKeyInformationForRecalculationOfEmployeeBenefitObligationsTableTextBlock_z6xHH6Ycmad3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following are key information for the recalculation of employee benefits obligations as of December 31, 2023 and 2022:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B8_zVtOshuxmska" style="display: none">SCHEDULE
OF KEY INFORMATION FOR THE RECALCULATION OF EMPLOYEE BENEFITS OBLIGATION</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_490_20230101__20231231_zMH1w9FaqKhc" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_492_20220101__20221231_zVNuaR30LVw7" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
<tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="6" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">As of December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"></p>

<ix:exclude><!-- Field: Page; Sequence: 148; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company realized no actuarial gain for the years ended December 31, 2023, 2022 and 2021.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001568" name="INDO:ScheduleofQuantitativeInformationAboutFairValueMeasurementsofPostEmploymentBenefits"><p id="xdx_892_ecustom--ScheduleofQuantitativeInformationAboutFairValueMeasurementsofPostEmploymentBenefits_zHwDumK1qtl4" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following table summarizes the quantitative information about the Company&#8217;s level 3 fair value measurements in the determination
of the balance of the post-employment benefits, which utilize significant unobservable inputs:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span style="display: none"><span id="xdx_8BB_zQ2dyM71Vkyl">SCHEDULE
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<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 2%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; width: 1%"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: white">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Expected Return on Plan Assets</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">N/A</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Wage Increase Rate</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90E_eus-gaap--DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease_pid_dp_uPure_c20230101__20231231_ztGnpLNg1Pob" title="Wage Mortality Rate"><ix:nonFraction name="us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease" contextRef="From2023-01-01to2023-12-31" id="Fact001576" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">7.00</ix:nonFraction></span></span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_901_eus-gaap--DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease_pid_dp_uPure_c20220101__20221231_zVLKkaEJLvu" title="Wage Mortality Rate"><ix:nonFraction name="us-gaap:DefinedBenefitPlanAssumptionsUsedCalculatingNetPeriodicBenefitCostRateOfCompensationIncrease" contextRef="From2022-01-012022-12-31" id="Fact001578" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">7.00</ix:nonFraction></span></span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_907_eus-gaap--DefinedBenefitPlanDescriptionOfDirectionAndPatternOfChangeForAssumedHealthCareCostTrendRate_c20230101__20231231_zqQ5EdiILif9" title="Mortality Rate"><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" id="Fact001580" name="us-gaap:DefinedBenefitPlanDescriptionOfDirectionAndPatternOfChangeForAssumedHealthCareCostTrendRate">Table Mortality Index (&#8220;TMI&#8221;)
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_904_eus-gaap--DefinedBenefitPlanDescriptionOfDirectionAndPatternOfChangeForAssumedHealthCareCostTrendRate_c20220101__20221231_zTfAeOjcXSV" title="Mortality Rate"><ix:nonNumeric contextRef="From2022-01-012022-12-31" id="Fact001582" name="us-gaap:DefinedBenefitPlanDescriptionOfDirectionAndPatternOfChangeForAssumedHealthCareCostTrendRate">Table Mortality Index (&#8220;TMI&#8221;)
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90B_ecustom--DefinedBenefitPlanAssumptionsUsedCalculatingBenefitofDiabilityRate_pid_dp_uPure_c20220101__20221231_zSeRyAyYwawl" title="Disability Rate"><ix:nonFraction name="INDO:DefinedBenefitPlanAssumptionsUsedCalculatingBenefitofDiabilityRate" contextRef="From2022-01-012022-12-31" id="Fact001586" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">5</ix:nonFraction></span>% of TMI IV 2019</span></td>
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    <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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</ix:nonNumeric><p id="xdx_8A3_zYGJECcBYCXl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"></p>

<ix:exclude><!-- Field: Page; Sequence: 149; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence --></td></tr></table></div>
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001616" name="us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock"><p id="xdx_805_eus-gaap--DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_zrg00APgBbh1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
12 &#8211;<span id="xdx_82F_zQL8AyWyzS08"> SHARE BASED COMPENSATION EXPENSES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Share
options</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>a)
Description of share option plans</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
October 31, 2018, the Company&#8217;s board of directors and shareholders adopted a 2018 Omnibus Equity Incentive Plan for the Company.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
February 1, 2019, the Company entered into share option agreements, an Incentive Share Option (&#8220;Option&#8221;) to purchase ordinary
shares of the Company, with the senior management team of the Company, as part of the Company&#8217;s equity incentive plan, granting
options to purchase a total number of <span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_pid_c20190130__20190201__us-gaap--OptionIndexedToIssuersEquityTypeAxis__custom--IncentiveShareOptionMember_zjSC4ViTRdW" title="Options granted to purchase ordinary shares"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod" contextRef="From2019-01-302019-02-01_custom_IncentiveShareOptionMember" id="Fact001618" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,700,000</ix:nonFraction></span> ordinary shares of the Company. The option shares were distributed to the President,
Chief Executive Officer, Chief Operating Officer, Chief Business Development Officer and Chief Investment Officer of the Company, with
the exercise price per share equal to the price per ordinary share paid by public investors in the Company&#8217;s registered IPO.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
connection with the Reverse Stock Split, the total number of share options granted on February 1, 2019, decreased from <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesReverseStockSplits_pid_c20190130__20190131__us-gaap--OptionIndexedToIssuersEquityTypeAxis__custom--IncentiveShareOptionMember_zJ4dqY11ATB1" title="Stock issued, reverse stock splits"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesReverseStockSplits" contextRef="From2019-01-302019-01-31_custom_IncentiveShareOptionMember" id="Fact001620" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,700,000</ix:nonFraction></span> to <span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesReverseStockSplits_pid_c20190130__20190201__us-gaap--OptionIndexedToIssuersEquityTypeAxis__custom--IncentiveShareOptionMember_zV7Cn1juXzza" title="Stock issued, reverse stock splits"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesReverseStockSplits" contextRef="From2019-01-302019-02-01_custom_IncentiveShareOptionMember" id="Fact001622" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">637,500</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 19, 2019, associated with the Company&#8217;s registered IPO, a mutual understanding between the Company and the executive management,
about the nature of the compensatory and equity relationships established by the Option award were established. <span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod_pid_c20191218__20191219__srt--TitleOfIndividualAxis__srt--ManagementMember_zW1HbZXzPq2d" title="Options granted to purchase ordinary shares"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriod" contextRef="From2019-12-182019-12-19_srt_ManagementMember" id="Fact001624" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">637,500</ix:nonFraction></span> share options
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>b)
<span style="background-color: white">Valuation assumptions</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001628" name="us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock"><p id="xdx_89C_eus-gaap--ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock_zGSTNNC9gLFa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
estimated fair value of each share option granted is estimated on the date of grant using the Black-Scholes option-pricing model with
the following assumptions:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B3_z4LYbLeTiuv9">SCHEDULE OF BLACK SCHOLES STOCK OPTION PRICING VALUATION ASSUMPTIONS</span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: justify">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Date of grant</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td>
    </tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Expected volatility</td><td>&#160;</td>
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    </tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 78%; text-align: justify">Risk-free interest rate</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 18%; text-align: right"><span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate_pid_dp_uPure_c20230101__20231231_z9ZIoQ24s1p5" title="Risk-free interest rate"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate" contextRef="From2023-01-01to2023-12-31" id="Fact001634" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">1.79</ix:nonFraction></span></td><td style="width: 1%; text-align: left">%</td>
    </tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Expected term from grant date (in years)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_90F_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20230101__20231231__srt--RangeAxis__srt--MinimumMember_zywITlymd7Nc" title="Expected term from grant date (in years)"><ix:nonNumeric contextRef="From2023-01-012023-12-31_srt_MinimumMember" format="ixt-sec:duryear" id="Fact001636" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1">3.50</ix:nonNumeric></span>-<span id="xdx_90B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1_dtY_c20230101__20231231__srt--RangeAxis__srt--MaximumMember_z4gnatQ7Mgt8" title="Expected term from grant date (in years)"><ix:nonNumeric contextRef="From2023-01-012023-12-31_srt_MaximumMember" format="ixt-sec:duryear" id="Fact001638" name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1">6.00</ix:nonNumeric></span></span></td><td style="text-align: left">&#160;</td>
    </tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Dividend rate</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate_pid_dp_uPure_c20230101__20231231_zISCKsYcDRT7" title="Dividend rate" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1640">-</span></td><td style="text-align: left">&#160;</td>
    </tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Dilution factor</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_982_ecustom--ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsDilutionFactor_pid_uPure_c20230101__20231231_zELr7m9F8Lc1" title="Dilution factor" style="text-align: right"><ix:nonFraction name="INDO:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsDilutionFactor" contextRef="From2023-01-01to2023-12-31" id="Fact001642" format="ixt:numdotdecimal" decimals="INF" unitRef="Pure">0.9203</ix:nonFraction></td><td style="text-align: left">&#160;</td>
    </tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify">Fair value</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">$<span id="xdx_908_eus-gaap--SharePrice_iI_pid_c20231231__srt--RangeAxis__srt--MinimumMember_zMqHyDYQ7er8" title="Fair value"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2023-12-31_srt_MinimumMember" id="Fact001644" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">7.01</ix:nonFraction></span>-$<span id="xdx_90E_eus-gaap--SharePrice_iI_c20231231__srt--RangeAxis__srt--MaximumMember_zCuwFlHBsJof" title="Fair value"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2023-12-31_srt_MaximumMember" id="Fact001646" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">8.26</ix:nonFraction></span></span></td><td style="text-align: left">&#160;</td>
    </tr>
  </table>

</ix:nonNumeric><p id="xdx_8A4_zxDdqBzLwKc3" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt; background-color: white">The
expected volatility at each grant date was estimated based on the annualized standard deviation of the daily return embedded in historical
share prices of comparable peer companies with a time horizon close to the expected expiry of the term of the share options. The weighted
average volatility is the expected volatility at the grant date weighted by the number of share options. The </span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Company
<span style="background-color: white">has never declared or paid any cash dividends on its capital stock, and the </span>Company <span style="background-color: white">does
not anticipate any dividend payments in the foreseeable future. The contractual term is the remaining contract life of the share options.
The Company estimated the risk-free interest rate based on the yield to maturity of U.S. treasury bonds denominated in US</span> dollars
<span style="background-color: white">at the share option grant date.</span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>c)
Share options activities</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001648" name="us-gaap:ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock"><p id="xdx_894_eus-gaap--ScheduleOfShareBasedCompensationStockOptionsActivityTableTextBlock_zd2RwvumvSQ8" style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span><span id="xdx_8B8_zpZDQIRLC8H5">SCHEDULE OF SHARE OPTIONS ACTIVITIES</span></span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Options Outstanding</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Weighted Average Remaining Contractual Life</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Aggregate Intrinsic Value</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td>&#160;</td>
    <td colspan="2" style="text-align: right">&#160;</td><td>&#160;</td><td style="font-weight: bold">&#160;</td>
    <td colspan="2" style="font-weight: bold; text-align: center">(In years)</td><td style="font-weight: bold">&#160;</td><td>&#160;</td>
    <td colspan="2">&#160;</td><td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Outstanding as of January 1, 2020</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber_iS_pid_c20200101__20201231_zZHQFaXxASpf" title="Options Outstanding, Beginning balance" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1650">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 40%; text-align: justify">Granted</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross_pid_c20200101__20201231_z3bOiHhfZBl6" title="Options Outstanding, Granted" style="width: 11%; text-align: right"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross" contextRef="From2020-01-012020-12-31" id="Fact001656" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">637,500</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
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    <td style="width: 1%; text-align: left">&#160;</td><td style="width: 11%; text-align: right">-</td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: justify">Exercised</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_984_eus-gaap--StockIssuedDuringPeriodSharesStockOptionsExercised_iN_pid_di_c20200101__20201231_zW0NaQhe2Ks1" title="Options Outstanding, Exercised" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1662">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: justify; padding-bottom: 1.5pt">Forfeited</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod_pid_c20200101__20201231_zC76V4YtFyQ1" title="Options Outstanding, Forfeited" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl1666">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">-</td><td style="text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt; text-align: right">-</td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 3, 2022, certain of the Company&#8217;s executive officers exercised <span id="xdx_903_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares_c20220303__20220303__srt--TitleOfIndividualAxis__srt--ExecutiveOfficerMember_zRh0icYsPX3f" title="Number of vested options exercised"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares" contextRef="From2022-03-032022-03-03_srt_ExecutiveOfficerMember" id="Fact001746" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">437,500</ix:nonFraction></span> vested options to purchase restricted ordinary shares
on a &#8220;net share settlement&#8221; basis. <span id="xdx_907_ecustom--NetSharesReceivedUponExercise_iI_c20220303_zzEykPS9RAS1" title="Net shares received upon exercise"><ix:nonFraction name="INDO:NetSharesReceivedUponExercise" contextRef="AsOf2022-03-03" id="Fact001748" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">199,259</ix:nonFraction></span> shares were issued upon exercise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">For
the years ended December 31, 2023, 2022 and 2021, share-based compensation expenses recognized associated with share options granted
by the Company were <span id="xdx_903_eus-gaap--ShareBasedCompensation_dxL_c20230101__20231231_zAeuEjbzkFQ" title="Share-based payment arrangement, noncash expense::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1750">nil</span></span>, $<span id="xdx_904_eus-gaap--ShareBasedCompensation_pp0p0_c20220101__20221231_zCAYAgkAI2W3" title="Share-based payment arrangement, noncash expense"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2022-01-012022-12-31" id="Fact001752" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">526,496</ix:nonFraction></span>, and $<span id="xdx_907_eus-gaap--ShareBasedCompensation_pp0p0_c20210101__20211231_zH40TvP3NOS4" title="Share-based payment arrangement, noncash expense"><ix:nonFraction name="us-gaap:ShareBasedCompensation" contextRef="From2021-01-012021-12-31" id="Fact001754" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">1,288,583</ix:nonFraction></span>, respectively. As of December 31, 2023 and 2022, there no unrecognized share-based
compensation related to the share options granted to the Company&#8217;s executive management.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Restricted
shares</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 15, 2020, the Company issued <span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20200415__20200415__dei--LegalEntityAxis__custom--ARCGroupLtdMember_z0OFRAgwO6Wg" title="Number of shares issued for services"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2020-04-152020-04-15_custom_ARCGroupLtdMember" id="Fact001756" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">31,818</ix:nonFraction></span> ordinary shares to ARC Group Ltd. as a compensation for the advisory services provided in connection
with the Company&#8217;s initial public offering, the fair market value of the shares was $<span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20200415__20200415__dei--LegalEntityAxis__custom--TraDigitalMarketingGroupIncMember_zaMM1XV1S5jj" title="Share based compensation fair value per share"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" contextRef="From2020-04-152020-04-15_custom_TraDigitalMarketingGroupIncMember" id="Fact001758" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">3.51</ix:nonFraction></span> on the issuance date; On the same date,
the Company also issued <span id="xdx_905_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_pid_c20200415__20200415__dei--LegalEntityAxis__custom--TraDigitalMarketingGroupIncMember_zsFGPOvGTYC4" title="Number of shares issued for services"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2020-04-152020-04-15_custom_TraDigitalMarketingGroupIncMember" id="Fact001760" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">12,500</ix:nonFraction></span> ordinary shares to TraDitigal Marketing Group, Inc. as a compensation for the marketing services provided
in connection with the Company&#8217;s initial public offering, the fair market value of the shares was also $<span id="xdx_903_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_pid_c20200415__20200415__dei--LegalEntityAxis__custom--TraDigitalMarketingGroupIncMember_z2jvRFEcdSxh" title="Share based compensation fair value per share"><ix:nonFraction name="us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue" contextRef="From2020-04-152020-04-15_custom_TraDigitalMarketingGroupIncMember" id="Fact001762" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">3.51</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 7, 2021, the Company issued <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_pid_c20210907__20210907__dei--LegalEntityAxis__custom--FrankIngriselliMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z2KkuscFFAd4" title="Non-employee share-based compensation, shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2021-09-072021-09-07_custom_FrankIngriselliMember_us-gaap_CommonStockMember" id="Fact001764" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">35,000</ix:nonFraction></span>
ordinary shares to Frank C. Ingriselli, the President of the Company, as a compensation as per his Employment contract, the fair
market value of the shares was $<span id="xdx_900_eus-gaap--SharePrice_iI_pid_c20210907__dei--LegalEntityAxis__custom--FrankIngriselliMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z7SZt6aqLup3" title="Price per share"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2021-09-07_custom_FrankIngriselliMember_us-gaap_CommonStockMember" id="Fact001766" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">4.96</ix:nonFraction></span>
on the issuance date; On September 15, 2021, the Company also issued <span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_pid_c20210915__20210915__dei--LegalEntityAxis__custom--TraDigitalMarketingGroupIncMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zOi17318MoFe" title="Non-employee share-based compensation, shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2021-09-152021-09-15_custom_TraDigitalMarketingGroupIncMember_us-gaap_CommonStockMember" id="Fact001768" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,000</ix:nonFraction></span>
ordinary shares to TraDigital Marketing Group, Inc. as a compensation for the digital marketing services provided in order to
enhance investor awareness, the fair market value of the shares on the issuance date was $<span id="xdx_90A_eus-gaap--SharePrice_iI_pid_c20210915__dei--LegalEntityAxis__custom--TraDigitalMarketingGroupIncMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zSppX78x7bYe" title="Price per share"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2021-09-15_custom_TraDigitalMarketingGroupIncMember_us-gaap_CommonStockMember" id="Fact001770" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">5.01</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 1, 2022, the Company issued <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_c20220101__20220101__srt--TitleOfIndividualAxis__custom--FrankIngriselliMember__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember_zECeDwTt2gve" title="Number of restricted stock, shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesRestrictedStockAwardGross" contextRef="From2022-01-012022-01-01_custom_FrankIngriselliMember_custom_EmploymentAgreementMember" id="Fact001772" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">60,000</ix:nonFraction></span>
of the Company&#8217;s restricted ordinary shares to Frank C. Ingriselli, the Company&#8217;s President, pursuant to his employment
agreement with the Company, with <span id="xdx_90D_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares_c20220701__20220701__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember__srt--TitleOfIndividualAxis__custom--FrankIngriselliMember_zExzoOe9n0H7" title="Vested options exercised"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares" contextRef="From2022-07-012022-07-01_custom_EmploymentAgreementMember_custom_FrankIngriselliMember" id="Fact001774" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">30,000</ix:nonFraction></span>
shares vesting on July 1, 2022 and <span id="xdx_906_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares_c20230101__20230101__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember__srt--TitleOfIndividualAxis__custom--FrankIngriselliMember_zQT7ckIxO9ch" title="Vested options exercised"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares" contextRef="From2023-01-012023-01-01_custom_EmploymentAgreementMember_custom_FrankIngriselliMember" id="Fact001776" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">30,000</ix:nonFraction></span>
shares vesting on January 1, 2023. Such ordinary shares were valued at $<span id="xdx_907_eus-gaap--SharesIssuedPricePerShare_iI_c20220101__srt--TitleOfIndividualAxis__custom--FrankIngriselliMember_zWkVhYiSHWT3" title="Closing price"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2022-01-01_custom_FrankIngriselliMember" id="Fact001778" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">2.85</ix:nonFraction></span>
per share, which was based on the closing price of the shares traded on the NYSE American exchange on January 3, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 28, 2022, the Company issued <span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20220428__20220428__dei--LegalEntityAxis__custom--SraxIncMember_zteVEH6r6gxa" title="Stock issued during period, shares, new issues"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2022-04-282022-04-28_custom_SraxIncMember" id="Fact001780" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,105</ix:nonFraction></span> ordinary shares to Srax, Inc. as compensation for the advisory services provided in connection
with the Company&#8217;s investor relations efforts. Such ordinary shares were valued at $<span id="xdx_90B_eus-gaap--SharesIssuedPricePerShare_iI_c20220428__dei--LegalEntityAxis__custom--SraxIncMember_zC0BT3PqevTh" title="Closing price"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2022-04-28_custom_SraxIncMember" id="Fact001782" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">19.00</ix:nonFraction></span> per share, which was based on the closing
price of the shares traded on the NYSE American exchange on April 28, 2022.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company has recorded compensation of employee and non-employee services associated with above issuance of ordinary shares of <span id="xdx_909_eus-gaap--IssuanceOfStockAndWarrantsForServicesOrClaims_i01_dxL_c20230101__20231231_zOFXmNdBlGp" title="::XDX::-"><span style="-sec-ix-hidden: xdx2ixbrl1783">nil</span></span>, $<span id="xdx_908_eus-gaap--IssuanceOfStockAndWarrantsForServicesOrClaims_pp0p0_c20220101__20221231_zyXht6cZcSq8"><ix:nonFraction name="us-gaap:IssuanceOfStockAndWarrantsForServicesOrClaims" contextRef="From2022-01-012022-12-31" id="Fact001784" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">210,773</ix:nonFraction></span>
and $<span id="xdx_906_eus-gaap--IssuanceOfStockAndWarrantsForServicesOrClaims_pp0p0_c20210101__20211231_zc7DY8StDkLi"><ix:nonFraction name="us-gaap:IssuanceOfStockAndWarrantsForServicesOrClaims" contextRef="From2021-01-012021-12-31" id="Fact001785" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">225,776</ix:nonFraction></span> for the years ended December 31, 2023, 2022 and 2021, respectively.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001787" name="us-gaap:StockholdersEquityNoteDisclosureTextBlock"><p id="xdx_80F_eus-gaap--StockholdersEquityNoteDisclosureTextBlock_zMP1V7f0MUoa" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
13 &#8211;<span id="xdx_822_zeb1NH9hTz71"> EQUITY</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company was established under the laws of the Cayman Islands on April 24, 2018 and IEC issued <span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20180423__20180424__srt--OwnershipAxis__custom--MadericHoldingLimitedMember_zdAbKgjLFHBc" title="Ordinary shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2018-04-232018-04-24_custom_MadericHoldingLimitedMember" id="Fact001789" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,000</ix:nonFraction></span> ordinary shares to Maderic. The authorized
number of ordinary shares was <span id="xdx_90D_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20180424_zRkTQEqdVFCl" title="Ordinary shares, shares authorized"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2018-04-24" id="Fact001791" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">100,000,000</ix:nonFraction></span> shares with par value of US$<span id="xdx_902_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20180424_zw2tKlbUrAD2" title="Ordinary shares, par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2018-04-24" id="Fact001793" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.001</ix:nonFraction></span> each upon establishment.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 30, 2018, the Company entered into two agreements with Maderic and HFO (the two then shareholders of WJ Energy): a Sale and Purchase
of Shares and Receivables Agreement and a Debt Conversion Agreement (collectively, the &#8220;Restructuring Agreements&#8221;). The intention
of the Restructuring Agreements was to restructure the Company&#8217;s capitalization. As a result of the transactions contemplated by
the Restructuring Agreements: (i) WJ Energy (including its assets and liabilities) became a wholly-owned subsidiary of the Company, (ii)
loans amounting to $<span id="xdx_905_eus-gaap--DebtConversionOriginalDebtAmount1_pp0p0_c20180629__20180630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MadericHoldingLimitedMember_zrekpBK2odYh" title="Debt conversion original debt amount"><ix:nonFraction name="us-gaap:DebtConversionOriginalDebtAmount1" contextRef="From2018-06-292018-06-30_custom_MadericHoldingLimitedMember" id="Fact001795" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">21,150,000</ix:nonFraction></span> and $<span id="xdx_906_eus-gaap--DebtConversionOriginalDebtAmount1_pp0p0_c20180629__20180630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HfoInvestmentGroupMember_zvQLiC4rzgDd" title="Debt conversion original debt amount"><ix:nonFraction name="us-gaap:DebtConversionOriginalDebtAmount1" contextRef="From2018-06-292018-06-30_custom_HfoInvestmentGroupMember" id="Fact001797" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">3,150,000</ix:nonFraction></span> that were owed by WJ Energy to Maderic and HFO, respectively, were converted for nominal
value into ordinary shares of the Company and (iii) the Company issued an aggregate of <span id="xdx_906_eus-gaap--DebtConversionConvertedInstrumentSharesIssued1_pid_c20180629__20180630__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--MadericHoldingLimitedAndHfoInvestmentGroupMember_zcwPUvw462Kf" title="Number of shares issued"><ix:nonFraction name="us-gaap:DebtConversionConvertedInstrumentSharesIssued1" contextRef="From2018-06-292018-06-30_custom_MadericHoldingLimitedAndHfoInvestmentGroupMember" id="Fact001799" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">15,999,000</ix:nonFraction></span> ordinary shares to Maderic and HFO.
The above-mentioned transaction is accounted for as a nominal share issuance (the &#8220;Nominal Share Issuance&#8221;).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
November 8, 2019, the Company implemented a <span id="xdx_90E_eus-gaap--StockholdersEquityNoteStockSplit_c20191106__20191108_z76wGhimv4Ck" title="Reverse stock split description"><ix:nonNumeric contextRef="From2019-11-062019-11-08" id="Fact001801" name="us-gaap:StockholdersEquityNoteStockSplit">one-for-zero point three seven five (1 for 0.375) stock split</ix:nonNumeric> </span>of the Company&#8217;s ordinary
shares by way of share consolidation under Cayman Islands law (the &#8220;Reverse Stock Split&#8221;), which in turn decreased the total
of <span id="xdx_90C_eus-gaap--CommonStockSharesIssued_iI_pid_c20191107_z9uSud3fcUrl" title="Ordinary shares, shares issued"><span id="xdx_908_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20191107_zxytMil4muIl" title="Ordinary shares, shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2019-11-07" id="Fact001803" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2019-11-07" id="Fact001805" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">16,000,000</ix:nonFraction></ix:nonFraction></span></span> issued and outstanding ordinary shares to a total of <span id="xdx_909_eus-gaap--CommonStockSharesIssued_iI_pid_c20191108_ztQxJOKayTKk" title="Ordinary shares, shares issued"><span id="xdx_90C_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20191108_zeLhmFdsM6Mk" title="Ordinary shares, shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesIssued" contextRef="AsOf2019-11-08" id="Fact001807" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2019-11-08" id="Fact001809" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">6,000,000</ix:nonFraction></ix:nonFraction></span></span> issued and outstanding ordinary shares for the purpose of
achieving a certain share price as part of certain listing requirements of the NYSE American. Any fractional ordinary share that would
have otherwise resulted from the Reverse Stock Split was rounded up to the nearest full share. The Reverse Stock Split maintained the
shareholders&#8217; percentage ownership interests in the Company at <span id="xdx_904_eus-gaap--MinorityInterestOwnershipPercentageByParent_iI_pid_dp_uPure_c20191108__srt--OwnershipAxis__custom--MadericHoldingLimitedMember_zNGFVVt12DCj" title="Percentage of legal ownership by kaixin auto group"><ix:nonFraction name="us-gaap:MinorityInterestOwnershipPercentageByParent" contextRef="AsOf2019-11-08_custom_MadericHoldingLimitedMember" id="Fact001811" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">87.04</ix:nonFraction></span>% owned by Maderic (<span id="xdx_90A_ecustom--NumberOfSharesHeld_iI_pid_c20191108__srt--OwnershipAxis__custom--MadericHoldingLimitedMember_zRQq26kM7GU6" title="Number of shares held"><ix:nonFraction name="INDO:NumberOfSharesHeld" contextRef="AsOf2019-11-08_custom_MadericHoldingLimitedMember" id="Fact001813" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,222,222</ix:nonFraction></span> ordinary shares) and <span id="xdx_904_eus-gaap--EquityMethodInvestmentOwnershipPercentage_iI_pid_dp_uPure_c20191108__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HfoInvestmentGroupMember__srt--ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis__custom--HfoMember_zUkNVCME5MTe" title="Ownership percentage (as a percent)"><ix:nonFraction name="us-gaap:EquityMethodInvestmentOwnershipPercentage" contextRef="AsOf2019-11-08_custom_HfoInvestmentGroupMember_custom_HfoMember" id="Fact001815" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">12.96</ix:nonFraction></span>% owned
by HFO (<span id="xdx_906_ecustom--NumberOfSharesHeld_iI_pid_c20191108__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--HfoInvestmentGroupMember_zk9MxQkTXyO8" title="Number of shares held"><ix:nonFraction name="INDO:NumberOfSharesHeld" contextRef="AsOf2019-11-08_custom_HfoInvestmentGroupMember" id="Fact001817" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">777,778</ix:nonFraction></span> ordinary shares), out of a total of <span id="xdx_90C_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20191106__20191108_zO2UAnaQMdLc" title="Ordinary shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2019-11-062019-11-08" id="Fact001819" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">6,000,000</ix:nonFraction></span> issued ordinary shares. The Reverse Stock Split also increased the par
value of the ordinary shares from $<span id="xdx_90F_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20191108__srt--RangeAxis__srt--MinimumMember_zEAsvKlFVs9h" title="Ordinary shares, par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2019-11-08_srt_MinimumMember" id="Fact001821" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.001</ix:nonFraction></span> to $<span id="xdx_900_eus-gaap--CommonStockParOrStatedValuePerShare_iI_pid_c20191108__srt--RangeAxis__srt--MaximumMember_zT0zeaZfrHU" title="Ordinary shares, par value"><ix:nonFraction name="us-gaap:CommonStockParOrStatedValuePerShare" contextRef="AsOf2019-11-08_srt_MaximumMember" id="Fact001823" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">0.00267</ix:nonFraction></span> and decreased the number of authorized ordinary shares of the Company from <span id="xdx_90F_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20191108__srt--RangeAxis__srt--MinimumMember_zgv2QjzvNeFk" title="Ordinary shares, shares authorized"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2019-11-08_srt_MinimumMember" id="Fact001825" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">100,000,000</ix:nonFraction></span>
to <span id="xdx_90E_eus-gaap--CommonStockSharesAuthorized_iI_pid_c20191108__srt--RangeAxis__srt--MaximumMember_zyjOFVPRdWib" title="Ordinary shares, shares authorized"><ix:nonFraction name="us-gaap:CommonStockSharesAuthorized" contextRef="AsOf2019-11-08_srt_MaximumMember" id="Fact001827" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">37,500,000</ix:nonFraction></span> and authorized preferred shares from <span id="xdx_901_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20191108__srt--RangeAxis__srt--MinimumMember_zeuZCb2DZZKf" title="Preference shares, shares authorized (in shares)"><ix:nonFraction name="us-gaap:PreferredStockSharesAuthorized" contextRef="AsOf2019-11-08_srt_MinimumMember" id="Fact001829" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,000,000</ix:nonFraction></span> to <span id="xdx_907_eus-gaap--PreferredStockSharesAuthorized_iI_pid_c20191108__srt--RangeAxis__srt--MaximumMember_zgXNmbwfRpmj" title="Preference shares, shares authorized (in shares)"><ix:nonFraction name="us-gaap:PreferredStockSharesAuthorized" contextRef="AsOf2019-11-08_srt_MaximumMember" id="Fact001831" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">3,750,000</ix:nonFraction></span>. The Reverse Stock Split did not alter the total dollar amount
of the ordinary shares of the Company. All number of shares and per share data presented in the consolidated financial statements and
related notes have been retroactively restated to reflect the Reverse Stock Split stated above.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
December 19, 2019, the Company listed its ordinary shares on the NYSE American in the IPO. As a result, the Company issued a total of
<span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20191218__20191219__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zRtfmZbpVjEe" title="Ordinary shares issued"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2019-12-182019-12-19_us-gaap_IPOMember" id="Fact001833" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,363,637</ix:nonFraction></span> ordinary shares at a price to the public of $<span id="xdx_90D_eus-gaap--SharePrice_iI_pid_c20191219__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zgeaFtB3If2b" title="Price per share"><ix:nonFraction name="us-gaap:SharePrice" contextRef="AsOf2019-12-19_us-gaap_IPOMember" id="Fact001835" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">11.00</ix:nonFraction></span> per share in connection with its IPO and received net proceeds of approximately
US$<span id="xdx_909_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_pn5n6_c20191218__20191219__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zKwdPyuQZZfh" title="Proceeds from issuance of initial public offering"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceInitialPublicOffering" contextRef="From2019-12-182019-12-19_us-gaap_IPOMember" id="Fact001837" format="ixt:numdotdecimal" decimals="-5" scale="6" unitRef="USD">12.5</ix:nonFraction></span> million, after deducting underwriting discounts and the offering expenses. Upon the completion of the IPO, the Company had a
total of <span id="xdx_90D_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20191219__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--IPOMember_zDQUZDENvIKl" title="Ordinary shares, shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2019-12-19_us-gaap_IPOMember" id="Fact001839" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">7,363,637</ix:nonFraction></span> ordinary shares.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 15, 2020, the Company issued <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20200415__20200415__dei--LegalEntityAxis__custom--ARCGroupLtdMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zhFWEL38zb9b" title="Shares issued for services, shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2020-04-152020-04-15_custom_ARCGroupLtdMember_us-gaap_CommonStockMember" id="Fact001841" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">31,818</ix:nonFraction></span> ordinary shares to ARC Group Ltd. as a compensation for the advisory services provided in connection
with the Company&#8217;s initial public offering; On the same date, the Company also issued <span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_c20200414__20200415__dei--LegalEntityAxis__custom--TraDigitalMarketingGroupIncMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zcmrUWVD4m0k" title="Shares issued for services, shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2020-04-142020-04-15_custom_TraDigitalMarketingGroupIncMember_us-gaap_CommonStockMember" id="Fact001843" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">12,500</ix:nonFraction></span> ordinary shares to TraDigital Marketing
Group, Inc. as a compensation for the digital marketing services provided in order to enhance investor awareness.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 151; Value: 1 -->
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    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 7, 2021, the Company issued <span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_pid_c20210907__20210907__dei--LegalEntityAxis__custom--FrankIngriselliMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zZdmROOwagb1" title="Shares issued for services, shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2021-09-072021-09-07_custom_FrankIngriselliMember_us-gaap_CommonStockMember" id="Fact001845" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">35,000</ix:nonFraction></span>
ordinary shares to Frank C. Ingriselli, the President of the Company, as a compensation as per his employment contract.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
September 15, 2021, the Company issued <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesIssuedForServices_pid_c20210915__20210915__dei--LegalEntityAxis__custom--TraDigitalMarketingGroupIncMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zQzwUFWKHi9" title="Shares issued for services, shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesIssuedForServices" contextRef="From2021-09-152021-09-15_custom_TraDigitalMarketingGroupIncMember_us-gaap_CommonStockMember" id="Fact001847" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">5,000</ix:nonFraction></span> ordinary shares to TraDigital Marketing Group, Inc. as a compensation for the digital marketing
services provided in order to enhance investor awareness.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 1, 2022, the Company issued <span id="xdx_900_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_c20220101__20220101__srt--TitleOfIndividualAxis__custom--FrankIngriselliMember__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember_zN9BuZAvOJkj" title="Number of restricted stock, shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesRestrictedStockAwardGross" contextRef="From2022-01-012022-01-01_custom_FrankIngriselliMember_custom_EmploymentAgreementMember" id="Fact001849" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">60,000</ix:nonFraction></span>
of the Company&#8217;s restricted ordinary shares to Frank C. Ingriselli, the Company&#8217;s President, pursuant to his employment
agreement with the Company, with <span id="xdx_90A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares_c20220701__20220701__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember__srt--TitleOfIndividualAxis__custom--FrankIngriselliMember_zJiJYubgHaj3" title="Vested options exercised"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares" contextRef="From2022-07-012022-07-01_custom_EmploymentAgreementMember_custom_FrankIngriselliMember" id="Fact001851" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">30,000</ix:nonFraction></span>
shares vesting on July 1, 2022 and <span id="xdx_90B_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares_c20230101__20230101__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember__srt--TitleOfIndividualAxis__custom--FrankIngriselliMember_zTnomC0VKtXk" title="Vested options exercised"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares" contextRef="From2023-01-012023-01-01_custom_EmploymentAgreementMember_custom_FrankIngriselliMember" id="Fact001853" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">30,000</ix:nonFraction></span>
shares vesting on January 1, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 3, 2022, certain of the Company&#8217;s executive officers exercised vested options to purchase restricted ordinary shares on a
&#8220;net share settlement&#8221; basis. <span id="xdx_909_ecustom--NetSharesReceivedUponExercise_iI_c20220303_zx9a2GvbQoP7" title="Net shares received upon exercise"><ix:nonFraction name="INDO:NetSharesReceivedUponExercise" contextRef="AsOf2022-03-03" id="Fact001855" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">199,259</ix:nonFraction></span> shares were issued upon exercise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
April 28, 2022, the Company issued <span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20220428__20220428__dei--LegalEntityAxis__custom--SraxIncMember_ziiwGJqyYVT9" title="Stock issued during period, shares, new issues"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesNewIssues" contextRef="From2022-04-282022-04-28_custom_SraxIncMember" id="Fact001857" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">2,105</ix:nonFraction></span> ordinary shares to Srax, Inc. as compensation for the advisory services provided in connection
with the Company&#8217;s investor relations efforts.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
June 2, 2022 to June 9, 2022, L1 Capital elected to convert an aggregate of $<span id="xdx_90F_eus-gaap--ConversionOfStockAmountConverted1_c20220602__20220609__dei--LegalEntityAxis__custom--L1CapitalGlobalOpportunitiesMasterFundLtdMember_z6YioxLKIH77" title="Debt conversion amount"><ix:nonFraction name="us-gaap:ConversionOfStockAmountConverted1" contextRef="From2022-06-022022-06-09_custom_L1CapitalGlobalOpportunitiesMasterFundLtdMember" id="Fact001859" format="ixt:numdotdecimal" decimals="0" unitRef="USD">9,600,000</ix:nonFraction></span> principal amount of the Notes into ordinary shares
at $<span id="xdx_904_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_pid_c20220609__dei--LegalEntityAxis__custom--L1CapitalGlobalOpportunitiesMasterFundLtdMember_zNbRmjzKvCn8" title="Debt conversion price"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2022-06-09_custom_L1CapitalGlobalOpportunitiesMasterFundLtdMember" id="Fact001861" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6.00</ix:nonFraction></span> per share. On August 18, 2022, L1 Capital elected to further convert $<span id="xdx_90E_eus-gaap--DebtConversionOriginalDebtAmount1_c20220817__20220818__dei--LegalEntityAxis__custom--L1CapitalsElectionMember_zvlL3swv03yi" title="Debt principal amount"><ix:nonFraction name="us-gaap:DebtConversionOriginalDebtAmount1" contextRef="From2022-08-172022-08-18_custom_L1CapitalsElectionMember" id="Fact001863" format="ixt:numdotdecimal" decimals="0" unitRef="USD">300,000</ix:nonFraction></span> principal amount of the Notes into ordinary shares
at $<span id="xdx_90B_eus-gaap--DebtInstrumentConvertibleConversionPrice1_iI_c20220818__dei--LegalEntityAxis__custom--L1CapitalsElectionMember_zNYKKa6gcaI1" title="Debt conversion price"><ix:nonFraction name="us-gaap:DebtInstrumentConvertibleConversionPrice1" contextRef="AsOf2022-08-18_custom_L1CapitalsElectionMember" id="Fact001865" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6</ix:nonFraction></span> per share. In total, <span id="xdx_907_eus-gaap--StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities_c20220101__20221231__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zAnqZFCcvwWg" title="Total number of shares issued upon conversion of convertible note"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities" contextRef="From2022-01-012022-12-31_us-gaap_CommonStockMember" id="Fact001867" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">1,650,000</ix:nonFraction></span> ordinary shares were issued upon convertible note conversion.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
June 16, 2022, L1 Capital exercised <span id="xdx_90C_ecustom--WarrantsExercisedShares_c20220615__20220616__dei--LegalEntityAxis__custom--L1CapitalGlobalOpportunitiesMasterFundLtdMember_znX1zpsqSgu1" title="Warrant exercised shares"><ix:nonFraction name="INDO:WarrantsExercisedShares" contextRef="From2022-06-152022-06-16_custom_L1CapitalGlobalOpportunitiesMasterFundLtdMember" id="Fact001869" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">50,000</ix:nonFraction></span> Warrants to purchase <span id="xdx_90A_ecustom--StockIssuedDuringPeriodSharesExerciseOfWarrants_c20220615__20220616__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__dei--LegalEntityAxis__custom--L1CapitalGlobalOpportunitiesMasterFundLtdMember_zpxkDKH0GXM6" title="Exercise of warrants"><ix:nonFraction name="INDO:StockIssuedDuringPeriodSharesExerciseOfWarrants" contextRef="From2022-06-152022-06-16_us-gaap_CommonStockMember_custom_L1CapitalGlobalOpportunitiesMasterFundLtdMember" id="Fact001871" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">50,000</ix:nonFraction></span> ordinary shares at $<span id="xdx_905_eus-gaap--SharesIssuedPricePerShare_iI_c20220616__dei--LegalEntityAxis__custom--L1CapitalGlobalOpportunitiesMasterFundLtdMember_zy92kfxoJy32" title="Closing price"><ix:nonFraction name="us-gaap:SharesIssuedPricePerShare" contextRef="AsOf2022-06-16_custom_L1CapitalGlobalOpportunitiesMasterFundLtdMember" id="Fact001873" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6.00</ix:nonFraction></span> per share.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
the same day, L1 Capital exercised <span id="xdx_90B_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20220818__dei--LegalEntityAxis__custom--L1CapitalGlobalOpportunitiesMasterFundLtdMember_zx93dWSkAaz" title="Warrants exercised shares"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" contextRef="AsOf2022-08-18_custom_L1CapitalGlobalOpportunitiesMasterFundLtdMember" id="Fact001875" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">185,000</ix:nonFraction></span> warrants to purchase a like number of ordinary shares at a price of $<span id="xdx_903_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20220818__dei--LegalEntityAxis__custom--L1CapitalGlobalOpportunitiesMasterFundLtdMember_zIc18muBKAq6" title="Share price"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2022-08-18_custom_L1CapitalGlobalOpportunitiesMasterFundLtdMember" id="Fact001877" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6.00</ix:nonFraction> </span>per share for proceeds
to the Company of $<span id="xdx_908_eus-gaap--ProceedsFromWarrantExercises_c20220817__20220818__dei--LegalEntityAxis__custom--L1CapitalGlobalOpportunitiesMasterFundLtdMember_z0YBcie5Cxa8" title="Proceeds from warrant exercises"><ix:nonFraction name="us-gaap:ProceedsFromWarrantExercises" contextRef="From2022-08-172022-08-18_custom_L1CapitalGlobalOpportunitiesMasterFundLtdMember" id="Fact001879" format="ixt:numdotdecimal" decimals="0" unitRef="USD">1,110,000</ix:nonFraction></span>. On August 29, 2022, L1 Capital exercised an additional <span id="xdx_900_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20220829__dei--LegalEntityAxis__custom--L1CapitalGlobalOpportunitiesMasterFundLtdMember_zxzYFVR80Wmc" title="Purchase of warrant, shares"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" contextRef="AsOf2022-08-29_custom_L1CapitalGlobalOpportunitiesMasterFundLtdMember" id="Fact001881" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">90,000</ix:nonFraction></span> warrants to purchase a like number of ordinary
shares at a price of $<span id="xdx_90A_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20220829__dei--LegalEntityAxis__custom--L1CapitalGlobalOpportunitiesMasterFundLtdMember_zWCqjZyuOd6d" title="Class of warrant or right, exercise price of warrants or rights"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1" contextRef="AsOf2022-08-29_custom_L1CapitalGlobalOpportunitiesMasterFundLtdMember" id="Fact001883" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">6.00</ix:nonFraction></span> per share for proceeds to the Company of $<span id="xdx_90C_eus-gaap--ProceedsFromWarrantExercises_c20220828__20220829__dei--LegalEntityAxis__custom--L1CapitalGlobalOpportunitiesMasterFundLtdMember_zXYFQp8jbjt9" title="Proceeds from warrant exercises"><ix:nonFraction name="us-gaap:ProceedsFromWarrantExercises" contextRef="From2022-08-282022-08-29_custom_L1CapitalGlobalOpportunitiesMasterFundLtdMember" id="Fact001885" format="ixt:numdotdecimal" decimals="0" unitRef="USD">540,000</ix:nonFraction></span>. In total, <span id="xdx_900_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20221231__dei--LegalEntityAxis__custom--L1CapitalGlobalOpportunitiesMasterFundLtdMember_zkOQ9KcFh3ji" title="Warrants exercised shares"><ix:nonFraction name="us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights" contextRef="AsOf2022-12-31_custom_L1CapitalGlobalOpportunitiesMasterFundLtdMember" id="Fact001887" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">325,000</ix:nonFraction></span> ordinary shares were issued upon warrant
exercise.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
July 22, 2022, the Company entered into an At The Market Offering Agreement (the &#8220;ATM Agreement&#8221;) with H.C. Wainwright &amp;
Co., LLC (the &#8220;Sales Agent&#8221;), acting as the Company&#8217;s sales agent, pursuant to which the Company may offer and sell,
from time to time, to or through the Sales Agent, ordinary shares (the &#8220;ATM Shares&#8221;) having an aggregate gross offering price
of up to $<span id="xdx_90C_ecustom--AggregateGrossOfferingPrice_c20220721__20220722__dei--LegalEntityAxis__custom--HCWainwrightAndCoLLCMember_zhnxT0P5Qq8g" title="Aggregate gross offering price"><ix:nonFraction name="INDO:AggregateGrossOfferingPrice" contextRef="From2022-07-212022-07-22_custom_HCWainwrightAndCoLLCMember" id="Fact001889" format="ixt:numdotdecimal" decimals="0" unitRef="USD">20,000,000</ix:nonFraction></span>. Under the ATM Agreement, the ATM Shares, if offered and sold by the Company, will be offered and sold pursuant
to a prospectus dated February 16, 2021 and a prospectus supplement, dated July 22, 2022, that form a part of the Company&#8217;s shelf
registration statement on Form F-3 (File No. 333-252520), which registration statement was declared effective by the Securities and Exchange
Commission (&#8220;SEC&#8221;) on February 16, 2021. On August 25, 2022, the Company sold <span id="xdx_900_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20220824__20220825__dei--LegalEntityAxis__custom--HCWainwrightAndCoLLCMember__us-gaap--StatementEquityComponentsAxis__custom--CommonStockOneMember_zzO2vANKAeT8" title="Sale of stock, shares"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2022-08-242022-08-25_custom_HCWainwrightAndCoLLCMember_custom_CommonStockOneMember" id="Fact001891" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">177,763</ix:nonFraction></span> ATM Shares at $<span id="xdx_903_eus-gaap--SaleOfStockPricePerShare_iI_c20220825__dei--LegalEntityAxis__custom--HCWainwrightAndCoLLCMember__us-gaap--StatementEquityComponentsAxis__custom--CommonStockOneMember_zZjuCkQAADqe" title="Sale of stock price"><ix:nonFraction name="us-gaap:SaleOfStockPricePerShare" contextRef="AsOf2022-08-25_custom_HCWainwrightAndCoLLCMember_custom_CommonStockOneMember" id="Fact001893" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.7407</ix:nonFraction></span> per share for
net proceeds (after Sales Agent commissions) of $1,801,193. On August 25, 2022, the Company sold an additional <span id="xdx_90D_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20220824__20220825__dei--LegalEntityAxis__custom--HCWainwrightAndCoLLCMember__us-gaap--StatementEquityComponentsAxis__custom--CommonStockTwoMember_zGb8fuC03Jlg" title="Sale of stock, shares"><ix:nonFraction name="us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction" contextRef="From2022-08-242022-08-25_custom_HCWainwrightAndCoLLCMember_custom_CommonStockTwoMember" id="Fact001895" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">280,612</ix:nonFraction></span> ATM Shares at
$<span id="xdx_909_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20220825__dei--LegalEntityAxis__custom--HCWainwrightAndCoLLCMember__us-gaap--StatementEquityComponentsAxis__custom--CommonStockTwoMember_zljcdLuQqI3l" title="Sale of stock price"><ix:nonFraction name="us-gaap:SaleOfStockPricePerShare" contextRef="AsOf2022-08-25_custom_HCWainwrightAndCoLLCMember_custom_CommonStockTwoMember" id="Fact001897" format="ixt:numdotdecimal" decimals="INF" unitRef="USDPShares">10.1090</ix:nonFraction></span> per share for net proceeds (after Sales Agent commissions) of $<span id="xdx_90D_eus-gaap--ProceedsFromIssuanceOfCommonStock_pp2d_c20220824__20220825__dei--LegalEntityAxis__custom--HCWainwrightAndCoLLCMember__us-gaap--StatementEquityComponentsAxis__custom--CommonStockTwoMember_zT1yi69CR7wd" title="Net proceeds from common stock"><ix:nonFraction name="us-gaap:ProceedsFromIssuanceOfCommonStock" contextRef="From2022-08-242022-08-25_custom_HCWainwrightAndCoLLCMember_custom_CommonStockTwoMember" id="Fact001899" format="ixt:numdotdecimal" decimals="2" unitRef="USD">2,750,449</ix:nonFraction></span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
of December 31, 2023 and 2022, the Company has a total of <span id="xdx_90E_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20231231_zSXIoKHVnih8" title="Ordinary shares, shares outstanding"><span id="xdx_900_eus-gaap--CommonStockSharesOutstanding_iI_pid_c20221231_zFnhWpFdHL9c" title="Ordinary shares, shares outstanding"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2023-12-31" id="Fact001901" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares"><ix:nonFraction name="us-gaap:CommonStockSharesOutstanding" contextRef="AsOf2022-12-31" id="Fact001903" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">10,142,694</ix:nonFraction></ix:nonFraction></span></span> ordinary shares outstanding.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; background-color: white"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001905" name="us-gaap:CommitmentsAndContingenciesDisclosureTextBlock"><p id="xdx_809_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zKMElzZIPtS6" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
14 &#8211; <span id="xdx_820_zjlKX3jmrkK3">COMMITMENTS AND CONTINGENCIES</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Litigation</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">From
time to time, the Company may be subject to routine litigation, claims, or disputes in the ordinary course of business. The Company defends
itself vigorously in all such matters. In the opinion of management, no pending or known threatened claims, actions or proceedings against
the Company are expected to have a material adverse effect on its financial position, results of operations or cash flows. However, the
Company cannot predict with certainty the outcome or effect of any such litigation or investigatory matters or any other pending litigation
or claims. There can be no assurance as to the ultimate outcome of any such lawsuits and investigations. The Company has no significant
pending litigation as of December 31, 2023.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i><span style="text-decoration: underline">Commitments</span></i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
a requirement to acquire and maintain the operatorship of oil and gas blocks in Indonesia, the Company follows a work program and budget
that includes firm capital commitments.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Kruh Block covers a 258 square kilometer area with a TAC contract until May 20, 2020, continued with a KSO contract until May 20, 2030,
which was extended to 2035. The Company has material commitments in regard to Kruh Block and material commitments in regard to the exploration
activity in the Citarum Block and development and exploration activities in Kruh Block following the extension of the operatorship in
May 2020. The Company has also entered into a joint study program for the Rangkas Area to evaluate the oil and gas potential of the area.
The following table summarizes future commitments amounts on an undiscounted basis as of December 31, 2022 for all the planned expenditures
to be carried out in Kruh Block, Citarum Block and the Rangkas Area:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 152; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><i>Nature
of commitments:</i></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    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.</ix:footnote></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F05_zA3lx3jrnBi1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</span></td>
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    with respect to the Kruh Block KSO. </ix:footnote></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8AA_zsZYQHCqZ9u1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

</ix:nonNumeric><ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001959" name="us-gaap:SubsequentEventsTextBlock"><p id="xdx_809_eus-gaap--SubsequentEventsTextBlock_z1cVdUxixvDk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>NOTE
15 &#8211;<span id="xdx_82C_zbPyOMmUaLp"> SUBSEQUENT EVENTS</span></b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: -0.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Management
has evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements
were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure
in the financial statements except the following.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: -0.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
January 30, 2024, the Company issued <span id="xdx_901_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_c20240130__20240130__srt--TitleOfIndividualAxis__custom--FrankIngriselliMember__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zNacRb3TVgWh" title="Number of restricted stock, shares"><ix:nonFraction name="us-gaap:StockIssuedDuringPeriodSharesRestrictedStockAwardGross" contextRef="From2024-01-302024-01-30_custom_FrankIngriselliMember_custom_EmploymentAgreementMember_us-gaap_SubsequentEventMember" id="Fact001961" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">60,000</ix:nonFraction></span>
of the Company&#8217;s restricted ordinary shares to Frank C. Ingriselli, the Company&#8217;s President, pursuant to his employment
agreement with the Company, with <span id="xdx_90A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares_c20240701__20240701__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember__srt--TitleOfIndividualAxis__custom--FrankIngriselliMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zZQSDqGJAbll" title="Vested options exercised"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares" contextRef="From2024-07-012024-07-01_custom_EmploymentAgreementMember_custom_FrankIngriselliMember_us-gaap_SubsequentEventMember" id="Fact001963" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">30,000</ix:nonFraction></span>
shares vesting on July 1, 2024 and <span id="xdx_90F_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares_c20250101__20250101__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--EmploymentAgreementMember__srt--TitleOfIndividualAxis__custom--FrankIngriselliMember_zCNAdtH33lBe" title="Vested options exercised"><ix:nonFraction name="us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares" contextRef="From2025-01-012025-01-01_us-gaap_SubsequentEventMember_custom_EmploymentAgreementMember_custom_FrankIngriselliMember" id="Fact001965" format="ixt:numdotdecimal" decimals="INF" unitRef="Shares">30,000</ix:nonFraction></span>
shares vesting on January 1, 2025.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: -0.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: -0.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On
March 22, 2024, the Company filed a New F-3 Registration Statement, which includes a Prospectus Supplement and a base prospectus supplemented
by the Prospectus Supplement, covering (i) the offering, issuance and sale by us of up to a maximum aggregate offering price of $<span id="xdx_900_eus-gaap--SaleOfStockConsiderationReceivedPerTransaction_c20240322__20240322_z70IJpzdfDQi"><ix:nonFraction name="us-gaap:SaleOfStockConsiderationReceivedPerTransaction" contextRef="From2024-03-222024-03-22" id="Fact001966" format="ixt:numdotdecimal" decimals="0" unitRef="USD">50,000,000</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of our ordinary shares, preferred shares, warrants,
debt securities, rights, depositary shares, and/or units from time to time in one or more offerings, and (ii) up to a maximum aggregate
offering price of $<span id="xdx_901_eus-gaap--SaleOfStockConsiderationReceivedPerTransaction_c20240322__20240322__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zmeIjbxbD1Q9"><ix:nonFraction name="us-gaap:SaleOfStockConsiderationReceivedPerTransaction" contextRef="From2024-03-222024-03-22_us-gaap_SubsequentEventMember" id="Fact001967" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,267,622</ix:nonFraction>
</span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">of our ordinary shares that may be issued and
sold from time to time under the ATM Agreement, as amended by the ATM Amendment No.1 on March 22, 2024, with H.C. Wainwright &amp; Co.,
LLC as Sales Agent. We are not permitted to sell any ATM Shares prior to the effectiveness of the New F-3 Registration Statement. As
of the date of this report, the New F-3 Registration Statement has not been declared effective.</span></p>
<!-- Field: Split-Segment; Name: 001 -->
</ix:nonNumeric><p id="xdx_811_z5bDOkBdsBn5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify; text-indent: -0.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact001969" name="us-gaap:AdditionalFinancialInformationDisclosureTextBlock"><p id="xdx_800_eus-gaap--AdditionalFinancialInformationDisclosureTextBlock_zflGMCUrNl2i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span style="text-decoration: underline">SUPPLEMENTARY
INFORMATION FOR OIL AND GAS PRODUCING ACTIVITIES <i>(UNAUDITED)</i></span></b>&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following supplemental unaudited information regarding the Company&#8217;s oil and gas activities is presented pursuant to the disclosure
requirements of ASC 932. All oil and gas operations are located in Indonesia.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">All
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td></tr>
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</ix:nonNumeric><p id="xdx_8A1_zV42Axgpu4Uh" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Costs
Incurred in Oil and Gas Property Exploration, and Development</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr id="xdx_402_eus-gaap--CostsIncurredDevelopmentCosts_hsrt--ConsolidatedEntitiesAxis__custom--GreenWorldNusantaraMember__srt--StatementGeographicalAxis__custom--RangkasMember_z3FTsiESNyb6" style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2035">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2036">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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  <tr id="xdx_407_eus-gaap--CostsIncurredOilAndGasPropertyAcquisitionExplorationAndDevelopmentActivities_hsrt--ConsolidatedEntitiesAxis__custom--GreenWorldNusantaraMember__srt--StatementGeographicalAxis__custom--RangkasMember_zisho2vek079" style="vertical-align: bottom; background-color: White">
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  <tr id="xdx_40F_eus-gaap--CostsIncurredOilAndGasPropertyAcquisitionExplorationAndDevelopmentActivities_zuSuBogtskd8" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Total Costs Incurred in Oil and Gas Property Exploration, and Development</td><td style="padding-bottom: 2.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_8A1_zxpjtouvDs6i" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Results
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Results
of operations for producing activities consist of all activities within the operating reporting segment. Revenues are generated from
entitlement of oil and gas property &#8211;Kruh Block Proven and profit sharing of the sale of the crude oil under the KSO. Production
costs are costs to operate and maintain the Company&#8217;s wells, related equipment, and supporting facilities used in oil and gas operations,
including expenditures made and obligations incurred in the exploration, development, extraction, production, transportation, marketing,
abandonment and site restoration; and production-related general and administrative expense. The results of operations exclude general
office overhead and interest expense attributable to oil and gas activities.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

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</ix:nonNumeric><p id="xdx_8A6_zrR2YurU3nt1" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 154; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Proved
Reserves the Company Expects to Lift in Kruh Block</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s proved oil reserves have not been estimated or reviewed by independent petroleum engineers. The estimate of the proved
reserves for the Kruh Block was prepared by IEC representatives, a team consisting of engineering, geological and geophysical staff based
on the definitions and disclosure guidelines of the United States Securities and Exchange Commission contained in Title 17, Code of Federal
Regulations, Modernization of Oil and Gas Reporting, Final Rule released January 14, 2009 in the Federal Register (SEC regulations).</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
Company&#8217;s estimates of the proven reserves are made using available geological and reservoir data as well as production performance
data. These estimates are reviewed annually by internal reservoir engineers, and Pertamina, and revised as warranted by additional data.
Revisions are due to changes in, among other things, development plans, reservoir performance, the KSO effective period and governmental
restrictions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Kruh
Block&#8217;s general manager, Mr. Denny Radjawane, and the Company&#8217;s C<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">hief </span>
Technology O<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">fficer</span>, Mr. Charlie Wu, have reviewed
the reserves estimate to ensure compliance to SEC guidelines for (1) the appropriateness of the methodologies employed; (2) the
adequacy and quality of the data relied upon; (3) the depth and thoroughness of the reserves estimation process; (4) the
classification of reserves appropriate to the relevant definitions used; and (5) the reasonableness of the estimated reserve
quantities. The estimate of reserves was also reviewed by the Company&#8217;s C<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">hief </span>
Operating O<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">fficer </span> and C<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">hief </span>
E<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">xecutive </span> O<span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">fficer</span>.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002073" name="INDO:ScheduleOfIndividualQualificationsOfReservesEstimationTableTextBlock"><p id="xdx_89B_ecustom--ScheduleOfIndividualQualificationsOfReservesEstimationTableTextBlock_zi4mNghJuSAi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
table below shows the individual qualifications of the Company&#8217;s internal team that prepares the reserves estimation:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; display: none; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span id="xdx_8B8_zHnlRWNfUdt9">SCHEDULE OF INDIVIDUAL QUALIFICATIONS OF RESERVES ESTIMATION</span></span></span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
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    <td style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td>
    <td style="text-align: center">&#160;</td><td style="text-align: center; font-weight: bold">&#160;</td>
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    <td colspan="9" style="text-align: center">&#160;</td><td style="text-align: center">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: right"><span id="xdx_903_ecustom--FieldOfProfessionalExperienceYearsDrillingProduction_dtY_c20230101__20231231__srt--TitleOfIndividualAxis__custom--EmpolyeeFourMember_zVP1GuQJRrQh"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_EmpolyeeFourMember" format="ixt-sec:duryear" id="Fact002102" name="INDO:FieldOfProfessionalExperienceYearsDrillingProduction">6</ix:nonNumeric></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_902_ecustom--FieldOfProfessionalExperienceYearsPetroleumEngineering_dtY_c20230101__20231231__srt--TitleOfIndividualAxis__custom--EmpolyeeFourMember_zqhql9XrRQg1"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_EmpolyeeFourMember" format="ixt-sec:duryear" id="Fact002103" name="INDO:FieldOfProfessionalExperienceYearsPetroleumEngineering">14</ix:nonNumeric></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_900_ecustom--FieldOfProfessionalExperienceYearsProductionGeology_c20230101__20231231__srt--TitleOfIndividualAxis__custom--EmpolyeeFourMember_zEwHQ8uNTaS4"><span style="-sec-ix-hidden: xdx2ixbrl2104">-</span></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: right"><span id="xdx_903_ecustom--FieldOfProfessionalExperienceYearsReserveEstimation_dtY_c20230101__20231231__srt--TitleOfIndividualAxis__custom--EmpolyeeFourMember_zzpuKI4Vyb3e"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_EmpolyeeFourMember" format="ixt-sec:duryear" id="Fact002105" name="INDO:FieldOfProfessionalExperienceYearsReserveEstimation">9</ix:nonNumeric></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span id="xdx_90C_ecustom--ReserveEstimationTeam_c20230101__20231231__srt--TitleOfIndividualAxis__custom--EmpolyeeFiveMember_fKg_____zJF5L51jdTDa"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_EmpolyeeFiveMember" id="Fact002106" name="INDO:ReserveEstimationTeam">Yudhi Setiawan</ix:nonNumeric></span></td><td>&#160;</td>
    <td style="text-align: center"><span id="xdx_909_ecustom--UniversityDegreeMajor_c20230101__20231231__srt--TitleOfIndividualAxis__custom--EmpolyeeFiveMember_zQyX4O4pVej"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_EmpolyeeFiveMember" id="Fact002107" name="INDO:UniversityDegreeMajor">Geology</ix:nonNumeric></span></td><td>&#160;</td>
    <td style="text-align: center"><span id="xdx_90C_ecustom--DegreeLevel_c20230101__20231231__srt--TitleOfIndividualAxis__custom--EmpolyeeFiveMember_zTBCghBeKrs1"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_EmpolyeeFiveMember" id="Fact002108" name="INDO:DegreeLevel">B.S</ix:nonNumeric></span>.</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_901_ecustom--TotalProfessionalExperienceYear_dtY_c20230101__20231231__srt--TitleOfIndividualAxis__custom--EmpolyeeFiveMember_z9LFHGfgMTR2"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_EmpolyeeFiveMember" format="ixt-sec:duryear" id="Fact002109" name="INDO:TotalProfessionalExperienceYear">21</ix:nonNumeric></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: right"><span id="xdx_90F_ecustom--FieldOfProfessionalExperienceYearsDrillingProduction_dtY_c20230101__20231231__srt--TitleOfIndividualAxis__custom--EmpolyeeFiveMember_z046KBHIhSYf"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_EmpolyeeFiveMember" format="ixt-sec:duryear" id="Fact002110" name="INDO:FieldOfProfessionalExperienceYearsDrillingProduction">15</ix:nonNumeric></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_90A_ecustom--FieldOfProfessionalExperienceYearsPetroleumEngineering_dtY_c20230101__20231231__srt--TitleOfIndividualAxis__custom--EmpolyeeFiveMember_zNCJD4YtC2P9"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_EmpolyeeFiveMember" format="ixt-sec:duryear" id="Fact002111" name="INDO:FieldOfProfessionalExperienceYearsPetroleumEngineering">2</ix:nonNumeric></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_90A_ecustom--FieldOfProfessionalExperienceYearsProductionGeology_dtY_c20230101__20231231__srt--TitleOfIndividualAxis__custom--EmpolyeeFiveMember_zvz8CC63RpO1"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_EmpolyeeFiveMember" format="ixt-sec:duryear" id="Fact002112" name="INDO:FieldOfProfessionalExperienceYearsProductionGeology">4</ix:nonNumeric></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: right"><span id="xdx_90D_ecustom--FieldOfProfessionalExperienceYearsReserveEstimation_dtY_c20230101__20231231__srt--TitleOfIndividualAxis__custom--EmpolyeeFiveMember_zH0pgudKI9ya"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_EmpolyeeFiveMember" format="ixt-sec:duryear" id="Fact002113" name="INDO:FieldOfProfessionalExperienceYearsReserveEstimation">2</ix:nonNumeric></span></td></tr>
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    <td style="text-align: left"><span id="xdx_908_ecustom--ReserveEstimationTeam_c20230101__20231231__srt--TitleOfIndividualAxis__custom--EmpolyeeSixMember_zrcbdLoat8s1" title="Reserve estimation team"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_EmpolyeeSixMember" id="Fact002115" name="INDO:ReserveEstimationTeam">Oni Syahrial</ix:nonNumeric></span></td><td>&#160;</td>
    <td style="text-align: center"><span id="xdx_902_ecustom--UniversityDegreeMajor_c20230101__20231231__srt--TitleOfIndividualAxis__custom--EmpolyeeSixMember_zpQ7hhESeTrk" title="University degree major"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_EmpolyeeSixMember" id="Fact002117" name="INDO:UniversityDegreeMajor">Geology</ix:nonNumeric></span></td><td>&#160;</td>
    <td style="text-align: center"><span id="xdx_90B_ecustom--DegreeLevel_c20230101__20231231__srt--TitleOfIndividualAxis__custom--EmpolyeeSixMember_zbNlcKVZUMO8" title="Degree Level"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_EmpolyeeSixMember" id="Fact002119" name="INDO:DegreeLevel">B.S</ix:nonNumeric></span>.</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_90D_ecustom--TotalProfessionalExperienceYear_dtY_c20230101__20231231__srt--TitleOfIndividualAxis__custom--EmpolyeeSixMember_zYSdGnKaGEff" title="Total professional experience (year)"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_EmpolyeeSixMember" format="ixt-sec:duryear" id="Fact002121" name="INDO:TotalProfessionalExperienceYear">17</ix:nonNumeric></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: right"><span id="xdx_907_ecustom--FieldOfProfessionalExperienceYearsDrillingProduction_dtY0_c20230101__20231231__srt--TitleOfIndividualAxis__custom--EmpolyeeSixMember_z98WfcI1kEn7" title="Field of professional experience (years), Drilling &amp; Production"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_EmpolyeeSixMember" format="ixt-sec:duryear" id="Fact002123" name="INDO:FieldOfProfessionalExperienceYearsDrillingProduction">2</ix:nonNumeric></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_906_ecustom--FieldOfProfessionalExperienceYearsPetroleumEngineering_dtY0_c20230101__20231231__srt--TitleOfIndividualAxis__custom--EmpolyeeSixMember_zNTwtGU3pVWl" title="Field of professional experience (years), Petroleum Engineering"><span style="-sec-ix-hidden: xdx2ixbrl2125">-</span></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_90D_ecustom--FieldOfProfessionalExperienceYearsProductionGeology_dtY_c20230101__20231231__srt--TitleOfIndividualAxis__custom--EmpolyeeSixMember_zuuG0IHXaiG5"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_EmpolyeeSixMember" format="ixt-sec:duryear" id="Fact002126" name="INDO:FieldOfProfessionalExperienceYearsProductionGeology">15</ix:nonNumeric></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: right"><span id="xdx_909_ecustom--FieldOfProfessionalExperienceYearsReserveEstimation_dtY_c20230101__20231231__srt--TitleOfIndividualAxis__custom--EmpolyeeSixMember_zLJkzSs4su51" title="Field of professional experience (years), Reserve Estimation"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_EmpolyeeSixMember" format="ixt-sec:duryear" id="Fact002128" name="INDO:FieldOfProfessionalExperienceYearsReserveEstimation">9</ix:nonNumeric></span></td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left"><span id="xdx_909_ecustom--ReserveEstimationTeam_c20230101__20231231__srt--TitleOfIndividualAxis__custom--EmpolyeeSevenMember_zpclOApceKXd" title="Reserve estimation team"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_EmpolyeeSevenMember" id="Fact002130" name="INDO:ReserveEstimationTeam">Juan Chandra</ix:nonNumeric></span></td><td>&#160;</td>
    <td style="text-align: center"><span id="xdx_907_ecustom--UniversityDegreeMajor_c20230101__20231231__srt--TitleOfIndividualAxis__custom--EmpolyeeSevenMember_zu8c1cA5rbB8" title="University degree major"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_EmpolyeeSevenMember" id="Fact002132" name="INDO:UniversityDegreeMajor">Geology</ix:nonNumeric></span></td><td>&#160;</td>
    <td style="text-align: center"><span id="xdx_90A_ecustom--DegreeLevel_c20230101__20231231__srt--TitleOfIndividualAxis__custom--EmpolyeeSevenMember_zVp9PZE1rrvl" title="Degree Level"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_EmpolyeeSevenMember" id="Fact002134" name="INDO:DegreeLevel">B.S</ix:nonNumeric></span>.</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_909_ecustom--TotalProfessionalExperienceYear_dtY_c20230101__20231231__srt--TitleOfIndividualAxis__custom--EmpolyeeSevenMember_zrjfkioQtbtb" title="Total professional experience (year)"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_EmpolyeeSevenMember" format="ixt-sec:duryear" id="Fact002136" name="INDO:TotalProfessionalExperienceYear">18</ix:nonNumeric></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: right"><span id="xdx_907_ecustom--FieldOfProfessionalExperienceYearsDrillingProduction_dtY0_c20230101__20231231__srt--TitleOfIndividualAxis__custom--EmpolyeeSevenMember_z93HK74L8ilf" title="Field of professional experience (years), Drilling &amp; Production"><ix:nonNumeric contextRef="From2023-01-012023-12-31_custom_EmpolyeeSevenMember" format="ixt-sec:duryear" id="Fact002138" name="INDO:FieldOfProfessionalExperienceYearsDrillingProduction">2</ix:nonNumeric></span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span id="xdx_905_ecustom--FieldOfProfessionalExperienceYearsPetroleumEngineering_dtY0_c20230101__20231231__srt--TitleOfIndividualAxis__custom--EmpolyeeSevenMember_zD3SgarmSmk6" title="Field of professional experience (years), Petroleum Engineering"><span style="-sec-ix-hidden: xdx2ixbrl2140">-</span></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 24px; text-align: justify"><span id="xdx_F0A_zc2vV374T2F9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">*</span></td>
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    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).</ix:footnote></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A3_zbyd2qBG80Vi" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 155; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In
the &#8220;cost recovery&#8221; system of a KSO, under which Kruh Block operates or will operate, the production
share and net reserves entitlement to the Company reduces in periods of higher oil price and increases in periods of lower oil
price. This means that the estimated net proved reserves quantities are subject to oil price related volatility due to the method in
which the revenue is derived throughout the contract period. Therefore, the net proved reserves are estimated based on the revenue
generated by the Company according to the KSO economic model.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As
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the sales of the crude oil produced throughout the operatorship in Kruh Block. The estimates are based on the extension of the Kruh Block
operatorship to September 2035 for the 2023 model and to May 2030 for the 2022 model, and the cost recovery balance reset to nil in May
2020.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002150" name="INDO:ScheduleOfProvedUndevelopedReservesWellsTableTextBlock"><p id="xdx_89D_ecustom--ScheduleOfProvedUndevelopedReservesWellsTableTextBlock_ztSmrZ1Fwobj" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Following
the confirmation of the Kruh Block extension, the Company approved a development plan for a drilling program of 14 Proved Undeveloped
Reserves (or PUD) wells, according to the schedule below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B7_zeLLyygjUQC9" style="display: none">SCHEDULE OF PROVED UNDEVELOPED RESERVES WELLS</span></span></span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 90%">
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  <tr id="xdx_402_ecustom--CostsAlreadyPaid_iI_zTJWeF70Sjyb" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Costs already paid</td><td>&#160;</td>
    <td style="text-align: center">US$</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2164">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2165">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2166">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
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    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2168">-</span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_405_ecustom--ProvedUndevelopedReservesVolume_iI_uBbls_zvXcdfuXWZcj" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Total gross PUD added</td><td>&#160;</td>
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    <td style="text-align: left">Total net PUD added</td><td>&#160;</td>
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  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in"><span id="xdx_F0B_zl4M1qEohkO8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F12_zcIcb4jJu2Xh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002181" xml:lang="en-US">Future wells costs are
    the capital expenditures associated with the new wells costs and do not include other capital expenditures such as production facilities.</ix:footnote></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A4_zVPP4njknIx7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 156; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002183" name="srt:ScheduleOfProvedDevelopedAndUndevelopedOilAndGasReserveQuantitiesTextBlock"><p id="xdx_890_esrt--ScheduleOfProvedDevelopedAndUndevelopedOilAndGasReserveQuantitiesTextBlock_z2LyMDvh9jwl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
fiscal 2023 and 2022 proved developed and undeveloped reserves are summarized in the tables below:</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span><span><span id="xdx_8B9_ztjmbNZ9Yjr2" style="display: none">SCHEDULE
                                                                                        OF PROVED DEVELOPMENT AND UNDEVELOPED RESERVES</span></span></span></span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="8" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Crude Oil (Bbls) as of December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="font-weight: bold">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Note</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Note</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Total Proved Developed (PDP) and Undeveloped Reserves (PUD)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="width: 58%; padding-left: 10pt">Beginning of the period</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_98A_esrt--ProvedDevelopedAndUndevelopedReservesNet_iS_uBbls_c20230101__20231231_z0RUAE2iIUgk" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="width: 11%; text-align: right"><ix:nonFraction name="srt:ProvedDevelopedAndUndevelopedReservesNet" contextRef="AsOf2022-12-31" id="Fact002184" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">2,056,407</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 5%; text-align: center">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 1%; text-align: left">&#160;</td><td id="xdx_982_esrt--ProvedDevelopedAndUndevelopedReservesNet_iS_uBbls_c20220101__20221231_zhkAFkiV1h5e" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="width: 11%; text-align: right"><ix:nonFraction name="srt:ProvedDevelopedAndUndevelopedReservesNet" contextRef="AsOf2021-12-31" id="Fact002185" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">3,253,617</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 1%">&#160;</td>
    <td style="width: 5%; text-align: center">&#160;</td>
    <td style="width: 1%">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Revisions of previous estimates</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_983_ecustom--ProvedDevelopedAndUndevelopedReservesRevisionsOfPreviousEstimateIncreaseDecrease_uBbls_c20230101__20231231_fKGEp_zdD21RGX1C1j" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right"><ix:nonFraction name="INDO:ProvedDevelopedAndUndevelopedReservesRevisionsOfPreviousEstimateIncreaseDecrease" contextRef="From2023-01-01to2023-12-31" id="Fact002186" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">1,165,999</ix:nonFraction></td><td style="text-align: left"/><td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(a)</span></td><td>&#160;</td>
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    <td style="text-align: center">(1)</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Improved recovery</td><td>&#160;</td>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_981_esrt--ProvedDevelopedAndUndevelopedReservesImprovedRecovery_iN_di_uBbls_c20220101__20221231_fKDIp_zf1or4hXFn3b" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right">(<ix:nonFraction name="srt:ProvedDevelopedAndUndevelopedReservesImprovedRecovery" contextRef="From2022-01-012022-12-31" id="Fact002189" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">12,763</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: center">(2)</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Purchase of minerals in place</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_983_esrt--ProvedDevelopedAndUndevelopedReservesPurchasesOfMineralsInPlace_uBbls_c20230101__20231231_zbaIaykBuwEf" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2190">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98B_esrt--ProvedDevelopedAndUndevelopedReservesPurchasesOfMineralsInPlace_uBbls_c20220101__20221231_zeedCsIltBx3" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2191">-</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="text-align: left"/><td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Extensions and discoveries</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98A_esrt--ProvedDevelopedAndUndevelopedReservesExtensionsDiscoveriesAndAdditions_uBbls_c20230101__20231231_zUA0iIYjtmWa" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2192">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_984_esrt--ProvedDevelopedAndUndevelopedReservesExtensionsDiscoveriesAndAdditions_uBbls_c20220101__20221231_zpXzWHnBQzI7" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2193">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt">Production</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_984_esrt--ProvedDevelopedAndUndevelopedReservesProduction_iN_di_uBbls_c20230101__20231231_fKGMp_zLcShZHNlNu3" title="PDP and PUD Reserve, Production" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right">(<ix:nonFraction name="srt:ProvedDevelopedAndUndevelopedReservesProduction" contextRef="From2023-01-01to2023-12-31" id="Fact002195" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">58,616</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(c)</span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_esrt--ProvedDevelopedAndUndevelopedReservesProduction_iN_di_uBbls_c20220101__20221231_fKDMp_zVL9pRqwZxR" title="PDP and PUD Reserve, Production" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right">(<ix:nonFraction name="srt:ProvedDevelopedAndUndevelopedReservesProduction" contextRef="From2022-01-012022-12-31" id="Fact002197" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">62,467</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: center">(3)</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Sale of minerals in place</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_983_esrt--ProvedDevelopedAndUndevelopedReservesSalesOfMineralsInPlace_uBbls_c20230101__20231231_zIcQMUebFGDh" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2198">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98C_esrt--ProvedDevelopedAndUndevelopedReservesSalesOfMineralsInPlace_uBbls_c20220101__20221231_zBeZmPNldg15" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2199">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; padding-left: 10pt">End of the period</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98E_esrt--ProvedDevelopedAndUndevelopedReservesNet_iE_uBbls_c20230101__20231231_zCrAKBVSY8vh" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="srt:ProvedDevelopedAndUndevelopedReservesNet" contextRef="AsOf2023-12-31" id="Fact002200" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">3,144,659</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_984_esrt--ProvedDevelopedAndUndevelopedReservesNet_iE_uBbls_c20220101__20221231_z7qV3BSaYX1e" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="srt:ProvedDevelopedAndUndevelopedReservesNet" contextRef="AsOf2022-12-31" id="Fact002201" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">2,056,407</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Net Proved Developed Reserves (PDP) and Undeveloped Reserves (PUD)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt">Beginning of the period</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_983_esrt--ProvedDevelopedAndUndevelopedReservesNet_iS_uBbls_c20230101__20231231__srt--StatementScenarioAxis__custom--NetProvedDevelopedReservesAndUndevelopedReservesMember_zKwH4a5ocQCg" title="Beginning of the period" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right"><ix:nonFraction name="srt:ProvedDevelopedAndUndevelopedReservesNet" contextRef="AsOf2022-12-31_custom_NetProvedDevelopedReservesAndUndevelopedReservesMember" id="Fact002203" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">1,183,615</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_988_esrt--ProvedDevelopedAndUndevelopedReservesNet_iS_uBbls_c20220101__20221231__srt--StatementScenarioAxis__custom--NetProvedDevelopedReservesAndUndevelopedReservesMember_zBNTt22CyDTj" title="Beginning of the period" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right"><ix:nonFraction name="srt:ProvedDevelopedAndUndevelopedReservesNet" contextRef="AsOf2021-12-31_custom_NetProvedDevelopedReservesAndUndevelopedReservesMember" id="Fact002205" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">1,517,841</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Revisions of previous estimates</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_ecustom--ProvedDevelopedAndUndevelopedReservesRevisionsOfPreviousEstimateIncreaseDecrease_uBbls_c20230101__20231231__srt--StatementScenarioAxis__custom--NetProvedDevelopedReservesAndUndevelopedReservesMember_fKGQp_z13Bh0xGFRu7" title="Revisions of previous estimates" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right"><ix:nonFraction name="INDO:ProvedDevelopedAndUndevelopedReservesRevisionsOfPreviousEstimateIncreaseDecrease" contextRef="From2023-01-012023-12-31_custom_NetProvedDevelopedReservesAndUndevelopedReservesMember" id="Fact002207" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">1,206,228</ix:nonFraction></td><td style="text-align: left"/><td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(d)</span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_ecustom--ProvedDevelopedAndUndevelopedReservesRevisionsOfPreviousEstimateIncreaseDecrease_uBbls_c20220101__20221231__srt--StatementScenarioAxis__custom--NetProvedDevelopedReservesAndUndevelopedReservesMember_fKDQp_ziZ0cxdjeRF" title="Revisions of previous estimates" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right">(<ix:nonFraction name="INDO:ProvedDevelopedAndUndevelopedReservesRevisionsOfPreviousEstimateIncreaseDecrease" contextRef="From2022-01-012022-12-31_custom_NetProvedDevelopedReservesAndUndevelopedReservesMember" id="Fact002209" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="Bbls">290,926</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: center">(4)</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Improved recovery</td><td>&#160;</td>
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    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_983_esrt--ProvedDevelopedAndUndevelopedReservesImprovedRecovery_iN_di_uBbls_c20220101__20221231__srt--StatementScenarioAxis__custom--NetProvedDevelopedReservesAndUndevelopedReservesMember_fKDUp_zrrqf8rzIOy2" title="Improved recovery" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right">(<ix:nonFraction name="srt:ProvedDevelopedAndUndevelopedReservesImprovedRecovery" contextRef="From2022-01-012022-12-31_custom_NetProvedDevelopedReservesAndUndevelopedReservesMember" id="Fact002213" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">7,346</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: center">(5)</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Purchase of minerals in place</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_983_esrt--ProvedDevelopedAndUndevelopedReservesPurchasesOfMineralsInPlace_uBbls_c20230101__20231231__srt--StatementScenarioAxis__custom--NetProvedDevelopedReservesAndUndevelopedReservesMember_z7BNd0pM1LM6" title="Purchase of minerals in place" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2215">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_985_esrt--ProvedDevelopedAndUndevelopedReservesPurchasesOfMineralsInPlace_uBbls_c20220101__20221231__srt--StatementScenarioAxis__custom--NetProvedDevelopedReservesAndUndevelopedReservesMember_zM023t7vYIya" title="Purchase of minerals in place" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2217">-</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Extensions and discoveries</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_esrt--ProvedDevelopedAndUndevelopedReservesExtensionsDiscoveriesAndAdditions_uBbls_c20230101__20231231__srt--StatementScenarioAxis__custom--NetProvedDevelopedReservesAndUndevelopedReservesMember_zGkUP61btK18" title="Extensions and discoveries" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2219">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_esrt--ProvedDevelopedAndUndevelopedReservesExtensionsDiscoveriesAndAdditions_uBbls_c20220101__20221231__srt--StatementScenarioAxis__custom--NetProvedDevelopedReservesAndUndevelopedReservesMember_zXzTB9vdMeHi" title="Extensions and discoveries" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2221">-</span></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt">Production</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_esrt--ProvedDevelopedAndUndevelopedReservesProduction_iN_di_uBbls_c20230101__20231231__srt--StatementScenarioAxis__custom--NetProvedDevelopedReservesAndUndevelopedReservesMember_fKGYp_zstQSusUA5Ti" title="Production" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right">(<ix:nonFraction name="srt:ProvedDevelopedAndUndevelopedReservesProduction" contextRef="From2023-01-012023-12-31_custom_NetProvedDevelopedReservesAndUndevelopedReservesMember" id="Fact002223" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">43,472</ix:nonFraction><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_esrt--ProvedDevelopedAndUndevelopedReservesProduction_iN_di_uBbls_c20220101__20221231__srt--StatementScenarioAxis__custom--NetProvedDevelopedReservesAndUndevelopedReservesMember_fKDYp_zp6RglOgvila" title="Production" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right">(<ix:nonFraction name="srt:ProvedDevelopedAndUndevelopedReservesProduction" contextRef="From2022-01-012022-12-31_custom_NetProvedDevelopedReservesAndUndevelopedReservesMember" id="Fact002225" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">35,954</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: center">(6)</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Sale of minerals in place</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_982_esrt--ProvedDevelopedAndUndevelopedReservesSalesOfMineralsInPlace_uBbls_c20230101__20231231__srt--StatementScenarioAxis__custom--NetProvedDevelopedReservesAndUndevelopedReservesMember_zCnByUnrP5Ce" title="Sale of minerals in place" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2227">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_980_esrt--ProvedDevelopedAndUndevelopedReservesSalesOfMineralsInPlace_uBbls_c20220101__20221231__srt--StatementScenarioAxis__custom--NetProvedDevelopedReservesAndUndevelopedReservesMember_zVFnYGchLGyb" title="Sale of minerals in place" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2229">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-bottom: 1.5pt; padding-left: 10pt">End of the period</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_989_esrt--ProvedDevelopedAndUndevelopedReservesNet_iE_uBbls_c20230101__20231231__srt--StatementScenarioAxis__custom--NetProvedDevelopedReservesAndUndevelopedReservesMember_zrG4wMSQyBU" title="End of the period" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="srt:ProvedDevelopedAndUndevelopedReservesNet" contextRef="AsOf2023-12-31_custom_NetProvedDevelopedReservesAndUndevelopedReservesMember" id="Fact002231" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">2,332,183</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_985_esrt--ProvedDevelopedAndUndevelopedReservesNet_iE_uBbls_c20220101__20221231__srt--StatementScenarioAxis__custom--NetProvedDevelopedReservesAndUndevelopedReservesMember_z2HLKlKe7ks1" title="End of the period" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="srt:ProvedDevelopedAndUndevelopedReservesNet" contextRef="AsOf2022-12-31_custom_NetProvedDevelopedReservesAndUndevelopedReservesMember" id="Fact002233" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">1,183,615</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Total Proved developed reserves (PDP)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt">Beginning of the period</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_983_esrt--ProvedDevelopedReservesVolume_iS_uBbls_c20230101__20231231_zOqPC5bFBAk6" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right"><ix:nonFraction name="srt:ProvedDevelopedReservesVolume" contextRef="AsOf2022-12-31" id="Fact002234" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">371,076</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98C_esrt--ProvedDevelopedReservesVolume_iS_uBbls_c20220101__20221231_zPT8K9k6WsVl" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right"><ix:nonFraction name="srt:ProvedDevelopedReservesVolume" contextRef="AsOf2021-12-31" id="Fact002235" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">311,211</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Revisions of previous estimates</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98B_ecustom--ProvedDevelopedReservesRevisionsOfPreviousEstimateIncreaseDecrease_uBbls_c20230101__20231231_fKGcp_zGNhA9UPAb49" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right"><ix:nonFraction name="INDO:ProvedDevelopedReservesRevisionsOfPreviousEstimateIncreaseDecrease" contextRef="From2023-01-01to2023-12-31" id="Fact002236" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">41,862</ix:nonFraction><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="text-align: left"/><td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_ecustom--ProvedDevelopedReservesRevisionsOfPreviousEstimateIncreaseDecrease_uBbls_c20220101__20221231_fKDcp_zIbNubcCUTg1" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right"><ix:nonFraction name="INDO:ProvedDevelopedReservesRevisionsOfPreviousEstimateIncreaseDecrease" contextRef="From2022-01-012022-12-31" id="Fact002237" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">5,476</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">(7)</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Improved recovery</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_989_ecustom--ProvedDevelopedReservesImprovedRecovery_iN_di_uBbls_c20230101__20231231_fKGIp_zwnty0efGJR9" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right">(<ix:nonFraction name="INDO:ProvedDevelopedReservesImprovedRecovery" contextRef="From2023-01-01to2023-12-31" id="Fact002238" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">19,131</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_982_ecustom--ProvedDevelopedReservesImprovedRecovery_iN_di_uBbls_c20220101__20221231_fKGIp_zcRz6uOyUVTa" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right">(<ix:nonFraction name="INDO:ProvedDevelopedReservesImprovedRecovery" contextRef="From2022-01-012022-12-31" id="Fact002239" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">12,763</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Purchase of minerals in place</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_987_ecustom--ProvedDevelopedReservesPurchasesOfMineralsInPlace_uBbls_c20230101__20231231_zl1mnkdrG963" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2240">-</span></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_985_ecustom--ProvedDevelopedReservesPurchasesOfMineralsInPlace_uBbls_c20220101__20221231_zrjcEP0s1tpb" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span><span style="-sec-ix-hidden: xdx2ixbrl2241">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Extensions and discoveries</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98A_ecustom--ProvedDevelopedReservesExtensionsDiscoveriesAndAdditions_uBbls_c20230101__20231231_fKGgp_zpd1Gx0itJR2" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2242">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_980_ecustom--ProvedDevelopedReservesExtensionsDiscoveriesAndAdditions_uBbls_c20220101__20221231_fKDgp_zfRpsdUbdcic" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right"><ix:nonFraction name="INDO:ProvedDevelopedReservesExtensionsDiscoveriesAndAdditions" contextRef="From2022-01-012022-12-31" id="Fact002243" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">125,425</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">(8)</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt">Production</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98B_ecustom--ProvedDevelopedReservesProduction_iN_di_uBbls_c20230101__20231231_fKGkp_zXDYBBCANwxc" title="PDP Reserves, Production" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right">(<ix:nonFraction name="INDO:ProvedDevelopedReservesProduction" contextRef="From2023-01-01to2023-12-31" id="Fact002245" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">58,616</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td><td>&#160;</td>
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    <td style="text-align: center">(9)</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Sale of minerals in place</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98B_ecustom--ProvedDevelopedReservesSalesOfMineralsInPlace_uBbls_c20220101__20221231_zrUOAf6qsMDc" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2249">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
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    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Total Proved undeveloped reserves (PUD)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="text-align: center">&#160;</td><td>&#160;</td>
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    <td style="text-align: center">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td id="xdx_987_ecustom--ProvedUndevelopedReservesRevisionsOfPreviousEstimateIncreaseDecrease_uBbls_c20230101__20231231_fKGop_znKJLtlTSCyj" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right"><ix:nonFraction name="INDO:ProvedUndevelopedReservesRevisionsOfPreviousEstimateIncreaseDecrease" contextRef="From2023-01-01to2023-12-31" id="Fact002254" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">1,124,137</ix:nonFraction></td><td style="text-align: left"/><td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</span></td><td>&#160;</td>
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    <td style="text-align: center">(10)</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Improved recovery</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_988_ecustom--ProvedUndevelopedReservesImprovedRecovery_uBbls_c20230101__20231231_z5jtorYfFhLk" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2256">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98E_ecustom--ProvedUndevelopedReservesImprovedRecovery_uBbls_c20220101__20221231_zXJa7zHyZiAd" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2257">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Purchase of minerals in place</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_982_ecustom--ProvedUndevelopedReservesPurchasesOfMineralsInPlace_uBbls_c20230101__20231231_zK54DXgcVwTd" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2258">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_ecustom--ProvedUndevelopedReservesPurchasesOfMineralsInPlace_uBbls_c20220101__20221231_zXmIhA02N6G8" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2259">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Extensions and discoveries</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_981_ecustom--ProvedUndevelopedReservesExtensionsDiscoveriesAndAdditions_uBbls_c20230101__20231231_fKGsp_zGHcpju8LyY5" title="Extensions and discoveries" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2261">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_982_ecustom--ProvedUndevelopedReservesExtensionsDiscoveriesAndAdditions_uBbls_c20220101__20221231_fKGsp_zi1xMtKaVtHi" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right">(<ix:nonFraction name="INDO:ProvedUndevelopedReservesExtensionsDiscoveriesAndAdditions" contextRef="From2022-01-012022-12-31" id="Fact002262" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="Bbls">125,425</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="padding-left: 10pt">Production</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_982_ecustom--ProvedUndevelopedReservesProduction_iN_di_uBbls_c20230101__20231231_fKGwp_z3lXjXMzsr4i" title="PUD Reserves, Production" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2264">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)</span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_ecustom--ProvedUndevelopedReservesProduction_iN_di_uBbls_c20220101__20221231_fKGwp_ztFYXLQnTc6h" title="PUD Reserves, Production" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right">(<ix:nonFraction name="INDO:ProvedUndevelopedReservesProduction" contextRef="From2022-01-012022-12-31" id="Fact002266" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">4,194</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Sale of minerals in place</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98B_ecustom--ProvedUndevelopedReservesSalesOfMineralsInPlace_uBbls_c20230101__20231231_zdPJSXqunUL8" title="Proved undeveloped reserves, Sale of minerals in place" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="display: none; font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2268">-</span></span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98C_ecustom--ProvedUndevelopedReservesSalesOfMineralsInPlace_uBbls_c20220101__20221231_zfMLe8VmRPO1" title="Proved undeveloped reserves, Sale of minerals in place" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2270">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98A_esrt--ProvedUndevelopedReserveVolume_iE_uBbls_c20220101__20221231_z88DqDeDZpn8" title="PUD Reserve, End" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="srt:ProvedUndevelopedReserveVolume" contextRef="AsOf2022-12-31" id="Fact002274" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">1,685,331</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Net Proved developed reserves (PDP)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td id="xdx_98A_esrt--ProvedDevelopedReservesVolume_iS_uBbls_c20230101__20231231__srt--StatementScenarioAxis__custom--NetProvedDevelopedReservesMember_zsG88yltyOS1" title="Proved developed reserves, Beginning of the period" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right"><ix:nonFraction name="srt:ProvedDevelopedReservesVolume" contextRef="AsOf2022-12-31_custom_NetProvedDevelopedReservesMember" id="Fact002276" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">213,582</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98B_esrt--ProvedDevelopedReservesVolume_iS_uBbls_c20220101__20221231__srt--StatementScenarioAxis__custom--NetProvedDevelopedReservesMember_ztYpN2H1R1h8" title="Proved developed reserves, Beginning of the period" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right"><ix:nonFraction name="srt:ProvedDevelopedReservesVolume" contextRef="AsOf2021-12-31_custom_NetProvedDevelopedReservesMember" id="Fact002278" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">145,182</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Revisions of previous estimates</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_ecustom--ProvedDevelopedReservesRevisionsOfPreviousEstimateIncreaseDecrease_uBbls_c20230101__20231231__srt--StatementScenarioAxis__custom--NetProvedDevelopedReservesMember_fKG0p_zY4UzyJ4hMS5" title="Proved developed reserves, Revisions of previous estimates" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right"><ix:nonFraction name="INDO:ProvedDevelopedReservesRevisionsOfPreviousEstimateIncreaseDecrease" contextRef="From2023-01-012023-12-31_custom_NetProvedDevelopedReservesMember" id="Fact002280" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">92,667</ix:nonFraction><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)</span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_ecustom--ProvedDevelopedReservesRevisionsOfPreviousEstimateIncreaseDecrease_uBbls_c20220101__20221231__srt--StatementScenarioAxis__custom--NetProvedDevelopedReservesMember_fKDExKQ_____zTAjgykmLRId" title="Proved developed reserves, Revisions of previous estimates" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right"><ix:nonFraction name="INDO:ProvedDevelopedReservesRevisionsOfPreviousEstimateIncreaseDecrease" contextRef="From2022-01-012022-12-31_custom_NetProvedDevelopedReservesMember" id="Fact002282" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">37,095</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">(11)</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Improved recovery</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_ecustom--ProvedDevelopedReservesImprovedRecovery_iN_di_uBbls_c20230101__20231231__srt--StatementScenarioAxis__custom--NetProvedDevelopedReservesMember_fKGUp_z3mmYJCR7pOc" title="Proved developed reserves, Improved recovery" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right">(<ix:nonFraction name="INDO:ProvedDevelopedReservesImprovedRecovery" contextRef="From2023-01-012023-12-31_custom_NetProvedDevelopedReservesMember" id="Fact002284" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">14,188</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_982_ecustom--ProvedDevelopedReservesImprovedRecovery_iN_di_uBbls_c20220101__20221231__srt--StatementScenarioAxis__custom--NetProvedDevelopedReservesMember_fKGUp_ztfU1FAGEnY6" title="Proved developed reserves, Improved recovery" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right">(<ix:nonFraction name="INDO:ProvedDevelopedReservesImprovedRecovery" contextRef="From2022-01-012022-12-31_custom_NetProvedDevelopedReservesMember" id="Fact002286" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">7,346</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Purchase of minerals in place</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98F_ecustom--ProvedDevelopedReservesPurchasesOfMineralsInPlace_uBbls_c20230101__20231231__srt--StatementScenarioAxis__custom--NetProvedDevelopedReservesMember_z3aVvhxVAgZ1" title="Proved developed reserves, Purchase of minerals in place" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2288">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_988_ecustom--ProvedDevelopedReservesPurchasesOfMineralsInPlace_uBbls_c20220101__20221231__srt--StatementScenarioAxis__custom--NetProvedDevelopedReservesMember_zPO04xzhG9L2" title="Proved developed reserves, Purchase of minerals in place" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2290">-</span></span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Extensions and discoveries</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98A_ecustom--ProvedDevelopedReservesExtensionsDiscoveriesAndAdditions_uBbls_c20230101__20231231__srt--StatementScenarioAxis__custom--NetProvedDevelopedReservesMember_fKG4p_zjvaNpTyDry6" title="Proved developed reserves, Extensions and discoveries" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2292">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)</span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98A_ecustom--ProvedDevelopedReservesExtensionsDiscoveriesAndAdditions_uBbls_c20220101__20221231__srt--StatementScenarioAxis__custom--NetProvedDevelopedReservesMember_zcfD11Zz7FQ2" title="Proved developed reserves, Extensions and discoveries" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right"><ix:nonFraction name="INDO:ProvedDevelopedReservesExtensionsDiscoveriesAndAdditions" contextRef="From2022-01-012022-12-31_custom_NetProvedDevelopedReservesMember" id="Fact002294" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">72,191</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt">Production</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98B_ecustom--ProvedDevelopedReservesProduction_iN_di_uBbls_c20230101__20231231__srt--StatementScenarioAxis__custom--NetProvedDevelopedReservesMember_fKG8p_zblmU6rNWTVc" title="Proved developed reserves, Production" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right">(<ix:nonFraction name="INDO:ProvedDevelopedReservesProduction" contextRef="From2023-01-012023-12-31_custom_NetProvedDevelopedReservesMember" id="Fact002296" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">43,472</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)</span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98E_ecustom--ProvedDevelopedReservesProduction_iN_di_uBbls_c20220101__20221231__srt--StatementScenarioAxis__custom--NetProvedDevelopedReservesMember_fKDEyKQ_____zWqBYFDeLM46" title="Proved developed reserves, Production" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right">(<ix:nonFraction name="INDO:ProvedDevelopedReservesProduction" contextRef="From2022-01-012022-12-31_custom_NetProvedDevelopedReservesMember" id="Fact002298" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">33,540</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: center">(12)</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt; padding-left: 10pt">Sale of minerals in place</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_983_ecustom--ProvedDevelopedReservesSalesOfMineralsInPlace_uBbls_c20230101__20231231__srt--StatementScenarioAxis__custom--NetProvedDevelopedReservesMember_fKG8p_zmyrK4rbCg3d" title="Proved developed reserves, Sale of minerals in place" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2300">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98A_ecustom--ProvedDevelopedReservesSalesOfMineralsInPlace_uBbls_c20220101__20221231__srt--StatementScenarioAxis__custom--NetProvedDevelopedReservesMember_fKG8p_z4USXlxJPEE2" title="Net Proved developed reserves, Sale of minerals in place" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2302">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-bottom: 1.5pt; padding-left: 10pt">End of the period</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98E_esrt--ProvedDevelopedReservesVolume_iE_uBbls_c20230101__20231231__srt--StatementScenarioAxis__custom--NetProvedDevelopedReservesMember_zZh7ucDklF9e" title="Proved developed reserves, End of the period" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="srt:ProvedDevelopedReservesVolume" contextRef="AsOf2023-12-31_custom_NetProvedDevelopedReservesMember" id="Fact002304" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">248,589</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_98A_esrt--ProvedDevelopedReservesVolume_iE_uBbls_c20220101__20221231__srt--StatementScenarioAxis__custom--NetProvedDevelopedReservesMember_z480iyKZAIa6" title="Proved developed reserves, End of the period" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="srt:ProvedDevelopedReservesVolume" contextRef="AsOf2022-12-31_custom_NetProvedDevelopedReservesMember" id="Fact002306" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">213,582</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Net Proved undeveloped reserves (PUD)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">&#160;</td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="padding-left: 10pt">Beginning of the period</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_980_esrt--ProvedUndevelopedReserveVolume_iS_uBbls_c20230101__20231231__srt--StatementScenarioAxis__custom--NetProvedUndevelopedReservesMember_zF1X0riz5HGk" title="Proved undeveloped reserves, Beginning of the period" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right"><ix:nonFraction name="srt:ProvedUndevelopedReserveVolume" contextRef="AsOf2022-12-31_custom_NetProvedUndevelopedReservesMember" id="Fact002308" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">970,033</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_esrt--ProvedUndevelopedReserveVolume_iS_uBbls_c20220101__20221231__srt--StatementScenarioAxis__custom--NetProvedUndevelopedReservesMember_zozr23sejeJ4" title="Proved undeveloped reserves, Beginning of the period" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right"><ix:nonFraction name="srt:ProvedUndevelopedReserveVolume" contextRef="AsOf2021-12-31_custom_NetProvedUndevelopedReservesMember" id="Fact002310" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">1,372,659</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Revisions of previous estimates</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98D_ecustom--ProvedUndevelopedReservesRevisionsOfPreviousEstimateIncreaseDecrease_uBbls_c20230101__20231231__srt--StatementScenarioAxis__custom--NetProvedUndevelopedReservesMember_fKHAp_zstRhcWeNX88" title="Proved undeveloped reserves, Revisions of previous estimates" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right"><ix:nonFraction name="INDO:ProvedUndevelopedReservesRevisionsOfPreviousEstimateIncreaseDecrease" contextRef="From2023-01-012023-12-31_custom_NetProvedUndevelopedReservesMember" id="Fact002312" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">1,113,561</ix:nonFraction></td><td style="text-align: left"/><td>&#160;</td>
    <td style="text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p)</span></td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_985_ecustom--ProvedUndevelopedReservesRevisionsOfPreviousEstimateIncreaseDecrease_uBbls_c20220101__20221231__srt--StatementScenarioAxis__custom--NetProvedUndevelopedReservesMember_fKDEzKQ_____zD4Alg4z1q72" title="Proved undeveloped reserves, Revisions of previous estimates" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right">(<ix:nonFraction name="INDO:ProvedUndevelopedReservesRevisionsOfPreviousEstimateIncreaseDecrease" contextRef="From2022-01-012022-12-31_custom_NetProvedUndevelopedReservesMember" id="Fact002314" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="Bbls">328,021</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: center">(13)</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-left: 10pt">Improved recovery</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_98A_ecustom--ProvedUndevelopedReservesImprovedRecovery_uBbls_c20230101__20231231__srt--StatementScenarioAxis__custom--NetProvedUndevelopedReservesMember_zh9tuYGl0TZ8" title="Proved undeveloped reserves, Improved recovery" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2316">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_986_ecustom--ProvedUndevelopedReservesImprovedRecovery_uBbls_c20220101__20221231__srt--StatementScenarioAxis__custom--NetProvedUndevelopedReservesMember_z33ypkzxsH4" title="Proved undeveloped reserves, Improved recovery" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2318">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td>
    <td>&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-left: 10pt">Purchase of minerals in place</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td id="xdx_981_ecustom--ProvedUndevelopedReservesPurchasesOfMineralsInPlace_uBbls_c20230101__20231231__srt--StatementScenarioAxis__custom--NetProvedUndevelopedReservesMember_zmIPtcNcQRVb" title="Proved undeveloped reserves, Purchase of minerals in place" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2320">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: center">&#160;</td><td>&#160;</td>
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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  <tr style="vertical-align: bottom; background-color: White">
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  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
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    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_980_ecustom--ProvedUndevelopedReservesSalesOfMineralsInPlace_uBbls_c20220101__20221231__srt--StatementScenarioAxis__custom--NetProvedUndevelopedReservesMember_zlNCKaIn1ZLi" title="Proved undeveloped reserves, Sale of minerals in place" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="border-bottom: Black 1.5pt solid; text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2334">-</span></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td>
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  <tr style="vertical-align: bottom; background-color: White">
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    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td id="xdx_984_esrt--ProvedUndevelopedReserveVolume_iE_uBbls_c20220101__20221231__srt--StatementScenarioAxis__custom--NetProvedUndevelopedReservesMember_zAlLyRYUbEx3" title="Proved undeveloped reserves, End of the period" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QTUVOVCBBTkQgVU5ERVZFTE9QRUQgUkVTRVJWRVMgKERldGFpbHMpAA__" style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="srt:ProvedUndevelopedReserveVolume" contextRef="AsOf2022-12-31_custom_NetProvedUndevelopedReservesMember" id="Fact002338" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">970,033</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="padding-bottom: 1.5pt; text-align: center">&#160;</td>
    <td>&#160;</td></tr>
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 157; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F0E_zRWS6UC1vZX2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(b)</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
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    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
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in the amount of <span id="xdx_908_ecustom--ProvedDevelopedReservesRevisionsOfPreviousEstimatesIncreaseDecrease_uBbls_c20230101__20231231__srt--StatementScenarioAxis__custom--NetProvedDevelopedReservesMember_zUu1KufPUybg" title="PDP reserves revision of previous estimates" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="INDO:ProvedDevelopedReservesRevisionsOfPreviousEstimatesIncreaseDecrease" contextRef="From2023-01-012023-12-31_custom_NetProvedDevelopedReservesMember" id="Fact002364" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">92,667</ix:nonFraction></span> bbls (note m), and 2) net PUD reserves revision of previous estimates in the amount of <span id="xdx_90B_ecustom--ProvedUndevelopedReservesRevisionsOfPreviousEstimatesIncreaseDecrease_iN_di_uBbls_c20230101__20231231__srt--StatementScenarioAxis__custom--NetProvedUndevelopedReservesMember_zrQI1tfknbjd" title="PUD reserves revision of previous estimates" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="INDO:ProvedUndevelopedReservesRevisionsOfPreviousEstimatesIncreaseDecrease" contextRef="From2023-01-012023-12-31_custom_NetProvedUndevelopedReservesMember" id="Fact002366" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="Bbls">1,113,561</ix:nonFraction></span> bbls (note p).</ix:footnote></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F0A_zYHjI4NdaECj" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(e)</span></td>
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    program.</ix:footnote></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F06_zIHoNMUnJaVf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(f)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F14_zm8Zsi7sgP5d" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002374" xml:lang="en-US">The
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    bbls (note o) and net PUD production in the amount of zero bbls (note r).</ix:footnote></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F0B_zTMDTvqxUWN6" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(g)</span></td>
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to the total gross amount of PDP reserves variation as a result of production and well conditions; and the reserves gain from the additional
5 years production and greater profit split to 2035.</ix:footnote></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F01_zOEW3QGuHO0h" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(h)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F11_zTZvz1TbfSp1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002382" xml:lang="en-US">No new drilling in 2023 resulted in zero extensions and discoveries.</ix:footnote></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F0A_z93cI9fbXhMg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(i)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1A_z1fQrRbgAk7e" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002383" xml:lang="en-US">The PDP production in the amount of -<span id="xdx_902_ecustom--ProvedDevelopedReservesProduction_pid_uBbls_c20230101__20231231_zIx5fPgXZHyi" title="PDP production" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="INDO:ProvedDevelopedReservesProduction" contextRef="From2023-01-01to2023-12-31" id="Fact002385" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">58,616</ix:nonFraction></span> bbls refers
    to the gross amount of PDP reserves produced in 2023.</ix:footnote></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F0B_zyXjCPfHhM75" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(j)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F19_z2Fy0dmViCPg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002386" xml:lang="en-US">The revisions of previous estimates in the amount of <span id="xdx_90C_ecustom--ProvedUndevelopedReservesRevisionsOfPreviousEstimatesIncreaseDecrease_iN_pid_di_uBbls_c20230101__20231231_zr5CK73ilMJ1" title="PUD Reserve, Revisions of previous estimates" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="INDO:ProvedUndevelopedReservesRevisionsOfPreviousEstimatesIncreaseDecrease" contextRef="From2023-01-01to2023-12-31" id="Fact002388" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="Bbls">1,124,137</ix:nonFraction></span> bbls refers
to the total gross amount of PUD reserves variation from the <span id="xdx_90F_esrt--ProvedUndevelopedReserveVolume_iI_uBbls_c20221231__srt--RangeAxis__srt--MinimumMember_zFBrFl0MQNAj" title="Increase decrease in reserves" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="srt:ProvedUndevelopedReserveVolume" contextRef="AsOf2022-12-31_srt_MinimumMember" id="Fact002390" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">1,685,331</ix:nonFraction></span> bbls in 2022 to <span id="xdx_90F_esrt--ProvedUndevelopedReserveVolume_iI_uBbls_c20231231__srt--RangeAxis__srt--MaximumMember_zIkL1LTqKMa5" title="Increase decrease in reserves" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="srt:ProvedUndevelopedReserveVolume" contextRef="AsOf2023-12-31_srt_MaximumMember" id="Fact002392" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">1,191,048</ix:nonFraction></span> bbls in 2023 during the same period to
2030; and offset by the reserves gain of <span id="xdx_908_ecustom--ProvedUndevelopedReserveVolumeOffsetReserveGain_iI_uBbls_c20231231_ziT7nOJTlMPf" title="Offset reserves gain" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="INDO:ProvedUndevelopedReserveVolumeOffsetReserveGain" contextRef="AsOf2023-12-31" id="Fact002394" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">1,618,420</ix:nonFraction></span> bbls from 5 years additional production and greater split.</ix:footnote></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F0B_zcGzAAmkVcxf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(k)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1B_ztf9rwYlAeJ8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002395" xml:lang="en-US">No new drilling in 2023 resulted in zero extensions and discoveries.</ix:footnote></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F02_zltPAJzWvNXe" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(l)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F15_z6STnSJ8MMll" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002396" xml:lang="en-US">The PUD production in the amount of <span id="xdx_903_ecustom--ProvedUndevelopedReservesProduction_dxL_uBbls_c20230101__20231231_znNOTT8xajAl" title="PUD Production::XDX::-" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><span style="-sec-ix-hidden: xdx2ixbrl2398">zero</span></span> bbls refers
    to no PUD reserves converted to production in 2023.</ix:footnote></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F08_zg62zzvHZefa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(m)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F18_zCZTbdMiQ2ja" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002399" xml:lang="en-US">The
revision of previous estimates of net PDP reserves in the amount of <span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_904_ecustom--ProvedDevelopedReservesRevisionsOfPreviousEstimatesIncreaseDecrease_uBbls_c20230101__20231231__srt--StatementScenarioAxis__custom--NetProvedDevelopedReservesMember_zBWcR36Dcn5e" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="INDO:ProvedDevelopedReservesRevisionsOfPreviousEstimatesIncreaseDecrease" contextRef="From2023-01-012023-12-31_custom_NetProvedDevelopedReservesMember" id="Fact002400" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">92,667</ix:nonFraction>
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">bbls refers to the sum of
1) net share difference (</span><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90D_ecustom--PercentageOfIncreaseInProduction_pid_dp_uPure_c20230101__20231231_zduv9ZKUyxR2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="INDO:PercentageOfIncreaseInProduction" contextRef="From2023-01-01to2023-12-31" id="Fact002401" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">74.16</ix:nonFraction></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%)
in 2023 as compared to (</span><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_905_ecustom--PercentageOfIncreaseInProduction_pid_dp_uPure_c20220101__20221231_zDOIMEifgim2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="INDO:PercentageOfIncreaseInProduction" contextRef="From2022-01-012022-12-31" id="Fact002402" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">57.56</ix:nonFraction></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%)
in 2022 of the beginning total PDP reserves in the amount of </span><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_908_esrt--ProvedDevelopedReservesVolume_iI_uBbls_c20221231_zGn7SchBa4y9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="srt:ProvedDevelopedReservesVolume" contextRef="AsOf2022-12-31" id="Fact002403" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">371,076</ix:nonFraction>
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">bbls and 2) net share (</span><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_908_ecustom--PercentageOfIncreaseInProduction_pid_dp_uPure_c20230101__20231231_zxYorImLieD8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="INDO:PercentageOfIncreaseInProduction" contextRef="From2023-01-01to2023-12-31" id="Fact002404" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">74.16</ix:nonFraction></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">%)
of revision of previous estimates of total PDP reserves estimates in the amount of </span><span class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" id="xdx_90C_ecustom--ProvedDevelopedReservesRevisionsOfPreviousEstimateIncreaseDecrease_pid_uBbls_c20230101__20231231_zHZr0mf6GtKl" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:nonFraction name="INDO:ProvedDevelopedReservesRevisionsOfPreviousEstimateIncreaseDecrease" contextRef="From2023-01-01to2023-12-31" id="Fact002405" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">41,862</ix:nonFraction>
</span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">bbls (note g).</span></ix:footnote></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F07_zal9hWdI6kz7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(n)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F18_zKH83QQL6YVc" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002406" xml:lang="en-US">No new drilling in 2023 resulted in zero extensions and discoveries.</ix:footnote></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F0D_zXmfTt5pyRVg" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(o)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1C_z9JZuG7weXia" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002407" xml:lang="en-US">The net PDP production in the amount of <span id="xdx_90C_ecustom--ProvedDevelopedReservesProduction_uBbls_c20230101__20231231__srt--StatementScenarioAxis__custom--NetProvedDevelopedReservesMember_zr9My3LrwC0b" title="Sale of minerals in place" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="INDO:ProvedDevelopedReservesProduction" contextRef="From2023-01-012023-12-31_custom_NetProvedDevelopedReservesMember" id="Fact002409" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">43,472</ix:nonFraction></span> bbls
    refers to the net share (<span id="xdx_902_ecustom--PercentageOfIncreaseInProduction_pid_dp_uPure_c20230101__20231231_zuW8ecihbBgh" title="Percentage of increase in production" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="INDO:PercentageOfIncreaseInProduction" contextRef="From2023-01-01to2023-12-31" id="Fact002411" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">74.16</ix:nonFraction></span>%) of gross amount of <span id="xdx_900_ecustom--ProvedDevelopedReservesProduction_uBbls_c20230101__20231231_zcKE6GSoecF6" title="Production" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="INDO:ProvedDevelopedReservesProduction" contextRef="From2023-01-01to2023-12-31" id="Fact002413" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">58,616</ix:nonFraction></span> bbls (note i) PDP reserves produced in 2023.</ix:footnote></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F0B_zsBoQnXwJYq5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(p)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1C_znJ1h18fvvFe" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002414" xml:lang="en-US">The revision of previous estimates of net PUD reserves in the amount of <span id="xdx_90B_ecustom--ProvedUndevelopedReservesRevisionsOfPreviousEstimatesIncreaseDecrease_iN_di_uBbls_c20230101__20231231__srt--StatementScenarioAxis__custom--NetProvedUndevelopedReservesMember_z4lLnveEgwzd" title="Revisions of previous estimates" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="INDO:ProvedUndevelopedReservesRevisionsOfPreviousEstimatesIncreaseDecrease" contextRef="From2023-01-012023-12-31_custom_NetProvedUndevelopedReservesMember" id="Fact002416" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="Bbls">1,113,561</ix:nonFraction></span> bbls refers to the sum of (1) net share difference (<span id="xdx_901_ecustom--PercentageOfIncreaseInProduction_pid_dp_uPure_c20230101__20231231_zRWAy1YbOI9d" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="INDO:PercentageOfIncreaseInProduction" contextRef="From2023-01-01to2023-12-31" id="Fact002417" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">74.16</ix:nonFraction></span>%)
in 2023 as compared to (<span id="xdx_909_ecustom--PercentageOfIncreaseInProduction_pid_dp_uPure_c20220101__20221231_zp8GzI2ExBI8" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="INDO:PercentageOfIncreaseInProduction" contextRef="From2022-01-012022-12-31" id="Fact002418" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">57.56</ix:nonFraction></span>%) in 2022 of the beginning total PUD reserves in the amount of <span id="xdx_906_esrt--ProvedUndevelopedReserveVolume_iI_uBbls_c20221231_z30k8B5vrmy3" title="Reserves" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="srt:ProvedUndevelopedReserveVolume" contextRef="AsOf2022-12-31" id="Fact002420" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">1,685,331</ix:nonFraction></span> bbls, and (2) net share (<span id="xdx_901_ecustom--PercentageOfIncreaseInProduction_pid_dp_uPure_c20230101__20231231_zyouloeh0l47" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="INDO:PercentageOfIncreaseInProduction" contextRef="From2023-01-01to2023-12-31" id="Fact002421" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">74.16</ix:nonFraction></span>%)
of revision of previous estimates of total PUD reserves estimates in the amount of <span id="xdx_905_ecustom--ProvedUndevelopedReservesRevisionsOfPreviousEstimatesIncreaseDecrease_iN_di_uBbls_c20230101__20231231_zFnJGhdqpUpc" title="Revisions of previous estimates" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="INDO:ProvedUndevelopedReservesRevisionsOfPreviousEstimatesIncreaseDecrease" contextRef="From2023-01-01to2023-12-31" id="Fact002423" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="Bbls">1,124,137</ix:nonFraction></span> bbls (note j).</ix:footnote></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F05_zSPQbUW8uMia" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(q)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1F_zZP8j5mwSJ4b" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002424" xml:lang="en-US">No new drilling in 2023 resulted in zero extensions and discoveries.</ix:footnote></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif"><span id="xdx_F0D_zdzrmJD7ObN8" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(r)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1F_zCH7muDt7nM9" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002425" xml:lang="en-US">The net PUD production in the amount of <span id="xdx_901_ecustom--ProvedUndevelopedReservesProduction_dxL_uBbls_c20230101__20231231__srt--StatementScenarioAxis__custom--NetProvedUndevelopedReservesMember_zMrOkPa4WWxg" title="PUD Reserves, Production::XDX::-" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><span style="-sec-ix-hidden: xdx2ixbrl2427">zero</span></span> bbls reflects
    the PUD reserves converted to production in 2023.</ix:footnote></span></td></tr>
  </table>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 158; Value: 1 -->
    <div style="border-bottom: Black 1.5pt solid; margin-bottom: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%; text-align: center">F-<!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence --></td></tr></table></div>
    <div style="break-before: page; margin-top: 6pt"><table cellpadding="0" cellspacing="0" style="border-collapse: collapse; width: 100%; font-size: 10pt"><tr style="vertical-align: top; text-align: left"><td style="width: 100%">&#160;</td></tr></table></div>
    <!-- Field: /Page --></ix:exclude>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>
<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in; text-align: justify"><span id="xdx_F04_zAQ3EzStWb5" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1C_z0aCULnhBL9b" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002428" xml:lang="en-US">The revision of previous
    estimates in the amount of -<span id="xdx_909_esrt--ProvedDevelopedAndUndevelopedReservesRevisionsOfPreviousEstimatesIncreaseDecrease_iN_pid_di_uBbls_c20220101__20221231_zaPzNPq8GwBh" title="PDP and PUD Reserve, Revisions of previous estimates" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="srt:ProvedDevelopedAndUndevelopedReservesRevisionsOfPreviousEstimatesIncreaseDecrease" contextRef="From2022-01-012022-12-31" id="Fact002430" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="Bbls">1,121,981</ix:nonFraction> </span>bbls refers to the sum of 1) revision of previous PDP reserves estimates of <span id="xdx_903_ecustom--ProvedDevelopedReservesRevisionsOfPreviousEstimatesIncreaseDecrease_pid_uBbls_c20220101__20221231_zc66I6yucde6" title="Revisions of previous estimates" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="INDO:ProvedDevelopedReservesRevisionsOfPreviousEstimatesIncreaseDecrease" contextRef="From2022-01-012022-12-31" id="Fact002432" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">5,475</ix:nonFraction></span>bbls (note
    g) and 2) revision of previous PUD reserves estimate of -<span id="xdx_902_ecustom--ProvedUndevelopedReservesRevisionsOfPreviousEstimatesIncreaseDecrease_iN_pid_di_uBbls_c20220101__20221231_z58JV7w7Eb7c" title="Revisions of previous estimates" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="INDO:ProvedUndevelopedReservesRevisionsOfPreviousEstimatesIncreaseDecrease" contextRef="From2022-01-012022-12-31" id="Fact002434" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="Bbls">1,127,456</ix:nonFraction></span> bbls (note 10).</ix:footnote></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F0B_zwWDDI3zmf94" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(2)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F10_zzVlslwzv0f2" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002435" xml:lang="en-US">The improved recovery amount
    of -<span id="xdx_904_esrt--ProvedDevelopedAndUndevelopedReservesImprovedRecovery_pid_uBbls_c20220101__20221231_z6E03p9HkMXd" title="PDP and PUD Reserve, Improved recovery" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="srt:ProvedDevelopedAndUndevelopedReservesImprovedRecovery" contextRef="From2022-01-012022-12-31" id="Fact002437" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">12,763</ix:nonFraction></span> bbls refers to the amount variation of crude oil production of <span id="xdx_906_ecustom--ProvedDevelopedReservesProduction_pid_uBbls_c20220101__20221231_zy4Loo9izls4" title="Production" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="INDO:ProvedDevelopedReservesProduction" contextRef="From2022-01-012022-12-31" id="Fact002439" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">58,273</ix:nonFraction></span> bbls (note 9) in 2022 compared to previous estimates
    of <span id="xdx_90A_ecustom--ProvedDevelopedReservesPreviousEstimates_pid_uBbls_c20210101__20211231_zPGAn7v8Rpdh" title="Previous estimates" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="INDO:ProvedDevelopedReservesPreviousEstimates" contextRef="From2021-01-012021-12-31" id="Fact002441" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">71,036</ix:nonFraction></span> bbls (prediction in previous year&#8217;s model) for Kruh Block in 2021 as a result of rescheduling of drilling program
    and reserves revision.</ix:footnote></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F05_zTyLarqQw4El" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(3)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F14_zE3TDaFRXxAh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002442" xml:lang="en-US">The production in the amount
    of <span id="xdx_905_esrt--ProvedDevelopedAndUndevelopedReservesProduction_uBbls_c20220101__20221231_z68L58dimV9e" title="Production" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="srt:ProvedDevelopedAndUndevelopedReservesProduction" contextRef="From2022-01-012022-12-31" id="Fact002444" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">62,467</ix:nonFraction></span> bbls refers to the amount of total gross crude oil produced from 1) PDP reserves production in the amount of <span id="xdx_903_ecustom--ProvedDevelopedReservesProduction_pid_uBbls_c20220101__20221231_zTwkg1d9w6Ad" title="PDP reserves production" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="INDO:ProvedDevelopedReservesProduction" contextRef="From2022-01-012022-12-31" id="Fact002446" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">58,273</ix:nonFraction></span> bbls
    (note 9) and 2) PUD reserves production in the amount of <span id="xdx_902_ecustom--ProvedUndevelopedReservesProduction_uBbls_c20220101__20221231_zfEmGklThral" title="PUD Reserves, production" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="INDO:ProvedUndevelopedReservesProduction" contextRef="From2022-01-012022-12-31" id="Fact002448" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">4,194</ix:nonFraction></span> bbls in the Kruh Block.</ix:footnote></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F02_zBjkh8zikK6l" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(4)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F12_zyd6T7ZMccDf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002449" xml:lang="en-US">The revisions of previous
    estimates of -<span id="xdx_904_esrt--ProvedDevelopedAndUndevelopedReservesRevisionsOfPreviousEstimatesIncreaseDecrease_iN_di_uBbls_c20220101__20221231__srt--StatementScenarioAxis__custom--NetProvedDevelopedReservesAndUndevelopedReservesMember_zCVGE3l4Gtmb" title="PDP and PUD Reserve, Revisions of previous estimates" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="srt:ProvedDevelopedAndUndevelopedReservesRevisionsOfPreviousEstimatesIncreaseDecrease" contextRef="From2022-01-012022-12-31_custom_NetProvedDevelopedReservesAndUndevelopedReservesMember" id="Fact002451" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="Bbls">290,926</ix:nonFraction></span> bbls refers to the total amount of 1) net PDP reserves revision of previous estimates in the amount of <span id="xdx_900_ecustom--ProvedDevelopedReservesRevisionsOfPreviousEstimatesIncreaseDecrease_uBbls_c20220101__20221231__srt--StatementScenarioAxis__custom--NetProvedDevelopedReservesMember_z1VJ0NuyueK6" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" title="PDP reserves revision of previous estimates"><ix:nonFraction name="INDO:ProvedDevelopedReservesRevisionsOfPreviousEstimatesIncreaseDecrease" contextRef="From2022-01-012022-12-31_custom_NetProvedDevelopedReservesMember" id="Fact002453" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">37,094</ix:nonFraction></span>
    bbls (note 11), and 2) net PUD reserves revision of previous estimates in the amount of -<span id="xdx_904_ecustom--ProvedUndevelopedReservesRevisionsOfPreviousEstimatesIncreaseDecrease_iN_di_uBbls_c20220101__20221231__srt--StatementScenarioAxis__custom--NetProvedUndevelopedReservesMember_zHvpV6YgiJk4" title="PUD reserves revision of previous estimates" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="INDO:ProvedUndevelopedReservesRevisionsOfPreviousEstimatesIncreaseDecrease" contextRef="From2022-01-012022-12-31_custom_NetProvedUndevelopedReservesMember" id="Fact002455" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="Bbls">328,019</ix:nonFraction></span> bbls (note 13).</ix:footnote></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F05_zhSSE2uWYp5b" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(5)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1D_zGeqZ8jcWZF4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002456" xml:lang="en-US">The Improved recovery in
    the amount of <span id="xdx_90C_ecustom--ProvedDevelopedAndUndevelopedReserveImprovedRecovery_uBbls_c20220101__20221231__srt--StatementScenarioAxis__custom--NetProvedDevelopedReservesAndUndevelopedReservesMember_zgSBK2TdZ4Rg" title="Improved recovery" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA">-<ix:nonFraction name="INDO:ProvedDevelopedAndUndevelopedReserveImprovedRecovery" contextRef="From2022-01-012022-12-31_custom_NetProvedDevelopedReservesAndUndevelopedReservesMember" id="Fact002458" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="Bbls">7,346</ix:nonFraction></span> bbls refers to the net share (<span id="xdx_907_ecustom--PercentageOfIncreaseInProduction_pid_dp_uPure_c20220101__20221231_zKAyT5PZupH1" title="Percentage of increase in production" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="INDO:PercentageOfIncreaseInProduction" contextRef="From2022-01-012022-12-31" id="Fact002460" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">57.56</ix:nonFraction></span>%) of crude oil production change of -<span id="xdx_901_ecustom--ProvedDevelopedReservesImprovedRecovery_uBbls_c20220101__20221231_zbHB2OFTqUn6" title="PDP Improved recovery" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="INDO:ProvedDevelopedReservesImprovedRecovery" contextRef="From2022-01-012022-12-31" id="Fact002462" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">12,763</ix:nonFraction></span> bbls (note 2) as a result of
    rescheduling of drilling program.</ix:footnote></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_F07_zManbvp0Hype" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(6)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F17_zvjIM2OJh2ea" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002463" xml:lang="en-US">The net PDP and PUD production
    of <span id="xdx_905_esrt--ProvedDevelopedAndUndevelopedReservesProduction_iN_di_uBbls_c20220101__20221231__srt--StatementScenarioAxis__custom--NetProvedDevelopedReservesAndUndevelopedReservesMember_zXAD4gbc99yj" title="PDP and PUD Reserve, production" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA">-<ix:nonFraction name="srt:ProvedDevelopedAndUndevelopedReservesProduction" contextRef="From2022-01-012022-12-31_custom_NetProvedDevelopedReservesAndUndevelopedReservesMember" id="Fact002465" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">35,954</ix:nonFraction></span> bbls refers to the sum of the net PDP production in the amount of -<span id="xdx_906_ecustom--ProvedDevelopedReservesProduction_uBbls_c20220101__20221231__srt--StatementScenarioAxis__custom--NetProvedDevelopedReservesMember_zNaaein9tsCb" title="PDP Reserve, production" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="INDO:ProvedDevelopedReservesProduction" contextRef="From2022-01-012022-12-31_custom_NetProvedDevelopedReservesMember" id="Fact002467" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">33,540</ix:nonFraction></span> bbls (note 12) and net PUD production in the
    amount of -<span id="xdx_902_ecustom--ProvedUndevelopedReservesProduction_uBbls_c20220101__20221231__srt--StatementScenarioAxis__custom--NetProvedUndevelopedReservesMember_zd1NY4wY5h0h" title="PUD Reserve, production" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="INDO:ProvedUndevelopedReservesProduction" contextRef="From2022-01-012022-12-31_custom_NetProvedUndevelopedReservesMember" id="Fact002469" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">2,414</ix:nonFraction></span> bbls (note 14).</ix:footnote></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F05_zs7cnaAVeSze" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(7)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1C_z6YgJtQ8aM74" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002470" xml:lang="en-US">The revisions of previous
    estimates in the amount of <span id="xdx_90E_ecustom--ProvedDevelopedReservesRevisionsOfPreviousEstimatesIncreaseDecrease_uBbls_c20220101__20221231_zsU4H9nILF2i" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA" title="PDP reserves, revisions of previous estimates"><ix:nonFraction name="INDO:ProvedDevelopedReservesRevisionsOfPreviousEstimatesIncreaseDecrease" contextRef="From2022-01-012022-12-31" id="Fact002472" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">5,475</ix:nonFraction></span> bbls refers to the total gross amount of PDP reserves variation as a result of production.</ix:footnote></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F09_zOKeulu4dFLi" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(8)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1C_zfUSnCT50JLf" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002473" xml:lang="en-US">The extension and discoveries
    in the amount of <span id="xdx_90E_ecustom--ProvedDevelopedReservesExtensionsDiscoveriesAndAdditions_uBbls_c20220101__20221231_zMtQk5lMc1q2" title="PDP reserves, Extensions and discoveries" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="INDO:ProvedDevelopedReservesExtensionsDiscoveriesAndAdditions" contextRef="From2022-01-012022-12-31" id="Fact002475" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">125,425</ix:nonFraction></span> bbls refers to the gain of PDP reserves from the completion of two new wells, K-27 and K-28.</ix:footnote></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F03_zTdMrk7awru4" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(9)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1B_zNO4WyVlQ8gk" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002476" xml:lang="en-US">The PDP production in the
    amount of <span id="xdx_90A_ecustom--ProvedDevelopedReservesProduction_pid_uBbls_c20230101__20231231_zM1yGnSvDLg5" title="PDP Reserve, production" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="INDO:ProvedDevelopedReservesProduction" contextRef="From2023-01-01to2023-12-31" id="Fact002478" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">58,616</ix:nonFraction></span> bbls refers to the gross amount of PDP reserves produced in 2022.</ix:footnote></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F0F_zh8TpCupAR9c" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(10)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1A_znA2sUVGbP45" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002479" xml:lang="en-US">The revisions of previous
    estimates in the amount of -<span id="xdx_908_ecustom--ProvedUndevelopedReservesRevisionsOfPreviousEstimatesIncreaseDecrease_iN_pid_di_uBbls_c20220101__20221231_zFsN4bORSSM5" title="Revisions of previous estimates" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="INDO:ProvedUndevelopedReservesRevisionsOfPreviousEstimatesIncreaseDecrease" contextRef="From2022-01-012022-12-31" id="Fact002481" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="Bbls">1,127,456</ix:nonFraction></span> bbls refers to the total gross amount of PUD reserves variation from the <span id="xdx_904_esrt--ProvedDevelopedAndUndevelopedReservesNetPeriodIncreaseDecrease_uBbls_c20210101__20211231_z7Ghhy1FVo0j" title="Revisions of previous estimates" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="srt:ProvedDevelopedAndUndevelopedReservesNetPeriodIncreaseDecrease" contextRef="From2021-01-012021-12-31" id="Fact002483" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">2,942,406</ix:nonFraction></span> bbls in
    2021 to <span id="xdx_908_esrt--ProvedDevelopedAndUndevelopedReservesNetPeriodIncreaseDecrease_uBbls_c20220101__20221231_zuPwzxnToXY4" title="Revisions of previous estimates" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="srt:ProvedDevelopedAndUndevelopedReservesNetPeriodIncreaseDecrease" contextRef="From2022-01-012022-12-31" id="Fact002485" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">1,814,950</ix:nonFraction></span> bbls in 2022 during the same period to 2030.</ix:footnote></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_F00_z44BUsiUHC31" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(11)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1A_zjsJf4NtsBE1" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002486" xml:lang="en-US">The revision of previous
    estimates of net PDP reserves in the amount of <span id="xdx_901_ecustom--ProvedDevelopedReservesRevisionsOfPreviousEstimatesIncreaseDecrease_pid_uBbls_c20220101__20221231__srt--StatementScenarioAxis__custom--NetProvedDevelopedReservesMember_zdmEemqM2P95" title="PDP Reserve, Revisions of previous estimates" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="INDO:ProvedDevelopedReservesRevisionsOfPreviousEstimatesIncreaseDecrease" contextRef="From2022-01-012022-12-31_custom_NetProvedDevelopedReservesMember" id="Fact002488" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">37,094</ix:nonFraction></span> bbls refers to the sum of 1) net share difference (<span id="xdx_90A_ecustom--PercentageOfIncreaseInProduction_pid_dp_uPure_c20220101__20221231__srt--StatementScenarioAxis__custom--NetProvedUndevelopedReservesMember_zxamiMtzxXN4" title="Percentage of increase in production" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="INDO:PercentageOfIncreaseInProduction" contextRef="From2022-01-012022-12-31_custom_NetProvedUndevelopedReservesMember" id="Fact002490" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">57.56</ix:nonFraction></span>%) in 2022 as compared
    to (<span id="xdx_906_ecustom--PercentageOfIncreaseInProduction_pid_dp_uPure_c20210101__20211231__srt--StatementScenarioAxis__custom--NetProvedUndevelopedReservesMember_zAZrqKHVkGL6" title="Percentage of increase in production" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="INDO:PercentageOfIncreaseInProduction" contextRef="From2021-01-012021-12-31_custom_NetProvedUndevelopedReservesMember" id="Fact002492" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">46.65</ix:nonFraction></span>%) in 2021) of the beginning total PDP reserves in the amount of <span id="xdx_908_esrt--ProvedDevelopedReservesVolume_iI_pid_uBbls_c20211231_zzitm8pu5UMc" title="Proved developed reserves" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="srt:ProvedDevelopedReservesVolume" contextRef="AsOf2021-12-31" id="Fact002494" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">311,211</ix:nonFraction></span> bbls and 2) net share (<span id="xdx_90D_ecustom--PercentageOfIncreaseInProduction_pid_dp_uPure_c20220101__20221231__srt--StatementScenarioAxis__custom--NetProvedUndevelopedReservesMember_zOKftg3PYZnk" title="Percentage of increase in production" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="INDO:PercentageOfIncreaseInProduction" contextRef="From2022-01-012022-12-31_custom_NetProvedUndevelopedReservesMember" id="Fact002496" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">57.56</ix:nonFraction></span>%) of revision of previous
    estimates of total PDP reserves estimates in the amount of <span id="xdx_901_ecustom--ProvedDevelopedReservesRevisionsOfPreviousEstimatesIncreaseDecrease_pid_uBbls_c20220101__20221231_zX5zGwRkImQd" title="PDP Reserve, Revisions of previous estimates" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="INDO:ProvedDevelopedReservesRevisionsOfPreviousEstimatesIncreaseDecrease" contextRef="From2022-01-012022-12-31" id="Fact002498" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">5,475</ix:nonFraction></span> bbls (note 7).</ix:footnote></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F0C_zXwe443d05Q7" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(12)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F18_zkgEH6mE5Hxa" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002499" xml:lang="en-US">The net PDP production
    in the amount of <span id="xdx_904_ecustom--ProvedDevelopedReservesProduction_uBbls_c20220101__20221231__srt--StatementScenarioAxis__custom--NetProvedDevelopedReservesMember_z34ze2Jyo1k1" title="PDP Reserve, Production" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="INDO:ProvedDevelopedReservesProduction" contextRef="From2022-01-012022-12-31_custom_NetProvedDevelopedReservesMember" id="Fact002501" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">33,540</ix:nonFraction></span> bbls refers to the net share (<span id="xdx_905_ecustom--PercentageOfIncreaseInProduction_pid_dp_uPure_c20220101__20221231_zWNsHh5Kr7P9" title="Percentage of increase in production" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="INDO:PercentageOfIncreaseInProduction" contextRef="From2022-01-012022-12-31" id="Fact002503" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">57.56</ix:nonFraction></span>%) of gross amount of <span id="xdx_907_ecustom--ProvedDevelopedReservesProduction_uBbls_c20220101__20221231_znCK7iuPZTUb" title="PDP Reserve, Production" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="INDO:ProvedDevelopedReservesProduction" contextRef="From2022-01-012022-12-31" id="Fact002505" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">58,273</ix:nonFraction></span> bbls (note 9) PDP reserves produced in 2022.</ix:footnote></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></td>
    <td id="xdx_F03_zdGbTccKSwUb" style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(13)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1B_z6JE51DE72K3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002506" xml:lang="en-US">The revision of previous
    estimates of net PUD reserves in the amount of -<span id="xdx_90B_ecustom--ProvedUndevelopedReservesRevisionsOfPreviousEstimatesIncreaseDecrease_iN_pid_di_uBbls_c20220101__20221231__srt--StatementScenarioAxis__custom--NetProvedUndevelopedReservesMember_zNOadqRinGwh" title="Revisions of previous estimates" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="INDO:ProvedUndevelopedReservesRevisionsOfPreviousEstimatesIncreaseDecrease" contextRef="From2022-01-012022-12-31_custom_NetProvedUndevelopedReservesMember" id="Fact002508" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="Bbls">328,019</ix:nonFraction></span> bbls refers to the sum of 1) net share difference (<span id="xdx_90B_ecustom--PercentageOfIncreaseInProduction_pid_dp_uPure_c20220101__20221231__srt--StatementScenarioAxis__custom--NetProvedUndevelopedReservesMember_zdTinJ00cSZj" title="Percentage of increase in production" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="INDO:PercentageOfIncreaseInProduction" contextRef="From2022-01-012022-12-31_custom_NetProvedUndevelopedReservesMember" id="Fact002510" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">57.56</ix:nonFraction></span>%) in 2022 as compared
    to (<span id="xdx_90A_ecustom--PercentageOfIncreaseInProduction_pid_dp_uPure_c20210101__20211231__srt--StatementScenarioAxis__custom--NetProvedUndevelopedReservesMember_ztYcstKZOJhf" title="Percentage of increase in production" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="INDO:PercentageOfIncreaseInProduction" contextRef="From2021-01-012021-12-31_custom_NetProvedUndevelopedReservesMember" id="Fact002512" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">46.65</ix:nonFraction></span>%) in 2021 of the beginning total PUD reserves in the amount of <span id="xdx_90F_esrt--ProvedUndevelopedReserveVolume_iI_pid_uBbls_c20211231_z50vLu6EhqNh" title="PUD Reserves , revision of previous estimates" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="srt:ProvedUndevelopedReserveVolume" contextRef="AsOf2021-12-31" id="Fact002514" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">2,942,406</ix:nonFraction></span> bbls, and 2) net share (<span id="xdx_903_ecustom--PercentageOfIncreaseInProduction_pid_dp_uPure_c20220101__20221231__srt--StatementScenarioAxis__custom--NetProvedUndevelopedReservesMember_zcvL0WCIBOj" title="Percentage of increase in production" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="INDO:PercentageOfIncreaseInProduction" contextRef="From2022-01-012022-12-31_custom_NetProvedUndevelopedReservesMember" id="Fact002516" format="ixt:numdotdecimal" decimals="INF" scale="-2" unitRef="Pure">57.56</ix:nonFraction></span>%) of revision of
    previous estimates of total PUD reserves estimates in the amount of -<span id="xdx_90C_ecustom--ProvedUndevelopedReservesRevisionsOfPreviousEstimatesIncreaseDecrease_iN_pid_di_uBbls_c20220101__20221231_zDjPCLZ8E66c" title="PUD Reserves , Revision of previous estimates" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="INDO:ProvedUndevelopedReservesRevisionsOfPreviousEstimatesIncreaseDecrease" contextRef="From2022-01-012022-12-31" id="Fact002518" format="ixt:numdotdecimal" decimals="INF" sign="-" unitRef="Bbls">1,127,456</ix:nonFraction></span> bbls (note 10).</ix:footnote></span></td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td></tr>
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">&#160;</td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F08_z8k1UomQoS8l" style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(14)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F19_ztVWzuYsUmE3" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002519" xml:lang="en-US">The net PUD production
    in the amount of <span id="xdx_903_ecustom--ProvedUndevelopedReservesProduction_uBbls_c20220101__20221231__srt--StatementScenarioAxis__custom--NetProvedUndevelopedReservesMember_z3r2swCX6Dm1" title="PUD Reserves, Production" class="xdx_phnt_RGlzY2xvc3VyZSAtIFNDSEVEVUxFIE9GIFBST1ZFRCBERVZFTE9QRUQgQU5EIFVOREVWRUxPUEVEIFJFU0VSVkVTIChEZXRhaWxzKSAoUGFyZW50aGV0aWNhbCkA"><ix:nonFraction name="INDO:ProvedUndevelopedReservesProduction" contextRef="From2022-01-012022-12-31_custom_NetProvedUndevelopedReservesMember" id="Fact002521" format="ixt:numdotdecimal" decimals="INF" unitRef="Bbls">2,414</ix:nonFraction></span> bbls reflects the net PUD reserves converted to production in 2022.</ix:footnote></span></td></tr>
  </table>


</ix:nonNumeric><p id="xdx_8AC_zNMrJemyJksc" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>


<ix:exclude><!-- Field: Page; Sequence: 159; Value: 1 -->
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<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Standardized
Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The
following information is based on the Company&#8217;s best estimate of the required data for the Standardized Measure of Discounted Future
Net Cash Flows as of December 31, 2023 and 2022, respectively, in accordance with SFAS No. 69, &#8220;Disclosures About Oil and Gas Producing
Activities&#8221; which requires the use of a 10% discount rate. This information is not the fair market value, nor does it represent
the expected present value of future cash flows of the Company&#8217;s proved oil and gas reserves.</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002523" name="srt:StandardizedMeasureOfDiscountedFutureCashFlowsRelatingToProvedReservesDisclosureTextBlock"><p id="xdx_897_esrt--StandardizedMeasureOfDiscountedFutureCashFlowsRelatingToProvedReservesDisclosureTextBlock_zUJYTL0h4fyl" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B1_z56pf31Cnwzj" style="display: none">SCHEDULE OF STANDARDIZED MEASURE OF DISCOUNTED FUTURE NET CASH FLOWS RELATING TO PROVED OIL AND GAS RESERVES</span></span></span></span></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_49F_20231231_zovaMRqk3aa9" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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<tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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  <tr style="vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
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    <td style="width: 60%; text-align: left">Future cash inflows</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="srt:FutureNetCashFlowsRelatingToProvedOilAndGasReservesCashInflows" contextRef="AsOf2023-12-31" id="Fact002525" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">181,000,717</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right"><ix:nonFraction name="srt:FutureNetCashFlowsRelatingToProvedOilAndGasReservesCashInflows" contextRef="AsOf2022-12-31" id="Fact002526" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">114,735,610</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  <tr id="xdx_40A_esrt--FutureNetCashFlowsRelatingToProvedOilAndGasReservesProductionCosts_iNI_pp0p0_di_msFNCFRzdWH_z4F3kXRKlKCh" style="vertical-align: bottom; background-color: White">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="srt:FutureNetCashFlowsRelatingToProvedOilAndGasReservesProductionCosts" contextRef="AsOf2022-12-31" id="Fact002529" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">64,815,304</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_40F_esrt--FutureNetCashFlowsRelatingToProvedOilAndGasReservesDevelopmentCosts_iNI_pp0p0_di_msFNCFRzdWH_zeNeJ6EY2iec" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Future development costs</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="srt:FutureNetCashFlowsRelatingToProvedOilAndGasReservesDevelopmentCosts" contextRef="AsOf2023-12-31" id="Fact002531" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">29,867,500</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr id="xdx_409_esrt--FutureNetCashFlowsRelatingToProvedOilAndGasReservesIncomeTaxExpense_iNI_pp0p0_di_msFNCFRzdWH_zPoOLZSCyEZa" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">Future income tax expenses</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="srt:FutureNetCashFlowsRelatingToProvedOilAndGasReservesIncomeTaxExpense" contextRef="AsOf2023-12-31" id="Fact002534" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">18,037,976</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="srt:FutureNetCashFlowsRelatingToProvedOilAndGasReservesIncomeTaxExpense" contextRef="AsOf2022-12-31" id="Fact002535" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">7,591,667</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_401_esrt--FutureNetCashFlowsRelatingToProvedOilAndGasReservesNetCashFlows_iTI_pp0p0_mtFNCFRzdWH_maSMODFzzKi_zmwLrOHQNy61" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Future net cash flows</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="srt:FutureNetCashFlowsRelatingToProvedOilAndGasReservesNetCashFlows" contextRef="AsOf2023-12-31" id="Fact002537" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">33,934,242</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">$</td><td style="text-align: right"><ix:nonFraction name="srt:FutureNetCashFlowsRelatingToProvedOilAndGasReservesNetCashFlows" contextRef="AsOf2022-12-31" id="Fact002538" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">12,924,068</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_40C_esrt--FutureNetCashFlowsRelatingToProvedOilAndGasReservesTenPercentAnnualDiscountForEstimatedTimingOfCashFlows_iNI_pp0p0_di_msSMODFzzKi_zhr0WQwqaAth" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 1.5pt">10% annual discount for estimated timing of cash flows</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="srt:FutureNetCashFlowsRelatingToProvedOilAndGasReservesTenPercentAnnualDiscountForEstimatedTimingOfCashFlows" contextRef="AsOf2023-12-31" id="Fact002540" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">18,318,152</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="srt:FutureNetCashFlowsRelatingToProvedOilAndGasReservesTenPercentAnnualDiscountForEstimatedTimingOfCashFlows" contextRef="AsOf2022-12-31" id="Fact002541" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">4,690,738</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_408_esrt--StandardizedMeasureOfDiscountedFutureNetCashFlowsRelatingToProvedOilAndGasReserves_iTI_pp0p0_mtSMODFzzKi_z3VDNzFqjAac" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 2.5pt">Standardized measure of discounted future net cash flows at the end of the year</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="srt:StandardizedMeasureOfDiscountedFutureNetCashFlowsRelatingToProvedOilAndGasReserves" contextRef="AsOf2023-12-31" id="Fact002543" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">15,616,090</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="srt:StandardizedMeasureOfDiscountedFutureNetCashFlowsRelatingToProvedOilAndGasReserves" contextRef="AsOf2022-12-31" id="Fact002544" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">8,233,330</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td></tr>
  </table>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<table cellspacing="0" cellpadding="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top">
    <td id="xdx_F0D_zgJpnHTxy9we" style="font: 10pt Times New Roman, Times, Serif; width: 48px"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">(1)</span></td>
    <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify"><span id="xdx_F1B_zQLAQT5pjLEh" style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><ix:footnote id="Footnote002545" xml:lang="en-US">Production costs include
    oil and gas operations expense, production ad valorem taxes, transportation costs and general and administrative expense supporting
    the Company&#8217;s oil and gas operations.</ix:footnote></span></td></tr>
  </table>
</ix:nonNumeric><p id="xdx_8A2_zFr14gtoJcff" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0.5in; text-align: justify; text-indent: -0.5in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future
cash inflows are computed by applying the ICP previous 12 months average monthly price, to year-end quantities of proved reserves. ICP
is determined by the Directorate General of Oil and Gas (&#8220;DGOG&#8221;) of The Ministry of Energy and Mineral Resources of Indonesia
(&#8220;MEMR&#8221;) on a monthly basis and presented as the monthly price of the crude oil according to the region where the oil is
produced. The discounted future cash flow estimates do not include the effects of the Company&#8217;s derivative instruments, if any.
See the following table for average prices.</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002547" name="srt:OilAndGasNetProductionAverageSalesPriceAndAverageProductionCostsDisclosureTextBlock"><p id="xdx_89B_esrt--OilAndGasNetProductionAverageSalesPriceAndAverageProductionCostsDisclosureTextBlock_zsMAG8c6g9W7" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8B4_z7wg7P2jT8Yb" style="display: none">SCHEDULE OF AVERAGE PRICES</span></span></span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="10" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">Years ended December 31,</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom">
    <td>&#160;</td><td style="font-weight: bold; font-variant: small-caps; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-variant: small-caps; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-variant: small-caps">&#160;</td><td style="font-weight: bold; font-variant: small-caps; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-variant: small-caps; text-align: center">2022</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-variant: small-caps">&#160;</td><td style="font-weight: bold; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" style="border-bottom: Black 1.5pt solid; font-weight: bold; text-align: center">2021</td><td style="padding-bottom: 1.5pt; font-weight: bold">&#160;</td></tr>
  <tr style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="width: 46%">Average crude oil price per Bbl</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_983_esrt--ConsolidatedOilAndGasProductionCostsPerUnitOfProduction_uPerUnitBbls_c20230101__20231231_zIsJbMbqogE4" title="Average crude oil price per Bbl" style="width: 14%; text-align: right"><ix:nonFraction name="srt:ConsolidatedOilAndGasProductionCostsPerUnitOfProduction" contextRef="From2023-01-01to2023-12-31" id="Fact002549" format="ixt:numdotdecimal" decimals="INF" unitRef="PerUnitBbls">77.61</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_980_esrt--ConsolidatedOilAndGasProductionCostsPerUnitOfProduction_uPerUnitBbls_c20220101__20221231_zGW84DW2c6Ca" title="Average crude oil price per Bbl" style="width: 14%; text-align: right"><ix:nonFraction name="srt:ConsolidatedOilAndGasProductionCostsPerUnitOfProduction" contextRef="From2022-01-012022-12-31" id="Fact002551" format="ixt:numdotdecimal" decimals="INF" unitRef="PerUnitBbls">96.94</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td><td style="width: 2%">&#160;</td>
    <td style="width: 1%; text-align: left">$</td><td id="xdx_986_esrt--ConsolidatedOilAndGasProductionCostsPerUnitOfProduction_uPerUnitBbls_c20210101__20211231_zniaXLKzTK0f" title="Average crude oil price per Bbl" style="width: 14%; text-align: right"><ix:nonFraction name="srt:ConsolidatedOilAndGasProductionCostsPerUnitOfProduction" contextRef="From2021-01-012021-12-31" id="Fact002553" format="ixt:numdotdecimal" decimals="INF" unitRef="PerUnitBbls">67.02</ix:nonFraction></td><td style="width: 1%; text-align: left">&#160;</td></tr>
  </table>

</ix:nonNumeric><p id="xdx_8AD_zywfzum3P9Kd" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Future
production and development costs, which include abandonment and site restoration expense, are computed by estimating the expenditures
to be incurred in developing and producing the Company&#8217;s proved crude oil reserves at the end of the year, based on year-end costs,
and assuming continuation of existing economic conditions.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sources
of Changes in Discounted Future Net Cash Flows</b></span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;</span></p>

<ix:nonNumeric contextRef="From2023-01-01to2023-12-31" escape="true" id="Fact002555" name="srt:ScheduleOfChangesInStandardizedMeasureOfDiscountedFutureNetCashFlowsTableTextBlock"><p id="xdx_891_esrt--ScheduleOfChangesInStandardizedMeasureOfDiscountedFutureNetCashFlowsTableTextBlock_zEYvMFw7KnV8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Principal
changes in the aggregate standardized measure of discounted future net cash flows attributable to the Company&#8217;s proved crude oil
and natural gas reserves at year end are set forth in the table below.</span></p>

<p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">&#160;<span id="xdx_8BF_zK3oaAAJLRz1" style="display: none">SCHEDULE OF SOURCES OF CHANGES IN DISCOUNTED FUTURE NET CASH FLOWS</span></span></span></span></span></p>

<table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%">
  <tr style="display: none; vertical-align: bottom">
    <td style="text-align: center">&#160;</td><td style="font-weight: bold; font-variant: small-caps; padding-bottom: 1.5pt">&#160;</td>
    <td colspan="2" id="xdx_493_20230101__20231231_zkoYJt54JsHd" style="border-bottom: Black 1.5pt solid; font-weight: bold; font-variant: small-caps; text-align: center">2023</td><td style="padding-bottom: 1.5pt; font-weight: bold; font-variant: small-caps">&#160;</td><td style="font-weight: bold; font-variant: small-caps; padding-bottom: 1.5pt">&#160;</td>
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<tr style="vertical-align: bottom">
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    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="INDO:StandardizedMeasureOfDiscountedFutureNetCashFlowRelatingToProvedOilAndGasReservesAccretionOfDiscountActivities" contextRef="From2023-01-01to2023-12-31" id="Fact002581" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">13,627,414</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
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  <tr id="xdx_401_esrt--SalesAndTransfersOfOilAndGasProducedNetOfProductionCosts_i_pp0p0" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Sales of oil and gas produced, net of production costs</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="srt:SalesAndTransfersOfOilAndGasProducedNetOfProductionCosts" contextRef="From2023-01-01to2023-12-31" id="Fact002585" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">2,643,773</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="srt:SalesAndTransfersOfOilAndGasProducedNetOfProductionCosts" contextRef="From2022-01-012022-12-31" id="Fact002586" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">4,244,775</ix:nonFraction></td><td style="text-align: left">)</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right">(<ix:nonFraction name="srt:SalesAndTransfersOfOilAndGasProducedNetOfProductionCosts" contextRef="From2021-01-012021-12-31" id="Fact002587" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">4,328,719</ix:nonFraction></td><td style="text-align: left">)</td></tr>
  <tr id="xdx_401_esrt--PreviouslyEstimatedDevelopmentCostsIncurred_i_pp0p0" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left">Development costs incurred during the period</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="srt:PreviouslyEstimatedDevelopmentCostsIncurred" contextRef="From2023-01-01to2023-12-31" id="Fact002589" format="ixt:numdotdecimal" decimals="0" unitRef="USD">121,822</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="srt:PreviouslyEstimatedDevelopmentCostsIncurred" contextRef="From2022-01-012022-12-31" id="Fact002590" format="ixt:numdotdecimal" decimals="0" unitRef="USD">4,540,497</ix:nonFraction></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><ix:nonFraction name="srt:PreviouslyEstimatedDevelopmentCostsIncurred" contextRef="From2021-01-012021-12-31" id="Fact002591" format="ixt:numdotdecimal" decimals="0" unitRef="USD">2,724,238</ix:nonFraction></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_403_esrt--StandardizedMeasureOfDiscountedFutureNetCashFlowOfProvedOilAndGasReservesOther_i_pp0p0" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left">Change in timing of estimated future production and other</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2593">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="-sec-ix-hidden: xdx2ixbrl2594">-</span></td><td style="text-align: left">&#160;</td><td>&#160;</td>
    <td style="text-align: left">&#160;</td><td style="text-align: right"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><span style="-sec-ix-hidden: xdx2ixbrl2595">-</span></span></td><td style="text-align: left">&#160;</td></tr>
  <tr id="xdx_406_esrt--IncreaseDecreaseInFutureIncomeTaxExpenseEstimatesOnFutureCashFlowsRelatedToProvedOilAndGasReserves_zLWa93AWfTU4" style="vertical-align: bottom; background-color: rgb(204,238,255)">
    <td style="text-align: left; padding-bottom: 1.5pt">Net change in income taxes</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="srt:IncreaseDecreaseInFutureIncomeTaxExpenseEstimatesOnFutureCashFlowsRelatedToProvedOilAndGasReserves" contextRef="From2023-01-01to2023-12-31" id="Fact002597" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">10,446,308</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right"><ix:nonFraction name="srt:IncreaseDecreaseInFutureIncomeTaxExpenseEstimatesOnFutureCashFlowsRelatedToProvedOilAndGasReserves" contextRef="From2022-01-012022-12-31" id="Fact002598" format="ixt:numdotdecimal" decimals="0" unitRef="USD">3,692,435</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">&#160;</td><td style="padding-bottom: 1.5pt">&#160;</td>
    <td style="border-bottom: Black 1.5pt solid; text-align: left">&#160;</td><td style="border-bottom: Black 1.5pt solid; text-align: right">(<ix:nonFraction name="srt:IncreaseDecreaseInFutureIncomeTaxExpenseEstimatesOnFutureCashFlowsRelatedToProvedOilAndGasReserves" contextRef="From2021-01-012021-12-31" id="Fact002599" format="ixt:numdotdecimal" decimals="0" sign="-" unitRef="USD">5,712,990</ix:nonFraction></td><td style="padding-bottom: 1.5pt; text-align: left">)</td></tr>
  <tr id="xdx_40E_esrt--StandardizedMeasureOfDiscountedFutureNetCashFlowsRelatingToProvedOilAndGasReserves_iE_pp0p0_z4rKWdJij8dl" style="vertical-align: bottom; background-color: White">
    <td style="text-align: left; padding-bottom: 2.5pt">Standardized measure of discounted future net cash flows at the end of the year</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="srt:StandardizedMeasureOfDiscountedFutureNetCashFlowsRelatingToProvedOilAndGasReserves" contextRef="AsOf2023-12-31" id="Fact002601" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">15,616,090</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
    <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right"><ix:nonFraction name="srt:StandardizedMeasureOfDiscountedFutureNetCashFlowsRelatingToProvedOilAndGasReserves" contextRef="AsOf2022-12-31" id="Fact002602" format="ixt:numdotdecimal" decimals="0" scale="0" unitRef="USD">8,233,330</ix:nonFraction></td><td style="padding-bottom: 2.5pt; text-align: left">&#160;</td><td style="padding-bottom: 2.5pt">&#160;</td>
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</ix:nonNumeric><p id="xdx_81D_zmLCEAcxqIw8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">&#160;</p>


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[{"type": "20-F", "sequence": "1", "filename": "form20-f.htm", "secsgml_size_bytes": 3082924}]
{"company-data": {"conformed-name": "Indonesia Energy Corp Ltd", "cik": "0001757840", "assigned-sic": "1311", "organization-name": "01 Energy & Transportation", "irs-number": "000000000", "state-of-incorporation": "E9", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "20-F", "act": "34", "file-number": "001-39164", "film-number": "24884688"}, "business-address": {"street1": "JL. RAYA PASAR MINGGU NO. 17A", "street2": "KELURAHAN PANCORAN, KECAMATAN PANCORAN", "city": "JAKARTA SELATAN", "state": "K8", "zip": "12780", "phone": "62215768888"}, "mail-address": {"street1": "JL. RAYA PASAR MINGGU NO. 17A", "street2": "KELURAHAN PANCORAN, KECAMATAN PANCORAN", "city": "JAKARTA SELATAN", "state": "K8", "zip": "12780"}}
UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
WASHINGTON,
DC 20549
FORM
20-F
(Mark
One)
☐
REGISTRATION
    STATEMENT PURSUANT TO SECTION 12(b) OR 12(g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☒
ANNUAL
    REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For
the fiscal year ended
December 31
,
2023
OR
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
☐
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date
of event requiring this shell company report: Not applicable
For
the transition period from _______ to _______
Commission
file number:
001-39164
Indonesia
Energy Corporation Limited
(Exact
name of Registrant as specified in its charter)
n/a
(Translation
of Registrant's name into English)
Cayman
Islands
(Jurisdiction
of incorporation or organization)
GIESMART
PLAZA
7
th
Floor
Jl.
Raya Pasar Minggu No. 17A
Pancoran
–
Jakarta
12780
Indonesia
(Address
of principal executive offices)
James
J. Huang
Chief
Investment Officer
GIESMART
PLAZA
7
th
Floor
Jl.
Raya Pasar Minggu No. 17A
Pancoran
–
Jakarta
12780
Indonesia
Phone:
+62
21 576 8888
Email:
james.huang@indo-energy.com
(Name,
Telephone, E-mail and/or Facsimile number and Address of Company Contact Person)
Securities
registered or to be registered pursuant to Section 12(b) of the Act:
Title
    of class
Trading
    Symbol
Name
    of exchange on which registered
Ordinary shares, $0.00267
    par value per share
INDO
NYSE
American LLC
Securities
registered or to be registered pursuant to Section 12(g) of the Act: None
Securities
for which there is a reporting obligation pursuant to Section 15(d) of the Act: None
Indicate
the number of outstanding shares of each of the issuer's classes of capital or ordinary shares as of the close of the period covered
by the annual report: As of December 31, 2023, there were 10,142,694 of the registrant's ordinary shares, $0.00267 par value per
share, issued and outstanding. As of April 23, 2024, there were
10,202,694
ordinary shares outstanding.
Indicate
by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. ☒
Yes
☐ No
If
this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section
13 or 15(d) of the Securities Exchange Act of 1934. ☐ Yes ☒
No
Note
– Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities
Exchange Act of 1934 from their obligations under those Sections.
Indicate
by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange
Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)
has been subject to such filing requirements for the past 90 days. ☒
Yes
☐ No
Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule
405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant
was required to submit such files). ☒
Yes
☐ No
Indicate
by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth
company. See the definitions of "large accelerated filer", "accelerated filer" and "emerging growth company"
in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☐
Accelerated filer ☐
Non-accelerated filer
☒
Emerging growth company
☒
If
an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant
has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided
pursuant to Section 13(a) of the Exchange Act.
☐
†
The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards
Board to its Accounting Standards Codification after April 5, 2012.
Indicate
by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b) by the registered
public accounting firm that prepared or issued its audit report.
☐
If
securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant
included in the filing reflect the correction of an error to previously issued financial statements.
☐
Indicate
by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based compensation
received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐
Indicate
by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
U.S. GAAP
☒
International Financial Reporting
    Standards as issued by the International Accounting Standards Board ☒
Other ☐
If
"Other" has been checked in response to the previous question, indicate by check mark which financial statement item the
registrant has elected to follow.
☐
Item 17 ☐ Item 18
If
this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange
Act).
☐
Yes ☒
No
Indicate
by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities
Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.
☐
Yes ☐ No
TABLE
OF CONTENTS
Page
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
-ii-
GLOSSARY OF TERMS
-iii-
SUMMARY OF RISK FACTORS
-v-
PART I
1
ITEM 1.
IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
1
ITEM 2.
OFFER STATISTICS AND EXPECTED TIMETABLE
1
ITEM 3.
KEY INFORMATION
1
ITEM 4.
INFORMATION ON THE COMPANY
31
ITEM 4A.
UNRESOLVED STAFF COMMENTS
73
ITEM 5.
OPERATING AND FINANCIAL REVIEW AND PROSPECTS
73
ITEM 6.
DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
84
ITEM 7.
MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
102
ITEM 8.
FINANCIAL INFORMATION
103
ITEM 9.
THE OFFER AND LISTING
104
ITEM 10.
ADDITIONAL INFORMATION
104
ITEM 11.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
109
ITEM 12.
DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
110
PART II
110
ITEM 13.
DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
110
ITEM 14.
MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OR PROCEEDS
110
ITEM 15.
CONTROLS AND PROCEDURES
110
ITEM 16.
RESERVED
112
ITEM 16A.
AUDIT COMMITTEE FINANCIAL EXPERT
112
ITEM 16B.
CODE OF ETHICS
112
ITEM 16C.
PRINCIPAL ACCOUNTANT FEES AND SERVICES
113
ITEM 16D.
EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
113
ITEM 16E.
PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
113
ITEM 16F.
CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
113
ITEM 16G.
CORPORATE GOVERNANCE
113
ITEM 16H.
MINE SAFETY DISCLOSURE
113
PART III
114
ITEM 17.
FINANCIAL STATEMENTS
114
ITEM 18.
FINANCIAL STATEMENTS
114
ITEM 19.
EXHIBITS
114
-
i
-
CAUTIONARY
STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This
annual report contains certain forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include, but are not limited to, statements regarding our or our management's expectations,
hopes, beliefs, intentions or strategies regarding the future and other statements that are other than statements of historical fact.
In addition, any statements that refer to projections, forecasts or other characterizations of future events or circumstances, including
any underlying assumptions, are forward-looking statements. The words "anticipate", "believe", "continue",
"could", "estimate", "expect", "intend", "may", "might", "plan",
"possible", "potential", "predict", "project", "should", "would"
and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not
forward-looking.
The
forward-looking statements in this annual report are based upon various assumptions, many of which are based, in turn, upon further assumptions,
including without limitation, management's examination of historical operating trends, data contained in our records and other
data available from third parties. Although we believe that these assumptions were reasonable when made, because these assumptions are
inherently subject to significant uncertainties and contingencies which are difficult or impossible to predict and are beyond our control,
we cannot assure you that we will achieve or accomplish these expectations, beliefs or projections. As a result, you are cautioned not
to rely on any forward-looking statements.
Many
of these statements are based on our assumptions about factors that are beyond our ability to control or predict and are subject to significant
risks and uncertainties that are described more fully in "Item 3. Key Information—D. Risk Factors". Any of these factors
or a combination of these factors could materially affect our future results of operations and the ultimate accuracy of the forward-looking
statements. Fluctuations in our future financial results may negatively impact the value of our ordinary shares. In addition to these
important factors, important factors that, in our view, could cause actual results to differ materially from those discussed in the forward-looking
statements include among other things:
●
Our
    overall ability (including our anticipated timing) to meet our goals and strategies, including our plans to continue to conduct
    seismic interpretation activities, and drill additional wells, at Kruh Block, to develop Citarum Block or acquire rights in
    additional oil and gas assets in the future;
●
The economic and capital
    markets impact of macro-economic and other conditions beyond our control (such as the war between Russia and Ukraine, the conflict
    between Israel and Hamas, inflation, interest rates and the political situation in Indonesia) on the demand for our oil and gas products
    in Indonesia and the price of our oil and gas products;
●
Our ability to estimate
    our oil reserves;
●
Our ability to anticipate
    our financial condition and results of operations;
●
The anticipated prices
    for, and volatility in the prices for, oil and gas products and the growth of the oil and gas market in Indonesia and worldwide;
●
Our expectations regarding
    our relationships with the Indonesian government ("Government") and its oil and gas regulatory agencies;
●
Relevant Government policies
    and regulations relating to our industry; and
●
Our corporate structure
    and related laws, rules and regulations.
Should
one or more of the foregoing risks or uncertainties materialize, should any of our assumptions prove incorrect, or should we be unable
to address any of the foregoing factors, our actual results may vary in material and adverse respects from those projected in these forward-looking
statements. Consequently, there can be no assurance that actual results or developments anticipated by us will be realized or, even if
substantially realized, that they will have the expected consequences to, or effects, on us. Given these uncertainties, prospective investors
are cautioned not to place undue reliance on such forward-looking statements.
We
undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or
otherwise, except as may be required under applicable laws. If one or more forward-looking statements are updated, no inference should
be drawn that additional updates will be made with respect to those or other forward-looking statements.
-
ii
-
GLOSSARY
OF TERMS
The
following is a glossary of oil and gas industry and other defined terms used in this annual report.
In
addition, in this annual report, when we refer to a particular well with the designation of "K" (such as "K-25"),
we are referring to a numbered well at Kruh Block.
"AMDAL"
Environmental Impact Assessment Report (
Analisis Mengenai Dampak Lingkungan
).
"Bbl" or "bbl"
Barrel of oil, with "bbls"
    referring to the plural.
"BP Migas"
Badan Pelaksana Kegiatan
    Usaha Hulu Minyak dan Gas Bumi
, the non-profit Government-owned operating board that succeeded to Pertamina's role as regulator
    of upstream oil and gas activities under the Oil and Gas Law.
"BPH Migas"
Badan Pengatur Hilir
    Minyak dan Gas Bumi
, the non-profit Government-owned operating board that succeeded to Pertamina's role as regulator of
    downstream oil and gas activities under the Oil and Gas Law.
"BPJS Kesehatan"
Indonesian Health Social
    Security Administrative Body.
"BPJS Ketenagakerjaan"
Indonesian the Manpower
    Social Security Administrative Body.
"CNE"
PT Cogen Nusantara Energi,
    our indirect, wholly-owned subsidiary.
"Company"
Indonesia Energy Corporation
    Limited.
"Companies Act"
The Cayman Islands Companies
    Act, as amended and revised from time to time.
"Cost Recovery"
The arrangement with the
    Government under which oil and gas contractors are allowed to recover their costs from the revenue. Different contracts may impose
    different ceiling on the percentage of revenue recoverable.
"delineation well"
A well that is drilled
    to exploit the hydrocarbon accumulation defined by an appraisal or delineation well.
"DGOG"
The Indonesian Director-General
    of Oil and Gas.
"DMO"
Domestic market obligation.
"exploration well"
A well that is designed
    to test the validity of a seismic interpretation and to confirm the presence of hydrocarbons in an undrilled formation.
"FTP"
First tranche petroleum.
"GHG"
Regulation of greenhouse
    gas.
"Government"
The Government of the Republic
    of Indonesia.
"GWN"
PT Green World Nusantara,
    our indirect, wholly-owned subsidiary.
"HNE"
PT Harvel Nusantara Energi,
    our indirect, wholly-owned subsidiary.
"HSSE"
Health, safety, security
    and environment activities.
"HWE"
PT Hutama Wiranusa Energi,
    our indirect, wholly-owned subsidiary.
"ICP"
Indonesian Crude Price
    for the "Talang Akar Pendopo (TAP) / Air Hitam" crude oil type.
"IDR" or "Rupiah"
Indonesian Rupiah.
"Indonesia"
The Republic of Indonesia.
"ITB"
Bandung Institute of Technology.
-
iii
-
"JOB"
Joint Operating Body.
"Joint Study"
A program with the Government
    whose objective is to determine oil and gas potential within a proposed working area by conducting geological and geophysical work.
"KSO"
Kerja Sama Operasi/Joint
    Operation with Pertamina, a type of contract between Pertamina and exploration companies.
"LNG"
Liquefied natural gas.
"LPG"
Liquefied petroleum gas.
"medium-sized blocks"
We use a three-tier classification
    for the size of blocks in Indonesia. The mean reserve size of middle third class (medium-sized field) of 610 oil fields in Indonesia
    is 5.1 MMBO reserve with a range of 2 to 11 MMBO. With a proved and probable reserves of 7.57 MMBO, Kruh Block is considered a medium-sized
    oil production block.
"MEMR"
The Ministry of Energy
    and Mineral Resources of Indonesia.
"MK"
The Constitutional Court
    of the Republic of Indonesia.
"Oil and Gas Law"
The oil and gas law enacted
    on November 23, 2001 by the Government.
"OPEC"
The Organization of Petroleum
    Exporting Countries.
"Pertamina"
PT Pertamina (Persero),
    the Indonesia state-owned oil and gas company.
"Profit Sharing"
The revenue remaining after
    cost recovery is profit petroleum which is shared between the Government and the exploration company.
"Program Legislasi Nasional"
The Indonesian National
    Legislation Program.
"PRMS"
Petroleum Resources Management
    System.
"proved reserves"
Those quantities of petroleum
    which, by analysis of geological and engineering data, can be estimated with reasonable certainty to be commercially recoverable,
    from a given date forward, from known reservoirs and under current economic conditions, operating methods, and Government regulations.
"PSC"
Production Sharing Contract,
    a type of contract between Pertamina and exploration companies.
"SEC"
The United States Securities
    and Exchange Commission.
"SKK Migas"
Special Task Force for
    Upstream Oil and Gas Business Activities, an institution established by the Government.
"TAC"
Technical Assistance Contract,
    a contract between Pertamina and an exploration company.
"U.S. GAAP"
Generally accepted accounting
    principles in the United States.
"UPL"
Environmental monitoring
    effort plan.
"US$"
United States dollars.
"USGS"
United States Geological
    Survey.
"WJ Energy"
WJ Energy Group Limited,
    our direct, wholly-owned subsidiary.
Units of Measurement
"BOPD"
Barrels of oil production
    per day.
"BSCF"
Billion standard cubic
    feet.
"MMBO"
Million barrels of oil.
"MMSCFD"
Million standard cubic
    feet per day.
"TCF"
Trillion cubic feet.
-
iv
-
SUMMARY
OF SIGNIFICANT RISK FACTORS
An
investment in our ordinary shares is highly speculative and involves a significant degree of risk.
The
following is a summary of risks, uncertainties and other factors related to our company. As the following is just a summary, you are
encouraged to carefully consider all of the risk factors presented in "Item 1A. Risk Factors" and all other information contained
in this Report including the financial statements.
●
Our operations are solely
    in Indonesia, and our lack of asset and geographic diversification increases the risk of an investment in us, and our financial condition
    and results of operations may deteriorate if we fail to diversify.
●
We have previously experienced delays in and, as a result, have been required
to modify, our proposed exploration and drilling schedule. There is a material risk that we will experience such delays and required modifications
in the future.
●
Oil and gas price volatility
    has and may continue to adversely affect our results of operations and financial condition.
●
The war in Ukraine and the Israel-Hamas conflict could materially and adversely
affect our business and results of operations.
●
Lower oil and/or gas prices
    may also reduce the amount of oil and/or gas that we can produce economically.
●
There is inherent credit
    risk in any gas sales arrangements with the Government to which we may become a party in the future.
●
Our business requires significant
    capital investment and maintenance expenses, which we may be unable to finance on satisfactory terms or at all.
●
Our estimated oil reserves
    are based on assumptions that may prove inaccurate, and thus our estimates of proved reserves and future net revenue are inherently
    imprecise.
●
We may not find any commercially
    productive oil and gas reservoirs in connection with our exploration activities.
●
We are subject to complex
    laws, rules and regulations common to the oil and natural gas industry, including those specific to operating in Indonesia, which
    can have a material adverse effect on our business, financial condition and results of operations.
●
Our production sharing
    contract for Citarum Block requires or may require us to relinquish portions of the subject contract area in certain circumstances,
    which would potentially leave us with less area to explore.
●
Climate change and climate
    change legislation and regulatory initiatives could result in increased operating costs and decreased demand for the oil and natural
    gas that we produce.
●
We are faced with the high
    risks inherent in the drilling of oil and natural gas wells, including the risk that we may encounter no commercially productive
    natural gas or oil reservoirs even if we expend significant costs on such exploration.
●
You may face difficulties
    in protecting your interests, and your ability to protect your rights through the U.S. Federal courts may be limited, as a result
    of our company being incorporated under the laws of the Cayman Islands.
●
We have identified a material
    weakness in our internal control over financial reporting for the year ended December 31, 2023. If we fail to adequately remediate
    this weakness or otherwise develop and maintain an effective system of internal control over financial reporting, or if we experience
    additional material weaknesses in the future, we may be unable to accurately report our financial results or prevent fraud, or comply
    with the accounting and reporting requirements applicable to public companies, which may adversely affect investor confidence in
    us and the market price of our shares.
●
The market for our ordinary
    shares has been volatile, and an active, liquid and orderly trading market for our ordinary shares may not be maintained in the United
    States, which could limit your ability to sell our ordinary shares.
●
As
a foreign private issuer, we are subject to different U.S. securities laws and NYSE American governance standards than domestic U.S.
issuers. This may afford less protection to holders of our ordinary shares, and you may not receive corporate and company information
and disclosure that you are accustomed to receiving or in a manner in which you are accustomed to receiving it.
●
Liquidity risk is the risk
    that we will encounter difficulty in raising funds to meet commitments associated with financial assets and liabilities. Liquidity
    risk may result from an inability to sell a financial asset quickly at an amount close to its fair value.
-
v
-
PART
I
Unless
the context otherwise requires, as used in this annual report, the terms "the Company", "we", "us",
and "our" refer to Indonesia Energy Corporation Limited and any or all of its subsidiaries. References to our "management"
or our "management team" refers to our officers and directors. Unless otherwise noted, all industry and market data in this
annual report on Form 20-F (this "annual report") is presented in U.S. dollars. Unless otherwise noted, all financial and
other data related to the Company in this annual report is presented in U.S. dollars. All references to "$" or "US"
in this annual report refer to U.S. dollars.
Please
see "Glossary of Terms" for a listing of oil and gas-related and other defined and capitalized terms used throughout this
annual report.
ITEM
1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS
Not
applicable.
ITEM
2. OFFER STATISTICS AND EXPECTED TIMETABLE
Not
applicable.
ITEM
3. KEY INFORMATION
A.
[Reserved]
B.
Capitalization and Indebtedness
Not
applicable.
C.
Reasons for the Offer and Use of Proceeds
Not
applicable.
D.
Risk Factors
An
investment in our ordinary shares is highly speculative and involves a significant degree of risk
.
You should carefully consider the risks described below, as well as the other information in this report, including our consolidated
financial statements and the related notes and all other disclosures in this annual report before deciding whether to invest in our ordinary
shares. The occurrence of any of the events or developments described below could materially and adversely affect our business, financial
condition, results of operations and growth prospects. In such an event, the market price of our ordinary shares could decline, and you
may lose all or part of your investment. Additional risks and uncertainties not presently known to us or that we currently believe are
not material may also impair our business, financial condition, results of operations and growth prospects.
Risks
Related to Our Business
Our
lack of asset and geographic diversification increases the risk of an investment in us, and our financial condition and results of operations
may deteriorate if we fail to diversify.
Our
business focus is on oil and gas exploration in limited areas in Indonesia and exploitation of any significant reserves that are found
within our license areas. As a result, we lack diversification, in terms of both the nature and geographic scope of our business. We
will likely be impacted more acutely by factors affecting our industry or the regions in which we operate than we would if our business
were more diversified. If we are unable to diversify our operations, our financial condition and results of operations could deteriorate.
1
Exploring
and drilling oil and natural gas wells is a high-risk activity. These risks have delayed the implementation of our drilling program in
the past and may continue to do so in the future.
Our
ability to generate revenue and grow our company is materially dependent upon the success of our exploration and drilling programs. Drilling
for oil and natural gas involves numerous risks, many of which are beyond our control, including risks associated with delays in our
drilling program and the risk that no commercially productive natural gas or oil reservoirs will be encountered. The cost of and timing
for exploring, drilling, completing and operating wells is substantial and uncertain, and drilling operations may be curtailed, delayed
or cancelled as a result of a variety of factors beyond our control, including:
●
Unexpected drilling conditions,
    pressure or irregularities in formations;
●
Equipment failures or accidents;
●
Adverse weather conditions;
●
Volatility (significant
    increase and decreases) in natural gas and oil prices;
●
Surface access restrictions;
●
Loss of title or other
    title related issues;
●
Compliance with, or changes
    in, governmental requirements and regulation; and
●
Costs of shortages or delays
    in the availability of drilling rigs or crews and the delivery of equipment and materials (which we experienced in recent past years
    as a result of COVID-19).
We
experienced difficulties in drilling in 2021 at our K-25 well when the well collapsed during the rainy season, and at K-28 in 2022 when
significant amount of gas was encountered during drilling which required additional effort to protect the well and operations. Our future
drilling activities may not be successful and, if unsuccessful, such failure will have an adverse effect on our future results of operations
and financial condition. Our overall drilling success rate or our drilling success rate for activity within a particular geographic area
may decline. We may be unable to lease or drill identified or budgeted prospects within our expected time frame, or at all. We may be
unable to lease or drill a particular prospect because, in some cases, we identify a prospect or drilling location before seeking an
option or lease rights in the prospect or location. Similarly, our drilling schedule has varied and may in the future vary from the schedule
set forth in our capital budget. The final determination with respect to the drilling of any scheduled or budgeted wells will be dependent
on a number of factors, including:
●
The timing for and results
    of exploration efforts and the acquisition, review and analysis of the seismic data;
●
The availability of sufficient
    capital resources to us to fund the exploration and drilling oil and gas prospects;
●
The approval of the prospects
    by other participants after additional data has been compiled;
●
Economic and industry conditions
    at the time of drilling, including prevailing and anticipated prices for natural gas and oil and the availability of drilling rigs
    and crews;
●
Our financial resources
    and results; and
●
The availability of leases
    and permits on reasonable terms for the prospects and any delays in obtaining such permits.
These
projects may not be successfully developed and the wells, if drilled, may not encounter reservoirs of commercially productive natural
gas or oil. This would have a material adverse effect on our results of operations and liquidity.
2
Oil
and gas price volatility has and may continue to adversely affect our results of operations and financial condition.
Our
revenues, cash flow, profitability and future rate of growth are substantially dependent upon prevailing prices for oil and gas, over
which we have no control. If oil prices are higher, we can generate more cash from our drilling operations, and if oil prices are lower,
our ability to generate cash is reduced. In addition, our ability to borrow funds and to obtain additional capital on attractive terms
is also substantially dependent on oil and gas prices. Historically and recently, world-wide oil and gas prices and markets have been
very volatile and are likely to continue to be volatile in the future.
Prices
for oil and gas are subject to wide fluctuations in response to relatively minor changes in the supply of and demand for oil and gas,
market uncertainty and a variety of additional factors that are beyond our control. These factors include international political conditions
(including wars, conflicts, trade and other disputes, cyberattacks and similar occurrences), the domestic and foreign supply of oil and
gas, the level of consumer demand and factors effecting such demand, weather conditions, domestic and foreign governmental regulations,
the price and availability of alternative fuels and overall economic conditions. In addition, various factors, including the effect of
domestic and foreign regulation of production and transportation, general economic conditions, changes in supply due to drilling by other
producers and changes in demand may adversely affect our ability to market our oil and gas production. Any significant decline in the
price of oil or gas would adversely affect our revenues, operating income, cash flows and borrowing capacity and may require a reduction
in the carrying value of our oil and gas properties and our planned level of capital expenditures. This risk was demonstrated in 2021
and 2022 with very significant swings in the price of oil as a result of rising interest rates and inflation, the ongoing Russia-Ukraine
conflict, the ongoing Israel-Hamas conflict, high demand for oil in China and India, the actions taken by oil-related intergovernmental
organizations such as OPEC to effect the supply and price of oil, and the recovery of the global economy after the COVID-19 pandemic.
We may continue to be subject to oil and gas price-related risks while these or similar conditions persist and the global economy remains
uncertain.
The
war in Ukraine and the Israel-Hamas conflict could materially and adversely affect our business and results of operations.
The
2022 invasion of Ukraine by Russia and resulting war has materially affected global economic markets, including a dramatic increase in
the price of oil and gas, and the uncertain resolution of this conflict could result in protracted and/or severe damage to the global
economy. Russia's military interventions in Ukraine have led to, and may continue to lead to, additional sanctions being levied
by the United States, European Union and other countries against Russia. Russia's military incursion and the resulting sanctions
could adversely affect global energy and financial markets and thus could affect the global markets, our customers or suppliers'
businesses and potentially our business.
As
we are
an oil and gas exploration and production company
, our performance is affected by
global economic conditions as well as geopolitical issues and other conditions. Macroeconomic weakness and uncertainty make it more difficult
for us to manage our operations and accurately forecast financial results. As a result of the recent movement of Russian military units
into provinces in Ukraine, the United States, the European Union, the United Kingdom and other jurisdictions have imposed sanctions on
certain Russian and Ukrainian persons and entities, including certain Russian banks, energy companies and defense companies, and have
imposed restrictions on exports of various items to Russian and certain regions of Ukraine (including the self-proclaimed Donetsk People's
Republic and Luhansk People's Republic and Crimea). Moreover, on February 22, 2022, the Office of Foreign Assets Control of the
United States issued sanctions aimed at limiting Russia's ability to raise funds through sovereign debt. These geopolitical issues
have resulted in increasing global tensions and create uncertainty for global commerce. Any or all of these factors could negatively
affect our business, financial condition and result of operations. In addition, new requirements or restrictions could come into effect
which might increase the scrutiny on our business or result in one or more of our business activities being deemed to have violated sanctions.
Our business and reputation could be adversely affected if the authorities of United States, the European Union, the United Nations,
or other jurisdictions were to determine that any of our activities constitutes a violation of the sanctions they impose or provides
a basis for a sanction designation of us.
Also,
on
October 7, 2023, Hamas terrorists infiltrated Israel's southern border from the Gaza Strip and conducted a series of attacks on
civilian and military targets. Hamas also launched extensive rocket attacks on Israeli population and industrial centers located along
Israel's border with the Gaza Strip and in other areas within the State of Israel. These attacks resulted in extensive deaths,
injuries and kidnapping of civilians and soldiers. Following the attack, Israel's security cabinet declared war against Hamas and
a military campaign against these terrorist organizations commenced in parallel to their continued rocket and terror attacks.
Following
the attack by Hamas on Israel's southern border, Hezbollah in Lebanon has also launched missile, rocket, and shooting attacks against
Israeli military sites, troops, and Israeli towns in northern Israel. In response to these attacks, the Israeli army has carried out
a number of targeted strikes on sites belonging to Hezbollah in southern Lebanon. Any hostilities involving Israel or the interruption
or curtailment of trade between Israel and its trading partners could adversely affect our operations and results of operations.
However,
as of the date of this report, we do not have any business, operation or assets in Russian, Ukraine, Israel, Hamas, or Hezbollah, nor
do they have any direct or indirect business or contracts with any Russian, Ukraine, Israel, Hamas, or Hezbollah entity as a supplier
or customer. Consequently, we do not expect that Russia's invasion of Ukraine or the Israel-Hamas conflict will have any material
impact on our business operations, including but not limited to our product pricing, supply, consumer demand, and the supply chain. Additionally,
we believe the cybersecurity risks in the supply chain are not material to our business, and there is no new or heightened risk of potential
cyberattacks on the Company by state actors or others since Russia's invasion of Ukraine.
3
The
extent and duration of the military actions or campaigns, wars, terrorist attacks, sanctions and resulting market disruptions are impossible
to predict, but could be substantial. Any such disruptions caused by Russian military actions or resulting sanctions or the Israel-Hamas
conflict may magnify the impact of other risks described in this section. We cannot predict the progress or outcome of the situation
in Ukraine or Israel, as the conflict and governmental reactions are rapidly developing and beyond their control. Prolonged unrest, intensified
military activities or more extensive sanctions impacting the region could have a material adverse effect on the global economy, and
such effect could in turn have a material adverse effect on our business, financial condition, results of operations and prospects.
There
is inherent credit risk in any gas sales arrangements with the Government to which we may become a party in the future.
Natural
gas supply contracts in Indonesia are negotiated on a field-by-field basis among SKK Migas, an oil, energy, and government company organized
and authorized by the Government to manage natural oil and gas upstream business activities, gas buyers and sellers. The common clause
in gas supply contracts is a "take-or-pay arrangement" in which the buyer is required to either pay the price corresponding
to certain pre-agreed quantities of natural gas and offtake such quantities or pay their corresponding price regardless of whether it
purchases them. Under certain circumstances, such as industrial or economic crisis in Indonesia or globally, the buyer may be unwilling
or unable to make these payments, which could trigger a renegotiation of contracts and become the subject of legal disputes between parties.
When and if we establish natural gas production and enter into related contracts with the Government, this contract term could have a
material adverse effect on our business, financial condition and result of operation by reducing our net profit or increasing our total
liabilities in the future, or both.
We
face credit risk from the Government and the ability of Pertamina to pay our company for the operating costs and profit sharing split
in a timely manner.
Our
current cash inflow is dependent on a "cost recovery" and profit-sharing arrangement with Pertamina, an Indonesian state-owned
oil and natural gas corporation based in Jakarta, meaning that all operating costs (expenditures made and obligations incurred in the
exploration, development, extraction, production, transportation, marketing, abandonment and site restoration) are advanced by our company
and later repaid by Pertamina plus a share of the profit from operations. Any delay of payment by Pertamina may adversely affect our
operations and delay the schedule of capital investments which could have otherwise have an adverse effect on our business, prospects,
financial condition and results of operations.
4
Lower
oil and/or gas prices may also reduce the amount of oil and/or gas that we can produce economically.
Sustained
substantial declines in oil and/or gas prices may render a significant portion of our exploration, development and exploitation projects
unviable from an economic perspective, which may result in us having to make significant downward adjustments to our estimated proved
reserves. As a result, a prolonged or substantial decline in oil and/or gas prices, such as what we have experienced since mid-2014,
which was exacerbated during the COVID-19 pandemic and thereafter caused, and would likely in the future cause, a material and adverse
effect on our future business, financial condition, results of operations, liquidity and ability to finance capital expenditures. Additionally,
if we experience significant sustained decreases in oil and gas prices such that the expected future cash flows from our oil and gas
properties falls below the net book value of our properties, we may be required to write down the value of our oil and gas properties.
Any such asset impairments could materially and adversely affect our results of operations and, in turn, the trading price of our ordinary
shares.
We
may not be able to fund the capital expenditures that will be required for us to increase reserves and production.
We
must make capital expenditures to develop our existing reserves and to discover new reserves. Historically, we have financed our capital
expenditures primarily through related and non-related party financings as well as funds raised from our initial public offering in December
2019, our financing with L1 Capital and ATM financing with H.C. Wainwright & Co., LLC (the "Sales Agent") in 2022. We
expect to continue to utilize these or similar resources (as well as funds from potential equity and debt financings and any future net
positive cash flow) in the future.
However,
we cannot assure you that we will have sufficient capital resources in the future to finance all of our planned capital expenditures.
During 2022 and 2023, we have had to modify our drilling and other operational plans due in part to limitations on our capital resources.
Moreover,
volatility in oil and gas prices, the timing of our drilling programs and drilling results will affect our cash flow from operations.
Lower prices and/or lower production could also decrease revenues and cash flow, thus reducing the amount of financial resources available
to meet our capital requirements, including reducing the amount available to pursue our drilling opportunities. If our cash flow from
operations does not increase as a result of capital expenditures, a greater percentage of our cash flow from operations will be required
for debt service and operating expenses and our capital expenditures would, by necessity, be decreased.
Strategic
determinations, including the allocation of capital and other resources to strategic opportunities, are challenging, and our failure
to appropriately allocate capital and resources among our strategic opportunities may adversely affect our financial condition and reduce
our growth rate.
Our
future growth prospects are dependent upon our ability to identify optimal strategies for our business. In developing our business plan,
we have and will continue to consider allocating capital and other resources to various aspects of our businesses including well-development
(primarily drilling), reserve acquisitions, exploratory activity, corporate items and other alternatives. We also have and will continue
to consider our likely sources of capital. Our ability to fund our current business plan is dependent on our available capital. As we
raised less funds than we had anticipated in our December 2019 initial public offering, we have been faced with challenges relative to
the allocation of those funds, which has required us to modify our business plan and which could create challenges for our ability to
fully fund our plans. In addition, notwithstanding the determinations made in the development of our business plan, business opportunities
not previously identified periodically come to our attention, including possible acquisitions and dispositions. If we fail to identify
optimal business strategies or fail to optimize our capital investment and capital raising opportunities and the use of our other resources
in furtherance of our business strategies, our financial condition and growth rate may be adversely affected. Moreover, economic or other
circumstances may change from those contemplated by our business plan, and our failure to recognize or respond to those changes may limit
our ability to achieve our objectives.
5
Our
expectations for future drilling activities will be realized over several years, making them susceptible to uncertainties that could
materially alter the occurrence or timing of such activities.
We
have identified drilling locations and prospects for future drilling opportunities, including development and exploratory drilling activities,
at both Kruh Block and Citarum Block. These drilling locations and prospects represent a significant part of our future drilling plans.
Our ability to drill and develop these locations depends on a number of factors, including the availability of capital, regulatory approvals,
negotiation of agreements with third parties, commodity prices, costs, access to and availability of equipment, services, resources and
personnel and drilling results. There can be no assurance that we will drill these locations or that we will be able to produce oil from
these locations or any other potential drilling locations. Changes in the laws or regulations on which we rely in planning and executing
its drilling programs could adversely impact our ability to successfully complete those programs.
Our
estimated oil reserves are based on assumptions that may prove inaccurate.
Oil
engineering is a subjective process of estimating accumulations of oil and gas that cannot be measured in an exact way, and estimates
of other engineers may differ materially from those set out herein. Numerous assumptions and uncertainties are inherent in estimating
quantities of proved oil, including projecting future rates of production, timing and amounts of development expenditures and prices
of oil and gas, many of which are beyond our control. Results of drilling, testing and production after the date of the estimate may
require revisions to be made. Accordingly, reserves estimates are often materially different from the quantities of oil and gas that
are ultimately recovered, and if such recovered quantities are substantially lower that the initial reserves estimates, this could have
a material adverse impact on our business, financial condition and results of operations.
We
may not find any commercially productive oil and gas reservoirs in connection with our exploration activities.
Our
business prospects are currently dependent on extracting assets from our Kruh Block and on finding sufficient reserves in our Citarum
Block. Drilling involves numerous risks, including the risk that the new wells we drill will be unproductive or that we will not recover
all or any portion of our capital investment. Drilling for oil and gas may be unprofitable. Wells that are productive but do not produce
sufficient net revenues after drilling, operating and other costs are unprofitable. By their nature, estimates of undeveloped reserves
are less certain. Recovery of such reserves will require significant capital expenditures and successful drilling and completion operations.
In addition, our properties may be susceptible to drainage from production by other operations on adjacent properties. If the volume
of oil and gas we produce decreases, our cash flow from operations may decrease.
We
may be unable to expand operations by securing rights to additional producing our exploration blocks.
One
of our key business strategies is to expand our asset portfolio, which may include producing our exploration blocks. We have currently
identified one such potential block – the Rangkas Area – and our goal will be to secure rights to conduct activities in Rangkas
and other areas in Indonesia, However, due to the competitive tender process and uncertainties around Government contracting, among other
factors, we may be unable to secure rights to conduct exploration or production activities in any additional areas. In particular, we
face competition from other oil and gas companies in the acquisition of new oil blocks through the Indonesian government's tender
process. Our competitors for these tenders include Pertamina (who can tender for blocks on its own), and other well-established large
international oil and gas companies. Such companies have substantially greater capital resources and are able to offer more attractive
terms when bidding for concessions. If we are unable to secure rights to additional blocks, we would be left without additional opportunities
for revenue and profit and remain subject to the risks associated with our current lack of asset diversification, all of which would
harm our results of operations.
6
We
may not be able to keep pace with technological developments in our industry.
The
oil and gas industry is characterized by rapid and significant technological advancements and introductions of new products and services
using new technologies. As others use or develop new technologies, we may be placed at a competitive disadvantage, and competitive pressures
may force us to implement those new technologies at substantial cost. In addition, other oil and gas companies may have greater financial,
technical and personnel resources that allow them to enjoy technological advantages and may in the future allow them to implement new
technologies before we can. We may not be able to respond to these competitive pressures and implement new technologies on a timely basis
or at an acceptable cost. If one or more of the technologies we use now or in the future were to become obsolete or if we are unable
to use the most advanced commercially available technology, our business, financial condition and results of operations could be materially
adversely affected.
We have previously experienced delays in, and, as a result, have been required
to modify, our proposed exploration and drilling schedule. There is a material risk that we will experience such delays and required modifications
in the future.
While
we have internally approved plans for development of Kruh Block and have publicly stated our intentions with respect to new drilling
activity for Kruh Block, we have had to modify our drilling schedule in the past, and may be required to do so again in the future.
Our
final determination of whether and when to drill any scheduled or budgeted wells (whether in Kruh Block or otherwise) from time to time
will be dependent on a number of factors, including:
●
Prevailing and anticipated
    prices for oil and gas;
●
The availability and costs
    of drilling and service equipment and crews;
●
Economic and industry conditions
    at the time of drilling;
●
The availability of sufficient
    capital resources;
●
The results of our exploration
    efforts;
●
The acquisition, review
    and interpretation of seismic data;
●
Our ability to obtain permits
    for and to access drilling locations; and
●
Continuous drilling obligations.
Although
we have identified or budgeted for numerous drilling locations, we may not be able to drill those locations within our expected time
frame or at all. In addition, our drilling schedule may vary from our expectations because of future uncertainties.
Moreover,
conditions (such as COVID-19, weather, equipment failures, well collapses, delays in Government permitting, limitations on activity
due to our lack of, and need to preserve, capital resources, and similar factors) have in the past required us, and may in the
future require us, to modify or delay our exploration and drilling programs. Some of the factors that impact the timing of our
exploration and drilling plans are beyond our control. Any additional delays in implementing our exploration and drilling programs
could damage our reputation and share price, and could also have a material adverse effect on our results of operations (including
our cash flows).
Seasonal
weather conditions and other factors could adversely affect our ability to conduct drilling activities.
Our
operations could be adversely affected by weather conditions. Severe weather conditions limit and may temporarily halt our ability to
operate during such conditions. We experienced weather related challenges with the collapse of our K-25 well in 2021, which set back
our production in 2021, and at K-28 in 2022 when a significant amount of gas was encountered during drilling which required additional
effort to protect the well and operations. These constraints and the resulting shortages or high costs could delay or temporarily halt
our oil and gas operations and materially increase our operating and capital costs, which could have a material adverse effect on our
business, financial condition and results of operations.
7
The
lack of availability or high cost of drilling rigs, equipment, supplies, personnel and oil field services could adversely affect our
ability to execute our exploitation and development plans on a timely basis and within our budget.
Our
industry is cyclical and, from time to time, there has been a shortage of drilling rigs, equipment, supplies, oil field services or qualified
personnel. During these periods, the costs and delivery times of rigs, equipment and supplies are substantially greater. In addition,
the demand for, and wage rates of, qualified drilling rig crews rise as the number of active rigs in service increases. During times
and in areas of increased activity, the demand for oilfield services will also likely rise, and the costs of these services will likely
increase, while the quality of these services may suffer. If the lack of availability or high cost of drilling rigs, equipment, supplies,
oil field services or qualified personnel were particularly severe in any of our areas of operation, we could be materially and adversely
affected. Delays could also have an adverse effect on our results of operations, including the timing of the initiation of production
from new wells.
Our
drilling operations may be curtailed, delayed or cancelled as a result of a variety of factors that are beyond our control.
Our drilling
    operations are subject to a number of risks, including:
●
Unexpected drilling conditions;
●
Facility or equipment failure
    or accidents;
●
Adverse weather conditions;
●
Unusual or unexpected geological
    formations;
●
Fires, blowouts and explosions;
●
Geopolitical conflicts
    including the recent military in Ukraine and sanctions on certain oil and gas exporting countries;
●
Unforeseen delays in the
    Government permit processing or the timing for the tendering of necessary third party services;
●
Uncontrollable pressures
    or flows of oil or gas or well fluids; and
●
Public health risks and
    pandemic outbreaks, such as COVID-19 and its variants.
Any
of these events could adversely affect our ability to conduct operations or cause substantial losses, including personal injury or loss
of life, damage to or destruction of property, natural resources and equipment, pollution or other environmental contamination, loss
of wells, regulatory penalties, suspension of operations, and attorney's fees and other expenses incurred in the prosecution or
defense of litigation.
We
do not insure against all potential operating risks. We might incur substantial losses from, and be subject to substantial liability
claims for, uninsured or underinsured risks related to our oil and gas operations.
We
do not insure against all risks. Our oil and gas exploitation and production activities are subject to hazards and risks associated with
drilling for, producing and transporting oil and gas, and any of these risks can cause substantial losses resulting from:
●
Environmental hazards,
    such as uncontrollable flows of oil, gas, brine, well fluids, toxic gas or other pollution into the environment, including groundwater,
    shoreline contamination, underground migration and surface spills or mishandling of chemical additives;
●
Abnormally pressured formations;
8
●
Mechanical difficulties,
    such as stuck oil field drilling and service tools and casing collapse;
●
Leaks of gas, oil, condensate,
    and other hydrocarbons or losses of these hydrocarbons as a result of accidents during drilling and completion operations, or in
    the gathering and transportation of hydrocarbons, malfunctions of pipelines, measurement equipment or processing or other facilities
    in our operations or at delivery points to third parties;
●
Fires and explosions;
●
Personal injuries and death;
●
Regulatory investigations
    and penalties; and
●
Natural disasters and pandemics.
We
have general insurance covering typical industry risks with an insured limit per event of US$35,000,000 with an insured limit per block
of US$100,000,000. However, we do not know the extent of the losses caused by any occurrence and there is a risk that our insurance
may be inadequate to cover all applicable losses, to the extent losses are covered at all. Losses and liabilities arising from uninsured
and underinsured events or in amounts in excess of existing insurance coverage could have a material adverse effect on our business,
financial condition or results of operations.
Our
use of seismic data is subject to interpretation and may not accurately identify the presence of oil and natural gas.
Even
when properly used and interpreted, seismic data and visualization techniques are tools only used to assist geoscientists in identifying
subsurface structures as well as eventual hydrocarbon indicators, and do not enable the interpreter to know whether hydrocarbons are,
in fact, present in those structures. In addition, the use of seismic and other advanced technologies requires greater pre-drilling expenditures
than traditional drilling strategies, and we could incur losses as a result of these expenditures. Because of these uncertainties associated
with our use of seismic data, some of our drilling activities may not be successful or economically viable, and our overall drilling
success rate or our drilling success rate for activities in a particular area could decline, which could have a material adverse effect
on us. While we have announced our strategic plan to defer additional new drilling at Kruh Block in order to collect new seismic data
acquisition, processing and interpretation during 2023 to provide better quality data, and in turn reduce the uncertainty to some degree
in interpretation of reserves estimate and prospective drilling locations, we will continue to be faced with the a risk that this new
data will be unreliable or may lead to drilling operations which do not result in oil or gas discoveries.
We
may suffer delays or incremental costs due to difficulties in the negotiations with landowners and local communities where our reserves
are located.
Access
to the sites where we operate require agreements (including, for example, assessments, rights of way and access authorizations) with
the landowners and local communities. If we are unable to negotiate agreements with landowners, we may have to go to court to obtain
access to the sites of our operations, which may delay the progress of our operations at such sites.
There
can be no assurance that disputes with landowners and local communities will not delay our operations or that any agreements we reach
with such landowners and local communities in the future will not require us to incur additional costs, thereby materially adversely
affecting our business, financial condition and results of operations. Local communities may also protest or take actions that restrict
or cause their elected government to restrict our access to the sites of our operations, which may have a material adverse effect on
our operations at such sites.
9
Unfavorable
credit and market conditions could negatively impact the Indonesian economy and may negatively affect our ability to access capital,
our business generally and results of operations.
Global
financial crises and related turmoil in the global financial system may have a negative impact on our business, financial condition and
results of operations. In particular, if disruptions in international credit markets, exacerbated by the sovereign debt crises or global
pandemics, adversely impact the Indonesian economy (where our oil and gas products are sold by the Government), our business may suffer
and may adversely affect our ability to access the credit or capital markets at a time when we would need financing, which could have
an impact on our flexibility to react to changing economic and business conditions. Any of the foregoing factors or a combination of
these factors, or similar factors not known to us presently, could have an adverse effect on our liquidity, results of operations and
financial condition.
The
marketability of our production depends largely upon the availability, proximity and capacity of oil and gas gathering systems, pipelines,
storage and processing facilities.
The
marketability of our production depends in part upon processing and storage. Transportation space on such gathering systems and pipelines
is occasionally limited and at times unavailable due to repairs or improvements being made to such facilities or due to such space being
utilized by other companies with priority transportation agreements. Our access to transportation options can also be affected by Indonesian
law, regulation of oil and gas production and transportation, general economic conditions and changes in supply and demand. These factors
and the availability of markets are beyond our control. If our access to these transportation and storage options dramatically changes,
the financial impact on us could be substantial and adversely affect our ability to produce and market our oil and gas.
Cyber-attacks
targeting systems and infrastructure used by the oil and gas industry may adversely impact our operations.
Our
business has become increasingly dependent on digital technologies to conduct certain exploration, development and production activities.
We depend on digital technology to estimate quantities of oil reserves, process and record financial and operating data, analyze seismic
and drilling information, and communicate with our employees and third-party partners. Unauthorized access to our seismic data, reserves
information or other proprietary information could lead to data corruption, communication interruption, or other operational disruptions
in our exploration or production operations. In addition, computer technology controls nearly all of the oil and gas distribution systems
in Indonesia, which are necessary to transport our production to market. A cyber-attack directed at oil and gas distribution systems
could damage critical distribution and storage assets or the environment, delay or prevent delivery of production to markets and make
it difficult or impossible to accurately account for production and settle transactions.
While
we have not experienced significant cyber-attacks, we may suffer such attacks in the future. Further, as cyber-attacks continue to evolve,
we may be required to expend significant additional resources to continue to modify or enhance our protective measures or to investigate
and remediate any vulnerability to cyber-attacks.
We
rely on independent experts and technical or operational service providers over whom we may have limited control.
We
use independent contractors to provide us with certain technical assistance and services. We rely upon the owners and operators of rigs
and drilling equipment, and upon providers of field services, to drill and develop our prospects to production. We also rely upon the
services of other third parties to explore and/or analyze our prospects to determine a method in which the prospects may be developed
in a cost-effective manner. Our limited control over the activities and business practices of these service providers, any inability
on our part to maintain satisfactory commercial relationships with them or their failure to provide quality services could materially
adversely affect our business, results of operations and financial condition.
Market
conditions for oil and gas, and particularly volatility of prices for oil and gas, could adversely affect our revenue, cash flows, profitability
and growth.
Our
revenue, cash flows, profitability and future rate of growth depend substantially upon prevailing prices for oil and gas. Prices also
affect the amount of cash flow available for capital expenditures and our ability to borrow money or raise additional capital. Lower
prices may also make it uneconomical for us to increase or even continue current production levels of oil and gas.
10
Prices
for oil and gas are subject to large fluctuations in response to relatively minor changes in the supply and demand for oil and gas, market
uncertainty and a variety of other factors beyond our control, including:
●
Changes in foreign and
    domestic supply and demand for oil and gas;
●
Political stability and
    economic conditions in oil producing countries, particularly in the Middle East and also in Russia (particularly given the February
    2022 invasion of Ukraine by Russia);
●
Weather conditions;
●
Price and level of foreign
    imports;
●
Terrorist activity in Indonesia
    or elsewhere;
●
Availability of pipeline
    and other secondary capacity;
●
General economic conditions;
●
Global risks of more coronavirus
    or other viral outbreaks, or other global or local public health uncertainties;
●
Domestic and foreign governmental
    regulation; and
●
The price and availability
    of alternative fuel sources.
Estimates
of proved reserves and future net revenue are inherently imprecise.
The
process of estimating oil reserves in accordance with the requirements of the United States Securities and Exchange Commission ("SEC")
is complex and involves decisions and assumptions in evaluating the available geological, geophysical, engineering and economic data.
Accordingly, these estimates are imprecise. Actual future production, oil and gas prices, revenues, taxes, capital expenditures, operating
expenses and quantities of recoverable oil reserves most likely will vary from those estimated. Any significant variance could materially
affect the estimated quantities and present value of our reserves. In addition, we may adjust estimates of proved reserves to reflect
production history, results of exploration and development, prevailing oil and gas prices and other factors, many of which are beyond
our control.
Unless
we replace our oil reserves, our reserves and production will decline over time. Our business is dependent on our continued successful
identification of productive fields and prospects and the identified locations in which we drill in the future may not yield oil or natural
gas in commercial quantities.
Production
from oil properties declines as reserves are depleted, with the rate of decline depending on reservoir characteristics. Accordingly,
our current proved reserves will decline as these reserves are produced. Our future oil reserves and production, and therefore our cash
flows and income, are highly dependent on our success in efficiently developing our current reserves and economically finding or acquiring
additional recoverable reserves. While we have had success in identifying and developing commercially exploitable deposits and drilling
locations in the past, we may be unable to replicate that success in the future. We may not identify any more commercially exploitable
deposits or successfully drill, complete or produce more oil reserves, and the wells which we have drilled and currently plan to drill
within our blocks or concession areas may not discover or produce any further oil or gas or may not discover or produce additional commercially
viable quantities of oil or gas to enable us to continue to operate profitably. If we are unable to replace our current and future production,
the value of our reserves will decrease, and our business, financial condition and results of operations will be materially adversely
affected.
11
Our
business requires significant capital investment and maintenance expenses, which we may be unable to finance on satisfactory terms or
at all.
The
oil and natural gas industry is capital intensive and we expect to make substantial capital expenditures in our business and operations
for the exploration and production of oil reserves. The actual amount and timing of our future capital expenditures may differ materially
from our estimates as a result of, among other things, commodity prices, actual drilling results, the availability of drilling rigs and
other equipment and services, and regulatory, technological and competitive developments. In response to increases in commodity prices,
we may increase our actual capital expenditures. We will likely need to raise additional financing to support our business, and we intend
to finance our future capital expenditures through cash generated by our operations and potential future financing arrangements. However,
our financing needs may require us to alter or increase our capitalization substantially through the issuance of debt or equity securities
or the sale of assets. We also face the risk that financing arrangements (including bank loans or public or private offerings of debt
or equity securities) may not be available to us when needed on favorable terms or at all, which could adversely impact our ability to
operate our company.
If
our capital requirements vary materially from our current plans, we would likely require further investment (which may be unavailable
to the extent to do not generate positive cash flows) or equity financing (which may be unavailable on desirable terms, or at all). In
addition, we will likely incur significant financial indebtedness in the future, which may involve restrictions on other financing and
operating activities. These changes could cause our cost of doing business to increase, limit our ability to pursue acquisition opportunities,
reduce cash flow used for drilling and place us at a competitive disadvantage. A significant reduction in cash flows from operations
or the availability of credit could materially adversely affect our ability to achieve our planned growth and operating results.
Our
estimates regarding our market are based on our research but may prove incorrect.
This
report contains certain data and information that we obtained from private publications. Statistical data in these publications also
include projections based on a number of assumptions. Our industry may not grow at the rate projected by market data, or at all. Failure
of this market to grow at the projected rate may have a material and adverse effect on our business and the market price of our ordinary
shares. In addition, the rapidly changing nature of the oil and gas industry results in significant uncertainties for any projections
or estimates relating to the growth prospects or future condition of our market. Furthermore, if any one or more of the assumptions underlying
the market data are later found to be incorrect, actual results may differ from the projections based on these assumptions. You should
not place undue reliance on these or other forward-looking statements. See "Cautionary Note Regarding Forward-Looking Statements."
Risks
Related to Regulation of Our Oil and Gas Business
We
are subject to complex laws common to the oil and natural gas industry, particularly in Indonesia, which can have a material adverse
effect on our business, financial condition and results of operations.
The
oil and natural gas industry is subject to extensive regulation and intervention by governments throughout the world, including extensive
Indonesian regulations, in such matters as the award of exploration and production interests, the imposition of specific exploration
and drilling obligations, allocation of and restrictions on production, price controls, required divestments of assets and foreign currency
controls, and the development and nationalization, expropriation or cancellation of contract rights.
We
have been required in the past, and may be required in the future, to make significant expenditures to comply with governmental laws
and regulations, including with respect to the following matters:
●
Licenses, permits and other
    authorizations for drilling operations;
●
Reports concerning operations;
12
●
Compliance with environmental,
    health and safety laws and regulations;
●
Compliance with the requirements
    to divest parts of our interest to domestic parties;
●
Compliance with requirements
    to sell certain portion of our production to domestic market;
●
Adjustment to the split
    between the contractor and the Government in respect of the production;
●
Compliance with local content
    requirements;
●
Drafting and implementing
    emergency planning;
●
Plugging and abandonment
    costs; and
●
Taxation.
Under
these laws and regulations, we could be liable for, among other things, personal injury, property damage, environmental damage and other
types of damage. Failure to comply with these laws and regulations may also result in the suspension or termination of our operations
and subject us to administrative, civil and criminal penalties. Moreover, these laws and regulations could change in ways that could
substantially increase our costs. Any such liabilities, obligations, penalties, suspensions, terminations or regulatory changes could
have a material adverse effect on our business, financial condition or results of operations.
In
addition, the terms and conditions of the agreements under which our oil and gas interests are held generally reflect negotiations with
governmental authorities and can vary significantly. These agreements take the form of special contracts, concessions, licenses, associations
or other types of agreements. Any suspensions, terminations or regulatory changes in respect of these special contracts, concessions,
licenses, associations or other types of agreements could have a material adverse effect on our business, financial condition or results
of operations.
Our
production sharing contract, or PSC, for Citarum Block requires or may require us to relinquish portions of the subject contract area
in certain circumstances, which would potentially leave us with less area to explore.
Pursuant
to our PSC with SKK Migas for Citarum Block, there are circumstances under which we are required or may be required to relinquish portions
of the contract area back to the Government, with such portions being subject to be agreed to between us and the Government. Such circumstances
include our inability to complete the work programs agreed to in our PSC for Citarum. If we relinquish or are required to relinquish
portions of Citarum, we could be left with fewer areas to explore and a resulting diminishment of potential resources we could capitalize
on. See "Business—Our Assets—Citarum Block" for further information. We may be required to agree to similar provisions
in future contracts with the Government.
The
interpretation and application of laws and regulations in Indonesia involves uncertainty.
The
courts in Indonesia may offer less certainty as to the judicial outcome or a more drawn out judicial process than is the case in more
established legal systems. Businesses can become involved in lengthy judicial proceedings over simple issues when rulings are not clearly
defined. Moreover, such problems can be compounded by the poor quality of legal drafting and excessive delays in the legal process for
resolving issues or disputes. These characteristics of the legal system in Indonesia could expose us to several kinds of risks, including
the possibility that effective legal redress may be more difficult to obtain; a higher degree of discretion on the part of the Government;
the lack of judicial or administrative guidance on interpreting the relevant laws or regulations; inconsistencies and conflicts between
and within various laws, regulations, decrees, orders and resolutions; or the relative inexperience or lack of predictability of the
judiciary and courts in such matters.
13
The
enforcement of laws in Indonesia may depend on and be subject to the interpretation of the relevant local authority. Such authority may
adopt an interpretation of an aspect of local law which differs from the advice given to us by local lawyers or even previous advice
given by the local authority itself. Matters of local autonomy are extremely controversial in Indonesia, adding further uncertainty to
the interpretation and application of the relevant legal and regulatory requirements. Furthermore, there is limited or no relevant case
law providing guidance on how courts would interpret such laws and the application of such laws to its concessions, join operations,
licenses, license applications or other arrangements. Even where such case law exists, it lacks the binding precedential value found
in the U.S. legal system.
For
example, on November 13, 2012, the Constitutional Court of the Republic of Indonesia (
Mahkamah Konstitusi Republic Indonesia
,
or MK) issued Decision 36/PUU-X/2012 (or MK Decision 36/2012). In it, the MK declared several articles in the Oil and Gas Law of 2001
invalid and dissolved
Badan Pelaksana Minyak dan Gas Bumi
(or BP Migas) for failing to directly manage oil and gas resources as
required by its interpretation of Article 33 of the Constitution of the Republic of Indonesia. In response to MK Decision 36/2012, the
Government created SKK Migas and authorized it to take over the functions of BP Migas pursuant to Presidential Regulation No. 9 of 2013
on the Implementation of Management of Natural oil and Gas Upstream Business Activities. However, while these arrangements have not been
challenged to date, there is a risk that future challenge to the current arrangements, and changes in Indonesian law generally, could
require us to modify our operation and development plans, and could adversely impact our results of operations.
Increased
regulation by the Government and governmental agencies may increase the cost of regulatory compliance and have an adverse impact on our
business, financial condition and results of operations.
Our
business operations in Indonesia are subject to an expanding system of laws, rules and regulations issued by numerous government bodies.
The evolving roles of SKK Migas and The Ministry of Energy and Mineral Resources of Indonesia (or MEMR), together with political changes
in Indonesia, has allowed other governmental agencies such as the Ministry of Trade, the Ministry of Forestry, the Ministry for Environment
and Bank Indonesia to increase their roles in regulating the oil and gas industry in Indonesia. In addition, the Indonesian tax authorities
have recently initiated additional tax audits and implemented measures to increase tax revenues from the oil and gas industry.
The
continued expansion of the roles of governmental agencies may result in the adoption of new legislation, regulations and practices with
which we would be required to comply. Such legislation, regulations and practices may be more stringent and may cause the amount and
timing of future legal and regulatory compliance expenditures to vary substantially from their current levels. They could also require
changes to our operations and development plans, which could adversely impact our results of operations.
The
interpretation and application of the Oil and Gas Law of 2001 and the anticipated enactment of a new oil and gas law is uncertain and
may adversely affect our business, financial condition and results of operations.
In
Indonesia, the complexity of the laws and regulations relating to oil and gas activities is compounded by uncertainties in the legal
and regulatory framework. Indonesia's Oil and Gas Law of 2001 went into effect on November 23, 2001 (or the Oil and Gas Law), which
was amended on March 31, 2023 by Law No. 6 of 2023 on Stipulation of Government Regulation In Lieu of Law No. 2 of 2022 on Job Creation (known as Law 6/2023). The Oil
and Gas Law sets forth a statutory body of general principles governing oil and gas activities, which are further developed and implemented
in a series of government regulations, presidential decrees and ministerial decrees. The provisions of the Oil and Gas Law are generally
broad, and few sources of interpretative guidance are available. In addition, not all of the implementing regulations to the Oil and
Gas Law have been issued and some have only recently been enacted. It is uncertain how these regulations will affect us and our operations
without clear instances of their application, while the uncertainty surrounding the Oil and Gas Law and its implementing regulations
has increased the risks, and may result in increases in the costs, of conducting oil and gas activities in Indonesia.
The
Government may also adopt new laws and/or policies regarding oil and gas exploration, development and production that differ from the
policies currently in place and that adversely impact the cost of doing business in Indonesia. If and to the extent any changes to the
current legal and regulatory framework are detrimental to our business and our position, our business, development plans, financial condition
and results of operations could be adversely affected.
14
We
and our operations are subject to numerous environmental, health and safety laws and regulations which may result in material liabilities
and costs.
We
and our operations are subject to various international, domestic and foreign local environmental, health and safety laws and regulations
governing, among other things, the emission and discharge of pollutants into the ground, air or water; the generation, storage, handling,
use, transportation and disposal of regulated materials; and human health and safety. Our operations are also subject to certain environmental
risks that are inherent in the oil and gas industry and which may arise unexpectedly and result in material adverse effects on our business,
financial condition and results of operations. Breach of environmental laws, as well as impacts on natural resources and unauthorized
use of such resources, could result in environmental administrative investigations and/or lead to the termination of our concessions
and contracts. Other potential consequences include fines and/or criminal environmental actions.
We
are required to obtain environmental permits from governmental authorities for our operations, including drilling permits for our wells.
We may not be at all times in complete compliance with these permits and the environmental and health and safety laws and regulations
to which we are subject. If we violate or fail to comply with such requirements, we could be fined or otherwise sanctioned by regulators,
including through the revocation of our permits or the suspension or termination of our operations. If we fail to obtain, maintain or
renew permits in a timely manner or at all (such as due to opposition from partners, community or environmental interest groups, governmental
delays or any other reasons) or if we face additional requirements due to changes in applicable laws and regulations, our operations
could be adversely affected, impeded, or terminated, which could have a material adverse effect on our business, financial condition
or results of operations.
For
example, Law No. 32 of 2009 on Protection and Management of Environment (or the Environmental Law) as amended by Law 6/2023 and its
implementing regulation, Government Regulation No. 22 of 2021 on Environmental Protection and Management (or GR 22/2021), require an
entity conducting oil and gas business operations have its environmental impact assessment report (known as AMDAL), as well as an
environmental management effort plan (
Upaya Pengelolaan Lingkungan Hidup,
or UKL) or an environmental monitoring effort plan
(
Upaya Pemantauan Lingkungan Hidup
or UPL), approved. Under the Environmental Law, should we fail to meet the obligations
contained in the relevant AMDAL or UKL or UPL, it can lead to the nullification of our business license.
We,
as the owner, shareholder or the operator of certain of our past, current and future discoveries and prospects, could be held liable
for some or all environmental, health and safety costs and liabilities arising out of our actions and omissions as well as those of our
block partners, third-party contractors, predecessors or other operators. To the extent we do not address these costs and liabilities
or if we do not otherwise satisfy our obligations, our operations could be suspended, terminated or otherwise adversely affected. We
have also contracted with and intend to continue to hire third parties to perform services
related
to our operations. There is a risk that we may contract with third parties with unsatisfactory environmental, health and safety records
or that our contractors may be unwilling or unable to cover any losses associated with their acts and omissions. Accordingly, we could
be held liable for all costs and liabilities arising out of the acts or omissions of our contractors, which could have a material adverse
effect on our results of operations and financial condition.
Releases
of regulated substances may occur and can be significant. Under certain environmental laws and regulations applicable to us in Indonesia,
we could be held responsible for all of the costs relating to any contamination at our past and current facilities and at any third party
waste disposal sites used by us or on our behalf. Pollution resulting from waste disposal, emissions and other operational practices
might require us to remediate contamination, or retrofit facilities, at substantial cost. We also could be held liable for any and all
consequences arising out of human exposure to such substances or for other damage resulting from the release of hazardous substances
to the environment, property or to natural resources, or affecting endangered species or sensitive environmental areas. Environmental
laws and regulations also require that wells be plugged and sites be abandoned and reclaimed to the satisfaction of the relevant regulatory
authorities. We are currently required to, and in the future may need to, plug and abandon sites in certain blocks in which we operate,
which could result in substantial costs.
As
in other areas, the interpretation and application of environmental laws in Indonesia involves a degree of uncertainty. Such changes
in the interpretation and application of existing laws and regulations, or the enactment of new, more stringent requirements, may have
and result in an adverse impact on our business, development plans, financial condition and results of operations.
15
We
may be unable to obtain or maintain special permits to conduct drilling and seismic activities in forest areas in Indonesia.
Some
of our proposed drilling locations are situated within forestry areas. In order to conduct drilling and seismic activities in the forest
area within Indonesia, we will need to obtain "Approval for the Utilization of Forest Area (
Persetujuan Penggunaan Kawasan Hutan
or PPKH) or as previously known as "Borrow-to-use permit of forest area (Izin Pinjam Pakai Kawasan Hutan, or IPPKH)"
from the Indonesian Ministry of Forestry. PPKH is granted for companies to use the forest area other than forestry activities. The Indonesian
government has provided for such requirements in several laws and regulations since 1990 concerning conservation of natural resources,
natural primary forest and the ecosystem.
The
application for a PPKH must satisfy both administrative and technical requirements. The maximum validity period for a PPKH for an
exploration or production activity is no more than the validity period of the relevant license for the exploration and the production
activities. However, in respect of a follow through exploration during a production period, the PPKH may be granted for a maximum period
of two years and it is extendable. The application process of PPKH of forest area is complex because applicants had to comply with different
requirements at different offices in the Ministry of Forestry, and between government agencies and local administrations, frequently
with no certainty of processing time and cost.
With
the announcement of an "online single submission" (or OSS) processing system in 2018 by the Coordinating Minister for Economic Affairs, the application
for a PPKH is processed through the OSS. While the OSS is supposed to shorten the period required for the application, there are numerous
documents and other permits (including the local governor's recommendation and environmental permits) as well as a work program
and maps which are required before a PPKH application can be submitted. Any delay in the issuance to us of the PPKH, or our inability
to obtain such permit for any reason, would cause delays in our ability to conduct drilling and seismic activities in the subject area,
which in turn could adversely impact our business plans and results of operations.
Climate
change and climate change legislation and regulatory initiatives could result in increased operating costs and decreased demand for the
oil and natural gas that we produce.
Climate
change, the costs that may be associated with its effects, and the regulation of greenhouse gas (or GHG) emissions have the potential
to affect our business in many ways, including increasing the costs to provide our products and services, reducing the demand for and
consumption of our products and services (due to change in both costs and weather patterns), and the economic health of the regions in
which we operate, all of which can create financial risks. In addition, legislative and regulatory responses related to GHG emissions
and climate change may increase our operating costs.
Moreover,
experts believe climate change poses potential physical risks, including an increase in sea level and changes in weather conditions,
such as an increase in changes in precipitation and extreme weather events. In addition, warmer winters as a result of global warming
could also decrease demand for natural gas. To the extent that such unfavorable weather conditions are exacerbated by global climate
change, GHG emissions or otherwise, our operations may be adversely affected to a greater degree than we have previously experienced,
including increased delays and costs. However, the uncertain nature of changes in extreme weather events (such as increased frequency,
duration, and severity) and the long period of time over which any changes would take place make any estimations of future financial
risk to our operations caused by these potential physical risks of climate change unreliable. Moreover, the regulation of GHGs and the
physical impacts of climate change in the areas in which we, our customers and the end-users of our products operate could adversely
impact our operations and the demand for our products.
16
Labor
laws and regulations in Indonesia and labor unrest may materially adversely affect our results of operations.
Laws
and regulations which facilitate the forming of labor unions, combined with weak economic conditions, have resulted and may result in
labor unrest and activism in Indonesia. In 2000, the Government issued Law No. 21 of 2000 regarding Labor Unions (or the Labor Union
Law). The Labor Union Law permits employees to form unions without intervention from an employer, the government, a political party or
any other party. On March 25, 2003, President Megawati enacted Law No. 13 of 2003 regarding Employment (or the Labor Law) which, among
other things, increased the amount of severance, pension, medical coverage, service and compensation payments payable to employees upon
termination of employment. The Labor Law requires further implementation of regulations that may substantively affect labor relations
in Indonesia. The Labor Law requires companies with 50 or more employees establish bipartite forums with participation from employers
and employees. The Labor Law also requires a labor union to have participation of more than half of the employees of a company in order
for a collective labor agreement to be negotiated and creates procedures that are more permissive to the staging of strikes. Following
the enactment, several labor unions urged the Indonesian Constitutional Court to declare certain provisions of the Labor Law unconstitutional
and order the Government to revoke those provisions. The Indonesian Constitutional Court declared the Labor Law valid except for certain
provisions, including relating to the right of an employer to terminate its employee who committed a serious mistake and criminal sanctions
against an employee who instigates or participates in an illegal labor strike. The Labor Law was amended by Law 6/2023 and the amendments
include, amongst others, the reduction in the statutory severance payments payable to the employees in the event of employment termination.
Labor
unrest and activism in Indonesia could disrupt our operations, our suppliers or contractors and could affect the financial condition
of Indonesian companies in general.
Risks
Related to Doing Business in Indonesia
As
the domestic Indonesian market constitutes the major source of our revenue, the downturn in the rate of economic growth in Indonesia
or other countries due to the unprecedented and challenging global market and economic conditions will be detrimental to our results
of operations.
The
performance and growth of our business are necessarily dependent on the health of the overall Indonesian economy. Any downturn in the
rate of economic growth in Indonesia, whether due to political instability or regional conflicts, global health crisis, economic slowdown
elsewhere in the world or otherwise, may have a material adverse effect on demand for the commodities we produce. The Indonesian economy
is also largely driven by the performance of the agriculture sector, which depends on the impact of the monsoon season, which is difficult
to predict. In the past, economic slowdowns have harmed manufacturing industries, including companies engaged in oil and gas extraction.
During 2023, Indonesian gross domestic demand increased by 5.3% according to the International Monetary Fund, but any future slowdown
in the Indonesian economy could have a material adverse effect on the demand for the commodities we produce and, as a result, on our
business, financial condition and results of operations.
In
addition, the Indonesian securities market and the Indonesian economy are influenced by economic and market conditions in other countries.
Although economic conditions are different in each country, investors' reactions to developments in one country can have adverse
effect on the securities of companies in other countries, including Indonesia. A loss of investor confidence in the financial systems
of other emerging markets may cause volatility in Indonesian financial markets and, indirectly, in the Indonesian economy in general.
Any worldwide financial instability could also have a negative impact on the Indonesian economy, including the movement of exchange rates
and interest rates in Indonesia. Any slowdown in the Indonesian economy, or future volatility in global commodity prices, could adversely
affect the growth of our business in Indonesia.
The
Indonesian economy and financial markets are also significantly influenced by worldwide economic, financial and market conditions. Any
financial turmoil, especially in the United States, United Kingdom, Europe or China, may have a negative impact on the Indonesian economy.
Although economic conditions differ in each country, investors' reactions to any significant developments in one country can have
adverse effects on the financial and market conditions in other countries. A loss in investor confidence in the financial systems, particularly
in other emerging markets, may cause increased volatility in Indonesian financial markets.
17
The
effect and impact of the recently enacted Omnibus Law on job creation in Indonesia are not immediately known and subject to ongoing review.
On
November 2, 2020, the Government of Indonesia issued the Omnibus Law No. 11 of 2020 on Job Creation (or the Omnibus Law), which aims
to attract investment, create new jobs, and stimulate the economy by, among other things, simplifying the licensing process and harmonizing
various laws and regulations, and making policy decisions faster for the central government to respond to global or other changes or
challenges. The Omnibus Law amended more than 75 laws (including aspects of the Oil and Gas Law) and up to March 2022, the central government
has issued at least 51 implementing regulations making the Omnibus Law one of the most sweeping regulatory reforms in Indonesian history.
The Omnibus Law introduces a number of new concepts, including a new risk-based assessment (i.e. low, medium and high risks) in issuing
licenses for businesses, removes foreign ownership restrictions in various industries, simplifies environmental assessment requirements
and licensing procedures, and provides a more flexible manpower regulations. On November 25, 2021, the Constitutional Court declared
the Omnibus Law to be conditionally unconstitutional, and it was subsequently revised and replaced with the issuance of Government Regulation
in Lieu of Law No. 2 of 2022 on Job Creation, also known as the new Omnibus Law. Given the extensive breadth of changes introduced by
the Omnibus Law, the full impact of various regulation and policy changes on our business and operation in Indonesia are presently unknown
and subject to our ongoing review. Therefore, we are subject to the risk that compliance with the Omnibus Law may be challenging and
may distract our management, and may also require us to alter operations, which in turn could impact our results of operations.
On
November 25, 2021, the Constitutional Court through Decision Number 91/PUU-XIII of 2020 declared the Omnibus Law to be "conditionally
unconstitutional" and would need rectification. The Omnibus Law shall remain valid until the rectification is made within a period
of two years. In response to such decision, on December 30, 2022, the Government of Indonesia enacted Government Regulation In Lieu of Law No. 2 of 2022 on Job Creation (known
as GR 2/2022). The previous Omnibus
Law is deemed revoked and declared invalid. However, GR2/2022 retains most of the changes and concepts adopted in the Omnibus Law, such
as the risk-based licensing process, and all regulations that have been amended by Omnibus Law shall remain valid as long as they are
not in contravention of GR 2/2022. Furthermore, any implementing regulations enacted to implement the Omnibus Law also remain valid,
as long as it does not contravene GR 2/2022.
On March
31, 2023, the House of Representative (Dewan Perwakilan Rakyat or DRP) ratified GR 2/2022 turning it into law (undang-undang) through
Law 6/2023. The issuance of Law 6/2023 is expected to harmonize existing legislation and address current legal needs, thereby maintaining
the stability of the national economy by providing a clear legal basis for government policies.
Current
political and social events in Indonesia may adversely affect our business
.
Since
1998, Indonesia has experienced a process of democratic change, resulting in political and social events that have highlighted the unpredictable
nature of Indonesia's changing political landscape. In 1999, Indonesia conducted its first free elections for representatives in
parliament. In 2004, 2009 and 2014, elections were held in Indonesia to elect the President, Vice-President and representatives in parliament.
Indonesia also has many political parties, without any one party holding a clear majority. Due to these factors, Indonesia has, from
time to time, experienced political instability, as well as general social and civil unrest.
18
On
February 14, 2024, Indonesia held its most recent election, a pivotal event in the country's democratic process. The election not only
aimed to determine the future leadership but also the direction of the nation. On March 20, 2024, the General Election Commission (Komisi
Pemilihan Umum or KPU) finally completed the tabulation of the national vote count. The Prabowo Subianto-Gibran Rakabuming Raka ticket
garnered a total of 96,214,691 votes (58.58%). Based on the tabulation of these voting results, the presidential and vice-presidential
candidate pair Number 2, Prabowo Subianto and Gibran Rakabuming Raka, emerged victorious in the 2024 presidential election, confirming
their position to lead Indonesia.
Despite the fraud allegations raised by other presidential candidates,
the Constitutional Court has dismissed all claims. Nevertheless, lingering concerns remain regarding the surfaced allegations of election
fraud. As the nation prepares for the upcoming swearing-in ceremony in October 2024, uncertainties continue to loom over the political
landscape. Therefore, there can be no assurance that social, political and civil disturbances will not occur in the future and on a wider scale,
or that any such disturbances will not, directly or indirectly, materially and adversely affect our business, financial condition, results
of operations and prospects.
Deterioration
of political, economic and security conditions in Indonesia may adversely affect our operations and financial results.
Any
major hostilities involving Indonesia, a substantial decline in the prevailing regional security situation or the interruption or curtailment
of trade between Indonesia and its present trading partners could have a material adverse effect on our operations and, as a result,
our financial results.
Prolonged
and/or widespread regional conflict in the South East Asia could have the following results, among others:
●
Capital market reassessment
    of risk and subsequent redeployment of capital to more stable areas making it more difficult for us to obtain financing for potential
    development projects;
●
Security concerns in Indonesia,
    making it more difficult for our personnel or supplies to enter or exit the country;
●
Security concerns leading
    to evacuation of our personnel;
●
Damage to or destruction
    of our wells, production facilities, receiving terminals or other operating assets;
●
Inability of our service
    and equipment providers to deliver items necessary for us to conduct our operations in Indonesia, resulting in delays; and
●
The lack of availability
    of drilling rig and experienced crew, oilfield equipment or services if third party providers decide to exit the region.
Loss
of property and/or interruption of our business plans resulting from hostile acts could have a significant negative impact on our earnings
and cash flow. In addition, we may not have enough insurance to cover any loss of property or other claims resulting from these risks.
Terrorist
activities in Indonesia could destabilize Indonesia, which would adversely affect our business, financial condition and results of operations,
and the market price of our securities.
There
have been a number of terrorist incidents in Indonesia in the past, including but not limited to the May 2005 bombing in Central Sulawesi,
the Bali bombings in October 2002 and October 2005. There is a risk that terrorist incidents may recur and, if serious or widespread,
might have a material adverse effect on investment and confidence in, and the performance of, the Indonesian economy and may also have
a material adverse effect on our business, financial condition, results of operations and prospects and the market price of our securities.
19
Negative
changes in global, regional or Indonesian economic activity could adversely affect our business.
Changes
in the Indonesian, regional and global economies can affect our performance. Two significant events in the past that impacted Indonesia's
economy were the Asian economic crisis of 1997 and the global economic crisis which started in 2008. The 1997 crisis was characterized
in Indonesia by, among others, currency depreciation, a significant decline in real gross domestic product, high interest rates, social
unrest and extraordinary political developments. While the global economic crisis that arose from the subprime mortgage crisis in the
United States did not affect Indonesia's economy as severely as in 1997, it still put Indonesia's economy under pressure.
The global financial markets have also experienced volatility as a result of expectations relating to monetary and interest rate policies
of the United States, concerns over the debt crisis in the Eurozone, and concerns over China's economic health. Uncertainty over
the outcome of the Eurozone governments' financial support programs and worries about sovereign finances generally are ongoing.
If the crisis becomes protracted, we can provide no assurance that it will not have a material and adverse effect on Indonesia's
economic growth and consequently on our business.
Adverse
economic conditions in Indonesia could result in less business activity, less disposable income available for consumers to spend and
reduced consumer purchasing power, which may reduce demand for communication services, including our services, which in turn would have
an adverse effect on our business, financial condition, results of operations and prospects. There is no assurance that there will not
be a recurrence of economic instability in future, or that, should it occur, it will not have an impact on the performance of our business.
Fluctuations
in the value of the Indonesian Rupiah may materially and adversely affect us.
Although
our functional currency is the U.S. Dollar, depreciation and volatility of the Indonesian Rupiah could potentially affect our business.
A sharp depreciation of Indonesian Rupiah may potentially create difficulties in purchasing imported goods and services which are critical
for our operation. As shown during the Asian monetary crisis in 1998, imported goods became scarce as suppliers often chose to keep their
stocks in anticipation of further deterioration of the Indonesian Rupiah.
In
addition, while the Indonesian Rupiah has generally been freely convertible and transferable, from time to time, Bank Indonesia has intervened
in the currency exchange markets in furtherance of its policies, either by selling Indonesian Rupiah or by using its foreign currency
reserves to purchase Indonesian Rupiah. We can give no assurance that the current floating exchange rate policy of Bank Indonesia will
not be modified or that the Government will take additional action to stabilize, maintain or increase the Indonesian Rupiah's value,
or that any of these actions, if taken, will be successful. Modification of the current floating exchange rate policy could result in
significantly higher domestic interest rates, liquidity shortages, capital or exchange controls, or the withholding of additional financial
assistance by multinational lenders. This could result in a reduction of economic activity, an economic recession or loan defaults, and
as a result, we may also face difficulties in funding our capital expenditures and in implementing our business strategy. Any of the
foregoing consequences could have a material adverse effect on our business, financial condition, results of operations and prospects.
Downgrades
of credit ratings of the Government or Indonesian companies could adversely affect our business.
As
of the date of this report, Indonesia's sovereign foreign currency long-term debt was rated "Baa2 (Stable)" by Moody's,
"BBB (Stable)" by Standard & Poor's and "BBB (Stable)" by Fitch Ratings. Indonesia's short-term
foreign currency debt is rated "A-2" by Standard & Poor's and "F2" by Fitch Ratings.
20
We
can give no assurance that Moody's, Standard & Poor's or Fitch Ratings will not change or downgrade the credit ratings
of Indonesia. Any such downgrade could have an adverse impact on liquidity in the Indonesian financial markets, the ability of the Government
and Indonesian companies, including us, to raise additional financing, and the interest rates and other commercial terms at which such
additional financing is available. Interest rates on our floating rate Rupiah-denominated debt would also likely increase. Such events
could have material adverse effects on our business, financial condition, results of operations, prospects and/or the market price of
our securities.
Indonesia
is vulnerable to natural disasters and events beyond our control, which could adversely affect our business and operating results.
Many
parts of Indonesia, including areas where we operate, are prone to natural disasters such as floods, lightning strikes, cyclonic or tropical
storms, earthquakes, volcanic eruptions, droughts, power outages and other events beyond our control. The Indonesian archipelago is one
of the most volcanically active regions in the world as it is located in the convergence zone of three major lithospheric plates. It
is subject to significant seismic activity that can lead to destructive earthquakes, tsunamis or tidal waves. Flash floods and more widespread
flooding also occur regularly during the rainy season from November to April. Cities, especially Jakarta, are frequently subject to severe
localized flooding which can result in major disruption and, occasionally, fatalities. Landslides regularly occur in rural areas during
the wet season. From time to time, natural disasters have killed, affected or displaced large numbers of people and damaged our equipment.
We cannot assure you that future natural disasters, such as the spread of the novel coronavirus, will not have a significant impact on
us, or Indonesia or its economy. A significant earthquake, other geological disturbance or weather-related natural disaster in any of
Indonesia's more populated cities and financial centers could severely disrupt the Indonesian economy and undermine investor confidence,
thereby materially and adversely affecting our business, financial condition, results of operations and prospects.
We
may be affected by uncertainty in the balance of power between local governments and the central government in Indonesia.
The structural and functional relationships between the central and local
governments in Indonesia are guided by the principles of decentralization and regional autonomy. These principles are outlined in Law
No. 23 of 2014 regarding Regional Autonomy, which was most recently amended by Law 6/2023, along with Law No. 1 of 2022 concerning Fiscal
Relations between Central and Regional Governments.
However,
currently, there is uncertainty in respect of the balance between the local and the central governments and the procedures for
renewing licenses and approvals and monitoring compliance with environmental regulations. In addition, some local authorities have
sought to levy additional taxes or obtain other contributions. There can be no assurance that a balance between local governments
and the central government will be effectively established or that our business, financial condition, results of operations and
prospects will not be adversely affected by dual compliance obligations and further uncertainty as to legal authority to levy taxes
or promulgate other regulations affecting our business.
Failure
to comply with the U.S. Foreign Corrupt Practices Act of 1977 (or FCPA) could result in fines, criminal penalties, and an adverse effect
on our business.
We
operate in Indonesia, which is a jurisdiction known to be challenged by corruption. As such, we are subject, however, to the risk that
we, our affiliated entities or our or their respective officers, directors, employees and agents may take action determined to be in
violation of such anti-corruption laws, including the FCPA. Any such violation could result in substantial fines, sanctions, civil and/or
criminal penalties, curtailment of operations, and might adversely affect our business, results of operations or financial condition.
In addition, actual or alleged violations could damage our reputation and ability to do business. Furthermore, detecting, investigating,
and resolving actual or alleged violations is expensive and can consume significant time and attention of our management.
21
Risks
Related to Our Corporate Structure
We
are a holding company, with all of our operations conducted through our operating subsidiaries in Indonesia. Should our operations generate
positive cash flows in the future, and should we desire to cause our operating subsidiaries to make dividends or distributions to our
parent company in the future, limitations on the ability of our subsidiaries to do so, or any tax implications of doing so, could limit
our ability to pay our parent company expenses or pay dividends to holders of our ordinary shares.
We
are a holding company and conduct substantially all of our business through our operating subsidiaries, which are limited liability companies
established in Indonesia. Should our operations generate positive cash flows in the future, and should we desire to cause our operating
subsidiaries to make dividends or distributions to our parent company in the future, we might be limited in our ability to do so for
regulatory or tax reasons. If applicable laws, rules and regulations in Indonesia or Hong Kong (where our holding subsidiary WJ Energy
is domiciled) in the future limit or preclude our Indonesian subsidiaries from making dividends to us, our ability to fund our holding
company obligations or pay dividends on our ordinary shares could be materially and adversely affected. In addition, we may also enter
into debt arrangements in the future which limit our ability to receive dividends or distributions from our operating subsidiaries or
pay dividends to the holders of our ordinary shares. Indonesian, Hong Kong or Cayman Island tax laws, rules and regulations may also
limit our future ability to receive dividends or distributions from our operating subsidiaries or pay dividends to the holders of our
ordinary shares.
We
may become subject to taxation in the Cayman Islands which would negatively affect our results of operations.
We
have received an undertaking from the Financial Secretary of the Cayman Islands that, in accordance with section 6 of the Tax Concessions
Act (Revised) of the Cayman Islands, until the date falling 20 years after November 2, 2018, being the date of such undertaking, no law
which is enacted in the Cayman Islands imposing any tax to be levied on profits, income, gains or appreciations shall apply to us or
our operations and, in addition, that no tax to be levied on profits, income, gains or appreciations or which is in the nature of estate
duty or inheritance tax shall be payable (i) on or in respect of the shares, debentures or other obligations of our company or (ii) by
way of the withholding in whole or in part of a payment of any "relevant payment" as defined in section 6(3) of the Tax Concessions
Act (Revised). If we otherwise were to become subject to taxation in the Cayman Islands, our financial condition and results of operations
could be materially and adversely affected. See "Taxation—Cayman Islands Taxation."
You
may face difficulties in protecting your interests, and your ability to protect your rights through the U.S. Federal courts may be limited,
as a result of our company being incorporated under the laws of the Cayman Islands.
We
are a Cayman Islands exempted company with limited liability and substantially all of our assets will be located outside the United States.
In addition, most of our directors and officers are nationals or residents of jurisdictions other than the United States and all or a
substantial portion of their assets are located outside the United States. As a result, it may be difficult for investors to effect service
of process within the United States upon us or our directors or executive officers, or enforce judgments obtained in the United States
courts against us or our directors or officers.
Further,
mail addressed to us and received at our registered office will be forwarded unopened to the forwarding address supplied by our directors.
Our directors will only receive, open or deal directly with mail which is addressed to them personally (as opposed to mail which is only
addressed to us). We, our directors, officers, advisors or service providers (including the organization which provides registered office
services in the Cayman Islands) will not bear any responsibility for any delay, howsoever caused, in mail reaching this forwarding address.
Our
corporate affairs are governed by our amended and restated memorandum and articles of association, the Companies Law (Revised) (as the
same may be supplemented or amended from time to time) and the common law of the Cayman Islands. The rights of shareholders to take action
against the directors, actions by minority shareholders and the fiduciary responsibilities of our directors to us under Cayman Islands
law are to a large extent governed by the common law of the Cayman Islands. The common law of the Cayman Islands is derived in part from
judicial precedent in the Cayman Islands as well as from English common law, the decisions of whose courts are of persuasive authority,
but are not technically binding on a court in the Cayman Islands. The rights of our shareholders and the fiduciary responsibilities of
our directors under Cayman Islands law are not as clearly established as they would be under statutes or judicial precedent in some jurisdictions
in the United States. In particular, the Cayman Islands has a less developed body of securities laws as compared to the United States,
and certain states, such as Delaware, have more fully developed and judicially interpreted bodies of corporate law. As a result, there
may be significantly less protection for investors than is available to investors in companies organized in the United States, particularly
Delaware. In addition, Cayman Islands companies may not have standing to initiate a shareholders derivative action in a Federal court
of the United States.
22
The
Cayman Islands courts are also unlikely:
●
To recognize or enforce
    against us judgments of courts of the United States based on certain civil liability provisions of United States securities laws;
    and
●
To impose liabilities against
    us, in original actions brought in the Cayman Islands, based on certain civil liability provisions of United States securities laws
    that are penal in nature.
There
is no statutory recognition in the Cayman Islands of judgments obtained in the United States, although the courts of the Cayman Islands
will in certain circumstances recognize and enforce a non-penal judgment of a foreign court of competent jurisdiction without retrial
on the merits. The Grand Court of the Cayman Islands may stay proceedings if concurrent proceedings are being brought elsewhere.
Like
many jurisdictions in the United States, Cayman Islands law permits mergers and consolidations between Cayman Islands companies and between
Cayman Islands companies and non-Cayman Islands companies and any such company may be the surviving entity for the purposes of mergers
or the consolidated company for the purposes of consolidations. For these purposes, (a) "merger" means the merging of two
or more constituent companies and the vesting of their undertaking, property and liabilities in one of such companies as the surviving
company and (b) a "consolidation" means the combination of two or more constituent companies into a consolidated company
and the vesting of the undertaking, property and liabilities of such companies to the consolidated company. In order to effect such a
merger or consolidation, the directors of each constituent company must approve a written plan of merger or consolidation, which must,
in most instances, then be authorized by a special resolution of the shareholders of each constituent company and such other authorization,
if any, as may be specified in such constituent company's articles of association. A merger between a Cayman parent company and
its Cayman subsidiary or subsidiaries does not require authorization by a resolution of shareholders. For this purpose a subsidiary is
a company of which at least 90% of the votes cast at its general meeting are held by the parent company. The consent of each holder of
a fixed or floating security interest over a constituent company is required unless this requirement is waived by a court in the Cayman
Islands. The plan of merger or consolidation must be filed with the Registrar of Companies together with a declaration as to the solvency
of the consolidated or surviving company, a list of the assets and liabilities of each constituent company and an undertaking that a
copy of the certificate of merger or consolidation will be given to the members and creditors of each constituent company and published
in the Cayman Islands Gazette. Dissenting shareholders have the right to be paid the fair value of their shares (which, if not agreed
between the parties, will be determined by the Cayman Islands court) if they follow the required procedures, subject to certain exceptions.
Court approval is not required for a merger or consolidation which is effected in compliance with these statutory procedures.
In
addition, there are statutory provisions that facilitate the reconstruction and amalgamation of companies, provided that the arrangement
is approved by a majority in number of each class of shareholders and creditors with whom the arrangement is to be made, and who must
in addition represent three-fourths in value of each such class of shareholders or creditors, as the case may be, that are present and
voting either in person or by proxy at a meeting, or meetings, convened for that purpose. The convening of the meetings and subsequently
the arrangement must be sanctioned by the Grand Court of the Cayman Islands. While a dissenting shareholder has the right to express
to the court the view that the transaction ought not be approved, the court can be expected to approve the arrangement if it determines
that:
●
The statutory provisions
    as to the required majority vote have been met;
●
The shareholders have been
    fairly represented at the meeting in question, the statutory majority are acting bona fide without coercion of the minority to promote
    interests adverse to those of the class and that the meeting was properly constituted;
●
The arrangement is such
    that it may reasonably be approved by an intelligent and honest man of that share class acting in respect of his interest; and
●
The arrangement is not
    one which would be more properly sanctioned under some other provision of the Companies Act.
23
If
the arrangement and reconstruction is approved, the dissenting shareholder would have no rights comparable to appraisal rights, which
would otherwise ordinarily be available to dissenting shareholders of U.S. corporations, providing rights to receive payment in cash
for the judicially determined value of the shares.
In
addition, there are further statutory provisions to the effect that, when a take-over offer is made and approved by holders of 90.0%
in value of the shares affected (within four months after the making of the offer), the offeror may, within two months following the
expiry of such period, require the holders of the remaining shares to transfer such shares on the terms of the offer. An objection can
be made to the Grand Court of the Cayman Islands, but this is unlikely to succeed unless there is evidence of fraud, bad faith, collusion
or inequitable treatment of shareholders.
As
a result of all of the above, public shareholders may have more difficulty in protecting their interests in the face of actions taken
by management, members of our board of directors or controlling shareholders than they would as public shareholders of a U.S. company.
Provisions
of our charter documents or Cayman Islands law could delay or prevent an acquisition of our company, even if the acquisition may be beneficial
to our shareholders, could make it more difficult for you to change management, and could have an adverse effect on the market price
of our ordinary shares.
Provisions
in our amended and restated memorandum and articles of association may discourage, delay or prevent a merger, acquisition or other change
in control that shareholders may consider favorable, including transactions in which shareholders might otherwise receive a premium for
their shares. In addition, these provisions may frustrate or prevent any attempt by our shareholders to replace or remove our current
management by making it more difficult to replace or remove our board of directors. Such provisions may reduce the price that investors
may be willing to pay for our ordinary shares in the future, which could reduce the market price of our ordinary shares. These provisions
include:
●
A requirement that extraordinary
    general meetings of shareholders be called only by the directors or, in limited circumstances, by the directors upon shareholder
    requisition;
●
An advance notice requirement
    for shareholder proposals and nominations to be brought before an annual general meeting;
●
The authority of our board
    of directors to issue preferred shares with such terms as our board of directors may determine; and
●
A requirement of approval
    of not less than 66 2/3% of the votes cast by shareholders entitled to vote thereon in order to amend any provisions of our amended
    and restated memorandum and articles of association.
We
may be classified as a passive foreign investment company, which could result in adverse U.S. federal income tax consequences to U.S.
holders of our ordinary shares.
A
foreign corporation will be treated as a "passive foreign investment company" (or PFIC) for U.S. federal income tax purposes
if either (1) at least 75% of its gross income for any taxable year consists of certain types of "passive income" or (2)
at least 50% of the average value of the corporation's assets produce or are held for the production of those types of "passive
income". For purposes of these tests, "passive income" includes dividends, interest, and gains from the sale or exchange
of investment property and rents and royalties other than rents and royalties which are received from unrelated parties in connection
with the active conduct of a trade or business. U.S. shareholders of a PFIC are subject to a disadvantageous U.S. federal income tax
regime with respect to the income derived by the PFIC, the distributions they receive from the PFIC and the gain, if any, they derive
from the sale of other disposition of their shares in the PFIC.
24
Based
upon our current and anticipated method of operations, we do not believe that we should be a PFIC with respect to our 2023 taxable year,
and we do not expect to become a PFIC in any future taxable year. However, no assurance can be given that the U.S. Internal Revenue Service
(or IRS) or a court of law will accept this position, and there is a risk that the IRS or a court of law could determine that we are
a PFIC. Moreover, no assurance can be given that we would not constitute a PFIC for any future taxable year if the nature and extent
of our operations change.
If
the IRS were to find that we are or have been a PFIC for any taxable year, our U.S. shareholders would face adverse U.S. federal income
tax consequences and certain information reporting requirements. Under the PFIC rules, unless those shareholders make an election available
under the United States Internal Revenue Code of 1986 as amended (or the Code) (which election could itself have adverse consequences
for such shareholders), such shareholders would be liable to pay U.S. federal income tax at the then prevailing income tax rates on ordinary
income plus interest upon excess distributions and upon any gain from the disposition of their shares of our ordinary shares, as if the
excess distribution or gain had been recognized ratably over the shareholder's holding period of the shares of our ordinary shares.
The
future development of national security laws and regulations in Hong Kong could impact our Hong Kong holding subsidiary.
WJ
Energy is our wholly-owned holding company subsidiary which is incorporated in Hong Kong. On June 30, 2020, the Hong Kong Special Administrative
Region of the People's Republic of China implemented a new national security law. The implementation of the national security law
and its development may trigger sanctions or other forms of penalties by foreign governments, which may cause economic and other hardship
for Hong Kong, including companies such as WJ Energy. As of the date of this annual report, we are not aware of any restrictions under
this law that would preclude the transfer of corporate funds of our company through WJ Energy, nor have there been any sanctions or any
forms of penalties imposed by foreign governments related to the Hong Kong national security law that would impact WJ Energy. However,
it is difficult to predict the impact in the future, if any, that the national security law or similar measures will have on WJ Energy,
including, without limitation, the ability of WJ Energy to pay dividends or make distributions to our company, as such impact will depend
on future developments, which are highly uncertain and cannot be predicted. Any restrictions or limitations on funds passing through
WJ Energy could have a material adverse effect on our ability to finance our operations in accordance with our past and current practices.
25
Risks
Related to Our Ordinary Shares
Our
2022 financing with L1 Capital Global Opportunities Master Fund, Ltd. ("L1 Capital") could cause dilution and pressure on
the public price of our ordinary shares as the outstanding warrants can be exercised at discounted price to market.
Any
exercise by L1 Capital of the warrants that were issued to them in connection with our January 2022 financing will cause dilution to
shareholders since it is likely that those warrants will only be exercise at a discount to the prevailing market price. Moreover, the
ordinary shares underlying the L1 Capital warrants have been registered for resale pursuant to a Registration Statement on Form F-1 filed
with the SEC on March 9, 2022, as amended (the "L1 Registration Statement"), effective June 1, 2022. After the L1 Registration
Statement was declared effective, L1 Capital commenced sales of such shares in the public market. Any future such sales could cause pressure
on the public price of our ordinary shares and could force such price downwards, perhaps significantly. During the year ended December
31, 2022, $9,900,000 of the total $10,000,000 principal amount of the convertible notes were converted into ordinary shares at $6.00
per share at L1 Capital's election and 325,000 of the total 767,240 warrants were exercised. During the year ended December 31,
2023, the remaining $100,000 principal amount of the convertible notes were fully repaid and no warrants w
ere
exercised. As of the date
of this report, there are still certain warrants outstanding under the L1 Capital financing, which will cause dilution and pressure
on the price of our ordinary shares and affect your investment in us.
The
market for our ordinary shares has been volatile, and an active, liquid and orderly trading market for our ordinary shares may not be
maintained in the United States, which could limit your ability to sell our ordinary shares.
The
market for our ordinary shares has been volatile, with times of significant trading volume and times of minimal trading volume. Although
our ordinary shares are listed on the NYSE American, an active, liquid and orderly U.S. public market for our ordinary shares may not
be achieved or sustained, and the market for our ordinary shares may remain unpredictable. If an active, liquid and orderly market is
not sustained, you may experience difficulty selling your ordinary shares. Moreover, the price of our publicly-listed shares has been
subject to significant price fluctuations, which creates the risk of loss of your investment in our ordinary shares.
Our
ordinary share price has been and may in the future be volatile and, as a result, you could lose a significant portion or all of your
investment.
The
market price of our ordinary shares on the NYSE American has fluctuated, and may in the future fluctuate (in each case to a significant
extent), as a result of several factors, including the following:
●
Fluctuations in oil and
    other commodity prices (including but not limited to as a result of external events such as the Russia-Ukraine war and the Israel-Hamas
    war);
●
Volatility in the energy
    industry, both in Indonesia and internationally;
●
Variations in our operating
    results;
●
Risks relating to our business
    and industry, including those discussed above;
●
Strategic actions by us
    or our competitors;
●
Reputational damage from
    accidents or other adverse events related to our company or its operations;
●
Investor perception of
    us, the energy sector in which we operate, the investment opportunity associated with the ordinary shares and our future performance;
●
Addition or departure of
    our executive officers or directors;
●
Changes in financial estimates
    or publication of research reports by analysts regarding our ordinary shares, other comparable companies or our industry generally;
●
Trading volume of our ordinary
    shares;
●
Future sales of our ordinary
    shares by us or our shareholders;
●
Domestic and international
    economic, legal and regulatory factors unrelated to our performance; or
●
The release or expiration
    of lock-up or other transfer restrictions on our outstanding ordinary shares.
26
Furthermore,
the stock markets often experience significant price and volume fluctuations that have affected and continue to affect the market prices
of equity securities of many companies. These fluctuations often have been unrelated or disproportionate to the operating performance
of those companies. These broad market and industry fluctuations, as well as general economic, political and market conditions such as
recessions or interest rate changes may cause the market price of ordinary shares to decline.
We
may not be able to maintain the listing of our ordinary shares on the NYSE American, which could adversely affect our liquidity and the
trading volume and market price of our ordinary shares, and decrease the value of your investment.
Our
ordinary shares are currently traded on the NYSE American. In order to maintain our NYSE American listing, we must maintain certain share
price, financial and share distribution targets, including maintaining a minimum amount of shareholders' equity and a minimum number
of public shareholders. In addition to these objective standards, the NYSE American may delist the securities of any issuer (i) if, in
its opinion, the issuer's financial condition and/or operating results appear unsatisfactory; (ii) if it appears that the extent
of public distribution or the aggregate market value of the security has become so reduced as to make continued listing on the NYSE American
inadvisable; (iii) if the issuer sells or disposes of principal operating assets or ceases to be an operating company; (iv) if an issuer
fails to comply with the NYSE American's listing requirements; (v) if an issuer's securities sell at what the NYSE American
considers a "low selling price" and the issuer fails to correct this via a reverse split of shares after notification by
the NYSE American; or (vi) if any other event occurs or any condition exists which makes continued listing on the NYSE American, in its
opinion, inadvisable. If the NYSE American delists either our ordinary shares, investors may face material adverse consequences, including,
but not limited to, a lack of trading market for our securities, reduced liquidity, decreased analyst coverage of our securities, and
an inability for us to obtain additional financing to fund our operations.
We
require significant capital to realize our business plan.
Our
ongoing work program is expensive, and we will require significant additional capital in order to fully realize our business plan. This
is particularly true because we raised less funding than we had anticipated in our December 2019 initial public offering.
We
cannot assure you that our actual cash requirements will not exceed our estimates. Even if we were to discover be successful in our exploration
operations, we will require additional financing to bring our interests into commercial operation and pay for operating expenses until
we achieve a positive cash flow. Additional capital also may be required in the event we incur any significant unanticipated expenses.
Under
the current capital and credit market conditions, we may not be able to obtain additional equity or debt financing on acceptable terms.
Even if financing is available, it may not be available on terms that are favorable to us or in sufficient amounts to satisfy our requirements.
If
we are unable to obtain additional financing, we may be unable to implement our business plan and our growth strategies, respond to changing
business or economic conditions and withstand adverse operating results. If we are unable to raise further financing when required, our
planned production and exploration activities may have to be scaled down or even ceased, and our ability to generate revenues in the
future would be negatively affected.
Additional
financing could cause your relative interest in our assets and potential earnings to be significantly diluted. Even if we have success,
we may not be able to generate sufficient revenues to offset the cost of our operational plans and administrative expenses.
An
entity controlled by our Chairman owns a substantial majority of our ordinary shares and voting power.
Maderic
Holding Limited, an entity controlled by our Chairman Wirawan Jusuf (or Maderic), owns and exercises voting and investment control of
approximately 51.34% of our ordinary shares as of the date of this report. As a result of this concentration of share ownership, investors
may be prevented from affecting matters involving our company, including:
●
Fluctuations in oil and
    other commodity prices;
●
Volatility in the energy
    industry, both in Indonesia and internationally;
●
Variations in our operating
    results;
●
Risks relating to our business
    and industry, including those discussed above;
27
Furthermore,
this concentration of voting power could have the effect of delaying, deterring or preventing a change of control or other business combination
that might otherwise be beneficial to our shareholders. This significant concentration of share ownership may also adversely affect the
trading price for our ordinary shares because investors may perceive disadvantages in owning shares in a company that is controlled by
a company insider. This concentration of ownership could also create conflicts of interests for Dr. Jusuf that may not be resolved in
a manner that all shareholders agree with.
We
have identified a material weakness in our internal control over financial reporting for the year ended December 31, 2023. If we fail
to adequately remediate this weakness or otherwise develop and maintain an effective system of internal control over financial reporting,
or if we experience additional material weaknesses in the future, we may be unable to accurately report our financial results or prevent
fraud, or comply with the accounting and reporting requirements applicable to public companies, which may adversely affect investor confidence
in us and the market price of our shares.
We
have identified a material weakness in our internal control over financial reporting for the year ended December 31, 2023. As defined
in the standards established by the Public Company Accounting Oversight Board of the United States ("PCAOB"), a "material
weakness" is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there is a reasonable
possibility that a material misstatement of the annual or interim financial statements will not be prevented or detected on a timely
basis.
In
connection with the audits of our consolidated financial statements for the years ended December 31, 2023 and 2022, a material weakness
that have been identified in our internal control over financial reporting as of such dates related to our lack of sufficient financial
reporting and accounting personnel with appropriate knowledge of U.S. GAAP and SEC reporting requirements to properly address complex
U.S. GAAP accounting issues and to prepare and review our consolidated financial statements and related disclosures to fulfill U.S. GAAP
and SEC financial reporting requirements. We have implemented and are continuing to implement a number of measures to address the material
weakness identified. As a result of the material weakness, our management has concluded that as of December 31, 2023, our disclosure
controls and procedures were ineffective in ensuring that the information required to be disclosed by us in this annual report is recorded,
processed, summarized and reported to them for assessment, and that the required disclosure is made within the time period specified
in the rules and forms of the SEC. We cannot assure you that we will be able to continue to implement an effective system of internal
control, or that we will not identify additional material weaknesses or significant deficiencies in the future.
We
are subject to the Sarbanes-Oxley Act of 2002. Section 404 of the Sarbanes-Oxley Act, or Section 404, requires that we include a report
from management on the effectiveness of our internal control over financial reporting in this report. In addition, once we cease to be
an "emerging growth company" as such term is defined under the JOBS Act, our independent registered public accounting firm
must attest to and report on the effectiveness of our internal control over financial reporting. Our management may conclude that our
internal control over financial reporting is not effective. Moreover, even if our management concludes that our internal control over
financial reporting is effective, our independent registered public accounting firm, after conducting its own independent testing, may
issue a report that it is not satisfied with our internal controls or the level at which our controls are documented, designed, operated
or reviewed. In addition, as we are a public company, our reporting obligations may place a significant strain on our management, operational
and financial resources and systems on an ongoing basis. We may be unable to timely complete our evaluation testing and any required
remediation.
During
the course of documenting and testing our internal control procedures, in order to satisfy the requirements of Section 404, we may identify
other weaknesses and deficiencies in our internal control over financial reporting. In addition, if we fail to develop and maintain the
adequacy of our internal control over financial reporting, as these standards are modified, supplemented or amended from time to time,
we may not be able to conclude on an ongoing basis that we have effective internal control over financial reporting in accordance with
Section 404. If we fail to achieve and maintain an effective internal control environment, we could suffer material misstatements in
our financial statements and fail to meet our reporting obligations, which would likely cause investors to lose confidence in our reported
financial information. This could in turn limit our access to capital markets, harm our results of operations, and lead to a decline
in the trading price of our ordinary shares. Additionally, ineffective internal control over financial reporting could expose us to increased
risk of fraud or misuse of corporate assets and subject us to potential delisting from the stock exchange on which we list, regulatory
investigations and civil or criminal sanctions. We may also be required to restate our financial statements from prior periods, which
would further damage our reputation and likely adversely impact our share price.
28
As
a foreign private issuer, we are subject to different U.S. securities laws and NYSE American governance standards than domestic U.S.
issuers. This may afford less protection to holders of our ordinary shares, and you may not receive corporate and company information
and disclosure that you are accustomed to receiving or in a manner in which you are accustomed to receiving it.
As
a "foreign private issuer" for U.S. securities laws purposes, the rules governing the information that we will be required
to disclose differ materially from those governing U.S. corporations pursuant to the Securities Exchange Act of 1934, as amended (the
"Exchange Act"). The periodic disclosure required of foreign private issuers is more limited than that required of domestic
U.S. issuers and there may therefore be less publicly available information about us than is regularly published by or about U.S. public
companies. For example, we are not required to file quarterly reports on Form 10-Q or provide current reports on Form 8-K disclosing
significant events within four days of their occurrence and our quarterly (should we provide them) or current reports may contain less
or different information than required under U.S. filings. In addition, as a foreign private issuer, we are exempt from the proxy rules
under Section 14 of the Exchange Act, and proxy statements that we distribute are not subject to review by the SEC. Our exemption from
Section 16 rules under the Exchange Act regarding sales of ordinary shares by our insiders means that you will have less data in this
regard than shareholders of U.S. companies that are subject to the Exchange Act. As a result, you may not have all the data that you
are accustomed to having when making investment decisions. Also, our officers, directors and principal shareholders are exempt from the
reporting and "short-swing" profit recovery provisions of Section 16 of the Exchange Act and the rules thereunder with respect
to their purchases and sales of our ordinary shares.
Moreover,
as a foreign private issuer, we are exempt from complying with certain corporate governance requirements of the NYSE American applicable
to a U.S. issuer, including the requirement that a majority of our board of directors consist of independent directors. For example,
we follow Cayman Islands law with respect to the requirements for meetings of our shareholders, which are different from the requirements
of the NYSE American. Additionally, in January 2022 in connection with our financing with L1 Capital, we formally adopted home country
practice and thereby opted out of the NYSE American rule that would otherwise require shareholder approval should we issue more than
19.99% of our then outstanding ordinary shares in a financing that is not a "public offering" at less than the then current
market value; and in December 2023, we adopted home country practice and opted out of the NYSE American rule that would otherwise require
each issuer listing common stock or voting preferred stock, and/or their equivalents, to hold an annual meeting of shareholders no later
than one year after the end of the issuer's fiscal year. As the corporate governance standards applicable to us are different than
those applicable to domestic U.S. issuers, you may not have the same protections afforded under U.S. law and the NYSE American rules
as shareholders of companies that do not have such exemptions.
Other
future issuances and sales of additional ordinary shares could cause dilution of ownership interests and adversely affect our share price.
Beyond
our ATM financing with the Sales Agent, we may choose to raise additional capital due to market conditions or strategic considerations
even if we believe we have sufficient funds for our current or future operating plans. To the extent that additional capital is raised
through the sale of equity or convertible debt securities, the issuance of these securities could result in further dilution to our stockholders
or result in downward pressure on the price of our ordinary shares.
Shares
eligible for future, including as a result of our financing with the Sales Agent, sale may depress our stock price.
As
of April 23, 2024, we had 10,202,694 ordinary shares outstanding, 5,464,402 of which were held by our officers, directors and affiliates.
In addition, 200,000 ordinary shares are subject to outstanding options granted under certain stock option agreements entered into with
our management team. All of the ordinary shares held by affiliates (notably Maderic, which is controlled by our Chairman) are restricted
or control securities under Rule 144 promulgated under the Securities Act. Our affiliates may, subject to compliance with applicable
law, choose to sell ordinary shares held by them. Sales of these ordinary shares under Rule 144 or another exemption under the Securities
Act or pursuant to a registration statement could have a material adverse effect on the price of the ordinary shares and could impair
our ability to raise additional capital through the sale of equity securities.
29
On
July 22, 2022, we entered into an At The Market Offering Agreement (the "ATM Agreement") with the Sales Agent, pursuant to
which we may offer and sell, from time to time, to or through the Sales Agent, ordinary shares (the "ATM Shares") having
an aggregate gross offering price of up to $20,000,000. Under the ATM Agreement, the ATM Shares, if offered and sold by us, will be offered
and sold pursuant to a prospectus dated February 16, 2021 and a prospectus supplement, dated July 22, 2022, that form a part of our shelf
registration statement on Form F-3 (File No. 333-252520), which registration statement was declared effective by the SEC on February
16, 2021 ("Prior Registration Statement"). On August 25, 2022, we sold 177,763 ATM Shares at $10.7407 per share for net proceeds
(after Sales Agent commissions) of $1,801,193. On August 25, 2022, we sold an additional 280,612 ATM Shares at $10.1090 per share for
net proceeds (after Sales Agent commissions) of $2,750,449. As of December 31, 2023, there are no ATM Shares sold under the ATM Agreement.
On March 22, 2024, we filed a new shelf registration statement on Form F-3 (the "New F-3 Registration Statement", File No.
333-278175), which includes a Prospectus Supplement and a base prospectus supplemented by the Prospectus Supplement, covering (i) the
offering, issuance and sale by us of up to a maximum aggregate offering price of $50,000,000 of our ordinary shares, preferred shares,
warrants, debt securities, rights, depositary shares, and/or units from time to time in one or more offerings, and (ii) up to a maximum
aggregate offering price of $4,267,622 of our ordinary shares that may be issued and sold from time to time under the ATM Agreement,
as amended by the First Amendment to the ATM Agreement ("ATM Amendment No.1") on March 22, 2024, with Sales Agent. We are
not permitted to sell any ATM Shares prior to the effectiveness of the New F-3 Registration Statement. As of the date of this report,
the New F-3 Registration Statement has not been declared effective. The sales of such ATM Shares could also have a material adverse
effect on the price of our ordinary shares.
We
may issue preferred shares with greater rights than our ordinary shares.
Our
amended articles of association authorize our board of directors to issue one or more series of preferred shares and set the terms of
the preferred shares without seeking any further approval from our shareholders. Any preferred shares that are issued may rank ahead
of our ordinary shares, in terms of dividends, liquidation rights and voting rights.
If
securities or industry analysts do not publish or cease publishing research reports about us, if they adversely change their recommendations
regarding our ordinary shares or if our operating results do not meet their expectations, the price of our ordinary shares could decline.
The
trading market for our ordinary shares will be influenced by the research and reports that industry or securities analysts may publish
about us, our business, our market or our competitors. Securities and industry analysts currently publish limited research on us. If
there is limited or no securities or industry analyst coverage of our company, the market price and trading volume of our ordinary shares
would likely be negatively impacted. Moreover, if any of the analysts who may cover us downgrade our ordinary shares, provide more favorable
relative recommendations about our competitors or if our operating results or prospects do not meet their expectations, the market price
of our ordinary shares could decline. If any of the analysts who may cover us were to cease coverage or fail to regularly publish reports
on us, we could lose visibility in the financial markets, which in turn could cause our share price or trading volume to decline.
As
an "emerging growth company" under the JOBS Act, we are allowed to postpone the date by which we must comply with some of
the laws and regulations intended to protect investors and to reduce the amount of information we provide in our reports filed with the
SEC, which could undermine investor confidence in our company and adversely affect the market price of our ordinary shares.
For
so long as we remain an "emerging growth company" as defined in the JOBS Act, we intend to take advantage of certain exemptions
from various requirements that are applicable to public companies that are not "emerging growth companies" including:
●
Not being required to comply
    with the auditor attestation requirements for the assessment of our internal control over financial reporting provided by Section
    404 of the Sarbanes-Oxley Act of 2002;
●
Not being required to comply
    with any requirements adopted by the Public Company Accounting Oversight Board requiring mandatory audit firm rotation or a supplement
    to the auditor's report in which the auditor would be required to provide additional information about the audit and our financial
    statements;
●
Reduced disclosure obligations
    regarding executive compensation; and
●
Not being required to hold
    a nonbinding advisory vote on executive compensation or seek shareholder approval of any golden parachute payments not previously
    approved.
30
We
intend to take advantage of these exemptions until we are no longer an "emerging growth company." We will remain an emerging
growth company until the earlier of: (1) the last day of the fiscal year (a) following the fifth anniversary of the completion of our
initial public offering, (b) in which we have total annual gross revenue of at least $1.235 billion, or (c) in which we are deemed to
be a large accelerated filer, which means the market value of our ordinary shares that is held by non-affiliates exceeds $700 million
as of the prior June 30, and (2) the date on which we have issued more than $1 billion in non-convertible debt during the prior three-year
period.
Because
the likelihood of paying cash dividends on our ordinary shares is remote at this time, investors must look solely to appreciation of
our ordinary shares in the market to realize a gain on their investments.
We
do not know when or if we will pay dividends to our shareholders, and the likelihood that we will be paying dividends on our ordinary
is remote at this time. We currently intend to retain future earnings, if any, to finance the expansion of our business. Our future dividend
policy is within the discretion of our board of directors and will depend upon various factors, including our business, financial condition,
results of operations, capital requirements and investment opportunities. Accordingly, investors must look solely to appreciation of
our ordinary shares in the market to realize a gain on their investment. This appreciation may not occur.
ITEM
4. INFORMATION ON THE COMPANY
Overview
and History and Development of the Company
Indonesia
Energy Corporation Limited is an oil and gas exploration and production company focused on Indonesia. Alongside operational excellence,
we believe we have set the highest standards for ethics, safety and corporate social responsibility practices to ensure that we add value
to society. Led by a professional management team with extensive oil and gas experience, we seek to bring forth the best of our expertise
to ensure the sustainable development of a profitable and integrated energy exploration and production business model.
We
currently have rights through contracts with the Government to one oil and gas producing block (Kruh Block) and one oil and gas exploration
block (Citarum Block). We may seek to acquire or otherwise obtain rights to additional oil and gas producing assets.
We
produce oil through PT Green World Nusantara ("GWN"), our indirect wholly-owned subsidiary which operates the Kruh Block
under an agreement with PT Pertamina (Persero), the Indonesian state-owned oil and gas company ("Pertamina"). Our operatorship
Kruh Block previously ran until May 2030 under a ten-year Operations Cooperation Agreement, known as Joint Operation Partnership (the
"KSO"), between GWN and Pertamina. Kruh Block covers an area of 258 km2 (63,753 acres) and is located onshore 16 miles northwest
of Pendopo, Pali, South Sumatra. In December 2022, we started our negotiations with Pertamina for a five-year extension of our contract
for Kruh Block. Effective on August 9, 2023, GWN and Pertamina executed an amendment to the KSO (the "Amended KSO") that
moved the expiration date of our operatorship of Kruh Block to September 2035. This extension effectively gives us 13 years to fully
develop the existing 3 oil fields, and 5 other undeveloped oil and gas bearing structures at Kruh Block. Further, the Amended KSO increases
our after-tax profit split from 15% to 35%, for an increase of more than 100%, and increases cost recovery cap from 80% to 100%.
Our
mission is to efficiently manage targeted profitable energy resources in Indonesia. Our vision is to be a leading company in the Indonesian
oil and gas industry for maximizing hydrocarbon recovery with the minimum environmental and social impact possible.
We
were incorporated on April 24, 2018 as an exempted company with limited liability under the laws of the Cayman Islands and are a holding
company for WJ Energy Group Limited (or WJ Energy), which in turn owns our Indonesian holding and operating subsidiaries.
Indonesia's
Oil and Gas Industry and Economic Information
The
largest economy in Southeast Asia, Indonesia (located between the Indian and Pacific oceans and bordered by Malaysia, Singapore, East
Timor and Papua New Guinea) has charted impressive economic growth since overcoming the Asian financial crisis of the late 1990s. According
to the Word Bank, Indonesia experienced resilient growth of 5.0 percent in 2023 with inflation on a declining trend and a stable currency,
with growth expected to be maintained on average at 4.9 percent over the medium term between 2024 and 2026. Indonesia has the world's
7
th
largest economy, is a member of the G-20 and is the world's fourth most populous nation with an estimated 2023 population
of over 279 million according to the Central Intelligence Agency's World Factbook. Indonesia also has a prominent presence in other
commodities markets such as thermal coal, copper, gold and tin, with Indonesia being the world's second largest tin producer and
largest tin exporter, as well as in the agriculture industry as a producer of rice, palm oil, coffee, medicinal plants, spices and rubber
according to the Indonesia Commodity & Derivatives Exchange and the World Factbook.
31
The
Indonesian oil and gas industry is among the oldest in the world. Indonesia has been active in the oil and gas sector for over 130 years
after its first oil discovery in North Sumatra in 1885. The major international energy companies began their significant exploration
and development operations in the mid-20
th
century. According to the Special Taskforce for Upstream Oil and Gas Business Activities
(SKK Migas - Satuan Kerja Khusus Pelaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi) Company Profile 2023, Indonesia held proven oil reserves
of 4.17 billion barrels in July 2023. According to its public filings, Chevron has been very active in Indonesia for over 50 years. Chevron
has produced a very large amount of oil — 12 billion barrels — over this period with billions of those barrels having been
produced in Sumatra (the location of our Kruh Block, as described below. The following map shows the area in which international major
companies operate within Indonesia:
The
following map shows the area in which international major companies operate within Indonesia:
Source:
Indonesia Energy Corporation Limited
Indonesia's
early entry into the energy industry helped the country become a global pioneer in developing a legal, commercial and financial framework
to support a very stable, growing industry that encouraged the hundreds of billions of dollars made in investment. The Indonesian energy
industry was the model of the global industry, having been the founder of the model form of PSC which is still used around the world
as a preferred contract form; and this is the form of contract under which we operate our Citarum Block, as described below.
32
Indonesia's
oil and gas sector is governed by Law No. 22 of 2001 regarding Oil and Gas (November 22, 2001) as amended by Law 6/2023 (or the Oil and
Gas Law). The Government retains mineral rights throughout Indonesian territory and the government controls the state mining authority.
The oil and gas sector is comprised of upstream (namely exploration and production) and downstream activities (namely refining and processing),
which are separately regulated and organized. The upstream sector is managed and supervised by SKK Migas. Private companies earn the
right to explore and exploit oil and gas resources by entering into cooperation contracts, mainly based upon a production sharing scheme,
with the government through SKK Migas, thus acting as a contractor to SKK Migas. One entity can hold only one PSC, and a PSC is normally
granted for 30 years, typically comprising six plus four years of exploration and 20 years of exploitation.
The
oil and gas industry, however, both in Indonesia and globally, has experienced significant volatility in the last four years. Global
geopolitical and economic considerations play a significant role in driving the sensitivity of oil prices. From its peak in mid-2014
(US$105.72 per barrel), the Indonesia Crude Price (the "ICP") for the type of crude oil we produce collapsed to an average
price of US$37.58 per barrel for the year ended December 31, 2020 due to COVID-19 but rose again to reach a yearly average price of US$96.94
per barrel in 2022, 45% higher than 2021 yearly average price of US$67.02 per barrel. For the year ended December 31, 2023, the average
Indonesia Crude Price was US$77.61 per barrel. According to the International Energy Agency ("IEA") December 2023 Oil Market
Report, world oil demand is on track to rise 2.3 mb/d to 101.7 mb/d in 2023, but this masks the impact of a further weakening of the
macroeconomic climate. Global 4Q23 demand growth has been revised down by almost 400 kb/d, with Europe making up more than half the decline.
The slowdown is set to continue in 2024, with global gains halving to 1.1 mb/d, as GDP growth stays below trend in major economies.
Since
the decline of oil price at over $100 in July 2022, Brent oil price remains relatively stable around $80 except for a spike
of $93.72 in September 2023 when Saudi Arabia and Russia decided to extend the output cut of 1.3 mb/d. The average ICP in 2022 was $96.94
while the average ICP in 2023 was $77.61. Although the regional conflicts of the ongoing Russia-Ukraine war and Israel-Hamas war may
potentially result in an oil price exceeding $100, we expect the oil price is likely to remain around $80 per barrel in 2024 and 2025
because of the relatively balanced supply and demand.
The
problem of a lack of new reserve discoveries and reserve depletion still remains, resulting in a decline in the contribution to state
revenue from the Indonesian oil and gas sector. According to an article titled "Oil and Gas in Indonesia: Investment and Taxation
Guide 2023" released on pwc.com, in 2022, investment in the oil and gas industry in Indonesia increased to $12.3 billion for the
upstream sector, or 93% of the $13.2 billion target. On a gas reserve basis, as stated in the BP Statistical Review of World Energy 2021
(or the BP 2021 Report), Indonesia ranks 20
th
in the world and the 4
th
in the Asia-Pacific region, following China,
Australia and India.
According
to the Directorate General of Oil and Gas ("DGOG"), in 2022, investment of US$12.33 billion has been realized in upstream
activities in Indonesia. The SKK Migas company profile report recorded that at the end of July 2023, Indonesia had a total of 171 Contract
Areas, comprising 103 Contract Areas in production stage and the remaining 68 in the exploration stage. SKK Migas Annual Report also
reported that total investment in 2022 was US$ 12.11 billion, reflecting an increase of 11% from 2021. This growth rate surpassed the
average increase in global investment of only 5%. Apart from the gradual recovery of the worldwide economy, the rise in investment can
also be attributed to several incentives provided by the Government of the Republic of Indonesia to the upstream oil and gas industry
to maintain project economics and increase production. The gross split scheme allocates oil and gas production to contracting parties
based on gross production, whereas in cost recovery, oil and gas production was shared between the government and contractors after deducting
the production costs. The government remains keen to attract more foreign investment into the domestic oil and gas industry due to insufficient
production against rising demand.
To
further improve the oil and gas investment and to reverse the current trend in production, in 2021, the Government offered a stimulus
package which provides fiscal incentives for the upstream oil production sector including, among others, an exemption to allow PSC contractors
to offer discounts to buyers (known as "offtakers") who agree to buy all or a portion of the future production for the oil
quantities taken in excess of the offtakers' "take or pay" arrangement (under which an offtaker takes an agreed-upon
amount of oil on a certain date or pays a set fee if it does not) and a reduction of up to 100% of indirect taxes. Additionally, the
Government also provided contractors with the flexibility to choose between the cost recovery PSC and the gross split PSC, discontinued
the previous requirement of mandatory relinquishment by the third contract year, granted access to data in the Migas Data Repository
and offered additional tax incentives to contractors.
33
According
to the BP 2023 Report, Indonesia's oil consumption in 2022 reached 1.59 million barrels per day, 40.6% of which was met by domestic
production. The MEMR specified that Indonesia exported 15.49 million barrels of oil and imported 104.72 million barrels of oil in 2022.
SKK Migas recorded Thailand and Australia as the top two countries Indonesia exported oil and condensate to in 2022, at 11,818 million
barrels and 1,473 million barrels, respectively.
Further,
we believe that Indonesia's expanding economy, in combination with the government's intention to lower reliance on coal as
a source for energy supply in industries, power generation and transportation, will cause Indonesian domestic demand for gas to rise
in the future. Indonesia's power infrastructure needs substantial investment if it is not to inhibit Indonesia's economic
growth. According to the MEMR 2022 Report, generating capacity at the end of 2022 was standing at around 83.8 gigawatts or an increase
of 12.5% compared to 74.5 gigawatts generating capacity in 2021.
According to Indonesia Energy Outlook 202
3,
a report published by the Secretariate General of The National Energy Council, in the next ten years from 2023 to 2033, Indonesia's
final energy demand is projected to grow 4.6% in average, natural gas consumption average growth rate is estimated at 3.2%, and total
electricity demand is expected to increase 53% by 2033
.
In terms of gas distribution, Indonesia still lacks an extensive gas pipeline network because the major gas reserves
are located away from the demand centers due to the particular territorial composition of the archipelagic state of Indonesia. Indonesian
gas pipeline networks have been developed based on business projects; thus, they are composed of a number of fragmented systems. The developed
gas networks are located mostly near consumer centers. Total gas transmission and distribution pipeline infrastructure in 2023 was 22,478.62
km which is 4.97% higher compared to 2022 with an additional of 1,064.68 km pipeline length. Based on the total pipe length achieved in
2023, the medium- and long-term target in 2024 of 17,300 km has been exceeded according to Oil and Gas Downstream Regulatory Agency (BPH
MIGAS) 2023 Performance Report.
34
In
West Java, where the Citarum Block is located, the total natural gas demand is expected to increase significantly from 2,521 MMSCFD in
2020 to 3,032 MMSCFD by 2035 according to
Petromindo
, an Indonesian petroleum, mining and energy news outlet. This will require
additional gas supply of 603 MMSCFD in 2020 and 1,836 MMSCFD in 2028 including import. Being relatively low-carbon compared to coal,
as well as being medium-cost, gas is likely to remain a favored fuel for at least the next decade, especially given Indonesia's
extensive gas reserves. Moreover, energy demand in Indonesia is expected to increase as Indonesia's economy and population grow.
Our
Opportunity
Beginning
in 2014, our management team identified a significant opportunity in the Indonesian oil and gas industry through the acquisition of medium-sized
producing and exploration blocks. In general terms, our goal was to identify assets with the highest potential for profitable oil and
gas operations. As described further below, we believe that our two current assets — Kruh and Citarum — represent just these
types of assets.
We
believe these medium-sized blocks were available for two main reasons: (i) a general lack of investment in the industry by smaller companies
such as ours and (ii) the fact that these blocks are overlooked by the major oil and gas exploration companies; many of which operate
within Indonesia.
The
fundamentals for the lack of investment in our target sector are the industry's intensive capital requirements and high barriers
to entry, including high startup costs, high fixed operating costs, technology, expertise and strict government regulations. We have
and will continue to seek to overcome this through the careful deployment of investor capital as well as cash from our producing operations.
In
addition, the medium-sized blocks we target are overlooked by the larger competitors because their asset selection is subject to a higher
threshold criterion in terms of reserve size and upside potential to justify the deployment of their human resources and capital. This
means that a very small company is not capable of operating these blocks, a new investor is unlikely to enter this sector and the major
producers are competing for the larger assets.
This
scenario creates our corporate opportunity: the availability of overlooked assets including producing and exploration projects with untapped
potential resources in Indonesia that creates the potential to both generate economic profit and expand our operations in the years to
come.
An
important fact is that, since we started our operations in 2014, the natural resources industry has gone through a dramatic change due
to oil price volatility. The challenges imposed by low oil prices during this period created an incentive for us to operate efficiently
by driving our business to make the most use of the resources available within our organization to lower costs and improve operational
productivity. More recently, with an improvement in oil prices, we believe are in a good position to take advantage of our lower producing
costs.
Asset
Portfolio Management
Our
asset portfolio target is to establish an optimum mix between medium-sized producing blocks and exploration blocks with significant potential
resources. We believe that the implementation of this diversification technique provides our company the ability to invest in exploration
assets with substantial upside potential, while also protecting our investments via cash flow producing assets.
We
consider a producing block an oil and gas asset that produces cash flow or has the potential to produce positive cash flows in a short-term
period. An exploration block refers to an oil and gas block that requires a discovery to prove the resources and, once these resources
are proven, such project can generate multiple returns on capital.
Our
portfolio management approach requires us to acquire assets with different contracting structures and maturity stage plays. Another key
factor is that we believe the diversification provided by our asset portfolio gives us the ability to better face the challenges posed
by the industry, such as uncertainties in macroeconomic factors, commodity price volatility and the overall future state of the oil and
gas industry.
35
We
believe this strategy also allows us to maintain a sustainable oil and gas production business (a so-called "upstream" business)
by holding a portfolio of production, development and exploration licenses supported by a targeted production level. We believe that,
in the long-term, this should allow us to generate excess returns on investment along with reducing risk exposure.
Our
Assets
We
currently hold two oil and gas assets through our operating subsidiaries in Indonesia: one producing block (the Kruh Block) and one exploration
block (the Citarum Block). We also have identified a potential third exploration block (the Rangkas Area).
Kruh
Block
We
acquired rights to the Kruh Block in 2014 and started its operations in November 2014 through our Indonesian subsidiary PT Green World
Nusantara (or GWN). Kruh Block operated under a Technical Assistance Contract (or TAC) with Pertamina, until May 2020 and the operatorship
of Kruh Block shall continue as a Joint Operation Partnership (or KSO) from May 2020 until September 2035 after the extension. This block
covers an area of 258 km
2
(63,753 acres) and is located 16 miles northwest of Pendopo, Pali, South Sumatra. This block produced
an average of about 6,044 barrels of oil per month in 2020, about 5,053 barrels oil per month in 2021, about 5,206 barrels oil per month
in 2022, and about 4,885 barrels oil per month in 2023. Out of the total eight proved and potentially oil bearing structures in the block,
three structures (North Kruh, Kruh and West Kruh fields) have combined proved developed and undeveloped gross crude oil reserves of 3.14
million barrels (net crude oil proved reserves of 2.33 million barrels) and probable undeveloped gross crude oil reserves of 3.17 million
barrels as of December 31, 2023 determined on a September 2035 contract expiration date. In December 2022, we started our negotiations
with Pertamina for a five-year extension of our contract for Kruh Block. Effective on August 9, 2023, GWN and Pertamina executed an amendment
to the KSO (the "Amended KSO") that moved the expiration date of our operatorship of Kruh Block to September 2035. This extension
effectively gives us 13 years to fully develop the existing 3 oil fields, and 5 other undeveloped oil and gas bearing structures at Kruh
Block. Further, the Amended KSO increases our after-tax profit split from 15% to 35%, for an increase of more than 100%, and increases
cost recovery cap from 80% to 100%. We received Pertamina's signature to the Amended KSO in early September 2023. The additional
5 years production and higher profit split lead to a significant increase of proved and probable reserves from 2.06 and 2.44 million
barrels, respectively, as of December 31, 2022 to 3.14 and 3.17 million barrels, respectively, as of December 31, 2023. Due to the lengthy
negotiations with the Government on the contract amendment, the seismic program was rescheduled from 2023 to 2024. The new drilling program
after the completion of 3D seismic program is expected to increase the proved reserves and probable reserves.
Probable
reserves are those additional reserves that are less certain to be recovered than proved reserves but which, together with proved reserves,
are as likely as not to be recovered. While proved undeveloped reserves include locations directly offsetting development spacing areas,
probable reserves are locations directly offsetting proved reserves areas and where data control or interpretations of available data
are less certain. There should be at least a 50% probability that the actual quantities recovered will equal or exceed the proved plus
probable reserves estimates. The estimate of probable reserves is more uncertain than proved reserves and has not been adjusted for risk
due to the uncertainty. Therefore, estimates of proved and probable reserves may not be comparable with each other and should not be
summed arithmetically.
The
estimate of the proved reserves for the Kruh Block was prepared by representatives of our company (a team consisting of engineering,
geological and geophysical staff) based on the definitions and disclosure guidelines of the SEC contained in Title 17, Code of Federal
Regulations, Modernization of Oil and Gas Reporting, Final Rule released January 14, 2009 in the Federal Register. Our proved oil reserves
have not been estimated or reviewed by independent petroleum engineers.
36
The
following map shows the Kruh Block and its producing fields:
Our
two main objectives in acquiring Kruh Block was to initiate our operations with a cash producing asset and for our legal entity to earn
the required experience to participate in bids and direct tenders with the Government.
We
selected Kruh based on certain criteria according to our strategy: (i) selecting an area with proven hydrocarbons; (ii) finding a currently
producing structure which is not overdeveloped; and (iii) operating an asset located in the western part of Indonesia.
Pursuant to the Kruh TAC, our subsidiary GWN was a contractor with the
rights to operate in the Kruh area with an economic interest in the development of the petroleum deposits within the block until May 2020.
The contract was based on a "cost recovery" system, meaning that all operating costs (expenditures made and obligations incurred
in the exploration, development, extraction, production, transportation, marketing, abandonment and site restoration) were advanced by
GWN and later repaid to GWN by Pertamina. Pursuant to the Kruh TAC, all the oil produced in Kruh Block was delivered to Pertamina and,
subsequently, GWN recovered the operating costs through the proceeds of the sale of the crude oil produced in the block in a monthly basis,
but capped at 65% of such monthly proceeds. GWN was also entitled to an additional 26.7857% of the remaining proceeds from the sale of
the crude oil after monthly cost recovery repayment as part of the profit sharing. Together with our share split, our net revenue income
was around 74% of the total production times the ICP. On a monthly basis, we submitted to Pertamina an Entitlement Calculation Statement
(ECS) stating the amount of money that we were entitled to base on the oil lifting, ICP, cost recovery and profit sharing of the respective
month. In connection with our acquisition (by which we mean our entry into the TAC) of Kruh Block, approximately $15 million of the acquisition
costs were carried to our financial statements from the previous contractor. The cost recovery scheme is illustrated and described in
"—Legal Framework for the Oil and Gas Industry in Indonesia" below. Since our recoverable cost balance will not be fully
recovered up to the expiry of the contract, our net income is not subject to any tax whatsoever.
37
Historically,
the cooperation agreement between Pertamina and its contractors were established via a TAC, but after the regulatory reform in the early
2000's and the reorganization of Pertamina, the contractual relationship between Pertamina and its partners was changed into KSO.
On
May 22, 2020, we commenced the continuation of our operatorship of Kruh Block under a KSO contract that has a term until May 2030, which
was extended to 2035. In essence, the TAC and KSO are very similar in nature due to its "cost recovery" system, with a few
important differences to note. The main differences between both contracts are that: (1) in the TAC, all oil produced is shareable between
Pertamina and its contractor, while in the KSO, a Non-Shareable Oil (NSO) production is determined and agreed between Pertamina and its
partners so that the baseline production, with an established decline rate, belongs entirely to Pertamina, so that the partners'
revenue and production sharing portion shall be determined only from the production above the NSO baseline; (2) in the TAC, the cost
recovery was capped at 65% of the proceeds from the sale of the oil produced in the block, while in the KSO, the
cost recovery is capped at 80% of the proceeds from the sale of the oil produced within Kruh Block for the cost incurred during the term
under the KSO plus 80% of the operating cost per bbl multiplying non-shareable oil (NSO). Also, similar to the TAC contract, under the
KSO terms, we have committed to a 3 years' work program to drill additional wells and perform exploration activities such as 2D
and 3D seismic within the Kruh Block. If we fail to fulfill our obligations, including the performance of the work program commitment,
Pertamina will have the right to terminate our KSO contract and our bank guarantee shall be deemed forfeited. As of December 2022, we
have fulfilled the obligation of drilling commitment specified in the KSO contract.
In
December 2022, we started our negotiations with Pertamina for a five-year extension of our contract for Kruh Block. Effective on August
9, 2023, GWN and Pertamina executed an amendment to the KSO (the "Amended KSO") that moved the expiration date of our operatorship
of Kruh Block to September 15, 2035. This extension effectively gives us 13 years to fully develop the existing 3 oil fields, and 5 other
undeveloped oil and gas bearing structures at Kruh Block. Further, the Amended KSO increases our after-tax profit split from the 15%
to 35%, for an increase of more than 100%, and increases cost recovery cap from 80% to 100%. We received Pertamina's signature
to the Amended KSO in early September 2023. To maximize the benefits from the amended KSO contract, we have rescheduled the 2023 seismic
program to 2024 when the amended contract went effective. We will resume drilling program after the 3D seismic program and evaluation
is completed, subject to the availability of funding.
With
respect to our drilling program at Kruh Block, in March 2021 we announced our plan to drill a total of 5 wells in 2021, 6 wells in
2022 and 7 wells in 2023, for a total of 18 new wells on Kruh Block. Due to delays in the Government permitting process and COVID-19
related delays experienced during 2021 and 2022, our overall drilling program for Kruh Block has similarly been delayed. We continue
to plan on drilling a total of 18 new wells at Kruh Block, and current estimation is that this will be completed by the end of 2029
(we previously estimated that this goal would be completed earlier, but as discussed elsewhere in this report, we have experienced
delays in our exploration and drilling programs). Four of these 18 new Kruh Block wells have already been completed as of the date
of this report. We expect to finance additional exploration and drilling activities through short-term and long-term borrowings from
third parties or related parties as well as further use of our ATM.
We
commenced the drilling of a well named "K-25" at Kruh Block on April 21, 2021 and another well named "K-26" at
Kruh Block on August 22, 2021. As a result of our successful drilling program at K-26, our production rate increased by over 50% from
approximately 160 barrels of oil per day during the first 10 months of 2021 to approximately 245 barrels of oil per day as of late December
2021. On April 7, 2022, we spudded the K-27 well and reached the total depth of 3,359 feet on May 9, 2022. In December 2022, a hydraulic
fracturing stimulation was conducted at the K-27 well. The well is currently producing 38 BOPD.
The
fourth of the 18 new well program, K-28, was spudded on June 22, 2022 and reached the total depth of 3,359 feet on July 14, 2022. Due
to the unexpected large amount of gas was encountered causing well bore instability, we side-tracked the K-28 well at 1,230 feet on September
4, 2022 and the K-28ST well, the side-tracked portion of the K-28 well, reached a total depth of 3,475 feet on September 16, 2022. In
addition to the proved oil-bearing Lamat B sand, several other potential oil and gas bearing reservoirs were encountered. We plan to
complete the testing of K-28ST well in the first half of 2024.
When
we acquired the Kruh Block in 2014, it had seven producing wells in 2014 and produced 200 barrels of oil per day (BOPD) with an average
cost of production per barrel of US$60.25, while 90% of the production relied on only one well, K-20.
Our
development plan for the Kruh Block was to increase the production by drilling proved undeveloped (PUD) wells which we considered a low
risk investment due to the higher probability of these wells to produce commercial levels of oil compared to drilling wells with unproved
reserves. Finding ways to increase the production is particularly important in maturing fields as producing volumes inevitably decline
due to the normal decline rate of production in these fields. In financial terms, our target was to produce the highest cash inflow within
the remaining period of the contract.
With
this target in mind, following execution of Kruh TAC we started to collect data through a passive seismic survey in 80 locations and
by reactivating an old well (K-19) to obtain additional geological information. After seismic data re-interpretation and modelling, we
initiated our drilling campaign for 2 wells, K-21 and K-22.
38
In
October 2015, we started drilling K-21 with a targeted depth of 3,418 feet that resulted in a daily production of only 45 BOPD due to
a permeability and tortuosity (a measure of how convoluted a well is) issues.
In
November 2015, we started drilling K-22 with a targeted depth of 4,600 feet which resulted in a 30 BOPD due to the same permeability
and tortuosity issue discovered in K-21.
In
the beginning of 2016, we focused on finding solutions to increase the production in K-21 and K-22. From February to May, we performed
an acidizing and sand fracturing operation to bypass the challenges in production efficiency that affected the wells K-21 and K-22. This
resulted in a multiple production gain in both K-21 and K-22, increasing the production of these wells to 95 BOPD and 98 BOPD, respectively.
During
2016, oil price crisis hit its bottom with an ICP of only $25.83 in the month of January. As a result of this low price, our operations
went through a cost analysis procedure in order to determine the economic limit of each of our producing wells by identifying their respective
direct production cost. Accordingly, we closed a total of 6 wells that were producing less than 10 BOPD that year. We were required to
find solutions to enhance our operating margins in a tough oil price environment, so we discontinued operations of 6 out of the 9 wells
we had at that time.
As
such, 2016 represented our effort to consolidate our operations in terms of efficiency that resulted in the reduction of operating costs,
allowing our company to go through the crude oil price turmoil. The cost reduction and efficiency measures taken include (i) setting
an economic limit for each operating well and closing wells that has exceeded $40 per barrel production cost; (ii) increased production
from the remaining wells through stimulation activities; (iii) renegotiating contracts with service providers; (iv) establishing a fuel
utilization plan that allowed us to use the gas produced from our wells as engine fuel and (v) optimized surface facilities equipment
and system.
In
May 2017, we drilled our third development well (K-23) with a cost of approximately US$ 1.5 million in Kruh Block with total depth of
3,315 feet that resulted in a production of 30 BOPD due to same issues encountered in K-21 and K-22, permeability and tortuosity issues.
In
October 2017, a stimulation operation of sand fracturing by Halliburton was performed in two wells, K-21 and K-23, in order to improve
the flow of hydrocarbons into these wells. Following completion, the production of K-23 was increased from 30 BOPD to 170 BOPD and in
K-21 from 20 BOPD (production in K-21 declined back to 20 BOPD due to increase in the water cut from 2016 to 2017) to 95 BOPD. This stimulation
resulted in an increase of 3,844 barrels oil per month, resulting on our peak total production of more than 11,000 barrels oil per month
or 380 BOPD during the subsequent month.
One
well service was completed in June 2018 for K-21 to restore the production by cleaning the well from the sand material that filled the
borehole carried by the formation fluid. No development wells were drilled in 2016 and 2018 and no exploratory wells were drilled by
our company up to date.
Other
major activities in the Kruh field during 2018 were well services and necessary work for maintaining production. The work included well
cleaning and production string replacement.
In
December 2018, we initiated a pilot project with the application of electrical stimulation oil recovery method (ESOR) for an attempt
of increasing the oil production in the Kruh field. The basic function of the ESOR process is to increase the mobility of the oil by
reducing its viscosity, which in turn helps move the oil toward producing wells. By inducing direct current power through existing oil
wells, the electric field drives the oil from the anode to the cathode, a process commonly referred to as electrokinetics. During the
trial period in 2019, we did not observe significant increases of production rate from the 4 producing wells. Therefore, we terminated
the pilot project in February 2020.
During
the period of our operatorship, we have incurred total expenditures of at least $15 million, including drilling costs of three wells.
We were able to produce oil from all three wells drilled during our operatorship, which represents a 100% drilling success ratio. We
also improved our water treatment system, installed a thermal oil heater to increase the speed in which the water is separated from the
oil, as Pertamina allows a maximum of 0.5% of water content in the oil transferred to them, and upgraded our power generating facilities
to gas fueled engines.
39
Since
2014, we have increased the gross production from 250 BOPD (gross) in early 2014 and reached a peak of 400 BOPD in 2018, which we achieved
by the drilling of three new wells and upgrade of the production facilities. Our production is our primary source of revenue. At a per
barrel crude price of US$61.89 (historical 12-month average price calculated as the average ICP for each month in 2019) and a production
of 7,582 barrels of oil per month, we were able to generate approximately US$470,000 per month of gross revenue from Kruh. We intend
to gradually increase production on the block over the next few years, with an anticipated nominal amount of additional capital expenditure
required.
During
2019, Kruh Block produced an average of about 7,582 barrels per month (gross). This represented an average of 26.9% decline from the
4 producing wells. The two major producing wells K-22 and K-23 wells, however, only declined at 14.9% rate. During the period of December
2014 to December 2019, we have produced a total of 497,398 barrels of oil from the Kruh structure.
During
2020, Kruh Block produced an average of about 6,044 barrels per month (gross), slightly less than in 2019 due to an anticipated decline
of 20.3%. For the year ended December 31, 2020, we have produced a total of 72,524 barrels of oil from the Kruh structure.
During
2021, Kruh Block produced an average of about 5,053 barrels per month (gross), which is less than in 2020 due to further anticipated
decline of 16.4%. For the year ended December 31, 2021, we have produced a total of 60,637 barrels of oil from the Kruh structure.
During 2022, we discovered two back-to-back discovery wells, K-27 and K-28
wells, at our 63,000-acre Kruh Block. The fourth well K-28 is still waiting for final flow test. For the year ended December 31, 2022,
we have produced a total of 62,467 barrels of oil from the Kruh structure.
During
2023, we concentrated on the negotiation of the 5 year contract extension for Kruh Block with the Government providing for a higher
profit split. To maximize the benefit from the amended contract terms, major work programs such as seismic acquisition and drilling
were rescheduled after the amended contract terms became effective. In the meantime, our operations team effectively managed the
reservoir and production to minimize the decline. As a result, we produced an average of about 4,885 barrels per month of oil in
2023 compared to about 5,206 barrels per month in 2022, a 6.1% annual decline.
Historically,
the average gross initial production of the 29 oil wells drilled in Kruh Block is 191 BOPD, with an average gross production of 173 BOPD
throughout the wells' first year of production, considering an exponential decline rate per year of 21%. The decline rate of 21%
was estimated based on the decline curve analysis of field-wide production history from 2017 to December 2019. Based on this data, a
well in Kruh Block would be expected to produce, on average, a total gross amount of approximately 63,112 bbls of crude oil in its first
year. Also, due to the successful stimulation and maintenance, wells K-22 and K-23 have significantly lower decline rate than 21%. Based
on the data above, the KSO cost recovery terms and using an average oil price of US$61.89 (the previous 12-months average monthly ICP
as of December 31, 2019), on average, a well would generate US$ 3.24 million net revenue in its first year (US$ 1.70 million in its first
6 months).
In
October 2017, we formally started negotiations with Pertamina to obtain an extension for the operatorship of the Kruh Block after the
expiry of our term in May 2020 through a KSO contract with Pertamina. Through a performance appraisal, we successfully qualified to continue
the operatorship of Kruh Block. In October 2018, Pertamina has sent us the Direct Offering Invitation of Kruh Block attached with the
contract draft for 10 years continuing operatorship period. In July 2019, we received the award from Pertamina to operate the Kruh Block
for an additional 10 years under an extended KSO. The KSO contract was signed on July 26, 2019. Thus, the reserve estimation and economic
models assumptions, as of December 31, 2019 and 2018, consider that we have the operatorship of the Kruh Block until May 2030, as evidence
indicates that renewal is reasonably certain, based on SEC Regulation S-X §210.4-10(a)(22) that defines proved oil and gas reserves.
In December 2022, we started our negotiations with Pertamina for a five-year extension of our contract for Kruh Block. Effective on August
9, 2023, GWN and Pertamina executed an Amended KSO that moved the expiration date of our operatorship of Kruh Block to September 2035.
This extension effectively gives us 13 years to fully develop the existing 3 oil fields, and 5 other undeveloped oil and gas bearing
structures at Kruh Block. Further, the Amended KSO increases our after-tax profit split from 15% to 35%, for an increase of more than
100%, and increases cost recovery cap from 80% to 100%. We received Pertamina's signature to the Amended KSO in early September
2023.
40
As
of December 31, 2023 and 2022, considering the operatorship of Kruh Block ending in September 2035, net proved reserves have a net ratio
of approximately 74.16% and 57.56% of total reserves, respectively. This net ratio calculation is based on our revenue entitlement, taking
into consideration the cost recovery balance estimations and profit sharing portions throughout the Kruh Block operatorship period.
As
of December 31, 2017, with the Kruh Block operatorship ending in May 2020, the unrecovered expenditures on TAC operations of $20,258,361
would remain unrecovered up to the end of the TAC, hence our entitlement to 74.37% of the revenue from the sales of the crude oil produced
until the expiry of the TAC in May 2020 (65% of the proceeds from the sale of the crude oil produced as cost recovery plus 26.7857% profit
sharing portion of the remaining 35% of the proceeds from the sale of the crude oil), which resulted in a net proved reserves ratio of
74.37% of total reserves at that point in time. In contrast, as of December 31, 2023, with an extension of the Kruh Block operatorship
to September 2035 and with the cost recovery
cost recovery
cap increased from 80% to 100%.
, we estimated that we would be entitled to approximately 74.16%
of the revenues from the sales of the crude oil produced throughout the operatorship in Kruh Block until September 2035, considering
the cost recovery balance estimations and profit sharing portions throughout the Kruh Block operatorship period, resulting on a net proved
reserves ratio of 74.16% of total reserves
.
Following
the confirmation of the Kruh Block extension to September 2035, our board of directors approved a development plan for a drilling program
of 14 Proved Undeveloped Reserves (or PUD) wells at Kruh Block, according to the schedule we estimate below:
Unit\Year
2026
2027
2028
2029
Total
Planned PUD wells
Gross well
4
4
4
2
14
Future wells costs
(1)
US$
6,000,000
6,000,000
6,000,000
3,000,000
21,000,000
Costs already paid
US$
-
-
-
-
Total gross PUD added
Bbls
750,189
727,140
884,661
447,478
2,809,468
Total net PUD added
Bbls
556,365
539,271
656,094
331,864
2,083,594
(1)
Future
    wells costs are the estimated capital expenditures associated with the estimated new wells costs and do not include other capital
    expenditures such as production facilities.
We
commenced new drilling operations in Kruh Block in March 2021, and new drilling of 4 wells were completed in 2021 and 2022. The fourth
well, K-28, is still waiting for final flow test.
In
December 2022, we announced that in order to maximize the potential of Kruh Block after several encouraging new oil discoveries made
during 2021 and 2022, our plan is to conduct significant new seismic operations across the entire Kruh Block. We believe that this
new work, together with what has been learned from recent oil and gas discoveries, will greatly assist us in ascertaining the best
locations conduct, conducting a continuous drilling campaign at Kruh Block that will look to develop not only the one oil formation
currently being targeted, but to look to develop what appears to be at least three additional oil formations that may contain
significant commercial quantities of oil and natural gas. Completion and full interpretation of this seismic operations is currently
expected to occur by the middle of 2024 (although it could take longer), after which we plan to re-start our continuous drilling
campaign at Kruh Block in 2026 and subject to the availability of funding. We continue to plan on drilling a total of 18 new wells at Kruh Block, and current estimation is that this
will be completed by the end of 2029 (we previously estimated that this goal would be completed earlier, but as discussed elsewhere
in this report, we have experienced delays in our exploration and drilling programs). Four of these 18 new Kruh Block wells have
already been completed as of the date of this report. We expect to finance additional exploration and drilling activities through
short-term and long-term borrowings from third parties or related parties as well as further use of our ATM. After the Kruh Block
seismic acquisition, processing and interpretation program in 2024, we expect to resume drilling in 2025 with the goal of drilling
14 additional wells and significantly increasing our production rate. The result of the high quality 3D seismic data will also
provide strong support of additional PUD locations which will result in additional proved reserves.
For
Proved Developed (or PDP) reserves, we produced 62,467 bbls and 58,616 bbls for the years ended December 2022 and 2023, respectively.
The natural reservoir energy decline and delay in drilling new wells due to COVID-19 slowed down the production rate increase after drilling
program.
The
gross proved oil reserves were increased from 2,056,407 bbls as of December 31, 2022 to 3,144,659 bbls as of December 31, 2023 mostly
due to the production from 5 additional years and higher profit split in the Amended KSO. As of December 31,2023, the net reserves were
estimated as 2,332,183 bbls using a per barrel crude price of US$77.61 (historical 12-month average price calculated as the average ICP
for each month in 2023). In a "cost recovery" system such as the Kruh KSO contract, the production share and net reserves
entitlement to our company decreases in periods of higher oil prices (57.56% net share for ICP, US$96.94 in year 2022) and increases
in periods of lower oil prices (74.16% net share for ICP, US$77.61 in year 2023). This means that the estimated net proved reserves quantities
are subject to oil price related volatility due to the method in which the revenue is derived throughout the contract period. Therefore,
the net proved reserves are estimated based on the revenue generated by our company according to the KSO economic models.
41
The
table below summarizes the gross and net crude oil proved reserves as of December 31, 2023 in Kruh Block:
Crude Oil Proved Reserves at Kruh Block
Gross Crude Oil Reserves
Gross Crude Oil Proved Developed Producing Reserves (PDP)
Bbl
335,191
Gross Crude Oil Proved Undeveloped Reserves (PUD)
2,809,468
Total Gross Crude Oil Reserves
Bbl
3,144,659
Net Crude Oil Reserves
Net Crude Oil Proved Developed Producing Reserves (PDP)
Bbl
248,589
Net Crude Oil Proved Undeveloped Reserves (PUD)
2,083,594
Total Net Crude Oil Reserves
Bbl
2,332,183
Our
estimates of the proved reserves are made using available geological and reservoir data as well as production performance data. These
estimates are reviewed annually by internal reservoir engineers, and Pertamina, and revised as warranted by additional data. The results
of infill drilling are treated as positive revisions due to increases to expected recovery. Other revisions are due to changes in, among
other things, development plans, reservoir performance and governmental restrictions.
Our
proved oil reserves have not been estimated or reviewed by independent petroleum engineers. The estimate of the proved reserves for the
Kruh Block was prepared by IEC representatives, a team consisting of engineering, geological and geophysical staff based on the definitions
and disclosure guidelines of the SEC contained in Title 17, Code of Federal Regulations, Modernization of Oil and Gas Reporting, Final
Rule released January 14, 2009 in the Federal Register.
Kruh
Block's general manager and our Chief Operating Officer have reviewed the reserves estimate to ensure compliance to SEC guidelines
for (1) the appropriateness of the methodologies employed; (2) the adequacy and quality of the data relied upon; (3) the depth and thoroughness
of the reserves estimation process; (4) the classification of reserves appropriate to the relevant definitions used; and (5) the reasonableness
of the estimated reserve quantities.
Net
reserves were estimated using a per barrel crude price of US$77.61 (historical 12-month average price calculated as the average ICP for
each month in 2023). In a "cost recovery" system, such as the TAC or KSO, in which Kruh Block operates or will operate, the
production share and net reserves entitlement to our company reduces in periods of higher oil price and increases in periods of lower
oil price. This means that the estimated net proved reserves quantities are subject to oil price related volatility due to the method
in which the revenue is derived throughout the contract period. Therefore, the net proved reserves are estimated based on the revenue
generated by our company according to the KSO economic models.
As
of December 31, 2023, Kruh Block had 6 oil producing wells (K-20, K-21, K-22, K-23, K-26 and K-27 in Kruh field) covering 48.0 acres.
K-25 well is temporarily shut-in and K-28 is waiting for testing and completion. There were 14 proved undeveloped oil locations in Kruh
(3), North Kruh (6) and West Kruh (5) field covering 381.4 acres. In the Kruh, North Kruh and West Kruh fields, there are additional
7, 5 and 5 probable locations respectively covering 270 acres. See details on table below. Larger oil reserves due to bigger share and
5 years additional production lead to greater acreage of each PDP, PUD and probable location.
42
PDP, PUD and Probable Locations and Acreage for the Kruh Block as of December 31, 2023
Reserves Category
Kruh Field
North Kruh Field
West Kruh Field
Total
Locations
Acreage
Locations
Acreage
Locations
Acreage
Locations
Acreage
Proved Dev Producing (PDP)
8
48
-
-
-
-
8
48
Proved Undeveloped (PUD)
3
24
6
156
5
201
14
381
Total Proved
11
72
6
156
5
201
22
429
Probable
7
49
5
126
5
172
17
346
Total Proved & Probable
18
121
11
282
10
373
39
775
The
following table summarizes the gross and net developed and undeveloped acreage of Kruh Block based on our TAC and KSO terms, as well
as our economic model as of December 31, 2022:
Gross and Net Developed and Undeveloped Acreage of Kruh Block as of December 31, 2023
Developed Acreage
Undeveloped Acreage
Total Acreage
Kruh Block
Gross
Net
Gross
Net
Gross
Net
Kruh Field
131
97
24
18
154
115
North Kruh Field
51
37
156
116
207
153
West Kruh Field
9
7
201
149
211
156
Other
-
-
63,181
46,857
63,181
46,857
Total
191
141
63,562
47,140
63,753
281
Citarum
Block
Citarum
Block is an exploration block covering an area of 3,924.67 km2 (969,807 acres). The block is located onshore in West Java with a population
of 48.7 million people and only 16 miles south of the capital city of Indonesia, Jakarta, thus placing it within a short distance to
the major gas consumption area in Indonesia – the Greater Jakarta region in West Java. We believe this significantly mitigates
the logistical and geographical challenges posed by Indonesia's composition and infrastructure, significantly reducing the commercial
risks of our project.
Citarum
Block is located in onshore Northwest Java basin. In terms of geology, a very effective petroleum system has been proved in the region
from the long history of exploration and production efforts since the 1960's. According to the United States Geological Survey
(USGS) assessment (Bishop, Michele G. "Petroleum Systems of The Northwest Java Province, Java and Offshore Southeast Sumatra, Indonesia",
Open-File Report 99-50R
, 2000), "Northwest Java province may contain more than 2 billion barrels of oil equivalent in addition
to the 10 billion barrels of oil equivalent already identified". However, little new reserves have been added to the region during
the last 15 years due to the lack of investments in exploration programs. We have not engaged independent oil and gas reserve engineers
to audit and evaluate the accuracy of the reserve data from the USGS research. Citarum Block also shares its border with the producing
gas fields of Subang, Pasirjadi, Jatirarangon and Jatinegara. The combined oil and gas production from more than 150 oil and gas fields
in the onshore and offshore Northwest Java basin, operated by Pertamina, is 45,000 BOPD and 450 million standard cubic feet gas per day
(MMSCFD). The following graphics show the Citarum Block together with the producing oil and gas fields in the region, as well as the
block's proximity to the West Java gas transmission network:
43
Source:
Indonesia Energy Corporation Limited
We
started collecting data regarding the Citarum Block in 2016, when we decided it was time to expand our asset base by adding an exploration
block to our portfolio. Given our strategy, we had to find a cost-efficient method to acquire a block with the potential to add hydrocarbons
reserves to our company as part of the process to maximize our company's value. With the necessary technical knowledge and regulatory
experience from our professionals, we agreed that the best method for us to acquire an exploration block was via a Joint Study proposal
to the Government in a "work area" that had not yet been reserved for the bidding process by the Government. The Joint Study
objective is to determine oil and gas potential within a proposed working area by conducting geological and geophysical work such as
field surveys, magnetic surveys and the reprocessing of existing seismic lines. Upon completion of the Joint Study, if the Government
further decided to conduct a bidding process for the working area, we would have the right to change our offer (right to match) in the
bidding process if the other bidders gave higher offers.
Therefore,
following our plans, our team identified Citarum, an open onshore area in West Java that was available for a Joint Study. In September
2016, after we formally expressed our interest to the government to conduct the Joint Study in Citarum and fulfilled all requirements,
we obtained the approval to initiate our Joint Study program in conjunction with DGOG and LAPI ITB (a third-party consultancy service
provided by Bandung Institute of Technology (or ITB)). The study target was to integrate field geological survey, subsurface mapping,
identify stratigraphy and structural geology, perform a basin analysis and petroleum system assessment. As part of our proposal, we engaged
a surveyor to perform a passive seismic as an alternative method to fill the gap of the existing two-dimensional seismic survey due to
the absence of data on some area on the block. With 111 survey points, the work was completed in two months and covered approximately
one third of the area, as shown in the illustration below. The data produced from the passive seismic together with the existing two-dimensional
seismic data we acquired from the Indonesian National Data Management Company were the base for the Joint Study.
44
Between
2009 and 2016, Citarum Block had been operated by Pan Orient Energy Corp. (or POE), a Canadian oil and natural gas company whose shares
are listed on the TSX Venture Exchange. POE carried out various exploration work on the Citarum Block, including the drilling of 4 wells
in different locations across the block: Pasundan-1, Geulis-1, Cataka-1 and Jatayu-1. Providentially, all 4 wells discovered natural
gas and gas flow was recorded for the Pasundan-1 and Jatayu-1 wells. The total investment made by POE on Citarum Block was $40,630,824
during this period.
Pasundan-1
encountered gas at a depth between 6,000 feet and 9,000 feet, while the mud log and sidewall cores displayed oil and gas shows. Cataka-1
well had gas indication from approximately 1,000 feet depth to 2,737 feet when the well was abandoned due to drilling problems as a result
of inexperience operating in the region. Jatayu-1 well flowed high-pressured gas from approximately 6,000 feet depth and had a strong
indication of gas-bearing between 5,800 feet and 6,700 feet depth. Geulis-1 well had gas indication from 1,000 feet to 4,300 feet depth.
All 4 wells were suspended and plugged as the equipment and consumables used were not compatible to the drilling conditions, formation
or strong gas flow.
Also,
the gas indication/flowing from the wells would have been much more significant had the formations had not been damaged by high mud weight
during drilling. Proper preparation to avoid drilling issues encountered by the previous operator for the up-coming drilling program
should lead to an efficient delineation of gas discoveries.
The
results from the 4 wells drilled in Citarum and the amount of data available regarding the block are the key factors for us in selecting
Citarum as the block's risk profile was significantly reduced with the discovery of gas across the block. Likewise, the fact that
gas zones exist at different depths between 1,000 feet and 6,000 feet contributes to the potential of commercially developing these gas
discoveries. As a result of this plus the significant amount of capital expenditures incurred by the previous operator, who discovered
natural gas and gas flows from the 4 drilled wells. We believe this provides us with a unique de-risked asset to continue exploration
on.
45
In
the region, oil and gas have been producing from sandstone and carbonate reservoirs within 5 geologic formations (from old to young,
Jatibarang, Talangakar, Baturaja, Upper Cibulakan and Parigi). The carbonate buildups in the Baturaja, Upper Cibulakan and Parigi formations
are particularly gas rich. Within the Citarum Block, both sandstone and carbonate reservoirs have been encountered during drilling. Because
of the gas-prone type II Kerogen domination in the Talangakar source rock of deltaic origin in the hydrocarbon generating "kitchens"
(Ciputat, Kepuh, Pasirbungur and Cipunegara), prospects within the Citarum Block are mostly gas-bearing if discovered. The following
illustration shows the northwest java stratigraphy:
The
Joint Study was completed within a 12-month period (8 months plus a 4-month extension period) and the findings summarized in a report
with the following information regarding the area: synopsis of regional geology and petroleum system, play concept, lead and prospect,
volumetric of hydrocarbon prospect and economic prospect valuation.
46
The
following diagram illustrates the full Joint Study process:
In
February 2018, Citarum Block was tendered through a direct offer by the MEMR. Following the tender process, we were awarded the rights
to explore the Citarum Block in May 2018. The exploration period for Citarum Block is comprised of a 6-year period that could be extended
for an additional 4 years up to 2028.
In
July 2018, a PSC was signed with respect to Citarum between MEMR and two of our wholly-owned subsidiaries, PT Cogen Nusantara Energi
(or CNE) and PT Hutama Wiranusa Energi (or HWE), marking the official commencement of our 30 years operatorship term for the Citarum
Block.
The
following timeline illustrates the Citarum Block acquisition process:
47
As
part of our commitment of conducting a 300 km of seismic survey, we have recently submitted our work program and budget to the Indonesian
Interim Taskforce for Upstream Oil and Gas Business Activities (
Satuan Kerja Khusus Pelaksana Kegiatan Usaha Hulu Minyak dan Gas Bumi,
or SKK Migas). We have also completed an Environmental Base Assessment for the region in conjunction with a local university and
will use the result as a base for any exploration activity in the area. This is part of our exploration activity in Citarum. When the
exploration program is initiated, we plan to conduct more Geological and Geophysical ("G&G") studies and a 300km
2
2D seismic within the first year of the exploration program and drill our first exploration well in the Jonggol area in its second
year. If the drilling is successful, we plan on conducting a 100km
2
3D seismic within the second year and drill additional
2 delineation wells in the third year in order to propose a phase 1 development plan for the Citarum Block. If no petroleum in commercial
quantities is discovered in Citarum during the exploration period, our PSC would be automatically terminated.
The
upcoming exploration program for Citarum will begin with the 8 prospects with the lowest risk (38%-48%), 5 in the Jonggol region and
3 in the Purwakarta region, out of the 28 exploration prospects previously identified and evaluated by the Joint Study. According to
data published by SKK Migas, from 2012 to 2022, there were a total of 441 exploration wells drilled in Indonesia and 286 out of the 441
resulted in an oil and gas discovery. The most recent complete data is shown in the table below
.
Description \ Year
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
Total
Total Exploration Wells
96
75
64
33
33
15
22
26
28
28
21
441
Total Discovery Wells
65
53
47
27
23
10
13
8
12
11
17
286
Success Ratio
68
%
71
%
73
%
82
%
70
%
67
%
59
%
31
%
43
%
39
%
81
%
65
%
Source: SKK Migas
Considering
the closeness to the oil and gas generating "kitchens", multiple reservoir horizons, moderate risked faulted anticlinal traps,
and proved hydrocarbons in previous drilling and nearby producing fields, we believe that 23 of the 28 prospects have geological chance
factors of success in the range of 30%-48%. Geological chance factors for the remaining 11 prospects are between 20% and 30% and 12 are
between 10% and 20%.
In
2022 and 2023, further technical work in the Citarum Block was conducted to evaluate the additional 9 prospects and 9 exploration leads
(T series prospects and leads on the maps below) identified in 2020. The 28 prospects identified in 2019 (J and P series prospects) remain
to be the primary prospects for further evaluation by the upcoming new seismic data. The acreage of primary prospects, potential reservoir
thickness and net reservoir volume remain no change at this time.
48
Prospect
Drilling
sequence
Acreage
(acres)
Reservoir thickness
(feet)
Net reservoir volume
(acres-feet)
1
J-1
438
192
83,867
2
J-2
1,299
301
390,848
3
J-3
96
28
2,704
4
J-4
229
115
26,374
5
J-5
3rd
2,141
153
327,861
6
J-6
5th
1,130
373
421,131
7
J-7
119
61
7,263
8
J-8
269
379
102,026
9
J-9
7th
1,686
1,479
2,492,477
10
J-10
1,060
353
374,265
11
J-11
89
95
8,418
12
J-12
730
386
282,175
13
J-13
177
235
41,486
14
J-14
262
75
19,701
15
J-15
4th
1,546
798
1,233,162
16
J-16
2nd
1,757
396
695,267
17
J-18
173
17
2,943
18
J-20
1,044
339
353,835
19
J-21
238
59
14,083
20
P-1
707
383
271,013
21
P-2
798
314
250,600
22
P-3
1st
2,274
725
1,648,940
23
P-4
1,567
386
604,920
24
P-5
6th
2,680
405
1,085,879
25
P-6
1,259
665
837,121
26
P-7
1,272
181
230,161
27
P-8
8th
1,079
762
821,361
28
P-9
517
790
408,314
Total
26,636
10,445
13,038,195
49
The
following depicts our development plan for Citarum, with the first priority being to confirm the value of the block by proving reserves
and later to monetize the asset through the production and sale of gas:
During
2020, a new geological, geophysical and biostratigraphic study was performed on the Citarum Block. Eighteen additional exploration prospects
were identified. This provides additional opportunities for oil and gas exploration in the future.
In
2022 and 2023, we continued to evaluate the resource size and risk for the prospects. Design of the 2D seismic acquisition and processing
program is underway and our application for the requisite environmental permit for the seismic acquisition program is in progress as
of the date of this report. The 2D seismic program will be used to further evaluate the prospects before we begin the drilling program.
50
Our
Citarum PSC contract is based on the "gross split" regime, in which the production of oil and gas is to be divided between
the contractor and the Indonesian Government based on certain percentages in respect of (a) the crude oil production and (b) the natural
gas production. Our share will be the Base Split share plus a Variable and Progressive component. Our Crude Oil Base Split share is 43%
and our Natural Gas Base Split share is 48%. Our share percentage is determined based on both variable (such as carbon dioxide and hydrogen
sulfide content) and progressive (such as crude oil and refined gas prices) components.
Thus,
pursuant to our Citarum PSC contract, once Citarum commences production, we are entitled to at least 65% of the natural gas produced,
calculated as 48% from the Base Split plus a Variable Component of 5% from the first Plan of Development (POD I) in Citarum, a Variable
Component of 2% from the use of Local Content, as the oil and gas onshore services are mostly closed or restricted for foreign companies
(as described below under "—Legal Framework for the Oil and Gas Industry in Indonesia), and a 10% increase for the first
180 BSCF produced or 30 million barrels of oil equivalent which according to our economic model, the cumulative production of 180 BSCF
will only be achieved in 2029 based on an aggressive exploration and development program or in 2033 based on a conservative program.
The
following table summarizes the gross and net developed and undeveloped acreage of Citarum Block based on our PSC terms and economic model
as of December 31, 2023:
Gross and Net Developed and Undeveloped Acreage of Citarum Block as of December 31, 2023
Developed Acreage
Undeveloped Acreage
Total Acreage
Gross
Net
Gross
Net
Gross
Net
Citarum Block
-
-
969,807
614,239
969,807
614,239
Total
-
-
969,807
614,239
969,807
614,239
Pursuant
to our PSC for Citarum Block, in order to incentivize and optimize our exploration activities at Citarum, there are circumstances under
which we are required or may be required to relinquish portions of the contract area back to the Government, with such portions being
subject to be agreed to between us and the Government. For example:
(i)
on or before the end of
    the initial three (3) contract years beginning with the date the PSC was approved by the Government, we are required to relinquish
    twenty percent (20%) of the original total contract area in Citarum.
(ii)
if at the end of the third
    (3
rd
) contract year, certain agreed to work programs have not been completed, upon consideration and evaluation of SKK
    Migas, we would be obliged to relinquish an additional fifteen percent (15%) of the original total contract area at the end of the
    third contract year.
(iii)
on or before the end of
    the sixth (6
th
) contract year, we are required relinquish additional portions of contract area so that the area retained
    thereafter shall not be in excess of twenty percent (20%) of the original total contract area; provided, however, that on or before
    the end of the sixth (6
th
) contract year, if any part of the contract area corresponding to the surface area in which
    petroleum has been discovered, is greater than twenty percent (20%) of the original contract area, then we will not be obliged to
    relinquish such excess area.
Due
to the high level of COVID-19 cases from late 2020 till the middle of year 2022, populated areas such as Jakarta and Java have enforced
the lockdown policy which restricted practically all work activities to home-based. Travelling and mobilization of goods between cities
and towns were restricted. In view of this situation, SKKMIGAS has given extension until 2024 of seismic acquisition project and G&G
studies in the Citarum Block. Discussions of partial relinquishment of the block have also been postponed due to COVID-19.
51
In
advance of the date of any relinquishment, we will advise SKK Migas of the portion to be relinquished. For the purpose of such relinquishment,
we will consult with SKK Migas regarding the shape and size of each individual portion of the areas being relinquished, provided, however,
that so far as reasonably possible, such portion shall each be of sufficient size and convenient shape to enable petroleum operations
to be conducted thereon.
Potential
Additional Block (Rangkas Area)
In
mid-2018, we identified an onshore open area in the province of West Java, adjacent to our Citarum Block. We believe that this area,
also known as the Rangkas Area, holds large amounts of crude oil due to its proven petroleum system. To confirm the potential of Rangkas
Area, in July 2018, we formally expressed our interest to the DGOG of MEMR to conduct a Joint Study in the Rangkas Area and we attained
the approval to initiate our Joint Study program in this area on November 5, 2018. The Rangkas Joint Study covered an area of 3,970 km2
(or 981,008 acres) and was completed in November 2019. The DGOG accepted the completion of the joint study and inquired IEC's interest
for further process to tender the block. The study result suggested an effective petroleum system for oil and gas accumulations. As of
the date of this report, we have not decided when to acquire this block due to our work load in Kruh and Citarum blocks.
Source:
Indonesia Energy Corporation Limited
The
Rangkas Joint Study includes field geological surveys, geochemical and passive seismic surveys and the reprocessing of existing seismic
lines was completed in November 2019. The Joint Study evaluated stratigraphy and structural geology of the area, conducted geochemical
techniques to evaluate source rock and oils, performed passive seismic data analysis for identifying hydrocarbon occurrence, and performed
basin analyses for assessing the petroleum system of the area with the objective of determining its oil and gas potential. Results of
the study suggested (1) data from four wells drilled pre-World War II and two wells drilled in 1991 indicated the presence of hydrocarbon
in the area with the discovery of several oil seeps and one gas seep, (2) the petroleum system in the area is proven with the occurrence
of Eocene-Oligocene-Miocene source, reservoir and seal rocks similar to adjacent major producing hydrocarbon areas in West Java, and
(3) twenty-one petroleum prospects and leads with potentially stacked reservoirs were identified.
52
Since
the study of Rangkas block suggests high potential of finding hydrocarbons, we plan to continue pursue the PSC contract of the block
which would be available through a direct tender process in which we will have the right to change our offer in order to match the best
offer following the results of the bidding process, which has not taken place as of the date of this report. The timeline for the tender
is contingent upon the DGOG's plans and schedule.
Our
Competitive Strengths
We
believe we have the following competitive strengths:
●
Experienced management
.
◌
Our management and technical
    team are comprised of some of the brightest and most passionate people in the industry, including with expertise in exploration technology.
◌
Our professional team consistently
    adopts innovative concepts and technologies to reduce risks in exploring oil and gas, and continually looks for better ways to effectively
    manage our exploration and production operations.
◌
Our management team members
    (Chief Executive Officer, Chief Operating Officer, Chief Business Development Officer and General Manager) collectively have many
    years of experience in petroleum exploration, development and production operations. Together they have successfully operated more
    than 17 oil and gas blocks and found and developed more than 10 oil and gas fields over the last 16 years. Our management team located
    in the United States consists of our President and Chief Financial Officer. Our President brings 43 years of public energy company
    experience and was the founder of two energy companies that are or were listed on the NYSE American. Our Chief Financial Officer
    brings 40 years of financial business experience, mostly as either a chief financial officer or controller, including over 18 years
    working in public companies.
◌
Our top management team
    members have certification in "Kepala Teknik Tambang" from the Indonesian government, qualifying them for the implementation
    and compliance of occupational safety and health legislation in mining and petroleum operations. We are fully committed to conducting
    our operations according to the best industry practices to ensure the health, safety and security of all our stakeholders as well
    as the protection of the environment and surrounding communities.
●
Established relationships
.
    Through our management team's experience in operating blocks in Indonesia, we have established close relationships with central
    and local governments, service providers and other petroleum companies in Indonesia. The excellent relationship between management
    members and government agencies provides us extraordinary opportunities of accessing low risk and high potential blocks. In addition,
    our U.S. management team likewise has established relationships with key participants in the U.S. capital and energy markets that
    we believe will be an asset to us as a U.S.-listed public company.
●
Significant network
.
    Our company has built solid alliances and a vast knowledge network within the Indonesian oil and gas industry, which gives us the
    ability to execute complex projects and traverse Indonesian regulatory and institutional risk.
53
●
Niche market
. We
    look to acquire the rights to operate small to "medium sized blocks" onshore that are most likely overseen by the larger
    competitors. Being an independent and efficient oil and gas company in Indonesia, we have the flexibility and speed necessary to
    seize opportunities as they arise.
●
Strategically located
    assets.
Our company has a proven track record in acquiring assets located close to major infrastructure and populous cities.
    We believe that being strategically located to major infrastructure will enable higher margins as we scale our business.
Our
Business Strategies
We
are an active independent Indonesian exploration and production company with an ultimate goal to generate value for our shareholders.
Our overall growth strategy is to actively develop our current blocks and to acquire new assets to boost our growth. We will also evaluate
available opportunities to expand our business into the oil and gas downstream industry in Indonesia.
The
key elements for achieving our goal are set out below.
●
Strategic investment
    allocation in existing blocks.
We are focused on validating the reserves of our blocks by continuing to develop high impact exploration
    activities to add reserves, combined with a plan of development in order to increase production.
●
Commercialization and
    monetization of oil and gas discoveries.
We are a revenue driven company and we strategically adjust our operations and development
    programs in our blocks by evaluating the market and the Indonesian energy demand.
●
Develop our "de-risked"
    969.807 acres Citarum Block.
$40.6 million was invested by the block's prior owner, Pan Orient Energy Corp. (TSXV.POE)
    who drilled 4 wells and successfully discovered natural gas and gas flow from each of the 4 wells. We believe this contribution provides
    us with a unique de-risked asset to continue exploration on.
●
Expansion of our company's
    asset portfolio.
We actively seek to acquire blocks to increase our company's value. The energy demand growth and increase
    of manufacturing activities in the region could lead us to invest into the downstream oil and gas sector.
●
Maintain balance sheet
    strength to offset commodity cyclicality.
We intend to fund our exploration and production activities with equity, free cash
    flow and a moderate use of debt. With the uncertainty within our sector, we believe that maintaining a strong balance sheet will
    be critical to our growth.
Competition
We
face competition from other oil and gas companies in the acquisition of new oil blocks through the Indonesian government's tender
process. Our competitors for these tenders include Pertamina, the Indonesian state-owned national oil company (who can tender for blocks
on its own), and other well-established large international oil and gas companies. Such companies have substantially greater capital
resources and are able to offer more attractive terms when bidding for concessions. Therefore, to mitigate the risk of competition, our
corporate strategy is to focus on small to "medium sized blocks" onshore that are most likely overseen by the larger competitor.
54
Facilities,
Distribution and Logistics
We
do not own any property or facilities. We lease our corporate headquarters in Jakarta, Indonesia, as well as a field office for our operations
in Kruh Block. In Kruh Block, due to the cost recovery fiscal terms, the facilities, vehicles, machinery and equipment required for the
production of oil and gas are leased by us. The diagram below depicts our current storage, distribution and logistics of the oil from
our wells at Kruh to the delivery point to Pertamina:
Legal
Framework for the Oil and Gas Industry in Indonesia
Background
Under
Article 33(3) of the Constitution of the Republic of Indonesia, all natural resources, including all oil and gas resources, in Indonesia
belong to the state and should be used for the greatest benefit of the citizens of Indonesia. As a result, while the Government controls
and manages oil and gas resources by, among other things, granting licenses or concessions to third party contractors such as our company,
it retains ultimate control over all oil and gas activities in Indonesia.
55
Prior
to the Law No. 22 of 2001 on Oil and Gas (which we refer to herein as the Oil and Gas Law), the Government controlled all oil and gas
undertakings in Indonesia and granted
Perusahaan Pertambangan Minyak dan Gas Bumi Negara
(the predecessor to Pertamina, as described
below) the exclusive right to manage and carry out all operations within the territory of Indonesia. Any other enterprise seeking to
invest in the Indonesian oil and gas sector required the appointment or approval of the MEMR, and any actual investment would be done
through a contractual arrangement with Pertamina. Most of these arrangements took the form of production sharing arrangements such as
PSCs, TACs, and KSOs entered into between Pertamina and the contractors.
Beginning
with the Oil and Gas Law in 2001, the Government adopted a series of measures to introduce market reform into Indonesia's oil and
gas sector. The Oil and Gas Law remains the primary umbrella legislation governing all oil and gas activities in Indonesia. It places
control over the oil and gas industry in the hands of the MEMR and the DGOG. It also established two new governmental bodies –
the Oil and Gas Upstream Regulatory Body (
Badan Pelaksana Minyak dan Gas Bumi,
or BP Migas) and the Oil and Gas Downstream Regulatory
Body (
Badan Pengatur Hilir Minyak dan Gas Bumi,
or BPH Migas) – to regulate activities in their respective sectoral areas.
The Oil and Gas Law also divides and for the first time distinguishes between upstream and downstream activities. Further regulations
elaborate and implement important aspects of the Oil and Gas Law.
Following
the transfer of Pertamina's control over exploration and production activities in the territory of Indonesia to BP Migas, Pertamina
was converted under Government Regulation No. 31 of 2003 converted
Perusahaan Pertambangan Minyak dan Gas Bumi Negara
into a for-profit,
state-owned company in the form of a limited liability company (known as a Perseroan). Further, Government Regulation No. 35 of 2004
on Upstream Oil and Gas Business as amended several times, most recently by Government Regulation No. 55 of 2009 on Second Amendment
to the Upstream Oil and Gas Business (or GR 35/2004), transferred Pertamina's responsibility for managing all production sharing
arrangements (except TACs) to BP Migas. These changes have left the reformed Pertamina free to tender for contracts on an equal basis
with other companies. Pertamina also split its upstream and downstream operations by incorporating subsidiaries which specifically engage
in either upstream or downstream activities. Pertamina's subsidiary in charge of the upstream activities is PT Pertamina EP (or
Pertamina EP) while there are several Pertamina's subsidiaries established for the downstream activities.
On
November 13, 2012, the Constitutional Court of the Republic of Indonesia (
Mahkamah Konstitusi Republic Indonesia,
or MK) issued
Decision 36/PUU-X/2012 (which we refer to as MK Decision 36/2012), which found the transfer of authority to BP Migas under the Oil and
Gas Law unconstitutional, ordering the regulatory body be dissolved and all its authority and responsibilities be transferred to the
Government through the MEMR. Following a series of Presidential and Ministerial regulations, the duties and functions of BP Migas ultimately
were transferred to the Interim Taskforce for Upstream Oil and Gas Business Activities (
Satuan Kerja Khusus Pelaksana Kegiatan Usaha
Hulu Minyak dan Gas Bumi,
or SKK Migas) in 2013. As a consequence, production sharing contracts (except TACs) that had previously
been transferred to BP Migas from Pertamina were then transferred to SKK Migas. As for TACs, they remain with Pertamina.
Executing
Agency for Upstream Activities
Indonesian
law currently distinguishes between upstream activities (encompassing the exploration and exploitation of oil and gas resources) and
downstream activities (comprising the processing, transporting, storing, and trading of oil and gas). As described above, the distinction
between the two types of activities was introduced in the Oil and Gas Law in 2001. Prior to this, Indonesian law did not recognize any
market segmentation, and Pertamina was responsible for all aspects of oil and gas operation activities.
The
Oil and Gas Law extends this sectoral division to the regulatory bodies established under such law, with BP Migas assuming responsibility
for regulating upstream activities and BPH Migas assuming responsibility for downstream activities and both reporting to the DGOG. Furthermore,
the Oil and Gas Law and Government Regulation No. 42 of 2002 on Executing Agency for upstream Oil and Gas Business Activities together
required that, once established, BP Migas take over Pertamina's existing production sharing arrangements and that BP Migas become
the Government party to subsequent arrangements.
MK
Decision 36/2012 dissolved BP Migas and transferred its authority and responsibility back to the MEMR until a new oil and gas law is
adopted. In reaching its decision, the MK found that Article 33(3) of the Indonesian Constitution required the Government to manage oil
and gas resources directly and that the supervisory duties given to BP Migas fell short of that requirement. It also found that the Government's
monitoring and regulatory activities under BP Migas had deteriorated to the point where it no longer met its constitutional obligations.
56
On
the same day as the MK's decision, both the President and the MEMR responded to MK Decision 36/2012 by issuing, in order, Presidential
Regulation No. 95 of 2012 on the Transfer of Duties and Functions of Upstream Oil and Gas Activities (or PR 95/2012), which transfers
BP Migas' authority and responsibilities to the MEMR. In addition, PR 95/2012 upholds existing arrangements by confirming that
all PSCs signed by BP Migas would remain valid until their respective expiration dates. MEMR Regulation No. 3135 K/08/MEM/2012 on Transfer
of Duties, Functions and Organizations in Execution of Oil and Gas Business (or MEMR Regulation 3135/2012), which transfers those duties
to the Interim Task Force for Upstream Oil and Gas Business Activities (
Satuan Kerja Sementara Pelaksana Kegiatan Usaha Hulu Minyak
dan Gas Bumi
) as the implementation regulation of PR 95/2012. The Interim Task Force for Upstream Oil and Gas Business Activities
is accountable to the MEMR.
Following
the enactment of PR 95/2012 and MEMR Regulation 3135/2012, on January 10, 2013 the President issued Presidential Regulation No. 9 of
2013 on the Implementation of Management of Natural oil and Gas Upstream Business Activities, as amended by the Presidential Regulation
No. 36 of 2018 (or PR 9/2013), which established SKK Migas and transferred the authorities to manage upstream oil and gas activities
which are based on cooperation contracts to the new regulatory body. PR 9/2013 also establishes a Supervisory Commission, whose membership
consists of the MEMR as Chairman, the Vice Minister of Finance, who manages the State Budget as the Vice Chairman, the Chairman of the
Capital Investment Coordinating Board, Minister of Environment and Forestry, Chief of National Police and the Vice Minister of the MEMR,
so that SKK Migas can control, supervise, and evaluate the management of the upstream oil and gas business activities under its authority.
The Supervisory Commission is required to submit a report to the President at least once every six months.
Foreign
Direct Investment in the Oil and Gas Industry
Private
investment in upstream interests in Indonesia can be made through either a "business entity" or a "permanent establishment".
The Oil and Gas Law defines "business entity" as a legal entity which is established under the law of and domiciled in the
Republic of Indonesia, which operates in Indonesia, and which undertakes business permanently and continuously in Indonesia. Such business
entities usually take the form of a limited liability company (
Perseroan Terbatas
). The Oil and Gas Law defines "permanent
establishment" as a legal entity which is established outside of Indonesia which undertakes activities within the Indonesian territory
and complies with the prevailing Indonesian laws. The permanent establishment allows foreign investors to conduct upstream activities
through a branch of a foreign incorporated enterprise.
Law 6/2023
amended several provisions of the Oil and Gas Law. However, the changes were relatively limited pending the enactment of the
proposed amendments to the Oil and Gas Law. The Government has since issued Government Regulation No. 5 of 2021 on Implementation of
Risk-based Licensing, which serves as an implementing regulation to the Omnibus Law and which, among others, extends the requirement
to obtain a Business Registration Number (
Nomor Induk Berusaha
or NIB
)
to oil and gas contractors which operate as
"permanent establishments".
Business
entities and permanent establishments carry out upstream activities as contractors under a cooperation agreement with the representative
of the Government. The Oil and Gas Law stipulates that a contractor may only be awarded one cooperation agreement for one working area
as an implementation of the "ring-fencing" principle where revenues and costs in respect of one working area under one cooperation
agreement cannot be consolidated with and used to relieve the tax obligations of another working area under a different cooperation agreement.
As
our operating subsidiaries are each a Perseroan domiciled in Indonesia, we operate under the "business entity" regime of
the Oil and Gas Law.
57
Upstream
Regulations
Upstream
activities are conducted in working areas whose boundaries are determined by the MEMR. Each contractor may only be granted one working
area; as a result, upstream oil and gas companies operating in Indonesia, such as ours, incorporate separate legal entities for each
asset in which they have an interest. Upstream activities are performed through cooperation contracts between either SKK Migas or Pertamina
and contractors. Unlike any other industry in Indonesia, upstream oil and gas activities are open to participation by foreign business
entities that are established and incorporated outside Indonesia.
MEMR
Regulation No. 35 of 2021 on Procedures of Determining and Bidding Oil and Gas Working Areas (or MEMR Regulation 35/2021) regulates the
awards of work areas, which may be granted on the basis of either a competitive tender process or a direct offer. The Director General
of the DGOG may put a working area out to tender and invite bids for an interest in the area after considering the opinion and inputs
of SKK Migas. Direct offers shall be performed based on a contractor's written proposal for a working area that has not been reserved
for the bidding process; if the Director General of the DGOG approves such proposal, the contractor must conduct a survey together with
the DGOG to locate potential oil and gas fields (which we refer to as a Joint Study).
Joint
Study Agreement
Pursuant
to MEMR Regulation 35/2021
,
where an area has not already been reserved for the bidding process, a contractor may bid for such
working area directly by providing the Director General of the DGOG with a written proposal. If the Director General approves the proposal,
the contractor must conduct a Joint Study of the proposed area with the DGOG or any other party appointed by the DGOG. The Joint Study
is conducted for the purposes of upgrading the data quality of geological and geophysical work such as field surveys, magnetic surveys,
or the reprocessing of existing seismic lines, and is conducted over an eight-month period with a single possible extension of up to
four months. Contractors are required to deliver a performance bond in the amount of US$500,000 from a well-known bank during the Joint
Study, to be submitted 14 days from the date the Director General approves the direct offer; to bear all the costs, which generally range
from US$500,000 to US$700,000, and risks in implementing the Joint Study; and to maintain the confidentiality of data used and produced
in the Joint Study. Upon completion of the Joint Study, the Director General may choose to announce a bidding process for the working
area, in which case the contractors who conducted the Joint Study will have the right to change their offer (right to match) in the bidding
process if the other bidders give higher offers, but otherwise receive no preferential treatment.
In
May 2018, we were awarded the rights to explore the Citarum Block by the MEMR through a direct tender process after a Joint Study in
the Citarum area was completed.
Cooperation
Contracts
"Cooperation
contract" is a general term used under the Oil & Gas Law to describe the contract between the contractor and the representative
of the Government which can be entered into by the parties in various forms, such as PSCs (Production Sharing Contracts), TACs (Technical
Assistance Contracts), and KSOs (Joint Operation Partnership). Regardless of the form, the cooperation contracts essentially provide
for production sharing arrangements. For example, title over resources in the ground remains with the Government (and title to the oil
and gas lifted for the contractor's share passes at the point of transfer, usually the point of export), ultimate management control
is with SKK Migas, and capital requirements and risks are to be assumed by the contractors. These cooperation contracts are to be entered
into with SKK Migas and thereafter notified in writing to the Indonesian Parliament. Only one working area will be given to any legal
entity. Cooperation contracts can be made for a maximum term of 30 years and can be extended for a maximum of 20 years. Cooperation contracts
are divided into exploration and exploitation stages. The exploration stage is for a term of six years, subject to only one extension
for a maximum of four years.
The
implementation regulations for the upstream sectors, such as GR35/2004, reiterate the obligation by a contractor to offer a certain minimum
participating interest to domestic parties, such as regional government-owned enterprises, although the procedure for, and timing of,
offering such an interest has been modified. The MEMR has a right to request that a contractor who wishes to sell its participating interest
under a production sharing arrangement grants a right of first offer to national enterprises such as regional government-owned companies,
central government-owned companies, cooperatives, small scale businesses and Indonesian companies wholly-owned by Indonesians. Under
the existing upstream regulations, such an offer must be made on an "arms-length" basis. These modifications are applicable
only to the cooperation contracts entered into after the issuance of the Oil and Gas Law in 2001.
58
The
following principles provide the basis for all types of production sharing arrangements between the Government and private contractors:
●
The contractors are responsible
    for all investments and production costs (exploration, development, and production), including provision of capital to implement
    the agreed work program;
●
The operational risk in
    performing upstream activities under the contracts is borne by contractors;
●
The profits are split between
    the Government and contractors based on production (the split depends on the fiscal terms adopted by the PSCs, namely the cost-recovery
    model or the gross-split model);
●
The ownership of all tangible
    and intangible assets remains with the Government; and
●
The overall management
    and control remain with SKK Migas (previously BP Migas) on behalf of the Government.
PSCs
(Production Sharing Contracts)
The
PSC is the most common type of production sharing arrangement. PSCs have been granted in respect of exploration properties and are awarded
for the exploration for oil and gas reserves and the establishment of commercial production of those resources.
Under
a PSC, the Government, through SKK Migas, allows one or more contractors to explore, develop, and produce oil and gas reserves and resources
in a designated working area. Accordingly, PSCs are entered into with SKK Migas and approved by the co-signature of the MEMR on behalf
of the Government. Each PSC is based on a standard form contract and typically contains provisions such as:
●
The requirement for the
    contractor to pay to the Government certain signature bonuses, yearly administrative fees, royalty payments, production-level payments,
    and the payment of certain bonuses upon the achievement of certain production milestones for the working area;
●
The term of the initial
    exploration and development period, with an option for the parties to agree to extend this period;
●
The obligations of the
    contractor to bear the risk and costs of exploration and development activities and/or production operations;
●
The
    scope and schedule for the contractor (and any other operators of the working area) to undertake exploration and production activities;
●
Save
    for the gross-split PSCs (as discussed below), the ability of the contractor, if commercial production is successful, to recover
    its exploration, development and production costs out of the oil and gas produced after deduction of the First Tranche Petroleum
    or FTP). The percentage of FTP portion is 10 percent of the oil and gas produced if the FTP is allocated entirely to the Government
    or 20 percent if it is shared between the Government and the contractor in the same proportion as the percentage for profit sharing;
●
The
    percentage allocation of total oil and gas production between BP Migas (now SKK Migas) and the contractor out of FTP and the following
    recovery by the contractor of their costs;
●
The
    requirement for the contractor to supply the Indonesian domestic market at a discounted price with a certain percentage, usually
    25 percent, of the contractor's share of total oil and gas produced (this is referred to as the domestic market obligation,
    or DMO);
59
●
The
    requirement that the title to petroleum at all times lies with the Government, except where the title to crude oil or gas has passed
    in accordance with the provisions of the PSC;
●
The
    obligation of the contractor to pay the Indonesian corporate taxes on its share of profits, including FTP;
●
The
    requirements for the contractor to provide financial and performance guarantees to BP Migas (now SKK Migas) to secure the contractor's
    firm commitments;
●
The
    requirements for the contractor to market the oil and gas produced; and
●
The
    requirement (such as exists in our PSC for Citarum Block) for the contractor to relinquish specified percentages of the working area,
    which are not required for production and/or in which hydrocarbons have not been discovered by specified times.
Pursuant
to GR 35/2004, once the approval of the field development plan for first production from a working area has been received, contractors
are required to offer up to a 10 percent participating interest to a regional government-owned enterprise (
Badan Usaha Milik Daerah
).
In the event the regional government-owned enterprise does not accept such offer within 60 days after the offer, the contractor must
offer such participating interest to national enterprises such as regional government-owned companies, central government-owned companies,
cooperatives, small scale businesses, and Indonesian companies wholly-owned by Indonesians. If no such enterprise accepts the offer within
60 days of the offer being made, then the offering is closed.
The
MEMR issued MEMR Regulation No. 37 of 2016 on Terms of Bidding Participating Interest 10.0% in Oil and Gas Working Areas (known as the
MEMR Regulation 37/2016) which operates as the implementation regulations for the offering by the contractors of the 10 percent participating
interest in the oil and gas working areas to regional government-owned enterprises. MEMR Regulation 37/2016 restricts the right to bid
to regional government-owned enterprises which meet the following requirements (i) the entities must be incorporated either as a regional
company (commonly known as BUMD) with the shares wholly owned by the regional government, or as a limited liability company where at
least 99% of its shares are owned by regional government; (ii) their status of the regional government-owned enterprise was established
through the enactment of a local regulation; and (iii) their businesses are limited only to engage in participating interest management
business. Each regional government-owned enterprise can only hold participating interest management in one working area.
Where
a PSC involves more than one contractor, the contractors may enter into a joint operating agreement (or JOA) with the other holders of
participating interests under the PSC. Pursuant to this JOA, each participant agrees to participate in proportion to its respective equity
interest in all costs, expenses, and liabilities incurred in conjunction with petroleum operations in the working area and each participant
will own, in the same proportion, the contractual and operating rights in the PSC. One participant is appointed operator and, subject
to the terms of the operating agreement and supervision by the operating committee, which consists of one representative appointed by
each party, the operator is vested with the discretion to manage all petroleum operations in the working area. In doing so, the operator
is obliged to use its best efforts to conduct the petroleum operations in accordance with generally accepted practices in the petroleum
industry and receives an indemnity from the other contractors for acting in the capacity of operator. An operating agreement generally
continues in effect for the term of the PSC.
Extension
of PSCs
Pursuant
to the Oil and Gas Law and GR 35/2004, PSCs may be extended for a period of not more than 20 years for each extension. A contractor who
intends to extend its PSC must submit a request to the MEMR through SKK Migas. Then, SKK Migas evaluates the request and submits it to
the MEMR for consideration. A request for an extension of a PSC may be submitted no sooner than ten years and no later than two years
before the expiry date of the PSC. However, if the contractor has entered into a natural gas sales/purchase contract, such contractor
may request an extension of the PSC earlier than ten years prior to the expiry date of the PSC.
60
In
granting approval, the MEMR shall consider, among other things, the potential reserves of oil and/or gas from the work area concerned,
the potential or certainty of market/needs, and the technical/economic feasibility of the activities. Based on its consideration, the
MEMR may reject or approve such request.
PSC
Financial Terms
In
January 2017, a new production sharing regime of PSC, called "gross-split", was introduced, while the previously introduced
"cost recovery" PSCs remain in place until the expiry of the relevant PSCs. Under the gross-split PSCs, the Government and
the contractor are allocated a "base split" of oil or gas production, where the split percentage will be adjusted by certain
components set out in the PSC. In contrast with the gross-split PSCs where production sharing is done at the beginning, without production
being allocated towards recovery of the contractor's operating costs first, the cost recovery PSCs provide for production to be
shared between the Government and the contractor through a "cost recovery" mechanism. After the production is reduced by
certain costs and deductibles, the remaining oil or gas will then be split between the Government and the contractor based on the agreed
percentage set forth in the PSC.
We
are a party to the gross-split PSC with respect to our operations in Citarum Block. Financial terms of our PSC are described above under
"—Our Assets—Citarum Block." Further details on the gross-split and cost recovery PSCs are set out below.
Gross-Split
PSCs
In
January 2017, a new fiscal regime was introduced by MEMR where gross production of oil and gas is to be divided between the contractor
and the Government based on certain percentages in respect of (a) the crude oil production and (b) the natural gas production. This mechanism
is known as "gross split". Under the gross split sharing concept, the starting point for determining the relevant percentage
of the contractor's share is the "base split" percentage, which will then be adjusted upon the plan of development
approval according to the "variable components" and "progressive components". In short, the contractor's
share equals to the "base split" plus or minus the "variable components" plus or minus "progressive components".
The
base split, pursuant to the MEMR Regulation No. 08 of 2017 (MEMR 08/2017) as amended by the MEMR Regulation No. 52 of 2017, the MEMR Regulation No. 20 of 2019 (MEMR 20/2019) and lastly by MEMR Regulation No. 12 of 2020 (MEMR 12/2020), is currently set at, for gas, 52% for the Government and 48% for the contractor
and for oil, 57% for the Government and 43% for the contractor. The percentage of variable components is determined based on, among others,
the status of the work area, the field location, reservoir, supporting infrastructure, carbon dioxide and hydrogen sulfide content and
compliance with local content requirements. The latest percentage of each variable component is detailed in the schedule to the MEMR
20/2019. For the progressive components, the adjustment is made by taking into account oil price, gas price and the cumulative oil and
gas production. Current details on the split adjustment based on the progressive components are provided for in the MEMR 20/2019.
The
concerns over the new Gross Split PSC introduced in 2017 may be relieved with issuance of MEMR Regulation No. 12/2020 in July 2020
which opens the door to oil and gas investors to elect to use the previous conventional cost recovery scheme, that is perceived to
provide better investment returns. However, the oil and gas landscape both in Indonesia and globally has only worsened due to the
COVID-19 pandemic which has significantly reduced energy demand and consequently hydrocarbon prices. With all those negative
conditions, SKK Migas in June 2020 launched a comprehensive reforms initiative with a goal to achieve production of one million
barrels of oil per day (BOPD) and 12 billion standard cubic feet per day (Bscfd) of gas production by 2030.
Depending
upon the particular oil and gas field and related economic considerations, the MEMR may adjust the split in favor of either the contractor
or the Government. The gross split is calculated based on gross production split, without regard to the cost recovery approach. Contractors
who have entered into the PSCs prior to the issuance of MEMR 08/2017 may propose to amend the sharing mechanism under their existing
PSCs to the gross split mechanism. The latest iteration of the gross-split PSCs fiscal terms are provided for in Government Regulation
No. 53 of 2017, promulgated on 28 December 2017, regarding the Tax Treatment for the Upstream Oil and Gas Activities with Gross-Split
Production Sharing Contracts (GR 53/2017).
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Key
points of GR 53/2017 include:
●
"Taxable
    income" is to be the contractor's "gross income" less "operating costs" but with a 10 year tax
    loss carry forward entitlement;
●
The
    gross split taxing point begins at the "point of transfer" of the relevant hydrocarbon to the contractor;
●
The
    value of oil is to be determined using the Indonesian Crude Price and that the value of gas is to be determined via the price agreed
    under the relevant gas sales contract;
●
Income
    separately arising from "uplifts" is subject to tax at a final rate of 20% of the uplift amount;
●
Certain
    tax facilities or incentives may be given to the contractors from the exploration and exploitation stages up to the commencement
    of commercial production. Such incentives are, amongst other things, the exemption of import duties on the import of goods used in
    petroleum activities and the deduction of land and building tax amounting to 100 percent of the land and building tax payable amount.
    Further provisions regarding the granting of facilities will be regulated by a ministerial regulation, which, to date, has not been
    issued.
On May 23,
2023, the MEMR made a press release announcing that the Government planned to revise the existing regulations to provide for a "new
simplified gross split" arrangement. Aside for improving the investment climate in the oil and gas industry, the revisions are primarily
intended to achieve the following objectives:
(i) Increasing
the contractor's production share (before tax) to become within the range of 80% - 90% of the gross production, depending on the
risk profile of the working area;
(ii) Reducing
the need for the contractor to rely on the Minister's discretionary decision (to award additional split) to increase the economics
of the working area;
(iii) Reducing
the components and parameters for the split; and
(iv) Designing
fiscal policies that are better suited for unconventional oil and gas development.
Such revisions will be effected
through an amendment to MEMR 08 of 2017.
Cost
Recovery PSCs.
Until
2017, all Indonesian PSCs adopted the "cost-recovery" concept and their fiscal terms reflects such a concept, the "cost
recovery" approach requires the contractor to, among other things, prepare work program and budget which needs to be approved by
SKK Migas and submit a request for approval for expenditure (or AFE) prior to performing a certain activity. Under this scheme, a waterfall
mechanism is used in the sharing of the oil/gas production between the contractor and the Government – the oil/gas production will
be deducted by, first, the FTP and then tax and subsequently, the (approved) cost recovery amount. The remaining oil/gas will then be
split between the Government and the contractor based on the agreed percentage set forth in the PSC. The following flow chart of the
cost-recovery PSC illustrates the sharing of oil and gas production between the Government and the contractor.
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The
latest iteration of the cost-recovery PSCs fiscal terms is found in Government Regulation No. 27 of 2017 on the Amendment of Government
Regulation No. 79 of 2010 on the Operating Costs that May Be Recovered and Income Tax Treatment for Upstream Oil and Gas Activities (or
GR 27/2017, which amended GR 79/2010
)
. GR 27/2017, which came into effect on June 19, 2017, regulates the costs that cannot be
recovered in the calculation of profit sharing and income tax. Such costs include costs incurred for the personal interests of the participating
interest holders, penalties imposed due to violations of any laws by the contractor, depreciation costs, legal consultant (which is not
directly related to the oil and gas operation activities) and tax consultant fees, and bonuses payable to the Government. GR 27/2017
also regulates the income tax applicable to the transfer of participating interests and any other activities conducted by PSCs, and requires
the contractor to have its own tax identification number.
The
provisions of GR 27/2017 only apply to contracts entered into and extensions of contracts after the issuance of GR 27/2017. Additionally,
for contracts in existence up to the issuance of GR 79/2010 to remain in force until their expiration date, they must be adjusted to
comply with GR 27/2017 in areas not previously or not sufficiently clearly regulated. Such provisions include provisions related to:
●
The
    Government's interest in the PSC;
●
The
    terms for operating costs which can be recovered and the standard norms for operating costs;
●
Non-recoverable
    operating costs;
●
Third-party
    appointments to conduct financial and technical verification;
●
The
    issuance of income tax assessments;
●
Import
    duties and import tax exemptions on the importation of goods for exploration and exploitation activities;
●
Contractors'
    income taxes in the form of oil and/or gas volume from contractor entitlement; and
●
Income
    from outside the contract in the form of uplift and/or participating interest transfer, must be adjusted to comply with GR 27/2017.
The
implementing regulations for GR 79/2010 and GR 27/2017 cover various subjects, from the method for determining the Indonesian Crude Price
issued by the MEMR, the terms and conditions for indirect head office cost recovery, procedures for withholding and remitting income
tax arising from other income in the form of uplift or other similar compensation and contractor's income from participating interest
transfer, to subjects such as the maximum remuneration that can be cost recovered by the contractor issued by the Indonesian Minister
of Finance (or MoF).
GR
79/2010, the provisions of which are maintained in GR 27/2017, also stipulates that income arising from a direct or indirect transfer
of a participating interest is subject to a final income tax at 5.0 percent or 7.0 percent of the gross proceeds for the exploration
stage or exploitation stage, respectively. Subject to satisfying certain requirements, a transfer of a risk-sharing participating interest
during the exploration stage is not included as a taxable participating interest transfer.
MoF
Regulation No. 257/PMK.011/2011 dated December 28, 2011 (or MoF 257/2011) further stipulates that taxable income, after deduction of
final income tax on uplift and/or participating interest transfer, is subject to branch profit tax in accordance with the income tax
law. GR 27/2017 has introduced tax facilities that exempt such taxable income, after deduction of final income tax on uplift and/or participating
interest transfer, from branch profit tax. However, it remains unclear whether these tax facilities can be applied to the participating
interest transfer in relation to PSCs entered into or extended prior to the enactment of GR 27/2017. In addition, although technically
GR 27/2017 should override the contents of MoF 257/2011, it is uncertain whether another implementing regulation is needed to revoke
MoF 257/2011.
63
With
regards to land and building tax, under the Regulation of Director General of Tax No. PER-45/PJ/2013, effective as of January 1, 2014
(or DGT Regulation 45/2013), the land and/or buildings located within and outside (i.e., the supporting area for the oil and gas mining
activity that physically forms an inseparable part of the onshore and offshore area) the working area utilized for oil and gas mining
activities and geothermal was subject to land and building tax. DGT Regulation 45/2013 defines "land" as both the onshore
and offshore areas, including depth measurements. The onshore area which was subject to land and building tax included the productive,
not yet productive, not productive, and emplacement areas while the offshore area which was subject to land and building tax was defined
as offshore waters within and outside (i.e., the supporting area for the oil and gas mining activity that physically forms an inseparable
part of the onshore and offshore area) the working area utilized for upstream oil and gas business activities, whereby the taxpayer had
rights and/or received benefits over such area. Not all onshore and offshore areas were subject to land and building tax as the regulation
exempted land, inland waters, and offshore waters within the working area which, among other things, did not create a benefit for the
taxpayer in respect of its oil and gas activities. DGT Regulation 45/2013 also provided the formula for calculating the amount of tax
to be paid during the exploration and exploitation periods.
However,
on November 27, 2020, the Directorate General of Tax issued Regulation of Directorate General of Tax No. PER-22/PJ/2020 of 2020 (or DGT
Regulation 22/2020), which revokes 10 regulations, including DGT Regulation 45/2013, in an attempt to simplify the regulations. However,
it is not entirely clear how the revocation of DGT Regulation 45 of 2013 would affect the obligations to pay land and building tax in
the oil and gas sectors, including on how the tax is to be assessed.
On
December 31, 2014, the MoF issued Regulation Number 267/PMK.011/2014 on Land and Building Tax Reduction for Oil and Gas Mining at the
Exploration. This regulation, which became applicable in 2015, grants land and building tax incentives for the subsurface at the exploration
stage. The tax reduction incentive can be granted on a yearly basis for a maximum of six years from the signing of the PSC and can be
extended by up to four years and can be obtained if the PSC with the Government is signed after the enactment of GR 79/2010 (i.e., after
December 20, 2010), the Tax Object Notification Form (
Surat Pemberitahuan Objek Pajak,
or SPOP) has been submitted to the relevant
tax office, and there is a recommendation letter from the MEMR attached to the SPOP stating that the land and building tax object is
still at the exploration stage.
GR
27/2017 also provides for complete exemptions of land and building tax during the exploitation and exploration period. Exemptions for
the land and building tax during exploitation period for the subsurface part can be granted by the MoF upon consideration of economics
of the project. The provisions of GR 27/2017 on tax facilities related to land and building tax are subject to further regulation by
the MoF. GR 27/2017 extended the benefits of the facilities under the regulation to parties to PSCs signed or extended prior to the application
of the regulation if they chose to adjust the existing contract to fully comply with the regulation within six months after the effective
date (i.e., by December 19, 2017).
TACs
(Technical Assistance Contracts)
TACs
are another form of production sharing arrangement created under the regulatory framework that preceded the Oil and Gas Law of 2001.
TACs were awarded for fields having prior or existing production and are valid for a specified term. The oil or gas production is divided
into non-shareable and shareable portions. The non-shareable portion represents the production which is expected from the field (based
on historic production) at the time the TAC is signed. Under a TAC, the non-shareable portion declines annually. The shareable portion
corresponds to the additional production resulting from the operator's investment in the field and is further split in the same
way as a PSC. Pursuant to the Oil and Gas Law of 2001 and GR35/2004, existing TACs shall remain with Pertamina and are not renewable
after the expiry of the initial term. In practice, the contractors may "renew" their TAC contracts with Pertamina by entering
into the KSOs with Pertamina EP.
Our
Kruh Block operatorship was under a TAC until May 2020, under which we were entitled to recover our share of past exploration and development
costs and ongoing production costs of maximum 65% per annum and if those costs exceed the stated 65%, then the unrecovered surplus would
be recovered in the succeeding years. Together with our share split, our monthly revenue was around 74% of the total production times
Indonesian Crude Price during the TAC term. In May 2020, our Kruh Block operatorship was "renewed" under a KSO for an additional
10 years. Under KSO, part of the revenue. would be recognized based on the prevailing ICP through GWN from the 65% of monthly proceeds as monthly cost recovery entitlement, which was different from TAC and would exclude all previous right form TAC
to recover previously unrecovered costs.
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JOBs
(Joint Operating Bodies)
JOBs
are another form of production sharing arrangement created under the regulatory framework that preceded the Oil and Gas Law of 2001.
In a JOB, operations are conducted by a JOB headed by Pertamina and assisted by one or more private sector energy companies through their
respective secondees to the JOB. In a JOB, Pertamina is entitled to a specified percentage of the working interest in the project. The
balance, after production is applied towards cost recovery and cost bearing as between Pertamina and the private sector participants,
is the shareable portion which is generally split in the same way as for an ordinary PSC. Unlike TACs, GR35/2004 transferred the rights
to operations under existing JOBs from Pertamina to SKK MIGAS by law. JOBs are not renewable after the expiry of their initial term.
We
are not currently a party to any JOBs.
KSOs
(Kerja Sama Operasi or Joint Operation Partnership)
KSOs
are contractual arrangement between Pertamina EP and the contractor on the provision of technical assistance by the contractor to Pertamina
EP for a certain work area. Unlike the cooperation contracts, the KSO does not create a contractual relationship between the contractor
and the authority, i.e. BP Migas or SKK Migas. The contractors will have a contractual relationship with Pertamina EP instead. Pertamina
EP's authorization to award the KSOs to contractors is stated in the PSC which Pertamina EP entered into with BP Migas (now SKK
Migas) in 2005. The terms of such PSC specify, among other things, that:
●
The
    KSO must first be reviewed by SKK Migas;
●
The
    KSO contractor will receive compensation from a portion of the oil and gas entitlement of Pertamina EP under its PSC with BP Migas
    (now SKK Migas);
●
The
    compensation given to the KSO contractor shall not exceed the production sharing entitlement of other parties who enter into a cooperation
    contract with BP Migas (now SKK Migas) in the surrounding area; and
●
The
    compensation given to the KSO contractor may be sourced from the proceeds of Pertamina EP's entitlement which is calculated
    at the delivery point pursuant to the terms of the KSO.
Environmental
Regulations
Indonesian
law requires companies whose operations have a significant environmental or social impact to create and maintain one of two
documents. Where a company's operations meet or exceed a specified threshold, that company must obtain an AMDAL. The Minister
of Environment and Forestry Regulation No. 4 of 2021 on List of Business Plan and/or Activities Requiring Environmental Impact
Analysis, Environmental Management Efforts and Environmental Monitoring Efforts or Statements of Ability to Manage and Monitor the
Environment requires companies whose operations involve the exploitation of oil and gas; and development of production facility, and
whose operations meet the environmental or social impact threshold, to create and maintain an AMDAL. Where operations do not reach
the threshold required for an AMDAL but still have an appreciable environmental or social impact, the company must prepare an
Environmental Management Effort-Environmental Monitoring Effort (
Upaya Pengelolaan Lingkungan Hidup dan Upaya Pemantauan
Lingkungan Hidup,
or UKL-UPL). Finally, in instances where operations do not reach the threshold required
for a UKL-UPL, the company must prepare a Statement of Ability to Manage and Monitor the Environment.
65
There
are a number of other key obligations that companies involved in upstream oil and gas may be required to fulfill in order to monitor
their environmental impact and ensure adequate resources are allocated to cleanup activities. GR 22/2021 requires business actors to
submit reports detailing their disposal of wastewater and compliance with applicable regulations to the Environmental Information System,
a newly established system to support environmental protection operations and management. Government Regulation No. 74 of 2001 on Management
of Hazardous or Toxic Materials (Bahan Berbahaya dan Beracun) requires companies using or producing specified hazardous materials such
as flammable, poisonous, or infectious waste to obtain a revocable permit in relation to their activities and subjects mining operations
to controls on the disposal of such materials. The Environmental Law requires the environmental license
holder to create an environmental deposit fund for the restoration of the environment in a state-owned bank appointed by the MEF, Governor,
Regent, or Mayor in accordance with their authority, who also has the authority to appoint a third party to conduct the restoration of
the environment using the environmental deposit fund (this is to be detailed in an implementing regulation, which to date has not been
issued). GR 35/2004 also requires contractors to allocate environmental deposit funds for the restoration of the environment after decommissioning,
the amount of which is to be determined each year in conjunction with the budgets for operating costs and included in the work program
and annual budget.
In
addition to the environmental deposit funds allocated for environmental restoration, on February 23, 2018 the MEMR issued MEMR Regulation
No. 15 of 2018 on the Post-Operation Activities in Upstream Oil and Gas Business Activities (or MEMR Regulation 15/2018), which requires
all contractors who are parties to an unexpired PSC to set aside certain amounts in an abandonment and site restoration (ASR) fund deposited
in a bank account held jointly with SKK Migas from the start of commercial operations until the expiry of the PSC. Moreover, on September
12, 2018, SKK Migas issued the Guidance of Abandonment and Restoration No.KEP-0087/SKKMA0000/2018/S0 of 2018 and Working Procedure Guidelines
No. PTK-040/SKKMA0000/2018/S0 (or the Restoration Guidance) as guidance for the implementation of abandonment and site restoration (or
ASR) activities for upstream oil and gas business activities. Under the Restoration Guidance, the contractor must prepare an ASR report
in relation to existing assets, assets being constructed, and assets that will be constructed in accordance with the development plan
that must contain estimates of ASR costs, and the total amount to be reserved as an ASR fund which is to be established with a reputable
Indonesian bank as a joint account with SKK Migas. The contractor must also submit a report on the results of the implementation plan
as well as the use of the ASR fund after completing its ASR activities to SKK Migas, which will evaluate the report submitted and issue
a statement letter confirming completion of the ASR if the evaluation result is satisfactory.
We
believe we are in compliance in all material respects with all applicable environmental laws, rules and regulations in Indonesia.
Labor
Regulations Applicable to the Indonesian Oil and Gas Sectors
Save
for certain limited exceptions, such as the working hours for the oil and gas sector discussed below, there are currently very few manpower
regulations enacted specifically for the oil and gas industry. While certain operational guidelines, commonly known as "PTK",
issued by SKK Migas may establish additional requirements, such as age limitation for certain key positions, the oil and gas industry
is subject to the labor regulations that are applicable generally in Indonesia.
Employment
of Expatriates
Indonesian
law generally requires contractors to give preference to local workers, but companies may use foreign manpower to bring in expertise
not available in the local market. While several ministries are involved legally with manpower decisions, in practice SKK Migas often
coordinates these issues, including controls on the number of expatriate positions. It reviews these positions, as well as contractor
training programs for Indonesian workers, annually with a view to assessing the costs and benefits together with plans to localize expatriate
positions. SKK Migas also requires contractors to submit organization charts for both nationals (known as RPTKs) and expatriates (known
as RPTKAs) annually for review and approval.
Until
recently, the employment of foreign manpower in the upstream and downstream sectors of the oil and gas industry was subject to additional
requirements under MEMR Regulation No. 31 of 2013 on Expatriate Utilization and the Development of Indonesian Employees in the Oil and Gas
Business (or MEMR31/2013). MEMR 31/2013 provided stringent regulations on the employment of expatriates, including a general
obligation to prioritize the employment of Indonesian workers and specific prohibitions on hiring foreign manpower for certain roles
such as human resources, legal, quality control, and exploration and exploitation functions below the level of superintendent. MEMR 31/2013 also permitted the use of foreign manpower in limited circumstances based on a stringent set of requirements such as age, relevant
work experience, and willingness to transfer knowledge to the local workforce.
66
However,
on February 8, 2018 the MEMR issued MEMR Regulation No. 6 of 2018 on the Revocation of the Regulations of the Minister of Energy and
Mineral Resources, the Regulations of the Minister of Mining and Energy Regulations, and the Decisions of the Minister of Energy and
Mineral Resources (or MEMR 6/2018). MEMR 6/2018 revokes 11 regulations which were deemed onerous in an attempt to, among other
things, simplify the regulations in order to promote foreign investment in the energy and natural resources sectors. Among other things,
MEMR 6/2018 revokes MEMR Regulation31/2013 and the Regulation of the Minister of Mining and Energy No. 02/P/M/Pertamb/1975 regarding
the Work Safety on Distribution Pipes and other Facilities for the Transportation of Oil and Gas Outside of the Oil and Gas Working Area.
As a result, expatriates are now subject to the Ministry of Manpower's more relaxed requirements and certain positions that were
previously restricted for expatriates have been opened for expatriates unless restricted under the general manpower regulations.
Contract
Period
Law
No. 13 of 2003 on Manpower, as amended by Law 6/2023 (or the Manpower Law), and Government Regulation No. 35 of 2021 on Temporary Employment
Contract, Outsourcing, Working and Resting Time, and Termination of Employment Relationship (or GR 35/2021) stipulate that an employee
can be hired under 2 schemes, either on a contract basis (temporary) or a permanent basis. For temporary employment contracts, the maximum
period for the temporary employment contract is 5 years. Under the Manpower Law, temporary employment contracts are permitted only for
works that are "temporary" in nature, such as seasonal works (e.g. crop harvesters) and project-based employments, such as
construction works. Save for these types of works, workers are required to be employed on a permanent basis.
Statutory
Benefits
Under
Law No. 24 of 2011 on Social Security Administrative Bodies (or BPJS Law), a company is obligated to enroll its employees (including
expatriates with an employment period of 6 months or more) for manpower social security programs with the Manpower Social Security Administrative
Body (or BPJS Ketenagakerjaan) and Health Social Security Administrative Body (or BPJS Kesehatan). The coverage of BPJS Ketenagakerjaan
includes, among other things, insurance for work-related accidents and pension/retirement. The premium payment arrangement for these
programs vary from one program to the other. The insurance premiums for the work-related accidents, for example, is borne and paid by
the employer while the premium payment for retirement insurance is shared between the employers and the employees.
Working
Hours
The
Manpower Law and the Minister of Manpower and Transmigration Regulation No. 4 of 2014 on Working and Resting Hours for the Oil and Gas
Sector and GR 35/2021 regulate that the maximum working hours for 1 week is 40 hours, which can be divided for 5 or 6 days of work. If
the working days in a week is 6, the maximum working hours per day is 7 and if the working days in a week is 5, the maximum working hours
per day is 8.
Outsourcing
Pursuant
to the Regulation of the Minister of Manpower and Transmigration No. 19 of 2012 on Requirements for Assignment of Parts of the Works
to be Performed by Other Companies (or MoMT 19/2012), in general, a company may outsource a third party to perform certain work if such
work is not the core activity of the company's business. MoMT 19/2012 provides for two types of outsourcing schemes, namely "labor
supply" scheme or "sub contract" scheme.
67
Under
the "labor supply" scheme, works that may be outsourced are limited to menial activities or functions that are supportive
in nature to the company's operation and businesses or are indirectly related to the company's production process. These
activities are limited to (i) cleaning services, (ii) catering services, (iii) security services, (iv) supporting services in the mining
and oil sectors, and (v) transportation service for employees (i.e. drivers for company's cars only for picking up and delivering
employees).
Under
the "sub-contract" scheme or "cooperation" scheme, the outsourced functions must not be the "core"
or the "main" business activities of the company. In addition, to be able to adopt the "cooperation scheme",
the company is required to prepare and register its business "flow-chart" with the relevant manpower office. Please note
that to register such "flow-chart", the company must apply and become a member at one of the business associations (whose
members have identical business activities with the company) as the registration would need to be processed through such business association.
Failure to meet any of these requirements will usually result in the issuance an order issued by the Ministry of Manpower to the violating
company instructing such company to employ the "outsourced" personnel as a permanent employee with a retroactive effect.
Due
to the enactment of the Omnibus Law, MOMT 19/2012 was revoked by Minister of Manpower Regulation No. 23 of 2021 and the restriction on
the type of work that can be outsourced was abolished. Although GR 35/2021 includes certain provisions relating to outsourcing, it did
not specifically limit the activities that can be outsourced to another company. The Omnibus Law however was later revoked by GR 2/2022
which re-introduced the restriction. GR 2/2022 stipulates that "certain work" that can be outsourced will be specified in
an implementation regulation and as such, GR 35/2021 would likely need to be amended to reflect such changes. Until such amendments are
enacted, the type of works that can be outsourced remain unclear.
Other
Labor Compliance Obligations
Under
Law No. 7 of 1981 on Mandatory Manpower Report, an employer is obligated to submit a mandatory manpower report consisting of among others
the number of employees and the lowest to highest salary. In addition, the Manpower Law also requires a company that employs at least
10 employees to put in place a company regulation (or an employee handbook), which typically set forth general terms and conditions of
employment such as number of leaves, procedure to take leave, working hours and disciplinary measure. Such company regulation must be
registered with and ratified by the local manpower office. If there is a labor union in the company, the employer and the labor union
may enter into a "collective labor agreement" which contents are often similar with the company regulation, and register
the collective labor agreement with the local Manpower Office. If the employer and the labor union enter into a collective labor agreement,
the preparation of company regulation by the company is not mandatory. We are not a party to any collective labor agreement.
History
and Corporate Structure
We
were incorporated on April 24, 2018 as a holding company for WJ Energy, which in turn owns our Indonesian holding and operating subsidiaries.
We presently have one major shareholder, Maderic, which owns 51.34% of our issued and outstanding ordinary shares. Our Chairman and Chief
Executive and certain of his family members own and control Maderic (see Item 7. Major Shareholders and Related Party Transactions).
WJ
Energy was incorporated in Hong Kong on June 3, 2014. The initial shareholders of WJ Energy were Maderic and HFO Investment Group Ltd.
(which is controlled by the adult sister of our Chief Investment Officer and director, James J. Huang) (or HFO), with each owning 50%
of WJ Energy's shares. On October 20, 2014, HFO received HKD 4,000 from Maderic as consideration for 4,000 shares in WJ Energy,
which resulted in Maderic owning 90% of WJ Energy and HFO owning 10%.
On
February 27, 2015, WJ Energy formed GWN as a vehicle to acquire and thereafter operate the Kruh Block. On March 20, 2017, PT Harvel Nusantara
Energi, an Indonesian limited liability company (or HNE), was formed by WJ Energy as a required vehicle for oil and gas block acquisitions
in compliance with Indonesian law. On June 26, 2017, Maderic sold 500 shares of WJ Energy to HFO in consideration of HKD 500. Concurrently,
Maderic sold 1,500 shares of WJ Energy to Opera Cove International Limited, an unaffiliated third party (or Opera), in consideration
of HKD 1,500. At the end of such transactions, the outstanding shares of WJ Energy were owned 70% by Maderic, 15% by HFO and 15% by Opera.
On June 25, 2017, Maderic and Opera executed an entrustment agreement giving Maderic legal and beneficial ownership of the shares held
by Opera. On December 7, 2017, PT Cogen Nusantara Energi, an Indonesian limited liability company, was formed under HNE as a required
vehicle for the prospective acquisition of a new oil and gas block through a Joint Study program in consortium with GWN. On May 14, 2018,
PT Hutama Wiranusa Energi, was formed under GWN as a requirement to sign the contract for the acquisition of Citarum Block as part of
the consortium that conducted the Joint Study for the Citarum Block.
68
On
June 30, 2018, we entered into two agreements with Maderic and HFO (the two then shareholders of WJ Energy): a Sale and Purchase of Shares
and Receivables Agreement and a Debt Conversion Agreement (which we refer to collectively as the Restructuring Agreements). The intention
of the Restructuring Agreements was to restructure our capitalization in anticipation of our initial public offering. As a result of
the transactions contemplated by the Restructuring Agreements: (i) WJ Energy (including its assets and liabilities) became a wholly-owned
subsidiary of our company, (ii) loans amounting to $21,150,000 and $3,150,000 that were owed by WJ Energy to Maderic and HFO, respectively,
were converted for nominal value into ordinary shares of our company and (iii) we issued an aggregate of 15,999,000 ordinary shares to
Maderic and HFO. The above-mentioned transaction is accounted for as a nominal share issuance (which we refer to as the Nominal Share
Issuance). All number of shares and per share data presented in this report have been retroactively restated to reflect the Nominal Share
Issuance.
This
series of transactions resulted in the then ownership of our company prior to our initial public offering to be set at 87.04% owned by
Maderic (13,925,926 ordinary shares), and 12.96% owned by HFO (2,074,074 ordinary shares), out of a total of 16,000,000 issued ordinary
shares.
On
November 8, 2019, we implemented a one-for-zero point three seven five (1 for 0.375) reverse stock split of our ordinary shares by way
of share consolidation under Cayman Islands law (which we refer to herein as the Reverse Stock Split). As a result of the Reverse Stock
Split, the total of 16,000,000 issued and outstanding ordinary shares prior to the Reverse Stock Split was reduced to a total of 6,000,000
issued and outstanding ordinary shares. The purpose of the Reverse Stock Split was for us to be able to achieve a share price for our
ordinary shares consistent with the listing requirements of the NYSE American. Any fractional ordinary share that would have otherwise
resulted from the Reverse Stock Split was rounded up to the nearest full share. The Reverse Stock Split maintained our founding shareholders'
then percentage ownership interests in our company at 87.04% owned by Maderic (5,222,222 ordinary shares) and 12.96% owned by HFO (777,778
ordinary shares), out of a total of 6,000,000 issued ordinary shares. The Reverse Stock Split also increased the par value of our ordinary
shares from $0.001 to $0.00267 and decreased the number of authorized ordinary shares of our company from 100,000,000 to 37,500,000 and
authorized preferred shares from 10,000,000 to 3,750,000.
As
of April 23, 2024, Maderic owns 51.34% of our issued and outstanding shares, while HFO owns less than 5% of our issued and outstanding
shares. As of April 23, 2024, we have 10,202,694 ordinary shares issued and outstanding.
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The
following diagram illustrates our corporate structure, including our consolidated holding and operating subsidiaries, as of the date
of this report:
Not
reflected in the above is that, for purposes of compliance with Indonesian law related to ownership of Indonesian companies: (i) WJ Energy
owns 99.90% of the outstanding shares of GWN and HNE, and (ii) GWN and HNE each own 0.1% of the outstanding shares of the other; and
(iii) GWN owns 99.50% of the outstanding shares of HWE, and the remaining 0.50% is owned by HNE; and (iv) HNE owns 99.90% of the outstanding
shares of CNE, and the remaining 0.10% is owned by GWN.
Recent
Developments
Drilling
and Production at Kruh Block
We
mobilized the drilling rigs to drill 2 back-to-back producing wells, namely the K-27 and K-28 well, at our Kruh Block in March 2022 and
have commenced the drilling operations at the K-27 well in April 2022. The K-27 well reach a total depth of 3,359 feet on May 9, 2022.
In December 2022, a hydraulic fracturing stimulation was conducted in the K-27 well. The well is currently producing 45 bopd. The fourth
of the 18 wells program, K-28, was spudded on June 22, 2022 and reach the total depth of 3,359 feet on July 14, 2022. Due to the unexpected
large amount of gas was encountered causing well bore instability, we side-tracked the well at 1,230 feet on September 4, 2022 and the
K-28ST well reached a total depth of 3,475 feet on September 16, 2022. In addition to the proved oil-bearing Lamat B sand, several other
potential oil and gas bearing reservoirs were encountered. We plan to complete the testing of K-28ST well in the first half of 2024.
During
2023, we were concentrated on the negotiation of the 5 year Kruh Block contract extension with the Government providing for a higher
profit split. To maximize the benefit from the amended contract terms, major work programs such as seismic acquisition and drilling are
rescheduled after the Amended KSO contract terms became effective. In the meantime, our operations team effectively managed the reservoir
and production to minimize the decline. As a result, we produced an average of approximately 4,885 barrels per month of oil in 2023,
compared with approximately 5,206 barrels per month in 2022, approximately a 6.1% annual decline.
L1
Capital Financing
On
January 21, 2022 (the "Initial Closing Date"), we closed an initial $5.0 million tranche (the "First Tranche")
of a total anticipated $7.0 million private placement with L1 Capital pursuant to the terms of Securities Purchase Agreement, dated January
21, 2022, between our company and L1 Capital (the "Purchase Agreement").
In
connection with the closing of the First Tranche, we issued to L1 Capital (i) a 6% Original Issuance Discount Senior Convertible Note
in a principal amount of up to $7,000,000 (as described further below, the "Note") and (ii) a five year ordinary share purchase
warrant (the "Initial Warrant") to purchase up to 383,620 of our ordinary shares at an exercise price of $6.00 per share,
subject to adjustment.
On
March 4, 2022, we entered into a First Amendment with L1 Capital to the Purchase Agreement (the "SPA Amendment") and an Amended
and Restated Senior Convertible Promissory Note, which amends and restates the Original Note in its entirety (the "Replacement
Note").
70
On
May 16, 2022, we executed and delivered to L1 Capital a Second Amended and Restated Senior Convertible Promissory Note which amends and
restates the SPA Amendment in its entirety (the "Second SPA Amendment").
During
the year ended December 31, 2022, $9,900,000 of the total $10,000,000 principal amount of the convertible notes were converted into ordinary
shares at $6.00 per share at L1 Capital's election and 325,000 of the total 767,240 warrants were exercised. During the year ended
December 31, 2023, the remaining $100,000 principal amount of the convertible notes were fully repaid and no warrants were exercised.
As of the date of this report, there are still certain warrants not exercised under the L1 Capital financing.
Amendments
to Executive Employment Agreements
On
January 16, 2024, we entered into a First Amendment to the Said Agreement (as defined below) with Mirza F. Said (the "Said First
Amendment"), our prior Chief Business Development Officer (who is also a member of the board), effective on January 16, 2024. The
Said First Amendment amended and restated the Said Agreement between us and Mr. Said.
Pursuant
to the Said First Amendment: (i) Mr. Said serve as our Chief Operating Officer ("COO"), effective from January 16, 2024;
(ii) the pre-tax annual base salary for Mr. Said remains at US$204,000; and (iii) Mr. Said shall perform the duties and responsibilities
(a) typically associated with the office of COO of a similarly sized U.S. listed public company in the oil and gas exploration and production
sector and (b) outlined in the Said First Amendment. As a result of the Said First Amendment, Mr. Said, is our COO, and is no longer
our Chief Business Development Officer, and no other individual was appointed to this position.
On
January 16, 2024, we entered into a First Amendment to the Wu Agreement (as defined below) with Chia Hsin "Charlie" Wu (the
"Wu First Amendment"), our prior COO, effective on January 16, 2024. The Wu First Amendment amended and restated the Wu Agreement
between us and Dr. Wu.
Pursuant
to the Wu First Amendment: (i) Dr. Wu serves as the our Chief Technology Officer ("CTO"), effective from January 16, 2024;
(ii) the pre-tax annual base salary for Dr. Wu remains at US$204,000; (iii) Dr. Wu shall perform the duties and responsibilities (a)
typically associated with the office of CTO of a similarly sized U.S. listed public company in the oil and gas exploration and production
sector and (b) outlined in the Wu First Amendment. As a result of the Wu First Amendment, Dr. Wu is our CTO, and is no longer our COO.
Except
for the foregoing, no further changes were made to either the Said First Amendment or the Wu First Amendment.
On
December 28, 2023, we entered into a Third Amendment to the Ingriselli Agreement (as defined below) with Frank C. Ingriselli (the
"Ingriselli Third Amendment"), our President, effective on January 1, 2024. The Ingriselli Third Amendment amended and
restated the Ingriselli Agreement between us and Mr. Ingriselli, as amended by certain First Amendment to the Ingriselli Agreement,
effective as of February 1, 2020 (the "Ingriselli First Agreement"), and certain Second Amendment to the Ingriselli
Agreement, effective as of January 1, 2022 (the "Ingriselli Second Agreement").
Pursuant
to the Ingriselli Third Amendment: (i) the term of the Ingriselli Agreement was extended to December 31, 2025, unless terminated earlier
pursuant to the terms of the Ingriselli Agreement; (ii) the pre-tax annual base salary for Mr. Ingriselli remains at US$150,000; and
(iii) Mr. Ingriselli was granted an award of 60,000 ordinary shares, with 30,000 ordinary shares vesting on July 1, 2024 and 30,000 ordinary
shares vesting on January 1, 2025, under a lock-up period of 180 days from each vesting date.
On
January 1, 2024, we entered into a Third Amendment to the Overholtzer Agreement (as defined below) with Gregory L. Overholtzer (the
"Overholtzer Third Amendment"), our Chief Financial Officer, effective on January 1, 2024. The Overholtzer Third
Amendment amended and restated the Overholtzer Agreement between us and Mr. Overholtzer, as amended by certain First Amendment to
the Overholtzer Agreement, effective as of February 1, 2020 (the "Overholtzer First Agreement"), and certain Second
Amendment to the Overholtzer Agreement, effective as of January 1, 2022 (the "Overholtzer Second Agreement").
Pursuant
to the Overholtzer Third Amendment: (i) the term of the Overholtzer Agreement was extended to December 31, 2025, unless terminated earlier
pursuant to the terms of the Overholtzer Agreement; and (ii) the pre-tax annual base salary for Mr. Overholtzer remains at US$80,000.
Except
for the foregoing, no further changes were made to either the Ingriselli Agreement or the Overholtzer Agreement.
71
Departure
of Director and Appointment of Director
On
January 15, 2024, Tamba P. Hutapea, our independent director, resigned from the board, the chairman and a member of the Nominating and
Corporate Governance Committee and a member of the Compensation Committee of the Company, effective on January 15, 2024. Mr. Hutapea's
resignation was not due to any disputes or disagreements with us or our Board.
On
January 16, 2024, our board appointed Ahmad Fathurachman as an independent director, the chairman and a member of the Nominating and
Corporate Governance Committee and a member of the Compensation Committee of the Company, effective on January 16, 2024. Mr. Fathurachman
currently serves as our independent director for a term expiring at our next annual meeting or until his successor is duly elected.
First
Amendment to the ATM Agreement
On
July 22, 2022, we entered into an At The Market Offering Agreement (the "ATM Agreement") with the Sales Agent, pursuant to
which we may offer and sell, from time to time, to or through the Sales Agent, ordinary shares (the "ATM Shares") having
an aggregate gross offering price of up to $20,000,000. Under the ATM Agreement, the ATM Shares, if offered and sold by us, will be offered
and sold pursuant to a prospectus dated February 16, 2021 and a prospectus supplement, dated July 22, 2022, that form a part of our shelf
registration statement on Form F-3 (File No. 333-252520), which registration statement was declared effective by the SEC on February
16, 2021 ("Prior Registration Statement"). On August 25, 2022, we sold 177,763 ATM Shares at $10.7407 per share for net proceeds
(after Sales Agent commissions) of $1,801,193. On August 25, 2022, we sold an additional 280,612 ATM Shares at $10.1090 per share for
net proceeds (after Sales Agent commissions) of $2,750,449. As of December 31, 2023, there are no ATM Shares sold under the ATM Agreement.
On
March 22, 2024, we filed a New F-3 Registration Statement, which includes a Prospectus Supplement and a base prospectus supplemented
by the Prospectus Supplement, covering (i) the offering, issuance and sale by us of up to a maximum aggregate offering price of $50,000,000
of our ordinary shares, preferred shares, warrants, debt securities, rights, depositary shares, and/or units from time to time in one
or more offerings, and (ii) up to a maximum aggregate offering price of $4,267,622 of our ordinary shares that may be issued and sold
from time to time under the ATM Agreement, as amended by the ATM Amendment No.1 on March 22, 2024, with the Sales Agent. We are not permitted
to sell any ATM Shares prior to the effectiveness of the New F-3 Registration Statement. As of the date of this report, the New F-3 Registration
Statement has not been declared effective.
Corporate
Information
Our
principal executive offices are located at GIESMART PLAZA 7th Floor, Jl. Raya Pasar Minggu No. 17A, Pancoran – Jakarta 12780 Indonesia.
Our telephone number at this address is +62 21 2696 2888. Our registered office in the Cayman Islands is located at Ogier Global (Cayman)
Limited, 89 Nexus Way, Camana Bay, Grand Cayman, Cayman Islands. Our web site is located at
www.indo-energy.com
. The information
contained on our website is not incorporated by reference into this report, and the reference to our website in this report is an inactive
textual reference only.
72
ITEM
4A. UNRESOLVED STAFF COMMENTS
None.
ITEM
5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS
The
following discussion of the results of our operations and our financial condition should be read in conjunction with the consolidated
financial statements and the related notes to those statements included in this annual report. This discussion contains forward-looking
statements that involve risks, uncertainties, and assumptions. Actual results may differ materially from those anticipated in these forward-looking
statements as a result of many factors, including those set forth in "Item 3. Key Information–D. Risk Factors".
As
described elsewhere in this annual report, all share amounts and per share amounts set forth below have been presented on a retroactive
basis to reflect a reverse stock split by way of share consolidation of our outstanding ordinary shares at a ratio of one-for-zero point
three seven five (1 for 0.375) shares which was implemented on November 8, 2019.
Business
Overview
We
are an oil and gas exploration and production company focused on the Indonesian market. Alongside operational excellence, we believe
we have set the highest standards for ethics, safety and corporate social responsibility practices to ensure that we add value to society.
Led by a professional management team with extensive oil and gas experience, we seek to bring forth at all times the best of our expertise
to ensure the sustainable development of a profitable and integrated energy exploration and production business model.
We
currently have rights through contracts with the Government to one oil and gas producing block (Kruh Block) and one oil and gas exploration
block (Citarum Block). We may seek to acquire or otherwise obtain rights to additional oil and gas producing assets.
We
produce oil through GWN, our indirect wholly-owned subsidiary which operates the Kruh Block under an agreement with Pertamina, the Indonesian
state-owned oil and gas company ("Pertamina"). Our operatorship Kruh Block previously ran until May 2030 under a ten-year
Operations Cooperation Agreement, known as Joint Operation Partnership (the "KSO"), between GWN and Pertamina. Kruh Block
covers an area of 258 km2 (63,753 acres) and is located onshore 16 miles northwest of Pendopo, Pali, South Sumatra. In December 2022,
we started our negotiations with Pertamina for a five-year extension of our contract for Kruh Block. Effective on August 9, 2023, GWN
and Pertamina executed the Amended KSO that moved the expiration date of our operatorship of Kruh Block to September 2035. This extension
effectively gives us 13 years to fully develop the existing 3 oil fields, and 5 other undeveloped oil and gas bearing structures at Kruh
Block. Further, the Amended KSO increases our after-tax profit split from 15% to 35%, for an increase of more than 100%, and increases
cost recovery cap from 80% to 100%.
Our
reserves estimate of 3 fields (Kruh, North Kruh and West Kruh) within the Kruh KSO block was based on two major sources: (i) an integrated
study of geology, geophysics and reservoir including reserve evaluation of Kruh, North Kruh and West Kruh fields by LEMIGAS (a Government
oil and gas research and development center responsible for exploration and production technology development and assessment of oil and
gas fields) in 2005, and (ii) additional reservoir and production data since 2005, particularly from the addition of 8 new wells since
2013.
The
content and reserves in the LEMIGAS report (2005) was approved by Pertamina. The methods used in updating the proved, probable and possible
reserves of LEMIGAS report with additional reservoir and production data was based on guidelines from the SPE-PRMS (Society of Petroleum
Engineers-Petroleum Resources Management System) and SEC guidelines.
Our
proved oil reserves have not been estimated or reviewed by independent petroleum engineers. The estimate of the proved reserves for the
Kruh Block was prepared by representatives of our company, a team consisting of engineering, geological and geophysical staff based on
the definitions and disclosure guidelines of the SEC contained in Title 17, Code of Federal Regulations, Modernization of Oil and Gas
Reporting, Final Rule released January 14, 2009 in the Federal Register.
73
Our
estimates of the proven reserves are made using available geological and reservoir data as well as production performance data. These
estimates are reviewed annually by internal reservoir engineers, and Pertamina, and revised as warranted by additional data. Revisions
are due to changes in, among other things, development plans, reservoir performance, TAC effective period and governmental restrictions.
Kruh
Block's general manager, Mr. Denny Radjawane, and our Chief Technology Officer, Mr. Charlie Wu, have reviewed the reserves estimate
to ensure compliance to SEC guidelines for (1) the appropriateness of the methodologies employed; (2) the adequacy and quality of the
data relied upon; (3) the depth and thoroughness of the reserves estimation process; (4) the classification of reserves appropriate to
the relevant definitions used; and (5) the reasonableness of the estimated reserve quantities. The estimate of reserves was also reviewed
by our Chief Business Development Officer and our Chief Executive Officer.
The
table below shows the individual qualifications of our internal team that prepares the 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.
46
12
34
23
Frans
    Watimena
Petroleum
    Engineering
M.S.
35
20
15
6
Denny
    Radjawane
Geophysics
M.S.
33
12
21
15
Fransiska
    Sitinjak
Petroleum
    Engineering
M.S.
20
6
14
9
Yudhi
    Setiawan
Geology
B.S.
21
15
2
4
2
Oni
    Syahrial
Geology
B.S.
17
2
15
9
Juan
    Chandra
Geology
B.S.
18
2
16
10
The
individuals from the reserves estimation team are members 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).
Citarum
Block is an exploration block covering an area of 3,924.67 km2 (969,807 acres). This block is located onshore in West Java and only 16
miles south of the capital city of Indonesia, Jakarta.
Our
Citarum PSC contract, valid until July 2048, is based on the "gross split" regime, in which the production of oil and gas
is to be divided between the contractor and the Indonesian Government based on certain percentages in respect of (a) the crude oil production
and (b) the natural gas production. Our share will be the Base Split share plus a Variable and Progressive component. Our Crude Oil Base
Split share is 43% and our Natural Gas Base Split share is 48%. Our share percentage is determined based on both variable (such as carbon
dioxide and hydrogen sulfide content) and progressive (such as crude oil and refined gas prices) components.
Thus,
pursuant to our Citarum PSC contract, once Citarum commences production, we are entitled to at least 65% of the natural gas produced,
calculated as 48% from the Base Split plus a Variable Component of 5% from the first Plan of Development (POD I) in Citarum, a Variable
Component of 2% from the use of Local Content, as the oil and gas onshore services are mostly closed or restricted for foreign companies
(as described in "Legal Framework for the Oil and Gas Industry in Indonesia" elsewhere in this annual report), and a 10%
increase for the first 180 BSCF produced or 30 million barrels of oil equivalent which according to our economic model, the cumulative
production of 180 BSCF will only be achieved in 2025, if our exploration efforts succeed.
In
mid-2018, we identified an onshore open area in the province of West Java, adjacent to our Citarum Block. We believe that this area,
also known as the Rangkas Area, holds large amounts of crude oil due to its proven petroleum system. To confirm the potential of Rangkas
Area, in July 2018, we formally expressed our interest to the DGOG of MEMR to conduct a Joint Study in the Rangkas Area and we attained
the approval to initiate our Joint Study program in this area on November 5, 2018. The Rangkas Joint Study covered an area of 3,970 km2
(or 981,008 acres) and was completed in November 2019. The DGOG accepted the completion of the joint study and inquired IEC's interest
for further process to tender the block. The study result suggested an effective petroleum system for oil and gas accumulations. Furthermore
with the opportunity to integrate the operation of Citarum and Rangkas together efficiently, we decided to issue a Statement of Interest
Letter in December 2019 to the Ministry of Energy (DGOG) as we intend to enter into a PSC contract for the Rangkas through a direct tender
process. We will have the right to change our offer in order to match the best offer following the results of the bidding process which
has not taken place as of the date of this report. The timeline for the tender is contingent upon the DGOG's plans and schedule.
74
We
currently generate revenue from Kruh Block and profit sharing from the sale of the crude oil under our new 10-year Joint Operation Partnership
(or KSO) that commenced in May 2020 by Pertamina. Prior to May 2020, Kruh Block was operated under a TAC agreement. Under our KSO, we
have the operatorship to, but not the ownership of, the extraction and production of oil from the designated oil deposit location in
Indonesia until May 2030. In December 2022, we started our negotiations with Pertamina for a five-year extension of our contract for
Kruh Block. Effective on August 9, 2023, GWN and Pertamina executed the Amended KSO that moved the expiration date of our operatorship
of Kruh Block to September 2035. This extension effectively gives us 13 years to fully develop the existing 3 oil fields, and 5 other
undeveloped oil and gas bearing structures at Kruh Block. Further, the Amended KSO increases our after-tax profit split from 15% to 35%,
for an increase of more than 100%, and increases cost recovery cap from 80% to 100%.
During the operations, our company pays all expenditures and obligations
incurred including but not limited to exploration, development, extraction, production, transportation, abandonment and site restoration.
Under the TAC, revenue was recognized based on the prevailing ICP through GWN from the 65% of monthly proceeds as monthly cost recovery
entitlement plus 26.7857% of the remaining proceeds from the sale of the crude oil after monthly cost recovery entitlement as part of
the profit sharing. For the original KSO, with an 80% cap on the proceeds of such sale as part of the cost recovery scheme, on a monthly
basis, calculated by multiplying the quantity of crude oil produced by our company and the prevailing ICP published by the Government
of Indonesia plus 80% of the operating cost per bbl multiplying Non-Shareable Oil ("NSO"). In addition, we were also entitled
to an additional 23.5294% of the remaining 20% of such sales proceeds as part of the profit sharing. The main differences between the
two contracts (KSO and TAC) are that: (1) in the TAC, all oil produced is shareable between Pertamina and its contractor, while in the
KSO, a NSO production is determined and agreed between Pertamina and its partners so that the baseline production, with an established
decline rate, belongs entirely to Pertamina, so that the partners' revenue and production sharing portion shall be determined only
from the production above the NSO baseline; (2) in the TAC, the cost recovery was capped at 65% of the proceeds from the sale of the oil
produced in the block, while in the KSO, the cost recovery is capped at 80% of the proceeds from the sale of the oil produced within Kruh
Block for the cost incurred during the term under the KSO plus 80% of the operating cost per bbl multiplying NSO. Any remaining cost recovery
balance from the KSO period of contract is carried over to the next period, although the cost recovery balance from the TAC contract will
not be carried over to the KSO, meaning that the cost recovery balance was reset to nil with the commencement of the operatorship under
the KSO in May 2020.
In
the Amended KSO contract, Pertamina receives 5% gross production as the first tranche production (ftp). GWN is entitled to use 100% of
the rest for cost recovery. For the DMO responsibility, GWN receives 100% of ICP in the amended KSO compared to 25% of ICP in the original
KSO contract. Further, the Amended KSO increases our after-tax profit split from 15% to 35%, for an increase of more than 100%, and increases
cost recovery cap from 80% to 100%.
Our
revenue and potential for profit depend mostly on the level of oil production in Kruh Block and the ICP that is correlated to international
crude oil prices. Therefore, the biggest factor affecting our financial results in 2023 and 2022 was the volatility in the price of crude
oil. For the year ended December 31, 2023, ICP decreased to an average of $77.61 per Bbl., 19.94% lower when compared to the ICP average
of $96.94 per Bbl. for the year ended December 31, 2022, which eroded the financial performance of our company in 2023.
Since
the commencement of operations in 2014 (then via our now subsidiary WJ Energy), the natural resources industry has gone through a dramatic
change. The downturn in the price of crude oil during this period has impacted our results of operations, cash flows, capital and exploratory
investment program and production outlook. A sustained lower price environment could result in the impairment or write-down of specific
assets in future periods. During 2016, oil price crisis hit its bottom with an ICP of only $25.83 per Bbl. in the month of January. As
a result of this low price, our operations went through a cost analysis procedure in order to determine the economic limit of each of
our producing wells at Kruh by identifying their respective direct production cost. Accordingly, we closed a total of 6 wells that were
producing less than 10 BOPD each that year. We commenced new drilling operations in Kruh Block in March 2021. Our originally anticipated
drilling commencement date was delayed due to COVID-19 and the government permitting process. The first new well was spudded in April
2021 and the drilling of the second well was commenced in August 2021. The reserve estimate was updated at the end of 2021. We mobilized
the drilling rigs to drill 2 back-to-back producing wells, namely the K-27 and K-28 well, at our Kruh Block in March 2022 and have commenced
the drilling operations at the K-27 well in April 2022 and reached a total depth of 3,359 feet on May 9, 2022. In December 2022, a hydraulic
fracturing stimulation was performed in K-27 well. The well is currently producing 38 bopd. The fourth of the 18 wells program, K-28,
was spudded on June 22, 2022 and reached a total depth of 3,359 feet on July 14, 2022. Due to the unexpected large amount of gas was
encountered causing well bore instability, we side-tracked the well at 1,230 feet on September 4 and the K-28ST well reached a total
depth of 3,475 feet on September 16, 2022. In addition to the proved oil-bearing Lamat B sand, several other potential oil and gas bearing
reservoirs were encountered. We plan to complete the testing of K-28ST well in the first half of 2024.
75
Key
Components of Results of Operations
For
the years ended December 31, 2023 and 2022
Financial
and operating results for the year ended December 31, 2023 compared to the year ended December 31, 2022 are as follows:
●
Total
    oil production decreased approximately 6.16%, from 62,467 Bbl. for the year ended December 31, 2022 to 58,616 Bbl. for the same
    period in 2023. The decline of production in 2023 was due to the natural reservoir energy decline and no new production from
    drilling contributed to the production decrease in 2023. The lower oil price in 2023 resulted in lower revenue and cost recovery
    entitlements for the year ended December 31, 2023 than for the same period in 2022. However, effective production and reservoir
    management minimized the decline rate in 2023. The Proved, Developed and Producing reserves (PDP) decreased from 371,076 bbls in
    2022 to 335,191 bbls in 2023 due to production.
●
ICP
    decreased 19.94% from an average price of $96.94 per Bbl. for the year ended December 31, 2022 to $77.61 per Bbl. for the same
    period in 2023. The ICP, which correlates to the international crude oil price, is determined by MEMR. Throughout 2023, increases in
    U.S. petroleum production put downward pressure on crude oil prices. In addition, the production increases likely limited the effect
    on prices from the attack on key energy installations in Saudi Arabia on September 16, 2019, production cut announcements from the
    Organization of the Petroleum Exporting Countries (OPEC), and U.S. sanctions on Iran and Venezuela that limited crude oil exports
    from those countries. This production increase accompanied by weaker demand growth, have led to a large build up in stocks caused
    the decrease of crude oil price. In the first half of 2022, geopolitical tension with Russia, culminating with Russia's
    full-scale invasion of Ukraine in February 2022, to some extent, contributed to crude oil price increases. In second half of 2022,
    crude oil prices generally decreased as concerns about a possible economic recession to some extent reduced demand. Since the
    decline of oil price at over $100 in July 2022, Brent oil price remains relatively stable around $80 except a spike of $93.72 in
    September 2023 when Saudi Arabia and Russia decided to extend the output cut of 1.3 mb/d. The average ICP in 2022 was $96.94 while
    the average ICP in 2023 was $77.61. Although the regional conflicts of the ongoing Russia-Ukraine war and Israel-Hamas war could
    lead to oil price shock above $100, we expect the oil price would most likely stay around $80 per barrel in 2024 and 2025 because of
    the relatively balanced supply and demand.
●
Revenue
    decreased by $571,949, or 13.96%, from $4,097,403 for the year ended December 31, 2022 to $3,525,454 for the same period in 2023 due
    to a combination of a significantly lower average ICP and slightly lower production.
●
General
    and administrative expenses decreased by $1,234,627, or 26.82%, for the year ended December 31, 2023 as compared to the same period
    in 2022, mainly due to a decrease in share-based compensation which was fully amortized in 2022, and a decrease in professional
    service fees resulted from lower volume of financing activities.
●
The
    amount of lease operating expenses slightly decreased by $2,385, or 0.08%, for the year ended December 31, 2023 as compared to the
    same period in 2022 mainly because of stable productivity activities as no new well developed in 2023.
●
We
    incurred a net loss of $2,642,684 for the year ended December 31, 2023 as compared to a net loss of $3,063,349 for the same period
    in 2022, with the reduction in net loss being due to a combination of the factors described above.
●
The
    average production cost per barrel of oil for the year ended December 31, 2023 was $50.34 compared to $47.2 for the year ended December
    31, 2022, computed using production costs disclosed pursuant to FASB ASC Topic 932 and only to exclude ad valorem and severance taxes,
    an increase of 6.20% due to a combination of the factors discussed above.
76
For
the years ended December 31, 2022 and 2021
Financial
and operating results for the year ended December 31, 2022 compared to the year ended December 31, 2021 are as follows:
●
Total
    oil production increased approximately 3.02%, from 60,637 Bbl. for the year ended December 31, 2021 to 62,467 Bbl. for the same period
    in 2022. Despite the natural decline of production due to reservoir energy decline, the production from new wells contributed to
    the production increase in 2022. The higher oil price in 2022, however, resulted in higher revenue and cost recovery entitlements
    for the year ended December 31, 2022 than for the same period in 2021. The production increase from the three new wells K-25, K-26
    and K-27 was offset by the natural decline of the four existing wells. The Proved, Developed and Producing reserves (PDP) had increased
    from 311,211 bbls in 2021 to 371,076 bbls in 2022.
●
ICP
    increased 44.64% from an average price of $67.02 per Bbl. for the year ended December 31, 2021 to $96.94 per Bbl. for the same period
    in 2022. The ICP, which correlates to the international crude oil price, is determined by MEMR. Throughout 2020, increases in U.S.
    petroleum production put downward pressure on crude oil prices. In addition, the production increases likely limited the effect on
    prices from the attack on key energy installations in Saudi Arabia on September 16, 2019, production cut announcements from the Organization
    of the Petroleum Exporting Countries (OPEC), and U.S. sanctions on Iran and Venezuela that limited crude oil exports from those countries.
    This production increase accompanied by weaker demand growth, have led to a large build up in stocks caused the decrease of crude
    oil price. In the first half of 2022, geopolitical tension with Russia, culminating with Russia's full-scale invasion of Ukraine
    in February 2022, to some extent, contributed to crude oil price increases. In the second half of 2022, crude oil prices generally
    decreased as concerns about a possible economic recession to some extent reduced demand.
●
Revenue
    increased by $1,644,863, or 67.07%, from $2,452,540 for the year ended December 31, 2021 to $4,097,403 for the same period in 2022
    due to a combination of a significantly higher average ICP and slightly higher production.
●
General
    and administrative expenses decreased by $647,962, or 12.34%, for the year ended December 31, 2022 as compared to the same period
    in 2021, mainly due to a decrease of share-based compensation and travel expenses, which was offset by increases in professional
    service fees.
●
The
    amount of lease operating expenses increased by $460,778, or 18.49%, for the year ended December 31, 2022 as compared to the same
    period in 2021 mainly because of additional equipment rental added, well stimulation and fracturing activity for existing wells and
    a lease for a water treatment/environmental system as well as pumping units and gensets (power generators) for three wells (namely,
    K-25, K-26 and K-27).
●
We
    incurred a net loss of $3,122,592 for the year ended December 31, 2022 as compared to a net loss of $6,083,379 for the same period
    in 2021, with the reduction in net loss being due to a combination of the factors described above.
●
The
    average production cost per barrel of oil for the year ended December 31, 2022 was $47.28 compared to $41.10 for the year ended December
    31, 2021, computed using production costs disclosed pursuant to FASB ASC Topic 932 and only to exclude ad valorem and severance taxes,
    an increase of 15.02% due to a combination of the factors discussed above.
Trends
Affecting Future Operations
The
factors that will most significantly affect results of operations will be (i) the selling prices of crude oil and natural gas, and (ii)
the amount of production from oil or gas wells in which we have an interest. Our revenues will also be significantly impacted by its
ability to maintain or increase oil or gas production through exploration and development activities.
77
It
is expected that the principal source of cash flow will be from the production and sale of crude oil and natural gas capitalized property
which are depleting assets. Cash flow from the sale of oil and gas production depends upon the quantity of production and the price obtained
for the production. An increase in prices will permit us to finance operations to a greater extent with internally generated funds and
may allow us to obtain equity financing more easily or on better terms, and lessen the difficulty of obtaining financing. However, price
increases heighten the competition for oil and gas prospects, increase the costs of exploration and development, and, because of potential
price declines, increase the risks associated with the purchase of producing properties during times that prices are at higher levels.
Since
the decline of oil price at over $100 in July 2022, Brent oil price remains relatively stable around $80 except a spike
of $93.72 in September 2023 when Saudi Arabia and Russia decided to extend the output cut of 1.3 mb/d. The average ICP in 2022 was $96.94
while the average ICP in 2023 was $77.61. Although the regional conflicts of the ongoing Russia-Ukraine war and Israel-Hamas war could
lead to oil price shock above $100, we expect the oil price would most likely stay around $80 per barrel in 2024 and 2025 because of
the relatively balanced supply and demand. ICP of the first three months in 2024 is $77.02, $80.16 and $82.78, respectively.
We
commenced new drilling operations in Kruh Block in March 2021. Our originally anticipated drilling commencement date was delayed due
to COVID-19 and the government permitting process. The first new well was spudded in April 2021 and the second well commenced in August
2021. The reserve estimate was updated at the end of 2021. The third and fourth well K-27 and K-28 were drilled in 2022. The K-27 was
producing a maximum of 59 barrels of oil per day in June 2023 while the K-28 well is still waiting for testing and completion
in
the first half of 2024
. To further understand the oil and gas potential in the Kruh Block, we will complete a seismic data acquisition,
processing and interpretation program in 2024. After the Kruh Block seismic acquisition, processing and interpretation program is completed
in 2024, we expect to resume drilling in 2024 with the goal of finishing 14 additional wells and significantly increasing our production.
The result of the high quality 3D seismic data will also provide strong support of additional PUD locations which will result in additional
proved reserves.
The
Russian-Ukraine conflict which began in February 2022 and the most recent Israel-Hamas conflict have caused an oil supply concern,
which has led to a sharp increase in global oil prices. This trend has led to a higher Indonesian Crude Price (ICP), from $94.92 per
Bbl in February and $114.02 per Bbl in March 2022 from the average ICP price of $67.02 per Bbl for the year 2021, and an average ICP
price of $96.94. A sustained increase in ICP creates the potential for higher revenue for our company without a resulting increase
in expenses. In 2023, the range of ICP prices was between US$68.06 and US$89.69 per barrel with an average of US$77.61 per barrel.
It is our expectation that for 2024, the oil price will be around US$80 per barrel. This will help us establish a stable cash flows
for our company, enhance our liquidity and may provide us with enhanced access to capital resources.
Other
than the foregoing, the management is unaware of any other trends, events or uncertainties that will have, or are reasonably expected
to have, a material impact on sales, revenues or expenses.
Results
of Operations
The
table below sets forth certain line items from our Consolidated Statement of Operations for the years ended December 31, 2023, 2022 and
2021:
For The Years Ended
December 31,
December 31,
December 31,
2023
2022
2021
Revenue
$
3,525,454
$
4,097,403
$
2,452,540
Lease operating expenses
2,950,869
2,953,254
2,492,476
Depreciation, depletion and amortization
702,217
1,139,723
810,855
General and administrative expenses
3,368,029
4,602,656
5,250,618
Total other income, net
852,977
1,475,638
(10,459
)
Loss before income tax
(2,642,684
)
(3,122,592
)
(6,083,379
)
Income tax provision
-
-
-
Net loss
$
(2,642,684
)
$
(3,122,592
)
$
(6,083,379
)
Actuarial gain for post-employment benefits
8,543
59,243
30,704
Total comprehensive loss
$
(2,634,141
)
$
(3,063,349
)
$
(6,052,675
)
78
Year
ended December 31, 2023 compared with year ended December 31, 2022
Revenue
Total
revenue for the year ended December 31, 2023, were $3,525,454 compared to $4,097,403 for the year ended December 31, 2022, an decreased
of $571,949 or 13.96% due to a combination of a significantly lower average ICP and slightly lower production.
Lease
operating expenses
Lease
operating expenses decreased by $2,385, or 0.08%, for the year ended December 31, 2023, compared to the same period in 2022 mainly because
of stable productivity activities as no new well developed in 2023.
Depreciation,
depletion and amortization (DD&A)
The
amount of DD&A decreased by $437,506, or 38.39% for the year ended December 31, 2023 compared to the same period in 2022 mainly due
to decrease in depletion per unit as there was an increase in total estimated proved reserves and slight decrease in production.
General
and Administrative Expenses
General
and administrative expenses decreased by $1,234,627 or 26.82%, for the year ended December 31, 2023 as compared to the same period in
2022 due to a decrease in share-based compensation which was fully amortized in 2022, and a decrease in
professional
service fees resulted from lower volume of financing activities
.
Total
other income, net
There
was other income, net of $852,977 for the year ended December 31, 2023 as compared to other income, net of $1,475,638 in the same
period in 2022. The decreased was mainly due to a $1,971,235 decrease in fair value change of warrant liability as a result of a
decline of year-end share price compared to 2022, the decrease of amortization of debt discount for convertible note and an exchange
gain as a result of the fluctuation in exchange rate.
Net
Loss
We
had net loss for the year ended December 31, 2023, in the amount of $2,642,684 as compared to $3,122,592 for the same period in 2022,
with the reduction in loss being due to the combination of the factors discussed above.
Year
ended December 31, 2022 compared with year ended December 31, 2021
Revenue
Total
revenue for the year ended December 31, 2022, were $4,097,403 compared to $2,452,540 for the year ended December 31, 2021, an increase
of $1,644,863 or 67.07% due to a combination of a significantly higher average ICP and slightly higher production.
Lease
operating expenses
Lease
operating expenses increased by $460,778, or 18.49%, for the year ended December 31, 2022, compared to the same period in 2021 mainly
because of additional equipment rental added, well stimulation and fracturing activity for existing wells and a lease for a water treatment/environmental
system as well as pumping units and gensets (power generators) for three wells (namely, K-25, K-26 and K-27).
79
Depreciation,
depletion and amortization (DD&A)
The
amount of DD&A increased by $328,868, or 40.56% for the year ended December 31, 2022 compared to the same period in 2021 due to retirement
of certain drilling and production tools for the TAC Period and an increase in depletion number, which was the result of $4,912,336 addition
of the depletion base due to the development of the two new drilled wells (K-27 and K-28) and an increase in depletion per unit due to
a decrease in total estimated proved reserves.
General
and Administrative Expenses
General
and administrative expenses decreased by $647,962 or 12.34%, for the year ended December 31, 2022 as compared to the same period in 2021
due to a decrease of share-based compensation and travel expenses, which was offset by increases in professional service fees.
Total
other income, net
There
was other income, net of $1,475,638 for the year ended December 31, 2022 as compared to other income, net of $18,030 in the same period
in 2021. The increase was mainly due to a $2,878,660 decrease of fair value of warrant liability as a result of a decline of year-end
share price compared to May 2022, which was offset by an issuance cost allocated to warrants issued in a financing, an increase in other
expense and an exchange loss as a result of the fluctuation in exchange rate.
Net
Loss
We
had net loss for the year ended December 31, 2022, in the amount of $3,122,592 as compared to $6,083,379 for the same period in 2021,
with the reduction in loss being due to the combination of the factors discussed above.
Critical
Accounting Policies and Estimates
Our
accounting policies affecting our financial condition and results of operations are more fully described in our consolidated
financial statements for the years ended December 31, 2023, 2022 and 2021, included elsewhere in this annual report. The preparation
of these consolidated financial statements requires us to make judgments in selecting appropriate assumptions for calculating
accounting estimates, which inherently contain some degree of uncertainty. We base our estimates on historical experience and on
various other assumptions that we believe to be reasonable under the circumstances, the results of which form the basis of making
judgments about the carrying values of assets and liabilities and the reported amounts of revenues and expenses that are not readily
apparent from other sources. Actual results may differ from these estimates under different assumptions or conditions. Out of our
significant accounting policies, which are described in Note 2 — Summary of Significant Accounting Policies of our
consolidated financial statements included elsewhere in this annual report, certain accounting policies and practices are deemed
as "critical accounting policy," as they require management's highest degree of judgment, estimates and assumptions, including (i)
impairment of long-lived assets; (ii) oil and gas property, net, full cost method, and (iii) warrant liabilities. We believe that the following estimates involve the
most significant judgments used in the preparation of our financial statements are deemed as "critical accounting estimate":
Impairment
of long-lived assets
We
review our long-lived assets or asset group for impairment whenever events or changes in circumstances, such as a significant adverse change to market conditions that will impact
the future use of the assets, indicate that the carrying value of an asset may no longer be recoverable. When these events occur, we assess the recoverability of the long-lived assets or
asset group by comparing the carrying value of the long-lived assets or asset group to the estimated undiscounted future cash flows
expected to result from the use of the assets and their eventual disposition when the estimated undiscounted future cash flows is
lower than the carrying value, an impairment loss is recognized in the consolidated statements of operations and comprehensive loss
for the difference between the fair value, using the expected future discounted cash flows, and the carrying value of the assets. We
primarily consider whether the following factors exist when evaluating impairment:
●
significant
                                            underperformance relative to projected operating results;
●
significant
                                            changes in the overall business strategy;
●
significant
                                            adverse changes in legal or business environment: and
●
significant
                                            competition, unfavorable industry trends, or economic outlook.
There was no impairment for long-lived
assets for the years ended December 31, 2023, 2022 and 2021, respectively.
80
Oil
and gas property, net, Full cost method
We
follow the full-cost method of accounting for the oil and gas property. Under the full-cost method, all productive and
non-productive costs incurred in the acquisition, exploration and development associated with properties with proven reserves under
KSO Kruh Block, are capitalized. As of December 31, 2023 and 2022, all capitalized costs associated with Kruh's reserves were
subject to amortization. Capitalized costs are subject to a quarterly ceiling test that limits such costs to the aggregate of the
present value of estimated future net cash flows of proved reserves, computed using the unweighted arithmetic average of the
first-day-of the-month oil and gas prices for each month within the 12-month period prior to the end of reporting period, updated
drilling schedule and estimated production and development costs, discounted at 10%, and the lower of cost or fair value of proved
properties. If unamortized costs capitalized exceed the ceiling, the excess is charged to expense in the period the excess occurs.
There were no cost ceiling write-downs for the years ended December 31, 2023, 2022 and 2021, respectively.
Depletion
for each of the reported periods is computed on the units-of-production method. Depletion base is the total capitalized oil and gas property
in the previous period, plus the period capitalization and future development costs. Furthermore, the depletion rate is calculated as
the depletion base divided by the total estimated proved reserves that expected to be extracted during the operatorship. Then, depletion
is calculated as the production of the period times the depletion rate.
For
the years ended December 31, 2023, 2022 and 2021, the estimated proved reserves were considered based on the operatorship of the Kruh
Block under the TAC through May 2020 and then the KSO and Amended KSO from June 2020 and expiring in September 2035.
The
costs associated with properties with unproved reserves or under development, such as PSC Citarum Block, are not initially included in
the full-cost depletion base. The costs include but are not limited to unproved property acquisition costs, seismic data and geological
and geophysical studies associated with the property. These costs are transferred to the depletion base once the reserve has been determined
as proven.
We primarily consider whether the following factors exist when evaluating
future net cash flows and future development costs:
●
significant
                                            underperformance relative to projected operating results;
●
significant
                                            changes in the overall business strategy;
●
significant
                                            changes in legal, business or environmental factors; and
●
significant competition, industry trends, or economic outlook.
Fair
Value of Warrant Liabilities
The
Company accounts for the warrants issued in connection with its 2022 convertible note financing in accordance with the guidance contained
in Accounting Standards Codification ("ASC") 815-40 Derivatives and Hedging - Contracts in Entity's Own Equity ("ASC
815") under which the warrants do not meet the criteria for equity treatment and must be recorded as liabilities. Accordingly,
the Company classifies such warrants as liabilities at their fair value and adjusts the warrants to fair value at each reporting period.
This liability is subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in
the condensed consolidated statements of operations. Such warrants are valued using the Black-Scholes option-pricing model as no observable
traded price was available for such warrants. Determining the appropriate valuation model and estimating the fair values of warrant liabilities
requires the input of subjective assumptions, including risk-free interest rate, expected stock price volatility, dividend yields and
expected term. The assumptions used in calculating the fair values of warrant liabilities represent management's best estimates,
but these estimates involve inherent uncertainties and the application of judgment. As a result, if factors change and different assumptions
are used, warrant liabilities could be significantly different from what we recorded in the current period.
Going
Concern Forecast
The
Company assessed its ability to continue as a going concern, evaluating whether there are conditions and events, considered in the
aggregate, that raise substantial doubt about its ability to continue as a going concern using all information available about the
future, focusing on the twelve-month period following the issuance date of the consolidated financial statements. For the cashflow
projection, we assume production from existing wells with natural decline, average ICP of last 12 months in the most recent fiscal
year as expected ICP, stable operational cost and limited capital expenditure as new drilling will not begin until 2026.
The
Company's going concern status is subject to various risks and uncertainties mainly includes limited unrestricted cash balance
as of the date of this report, volatility on profit forecast affected by fluctuations in oil price, planned level of operational and
capital expenditures and ability to obtain the necessary additional capital on a timely basis, on acceptable terms, or at all, from any
source.
81
Recent
Accounting Pronouncements
A
list of recently adopted accounting pronouncements that are relevant to us is included in Note 2 - Summary of Significant Accounting Policies
of our consolidated financial statements included elsewhere in this annual report.
Liquidity
and Capital Resources
We
generated a net loss of $2,634,141 and net cash used in operating activities of $2,978,919 for the year end December 31, 2023. As of
December 31, 2023, we had an accumulated deficit of $39,583,437 and working capital of $5,016,233. Our operating results for future periods
are subject to numerous risks and uncertainties and it is uncertain if we will be able to reduce or eliminate our net losses and achieve
cash flow positive operations in the near term or eventually achieve profitability. If we are not able to increase revenues or manage
operating expenses in line with revenue forecasts, or if the price of oil should drop significantly, we may not be able to achieve profitability.
We
have financed the operations primarily through cash flow from operations, loans from banks, and proceeds from equity instrument financing,
where necessary. As of December 31, 2023, the Company had total cash of $3,997,187. On March 22, 2024, we filed a New F-3 Registration
Statement, which includes a Prospectus Supplement and a base prospectus supplemented by the Prospectus Supplement, covering (i) the offering,
issuance and sale by us of up to a maximum aggregate offering price of $50,000,000 of our ordinary shares, preferred shares, warrants,
debt securities, rights, depositary shares, and/or units from time to time in one or more offerings, and (ii) up to a maximum aggregate
offering price of $4,267,622 of our ordinary shares that may be issued and sold from time to time under the ATM Agreement, as amended
by the ATM Amendment No.1 on March 22, 2024, with H.C. Wainwright & Co., LLC as Sales Agent. We are not permitted to sell any ATM
Shares prior to the effectiveness of the New F-3 Registration Statement. As of the date of this report, the New F-3 Registration Statement
has not been declared effective yet.
As
of April 23, 2024, we had approximately $0.75 million of cash, which is placed with financial institutions and is
unrestricted as to withdrawal or use. We intend to meet the cash requirements for the next 12 months from the issuance date of the
Company's audited consolidated financial statements through a combination of improving operational efficiency, equity or debt
financing and financial support from principal shareholder. We will collect the account receivables and other receivables more
closely and review the payment schedule in a planned manner, especially for general and administrative expenses, seismic and G&G
study. We will not plan any new drilling activity for the next 12 months, unless further proceeds from above ATM offering or
exercise of outstanding warrants are received. We expect that we will be able to obtain new bank loans based on past experience and
the Company's good credit history. In addition, Mr. Wirawan Jusuf, the Chief Executive Officer and Chairman of the Board of
the Company, has agreed to provide $4 million of financial support in the form of debt to the Company to enable the Company to meet
its obligations and commitments as they become due for at least next 12 months. We believe that our cash on hand and internally
generated cash flows will be sufficient to fund its operations over at least the next 12 months from the date of this
filing.
Based
on our current liquidity and anticipated funding requirements, if we determine that our cash requirements exceed the amount of cash we
have on hand at the time, we may seek to issue equity or debt securities or obtain credit facilities. The issuance and sale of additional
equity would result in further dilution to our shareholders. The incurrence of indebtedness would result in increased fixed obligations
and could result in operating covenants that might restrict our operations. We cannot assure you that financing will be available from
any source in amounts or on terms acceptable to us, if at all or, therefore, that we will be able to alleviate our anticipated funding
requirements.
Cash
flows
The
following table sets forth certain historical information with respect to our statements of cash flows for the years ended December 31,
2023, 2022 and 2021:
For The Years Ended
December 31,
December 31,
December 31,
2023
2022
2021
Net cash used in operating activities
$
(2,978,919
)
$
(3,208,138
)
$
(3,548,656
)
Net cash used in investing activities
(419,459
)
(5,416,501
)
(2,759,829
)
Net cash provided by (used in) financing activities
-
12,925,190
-
Effect of exchange rate changes on cash and restricted cash
-
-
-
Net change in cash, and restricted cash
$
(3,398,378
)
$
4,300,551
$
(6,308,485
)
Cash and restricted cash at beginning of year
7,395,565
3,095,014
9,403,499
Cash and restricted cash at end of year
$
3,997,187
$
7,395,565
$
3,095,014
82
Year
ended December 31, 2023 compared with year ended December 31, 2022
Operating
activities
Operating
activities used $2.99 million in cash for the year ended December 31, 2023, as compared to $3.21 million for 2022. The decrease of approximately
$0.22 million in the amount of net cash used in operating activities is primarily due to decrease in operating expenses.
Investing
activities
Net
cash used in investing activities for the year ended December 31, 2023 was approximately $0.42 million, as compared to approximately
$5.42 million for the year ended December 31, 2022. The decreased is mainly due to decrease in cash paid for fracturing job
stimulation expenditure and drilling expenditures as no new well developed in 2023.
Financing
activities
Net
cash received from financing activities for the year ended December 31, 2023 was $nil, as compared to $12.93 million for the year
ended December 31, 2022. There was no cash received in financing activities for the year ended December 31, 2023.
Year
ended December 31, 2022 compared with year ended December 31, 2021
Operating
activities
Operating
activities used $3.21 million in cash for the year ended December 31, 2022, as compared to $3.55 million for 2021. The decrease of approximately
$0.34 million in the amount of net cash used in operating activities is primarily due to $1.04 million increase in cash received from
our customer (Pertamina) which was offset by approximately $0.55 million increase of cash paid for prepaid tax that will be reimbursed
by Pertamina.
Investing
activities
Net
cash used in investing activities for the year ended December 31, 2022 was approximately $5.42 million, as compared to approximately
$2.76 million for the year ended December 31, 2021. The increase of approximately $2.60 million in the amount of net cash used in investing
activities was primarily a result of an increase of cash paid for one fracturing job/stimulation expenditure and drilling expenditures
for two wells in 2022.
Financing
activities
Net
cash received from financing activities for the year ended December 31, 2022 was approximately $12.93 million, as compared to $nil for
the year ended December 31, 2021. Cash received in financing activities for the year ended December 31, 2022 amounted to $15.09 million, which primarily consisted of the proceeds from issuance of convertible note & warrants amounted to $8.59 million, exercise of warrants
amounted to $1.95 million and issuance of ordinary shares by ATM offering amounted to $4.55 million. Cash used in financing activities
for the year ended December 31, 2022 amounted to $1.98 million and primarily consisted of repayment of bank loan amounted to $0.98 million
and repayment of long term loan to a third party amounted to $1 million.
83
Capital
Expenditures
We
made capital expenditures of $419,459 and $5,416,501 for the years ended December 31, 2023 and 2022, respectively, which were primarily
related to the development and exploration of the oil and gas property and purchases of property and equipment.
Transfers
of Funds Through Our Corporate Organization
With
respect to how cash funds are transferred from our company to WJ Energy and subsequently to our operating subsidiaries in Indonesia,
such transfers are undertaken in the form of shareholder loans to fund capital, operational and general and administrative expenditures
of our operating subsidiaries. For the years ended December 31, 2022 and 2021: (i) the total amount of cash transferred from us to WJ
Energy was $8,675,000 and $2,922,205, respectively and (ii) the total amount of cash transferred from WJ Energy to our operating subsidiaries
was $7,785,506 and $2,899,444, respectively. All the above-mentioned transactions have been made through bank accounts owned by each
respective company in Indonesia. Our parent company, WJ Energy and our operating subsidiaries each hold bank accounts in Indonesia to
minimize international or cross-border cash transfers.
No
dividends or distributions have been made to date from our operating subsidiaries to WJ Energy, nor from WJ Energy to our company. While
as of the date of this annual report, the likelihood of our paying dividends to our shareholders (including our public shareholders)
is remote, we are not aware of any Hong Kong or other restriction on foreign exchange nor any restriction that impairs (i) our ability
to distribute earnings to our shareholders, (ii) WJ Energy's ability to make distributions to our parent company or (iii) our operating
subsidiaries ability to make distributions to WJ Energy.
Research
and development
Development
costs that are expected to generate probable future economic benefits can be capitalized as intangible assets. All other research and
development expenditure is recognized in income as incurred. For the years ended December 31, 2023 and 2022, the Company conducts no
Research and Development activities, nor is it dependent upon any patents or licenses.
Trend
Information
Other
than as disclosed elsewhere in this annual report, we are not aware of any trends, uncertainties, demands, commitments or events for
the year ended December 31, 2023 that are reasonably likely to have a material and adverse effect on our total revenues, income, profitability,
liquidity or capital resources, or that would cause the disclosed financial information to be not necessarily indicative of future results
of operations or financial conditions.
ITEM
6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
Directors
and Executive Officers
The
following table sets forth information regarding our executive officers and directors as of the date of this annual report.
Name
Age
Position/Title
Dr.
    Wirawan Jusuf
38
Director,
    Chairman of the Board and Chief Executive Officer
Frank
    C. Ingriselli
69
President
Chia
    Hsin "Charlie" Wu
71
Chief
    Technology Officer, prior
Chief Operating Officer
Mirza
    F. Said
58
Chief
    Operating Officer and Director, prior
Chief Business Development Officer
James
    J. Huang
37
Chief
    Investment Officer and Director
Gregory
    L. Overholtzer
66
Chief
    Financial Officer
Mochtar
    Hussein
66
Independent
    Director
Benny
    Dharmawan
41
Independent
    Director
Ahmad
    Fathurachman
32
Independent
    Director
Michael
    L. Peterson
62
Independent
    Director
Dr.
Wirawan Jusuf
is a co-founder, Chief Executive Officer and Chairman of the board of directors of our company, and has served
as the Chief Executive Officer of WJ Energy since 2014. Since 2015, Dr. Jusuf has also served as a co-founder and Commissioner of Pt.
Asiabeef Biofarm Indonesia, a fully integrated and sustainable cattle business company in Indonesia. Dr. Jusuf also serves as the Director
of Maderic Holding Limited, a private investment firm and our majority shareholder, which he founded in 2014. Dr. Jusuf began his professional
career when he co-founded and served as the Director of Pt. Wican Indonesia Energi, an oil and gas services company, from 2012 to 2014.
Dr. Jusuf earned his Master's in Public Health at the Gajah Mada University-Jogjakarta in Central Java, Indonesia, and his medical
degree at the University of Tarumanegara in Jakarta, Indonesia beforehand. We believe Dr. Jusuf is qualified to serve in his positions
with our company due to his strong qualifications in business development, government relations and strategic planning.
84
Frank
C. Ingriselli
has served as our President since February 2019. With over 45 years of experience in the energy industry, Mr. Ingriselli
is a seasoned leader and entrepreneur with wide-ranging exploration and production experience in diverse geographies, business climates
and political environments. From 2005 to 2018, Mr. Ingriselli was the founder, President, CEO and Chairman of PEDEVCO Corp. and Pacific
Asia Petroleum, Inc., both energy companies which are or were listed on NYSE American. Prior to founding these two companies, from 1979
to 2001, Mr. Ingriselli worked at Texaco in diverse senior executive positions involving exploration and production, power and gas operations,
merger and acquisition activities, pipeline operations and corporate development. The positions Mr. Ingriselli held at Texaco included
President of Texaco Technology Ventures, President and CEO of the Timan Pechora Company (owned by affiliates of Texaco, Exxon, Amoco,
Norsk Hydro and Lukoil), and President of Texaco International Operations, where he directed Texaco's global initiatives in exploration
and development. While at Texaco, Mr. Ingriselli, among other activities, led Texaco's initiatives in exploration and development
in China, Russia, Australia, India, Venezuela and many other countries. Mr. Ingriselli served as an independent member of the Board of
Directors of NXT Energy Solutions Inc. (TSX:SFD; OTC QB:NSFDF) from 2019 to 2022 and is also on the Board of Trustees of the Eurasia
Foundation, and is the founder and Chairman of Brightening Lives Foundation, Inc., a charitable public foundation. From 2016 through
2018, Mr. Ingriselli founded and was the President and CEO of Blackhawk Energy Ventures Inc. which endeavored to acquire oil and gas
assets in the United States for development purposes. Mr. Ingriselli also
served as the chief executive
officer of
Trio Petroleum Corp. (
NYSE American: TPET
) ("Trio Petroleum"),
a company developing assets in California,
from February 2022 to October 2023, and has been serving
as
vice chairman and director of Trio Petroleum since February 2022, and serves on the Board of Directors of Lafayette Energy
(a private company developing assets in Louisiana). Mr. Ingriselli graduated from Boston University in 1975 with a B.S. in business administration.
He also earned an M.B.A. from New York University in both finance and international finance in 1977 and a J.D. from Fordham University
School of Law in 1979.
Dr.
Chia Hsin (Charlie) Wu
has served as our Chief Technology Officer since January 2024 and previously served as our Chief Operating
Officer since 2018. Dr. Wu is a highly qualified and recognized oil and gas industry veteran with over 40 years of experience. Dr. Wu
has been responsible for building and leading the upstream exploration and production teams for 3 independent oil and gas companies in
Indonesia over the last 15 years. Prior to joining our company, since 2017 Dr. Wu has been acting as the Chief Technology Officer for
Pt. Pandawa Prima Lestari, an oil and gas company operating a PSC block in Kalimantan, as well as an independent oil and gas consultant.
Dr. Wu previously served as the Director of Operations and Chief Operating Officer of Pt. Sugih Energy TBK, an oil and gas exploration
and production company with 4 PSC blocks in Central and South Sumatera from 2013 to 2016. From 2010 to 2013, Dr. Wu was the President
Director of Pacific Oil & Gas Indonesia, an oil and gas company operating 2 PSC blocks in North Sumatra and one KSO block in Aceh.
Prior to 2010, Dr. Wu had transitioned into the senior role of Vice-President and General Manager with Petroselat Ltd., operator of an
exploration and production PSC block in Central Sumatra between 2000 and 2010, and simultaneously served as Chief Operating Officer at
International Mineral Resources Inc from 2003 to 2010. From 1999 to 2000, Dr. Wu served as an Exploration Consultant with EMP Kondur
Petroleum, an oil company which operated a production PSC in Central Sumatra. From 1981 to 1999, Dr. Wu worked in a variety of roles
internationally with Atlantic Richfield Company (ARCO, now recognized as BP Plc). Dr. Wu worked in the position of Geological Specialist
from 1996 to 1999 in Jakarta, Indonesia. From 1990 to 1995, Dr. Wu worked as a New Venture Geologist with the ARCO organization in Plano,
Texas, and from 1985 to 1990, Dr. Wu worked as an Exploration Coordinator of the for ARCO in Jakarta, Indonesia. Dr. Wu began his work
with ARCO from 1983 to 1985 as an explorationist in Plano, Texas, during which time he earned ARCO's "Exploration Excellence
Award" on the Vice-President Level for providing training to worldwide staff in geohistory and basin modelling with subsequent
exploration successes. From 1979 to 1981, Dr. Wu worked as a Petrophysical Supervisor with Core Laboratories Inc. Dr. Wu began his career
as a Research Specialist with the US Department of Energy at the University of Oklahoma in 1979. Dr. Wu completed his Postgraduate Diploma
in Business Administration at DeMontfort University in 2000 and earned his Ph.D. in Geosciences in 1991 at the University of Texas. He
also completed his Masters of Science in Geology at the University of Toledo in 1979. Prior to his graduate studies, Dr. Wu earned his
Bachelors of Science degree in Geology at National Taiwan University in 1975. Dr. Wu was once an Adjunct Associate Professor at the University
of Texas at Dallas between 1995 and 2000 and has served as a lecturer at the University of Indonesia since 2006. Dr. Wu has also been
a member of American Association of Petroleum Geologists (AAPG) since 1979.
85
Mirza
F. Said
has served as Chief Operating Officer since January 2024 and a Director of our company since 2018, Chief Executive Officer
of our subsidiary Pt. Green World Nusantara since 2014, PT Harvel Nusantara Energi since 2015, and PT Hutama Wiranusa Energi since 2018.
Mr. Said was also our Chief Business Development Officer between February 2019 and January 2024. From 2012 to 2014, Mr. Said had served
as President Director of Pt. Humpuss Patragas, and Commissioner of Pt. Humpuss Trading and Pt. Humpuss Wajo Energi simultaneously. All
of these companies are the subsidiaries of PT. Humpuss, an Indonesian holding company focusing on energy business, including in upstream,
transportation and refining activities. From 2010 to 2012, Mr. Said acted as the Senior Business Development & External Relations
Manager for Pacific Oil & Gas. From 2007 to 2010, Mr. Said Co-Founded Pt. Corpora Hydrocarbon Asian, a private oil and gas investment
company, and served as that organization's Operational Specialist. Prior to serving as Chief Operating Officer of Pt. Indelberg
Indonesia from 2006 to 2007, Mr. Said served as the Corporate Operations Controller for Akar Golindo Group from 2004 to 2006. From 2001
to 2004, Mr. Said was the Project Cost Controller & Analyst for the Kangean Asset for BP Indonesia, during which time, as a result
of his achievements he was awarded the "Spot Recognition Award of Significant Contribution in Managing & Placing". From
1997 to 1999, he served as Operations Manager for JOB Pertamina Western Madura Pty Ltd., a joint operation company between Citiview Corporation
Ltd (an Australian based oil and gas company) and Pertamina (the Indonesian state owned oil and gas company) that operated a block in
Madura, East Java. Mr. Said began his professional career as Senior Drilling Engineer with Pt. Humpuss Patragas, an Indonesian private
oil and gas company a subsidiary of PT. Humpuss, which operated Cepu Block, East Java from 1991 to 1997 (he would later return to that
organization in 2012 and serve in two senior executive positions concurrently). Mr. Said earned his Master of Engineering Management
at the Curtin University of Technology in Perth, Australia, and had completed his Bachelor's degree in Chemical Engineering at
the Institute Technology of Indonesia. Mr. Said holds professional memberships with the Indonesian Petroleum Association (IPA) and Society
of Indonesian Petroleum Engineers (IATMI) and is fluent in English and Indonesian. We believe Mr. Said is qualified to serve in his positions
with our company as a result of his education and professional experiences, including achievements and expertise within the energy and
infrastructure sector.
James
J. Huang
is co-founder and has served as Chief Investment Officer and Director of our company since inception, and has served
as the Chief Investment Officer of WJ Energy since 2014. Mr. Huang co-founded and has served as Director of Asiabeef Group Limited, a
fully integrated and sustainable cattle business company and holding company of Pt. Asiabeef Biofarm Indonesia, since 2015. Mr. Huang
founded and is a Director at Pt. HFI International Consulting, an Indonesian based business consulting company, since 2014. Mr. Huang
was previously the Director of Pt. Biofarm Plantation, a cattle trading company, from 2013 until 2015. From 2010 to 2013, Mr. Huang founded
and served as a Director at HFI Ind. Imp. e Exp. Ltd., an information technology company providing integrated security and surveillance
solutions in Brazil. Mr. Huang began his professional career in 2008 as an intern practicing corporate law and tax consulting with Barbosa,
Müssnich & Aragão in São Paulo, Brazil. Mr. Huang holds the Chartered Financial Analyst
®
(CFA)
designation and maintains an Attorney at Law professional license from the Brazilian Bar Association (OAB/SP). Mr. Huang earned his Bachelor's
degree in law at the Escola de Direito de São Paulo in Brazil at Fundação Getúlio Vargas and previously participated
at a Double Degree Business Management Program at the Escola de Administração de Empresas de São Paulo also at Fundação
Getúlio Vargas. We believe Mr. Huang is qualified to serve in his positions with our company due to his expertise in finance,
legal matters, business management and strategic planning.
Gregory
L. Overholtzer
has served as our Chief Financial Officer since February 2019. Mr. Overholtzer is a seasoned financial officer
for public companies, including in the energy space. Mr. Overholtzer has worked as a part-time Chief Financial Officer for Trio Corporation
since February 2022. In addition, since November 2019, Mr. Overholtzer has served as a Consulting Director of Ravix Consulting Group.
From December 2018 until November 2019, Mr. Overholtzer served as a Field Consultant at Resources Global Professionals. Mr. Overholtzer
had served as the Chief Financial Officer of PEDEVCO Corp. from January 2012 to December 2018. From 2011 to 2012, Mr. Overholtzer served
as Senior Director and Field Consultant for Accretive Solutions, where he had consulted for various companies at the chief financial
officer and controller levels. Mr. Overholtzer acted as the Chief Financial Officer of Omni-ID USA Inc. from 2008 to 2011. Mr. Overholtzer
was the Corporate Controller of Genitope Corporation from 2006 to 2008, and Stratex Inc. from 2005 to 2006. Mr. Overholtzer served as
the Chief Financial Officer and Vice President of Finance for Polymer Technology Group from 1998 to 2005. From 1997 to 1998, he was the
Chief Financial Officer and Vice President of Finance at TeleSensory Corporation. Mr. Overholtzer held roles of Chief Financial Officer,
Vice President of Finance and Corporate Secretary with Giga-tronics Inc. from 1994 to 1997. Mr. Overholtzer also held several positions
with Airco Coating Tech., a division of BOC Group London from 1982 to 1994, which included Senior Financial Analyst, General Accounting
Manager, Vice President of Finance and Administration. In the early years of his career, Mr. Overholtzer also was as an MBA course Instructor
in Managerial Accounting at Golden Gate University from 1984 to 1987 and 1989 to 1991. Mr. Overholtzer had received his MBA at the University
of California, Berkeley, concentrating in Finance and Accounting and graduating with Beta Sigma Honors. Prior to his graduate studies,
Mr. Overholtzer earned his B.A. in Zoology at the University of California, Berkeley, graduating with University Honors.
86
Mochtar
Hussein
has served as a Director of our company since October 2018. From 2013 to 2018, Mr. Hussein acted as Inspector General
of Inspectorate General of the MEMR. From 2014 to 2018, Mr. Hussein also served as Commissioner of Pt. Timah (Persero) Tbk, an Indonesian
state-owned enterprise engaged in tin mining and listed on Indonesia Stock Exchange. In 2012, Mr. Hussein served as Director of Indonesian
Government Institution Supervision of Public Welfare and Defence & Security, and from 2009 to 2012, he served as the Head of the
Representative Office of the Indonesian State Finance & Development Surveillance Committee (known as BPKP) in Central Java Province.
From 2005 to 2009, he served as Director of Fiscal and Investment Supervision in the BPKP, and during 2004, he served as the Head of
the Representative Office of BPKP in Lampung Province. From 2000 to 2004, Mr. Hussein served as Head of Indonesian State & Regionally
Owned Enterprises Supervision in Jakarta. From 1997 to 2000, Mr. Hussein concurrently served as Head of Indonesian State & Regionally
Owned Enterprises Supervision in East Nusa Tenggara Province and the Section Head of Fuel & Non-Fuel Distribution Supervision. Mr.
Hussein began his professional career in 1993 as Section Head of Services, Trading & Financial Institution Supervision in Bengkulu
Province and served in a range of senior positions with the BPKP until 2012. Mr. Hussein holds a Forensic Auditor Certification. He earned
his Bachelor's degree in Economics at the Brawijaya University, Malang in East Java. We believe Mr. Hussein is qualified to serve
as a Director of our company due to his expertise in investigative auditing, compliance and corporate governance.
Benny
Dharmawan
has served as a Director of our company since October 2018. Since 2006, following his previous international experiences
throughout Australia, United Kingdom and the United States, Mr. Dharmawan has served as the Chief Compliance Officer for GIGA Carbon
Neutrality Inc., a Canadian incorporated private company headquartered in London and offices in New York and Beijing, primarily engaged
in the manufacturing and sales of zero emission commercial vehicle and equipment which integrates hydrogen fuel cells with electric battery.
Mr. Dharmawan has also served as Director of Pt. Panasia Indo Resources Tbk., a holding company that primarily engages in yarn manufacturing
and synthetic fibers through its subsidiaries, and in the mining sector. Since 2015, Mr. Dharmawan has served as a Controller at Pt.
Sinar Tambang Arthalestari, a fully integrated cement producer in Central Java, Indonesia. From 2007 to 2015, Mr. Dharmawan served in
several executive positions, first as equity capital markets, regional operations, and compliance, and later being promoted to Associate
Vice President, at the Macquarie Group, a global provider of banking, advisory, trading, asset management and retail financial services,
in New York, London and Sydney. Mr. Dharmawan earned his Bachelor's degree in Commerce at the Macquarie University in Australia
and received his Master's degree in Applied Finance and Investments in Kaplan, Australia. We believe Mr. Dharmawan is qualified
to serve as a Director of our company due to his previous international professional accomplishments, particularly his expertise in risk
management, compliance, financial markets, business management and strategic and tactical planning.
Ahmad
Fathurachman
has served as a Director of our company since January 2024. Mr. Fathurachman is an oil and gas professional
with a multifaceted skillset in electrical & instrumentation ("E&I") engineering. Since August 2022, Mr.
Fathurachman has served as a consultant in Indonesia to Weatherford International ("Weatherford"), a global oil field
services company. Prior to this role, he held several positions at Weatherford, first as a project manager for production business
unit between March 2018 and June 2020, and later as a senior project manager for project development & product sales between
June 2020 and August 2022. Between October 2022 and June 2023, he served as a Business Development Specialist at Deleum Oilfield
Services, an oilfield services company engaged in oil & gas chemical business in Southeast Asia. Between October 2016 and
February 2018, he served as an E&I system engineer at PT. Wifgasindo Dinamika Instrument Engineering, an Indonesia engineering,
procurement, construction, and installation company, and between January 2016 and September 2016, he worked as an E&I system
engineer at PT. Mangunkerta Nusantara, an E&I system integrator company in Indonesia. From January 2014 to December 2015, he
served as an E&I services engineer at Matrik Engineering (j.v PT. Kota Minyak Internusa), an E&I manufacturing company in
Indonesia. Mr. Fathurachman received his bachelor's degree in electrical engineering from Universitas Jenderal Achmad Yani in
Indonesia in 2013. We believe Mr. Fathurachman is qualified to serve as a Director of our company due to his expertise in
implementation and optimization of heavy oil production, especially deep understanding of oilfield digital solution and project
executions in Indonesia.
87
Michael
L. Peterson
has served as a Director of our Company since January 2021. In April 2022, Mr. Peterson founded and currently serves
as a Director and the Chief Executive Officer of Lafayette Energy Corp., a private company developing assets in Louisiana. Since October
2023, Mr. Peterson has served as the chief executive officer of Trio Petroleum, and since June 2021, he has served as a Director of Aesther
Healthcare Acquisition Corp., a Nasdaq listed special purpose acquisition company ("SPAC"), which merged with Ocean Biomedical
Inc. (NASDAQ: OCEA) in February 2023, and Mr. Peterson currently serves as a Director of Ocean Biomedical Inc. Since March 2023, Mr.
Peterson has served as a Director of OceanTech Acquisitions I Corp (NASDAQ: OTEC), a Nasdaq listed SPAC. Since December 2020, Mr. Peterson
has served as the Chief Executive Officer of Nevo Motors, Inc. (Formerly Nevo Energy, Inc.), a company that is commercializing low carbon
emission trucks. Between June 2018 and June 2021, Mr. Peterson served as the President of the Taipei Taiwan Mission of The Church of
Jesus Christ of Latter-day Saints, in Taipei, Taiwan. From August 2016 to May 2021, Mr. Peterson served as an Independent Director of
Trxade Health, Inc. (NASDAQ: MEDS), a Nasdaq listed company primarily engaged in pharmaceutical B2B technology. From 2011 to 2018, Mr.
Peterson served in several executive officer positions and a Director at PEDEVCO Corp. (NYSE American: PED), a public company primarily
engaged in the acquisition, exploration, development and production of oil and natural gas shale plays in the United States. These executive
officer positions included Chief Executive Officer, President, Chief Financial Officer and Executive Vice President. Mr. Peterson previously
served as Interim President and Chief Executive Officer (from June 2009 to December 2011), and as a Director (from May 2008 to December
2011), of Blast Energy (Pacific Energy Development's predecessor), a company primarily engaged in oil and gas development, as a
Director (from May 2006 to July 2012) of Aemetis, Inc. (formerly AE Biofuels Inc.), a Cupertino, California-based global advanced biofuels
and renewable commodity chemicals company (AMTX.OB), and as Chairman and Chief Executive Officer of Nevo Energy, Inc. ("NEVE",
formerly Solargen Energy, Inc.), a Cupertino, California-based developer of utility-scale solar farms from December 2008 to July 2012.
From 2005 to 2006, Mr. Peterson served as a Managing Partner of American Institutional Partners, a venture investment fund based in Salt
Lake City. From 2000 to 2004, he served as a First Vice President at Merrill Lynch, where he helped establish a new private client services
division to work exclusively with high-net-worth investors. From September 1989 to January 2000, Mr. Peterson was employed by Goldman
Sachs & Co. in a variety of positions and roles, including as a Vice President with the responsibility for a team of professionals
that advised and managed over $7 billion in assets. Mr. Peterson received his Master's degree of Business Administration at the
Marriott School of Management and a Bachelor's degree in statistics/computer science from Brigham Young University. Mr. Peterson
is qualified to be a Director of our company due to his experience in managing, operating and growing both public and private companies,
especially those active in the energy industry.
Family
Relationships and Conflicts of Interests
There
are no family relationships between any of our officers and directors. We are not aware of any conflicts of interests related to our
officers and directors arising from the management and operations of our business.
Board
of Directors and Committees
General
Our
board of directors consists of seven (7) directors. A majority of our board of directors (namely, Mochtar Hussein, Benny Dharmawan, Ahmad
Fathurachman and Michael L. Peterson) are independent, as such term is defined by the NYSE American. The members of our board of directors
are elected annually at our annual general meeting of shareholders.
We
do not have a lead independent director, and we do not anticipate having a lead independent director. Our board of directors as a whole
play a key role in our risk oversight. Our board of directors makes all decisions relevant to our company. We believe it is appropriate
to have the involvement and input of all of our directors in risk oversight matters.
88
Board
Committees
Our
board of directors have three standing committees: the audit committee, the compensation committee and the nominating and corporate governance
committee. Each committee has three members, and each member is independent, as such term is defined by the NYSE American.
The
audit committee is responsible for overseeing the accounting and financial reporting processes of our company and audits of the financial
statements of our company, including the appointment, compensation and oversight of the work of our independent auditors.
The
compensation committee reviews and makes recommendations to the board regarding our compensation policies for our officers and all forms
of compensation, and also administers and has authority to make grants under our incentive compensation plans and equity-based plans.
The
nominating and corporate governance committee is responsible for the assessment of the performance of our board of directors, considering
and making recommendations to our board of directors with respect to the nominations or elections of directors and other governance issues.
The nominating and corporate governance committee will consider diversity of opinion and experience when nominating directors.
The
members of the audit committee, the compensation committee and the nominating and corporate governance committee are set forth below.
All such members will qualify as independent under the rules of NYSE American.
Director
Audit
Committee
Compensation Committee
Nominating and
Corporate
Governance Committee
Michael L. Peterson (3)
(2
)
—
—
Ahmad Fathurachman
—
(1
)
(2
)
Benny Dharmawan
(1
)
(2
)
(1
)
Mochtar Hussein
(1
)
(1
)
—
(1)
Committee
    member
(2)
Committee
    chair
(3)
Audit
    committee financial expert
Duties
of Directors
As
a matter of Cayman Islands law, a director owes three types of duties to the company: (a) statutory duties, (b) fiduciary duties, and
(iii) common law duties. The Companies Act imposes a number of statutory duties on a director. A Cayman Islands director's fiduciary
duties are not codified, however the courts of the Cayman Islands have held that a director owes the following fiduciary duties (a) a
duty to act in what the director bona fide considers to be in the best interests of the company, (b) a duty to exercise their powers
for the purposes they were conferred, (c) a duty to avoid fettering his or her discretion in the future and (d) a duty to avoid conflicts
of interest and of duty. The common law duties owed by a director are those to act with skill, care and diligence that may reasonably
be expected of a person carrying out the same functions as are carried out by that director in relation to the company and, also, to
act with the skill, care and diligence in keeping with a standard of care commensurate with any particular skill they have which enables
them to meet a higher standard than a director without those skills. In fulfilling their duty of care to us, our directors must ensure
compliance with our amended articles of association, as amended and restated from time to time (our "Articles of Association").
We have the right to seek damages if a duty owed by any of our directors is breached. Our board of directors.
Interested
Transactions
A
director may vote, attend a board meeting or, presuming that the director is an officer and that it has been approved, sign a document
on our behalf with respect to any contract or transaction in which he or she is interested. We require directors to promptly disclose
the interest to all other directors after becoming aware of the fact that he or she is interested in a transaction we have entered into
or are to enter into. A general notice or disclosure to the board or otherwise contained in the minutes of a meeting or a written resolution
of the board or any committee of the board that a director is a shareholder, director, officer or trustee of any specified firm or company
and is to be regarded as interested in any transaction with such firm or company will be sufficient disclosure, and, after such general
notice, it will not be necessary to give special notice relating to any particular transaction.
89
Remuneration
and Borrowing
Our
directors may receive such remuneration as our board of directors may determine or change from time to time. The compensation committee
will assist the directors in reviewing and approving the compensation structure for the directors.
Our
board of directors may exercise all the powers of the company to borrow money and to mortgage or charge our undertakings and property
and assets both present and future and uncalled capital or any part thereof, to issue debentures and other securities whether outright
or as collateral security for any debt, liability or obligation of our company or its parent undertaking (if any) or any subsidiary undertaking
of our company or of any third party.
Qualification
A
majority of our board of directors is required to be independent. There are no membership qualifications for directors. The shareholding
qualification for directors may be fixed by our shareholders by ordinary resolution and unless and until so fixed no share qualification
shall be required.
Limitation
of Director and Officer Liability
Under
Cayman Islands law, each of our directors and officers, in performing his or her functions, is required to act honestly and in good faith
with a view to our best interests and exercise the care, diligence and skill that a reasonably prudent person would exercise in comparable
circumstances. Cayman Islands law does not limit the extent to which a company's Articles of Association may provide for indemnification
of officers and directors and secretaries, except to the extent any such provision may be held by the Cayman Islands courts to be contrary
to public policy, such as to provide indemnification against civil fraud or the consequences of committing a crime.
The
Articles of Association provide, to the extent permitted by law, for the indemnification of each existing or former director (including
alternate director), secretary and any of our other officers (including an investment adviser or an administrator or liquidator) and
their personal representatives against:
(a)
all
    actions, proceedings, costs, charges, expenses, losses, damages or liabilities incurred or sustained by the existing or former director
    (including alternate director), secretary or officer in or about the conduct of our business or affairs or in the execution or discharge
    of the existing or former director's (including alternate director's), secretary's or officer's duties, powers,
    authorities or discretions; and
(b)
without
    limitation to paragraph (a) above, all costs, expenses, losses or liabilities incurred by the existing or former director (including
    alternate director), secretary or officer in defending (whether successfully or otherwise) any civil, criminal, administrative or
    investigative proceedings (whether threatened, pending or completed) concerning us or our affairs in any court or tribunal, whether
    in the Cayman Islands or elsewhere. To be entitled to indemnification, these persons must have acted honestly and in good faith with
    a view to the best interest of the company and, in the case of criminal proceedings, they must have had no reasonable cause to believe
    their conduct was unlawful. Such limitation of liability does not affect the availability of equitable remedies such as injunctive
    relief or rescission. These provisions will not limit the liability of directors under United States federal securities laws.
The
decision of our board of directors as to whether the director acted honestly and in good faith with a view to our best interests and
as to whether the director had no reasonable cause to believe that his or her conduct was unlawful, is in the absence of fraud sufficient
for the purposes of indemnification, unless a question of law is involved. The termination of any proceedings by any judgment, order,
settlement, conviction or the entry of no plea does not, by itself, create a presumption that a director did not act honestly and in
good faith and with a view to our best interests or that the director had reasonable cause to believe that his or her conduct was unlawful.
If a director to be indemnified has been successful in defense of any proceedings referred to above, the director is entitled to be indemnified
against all expenses, including legal fees, and against all judgments, fines and amounts paid in settlement and reasonably incurred by
the director or officer in connection with the proceedings.
90
We
have purchased and currently maintain insurance in relation to any of our directors or officers against any liability asserted against
the directors or officers and incurred by the directors or officers in that capacity, whether or not we have or would have had the power
to indemnify the directors or officers against the liability as provided in our Articles of Association. Insofar as indemnification for
liabilities arising under the Securities Act may be permitted for our directors, officers or persons controlling our company under the
foregoing provisions, we have been informed that in the opinion of the SEC, such indemnification is against public policy as expressed
in the Securities Act and is therefore unenforceable.
Involvement
in Certain Legal Proceedings
To
our knowledge, none of our directors or officers has been convicted in a criminal proceeding, excluding traffic violations or similar
misdemeanors, nor has been a party to any judicial or administrative proceeding during the past five years that resulted in a judgment,
decree or final order enjoining the person from future violations of, or prohibiting activities subject to, federal or state securities
laws, or a finding of any violation of federal or state securities laws, except for matters that were dismissed without sanction or settlement.
Except as set forth in our discussion below in "Related Party Transactions," our directors and officers have not been involved
in any transactions with us or any of our affiliates or associates which are required to be disclosed pursuant to the rules and regulations
of the SEC.
Code
of Business Conduct and Ethics
The
board adopted a code of ethics and business conduct applicable to our directors, officers and employees on June 21, 2019.
Executive
Compensation
Summary
Compensation Table
Our
compensation committee, consisting of independent board members determined the compensation to be paid to our executive officers based
on our financial and operating performance and prospects, and contributions made by the officers' to our success. Our compensation
committee measures each of our officers by a series of performance criteria by our board of directors, or the compensation committee
on a yearly basis. Such criteria is based on certain objective parameters such as job characteristics, required professionalism, management
skills, interpersonal skills, related experience, personal performance and overall corporate performance.
Our
board of directors has not adopted or established a formal policy or procedure for determining the amount of compensation paid to our
executive officers. Our board of directors will make an independent evaluation of appropriate compensation to key employees, with input
from management. Our board of directors has oversight of executive compensation plans, policies and programs.
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Summary
Compensation Table
The
following table presents summary information regarding the total compensation awarded to, earned by, or paid to each of the named executive
officers for services rendered to us for the years ended December 31, 2023 and 2022.
Name and principal position
Fiscal
Year
Salary
($)
Bonus
($)
Stock
awards
($)
Option
awards
($)(1)
Non-equity
incentive
plan
compensation
($)
Nonqualified
deferred
compensation
earnings
($)
All other
compensation
($)(2)
Total
($)
Dr. Wirawan Jusuf
2023
297,000
-
-
-
-
-
-
297,000
Chief Executive Officer
2022
297,000
-
-
-
-
-
-
297,000
Frank C. Ingriselli
2023
150,000
-
-
-
-
-
-
150,000
President
2022
150,000
-
-
-
-
-
-
150,000
Gregory L. Overholtzer
2023
80,000
-
-
-
-
-
-
80,000
Chief Financial Officer
2022
80,000
-
-
-
-
-
-
80,000
Mirza F. Said
2023
204,000
-
-
-
-
-
-
204,000
Chief Operating Officer
2022
204,000
-
-
-
-
-
204,000
Chia Hsin "Charlie" Wu
2023
204,000
-
-
-
-
-
-
204,000
Chief Technology Officer
2022
204,000
-
-
-
-
-
-
204,000
James J. Huang
2023
240,000
-
-
-
-
-
-
240,000
Chief Investment Officer
2022
240,000
-
-
-
-
-
-
240,000
(1)
The options and bonus were granted pursuant to agreements between the executives and our company. The values of the option awards represent
grant-date fair values without regard to forfeitures.
(2)
All other compensation refers to income tax withholding under Indonesian law. Salaries in Indonesia are negotiated on a "take home
pay" basis. Therefore, we pay the income withholding tax on behalf of the employee, which is legally considered part of the employee's
compensation.
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Outstanding
Equity Awards at 2023 Year-End
The
following table provides information regarding each unexercised stock option held by the named executive officers as of December 31,
2023.
Name
Grant
date
Vesting
Start date
Number of
securities
underlying
unexercised
options
vested (#)
Number of
securities
underlying
unexercised
options
unvested
(#)
Options
exercise
price
($)
Option
Expiration
date
Dr. Wirawan Jusuf
Chief Executive Officer
December 19, 2019
December 23, 2022
50,000
-
$
11.00
December 19, 2024
Frank C. Ingriselli
President
-
-
-
-
-
-
Gregory L. Overholtzer
Chief Financial Officer
-
-
-
-
-
-
Chia Hsin "Charlie" Wu
Chief Technology Officer
December 19, 2019
December 23, 2022
50,000
-
$
11.00
December 19, 2029
James J. Huang
Chief Investment Officer
December 19, 2019
December 23, 2022
50,000
-
$
11.00
December 19, 2029
Mirza F. Said
Chief Operating Officer
December 19, 2019
December 23, 2022
50,000
-
$
11.00
December 19, 2029
2018
Omnibus Equity Incentive Plan
On
October 31, 2018, our board of directors and shareholders adopted a 2018 Omnibus Equity Incentive Plan for our company (which we refer
to as the 2018 Plan).
Purpose
The
purpose of our 2018 Plan is to attract and retain directors, officers, consultants, advisors and employees whose services are considered
valuable, to encourage a sense of proprietorship and to stimulate an active interest of such persons in our development and financial
achievements.
Administration
The
compensation committee of our board of directors (or the Compensation Committee) will have primary responsibility for administering the
2018 Plan. The Compensation Committee will have the authority to, among other things, the (a) determine terms and conditions of any option
or stock purchase right granted, including the exercise price and the vesting schedule, (b) determine the persons who are to receive
options and stock purchase rights and (c) determine the number of shares to be subject to each option and stock purchase right, (d) prescribe
any limitations, restrictions and conditions upon any awards, including the vesting conditions of awards, (e) determine if a grant will
be an "incentive" options (qualified under section 422 of the Internal Revenue Code of 1986, as amended, which is referred
to herein as the Code) to employees of our company or a non-qualified options to directors and consultants of our company, and (f) make
any other determination and take any other action that the Compensation Committee deems necessary or desirable for the administration
of the 2018 Plan. The Compensation Committee will have full discretion to administer and interpret the 2018 Plan and to adopt such rules,
regulations and procedures as it deems necessary or advisable and to determine, among other things, the time or times at which the awards
may be exercised and whether and under what circumstances an award may be exercised.
Eligibility
Our
employees, directors, officers and consultants (and those of any affiliated companies of ours) are eligible to participate in the 2018
Plan. The Compensation Committee has the authority to determine who will be granted an award under the 2018 Plan, however, it may delegate
such authority to one or more of our officers under the circumstances set forth in the 2018 Plan; provided, however, that all awards
made to non-employee Directors shall be determined by our board of directors in its sole discretion.
93
Number
of Shares Authorized
Approximately
1,104,546 ordinary shares are reserved for issuance under our 2018 Plan.
If
an award is forfeited, canceled, or if any option terminates, expires or lapses without being exercised, the ordinary shares subject
to such award will again be made available for future grant. However, shares that are used to pay the exercise price of an option or
that are withheld to satisfy the Participant's tax withholding obligation will not be available for re-grant under the 2018 Plan.
Awards
Available for Grant
The
Compensation Committee may grant awards of non-qualified share options, incentive share options, share appreciation rights, restricted
share awards, restricted share units, share bonus awards, performance compensation awards (including cash bonus awards) or any combination
of the foregoing, as each type of award is described in the 2018 Plan. Unless accelerated in accordance with the 2018 Plan, unvested
awards shall, if so determined by the Compensation Committee, terminate immediately upon the grantee resigning from or our terminating
the grantee's employment or contractual relationship with us or any related company without cause, including death or disability.
Options
The
Compensation Committee is authorized to grant options to purchase ordinary shares that are either "qualified," meaning they
are intended to satisfy the requirements of Code Section 422 for incentive stock options, or "non-qualified," meaning they
are not intended to satisfy the requirements of Section 422 of the Code. Options granted under the 2018 Plan will be subject to the terms
and conditions established by the Compensation Committee. Under the terms of the 2018 Plan, unless the Compensation Committee determines
otherwise in the case of an option substituted for another option in connection with a corporate transaction, the exercise price of the
options will not be less than the fair market value (as determined under the 2018 Plan) of the ordinary shares on the date of grant.
Options granted under the 2018 Plan are subject to such terms, including the exercise price and the conditions and timing of exercise,
as may be determined by the Compensation Committee and specified in the applicable award agreement. The maximum term of an option granted
under the 2018 Plan is 10 years from the date of grant (or five years in the case of an incentive share option granted to a 10% shareholder).
Payment in respect of the exercise of an option may be made in cash or by check, by surrender of unrestricted ordinary shares (at their
fair market value on the date of exercise) that have been held by the participant for any period deemed necessary by our accountants
to avoid an additional compensation charge or have been purchased on the open market, or the Compensation Committee may, in its discretion
and to the extent permitted by law, allow such payment to be made through a broker-assisted cashless exercise mechanism, a net exercise
method, or by such other method as the Compensation Committee may determine to be appropriate.
Share
Appreciation Rights
The
Compensation Committee is authorized to award share appreciation rights (or SARs) under the 2018 Plan. SARs are subject to such terms
and conditions as established by the Compensation Committee. A SAR is a contractual right that allows a participant to receive, either
in the form of cash, shares or any combination of cash and shares, the appreciation, if any, in the value of a share over a certain period
of time. A SAR granted under the 2018 Plan may be granted in tandem with an option and SARs may also be awarded to a participant independent
of the grant of an option. SARs granted in connection with an option shall be subject to terms similar to the option which corresponds
to such SARs. SARs shall be subject to terms established by the Compensation Committee and reflected in the award agreement.
94
Restricted
shares
The
Compensation Committee is authorized to award restricted shares under the 2018 Plan. The Compensation Committee will determine the terms
of such restricted shares awards. Restricted shares are ordinary shares that generally are non-transferable and subject to other restrictions
determined by the Compensation Committee for a specified period. Unless the Compensation Committee determines otherwise or specifies
otherwise in an award agreement, if the participant terminates employment or services during the restricted period, then any unvested
restricted shares will be forfeited.
Restricted
share unit Awards
The
Compensation Committee is authorized to award restricted share unit awards. The Compensation Committee will determine the terms of such
restricted share units. Unless the Compensation Committee determines otherwise or specifies otherwise in an award agreement, if the participant
terminates employment or services during the period of time over which all or a portion of the units are to be earned, then any unvested
units will be forfeited.
Bonus
Share Awards
The
Compensation Committee is authorized to grant awards of unrestricted ordinary shares or other awards denominated in ordinary shares,
either alone or in tandem with other awards, under such terms and conditions as the Compensation Committee may determine.
Performance
Compensation Awards
The
Compensation Committee is authorized to grant any award under the 2018 Plan in the form of a Performance Compensation Award exempt from
the requirements of Section 162(m) of the Code by conditioning the vesting of the Award on the attainment of specific performance criteria
of our company and/or one or more of our affiliates, divisions or operational units, or any combination thereof, as determined by the
Compensation Committee. The Compensation Committee will select the performance criteria based on one or more of the following factors:
(i) revenue; (ii) sales; (iii) profit (net profit, gross profit, operating profit, economic profit, profit margins or other corporate
profit measures); (iv) earnings (EBIT, EBITDA, earnings per share, or other corporate profit measures); (v) net income (before or after
taxes, operating income or other income measures); (vi) cash (cash flow, cash generation or other cash measures); (vii) share price or
performance; (viii) total shareholder return (share price appreciation plus reinvested dividends divided by beginning share price); (ix)
economic value added; (x) return measures (including, but not limited to, return on assets, capital, equity, investments or sales, and
cash flow return on assets, capital, equity, or sales); (xi) market share; (xii) improvements in capital structure; (xiii) expenses (expense
management, expense ratio, expense efficiency ratios or other expense measures); (xiv) business expansion or consolidation (acquisitions
and divestitures); (xv) internal rate of return or increase in net present value; (xvi) working capital targets relating to inventory
and/or accounts receivable; (xvii) inventory management; (xviii) service or product delivery or quality; (xix) customer satisfaction;
(xx) employee retention; (xxi) safety standards; (xxii) productivity measures; (xxiii) cost reduction measures; and/or (xxiv) strategic
plan development and implementation.
Transferability
Each
award may be exercised during the participant's lifetime only by the participant or, if permissible under applicable law, by the
participant's guardian or legal representative and may not be otherwise transferred or encumbered by a participant other than by
will or by the laws of descent and distribution. The Compensation Committee, however, may permit options (other than incentive share
options) to be transferred to family members, a trust for the benefit of such family members, a partnership or limited liability company
whose partners or shareholders are the participant and his or her family members or anyone else approved by it.
Amendment
In
addition, our board of directors may amend, in whole or in part, our 2018 Plan at any time. However, without shareholder approval, except
that (a) any amendment or alteration shall be subject to the approval of the our shareholders if such shareholder approval is required
by any federal or state law or regulation or the rules of any stock exchange or automated quotation system on which the Shares may then
be listed or quoted, and (b) our board of directors may otherwise, in its discretion, determine to submit other such amendments or alterations
to shareholders for approval. Awards previously granted under the 2018 Plan may not be impaired or affected by any amendment of our 2018
Plan, without the consent of the affected grantees.
95
Change
in Control
The
2018 Plan provides that in the event of a change of control, the Compensation Committee shall, unless an outstanding award is assumed
by the surviving company or replaced with an equivalent award granted by the surviving company in substitution for such outstanding award
cancel any outstanding awards that are not vested and non-forfeitable as of the consummation of such corporate transaction (unless the
Compensation Committee, in its discretion, accelerates the vesting of any such awards). In respect to any vested and non-forfeitable
awards, the Compensation Committee may, in its discretion, (i) allow all grantees to exercise such awards within a reasonable period
prior to the consummation of the corporate transaction and cancel any outstanding awards that remain unexercised, or (ii) cancel any
or all of such outstanding awards in exchange for a payment (in cash, or in securities or other property, up to the sole discretion of
the Compensation Committee) in an amount equal to the amount that the grantee would have received if such vested awards were settled
or distributed or exercised immediately prior to the consummation of the corporate transaction.
Director
Compensation
Each
independent director receives annual cash compensation equal to $30,000 per year for such directors' services to our board of directors.
The Chairman of the Board receives an additional $15,000 per year. In addition to the annual cash compensation for serving on our board
of directors, each independent director that also serves on a committee of our board of directors receives compensation as follows: each
member of the audit committee and compensation committee (not including the chairperson) receives annual cash compensation of $3,000
per year and each member of the Nominating and Corporate Governance Committee (not including the chairperson) receives annual cash compensation
of $3,000 per year. The chairperson of our Audit Committee receives annual compensation of $27,000 and the chairperson of our Compensation
Committee receives annual compensation of $6,000 and the chairperson of our Nominating and Corporate Governance Committee receives annual
compensation of $3,000.
Employment
Agreements and Other Arrangements with Named Executive Officers
Except
as set forth below, we currently have no written employment agreements with any of our officers, directors, or key employees. While certain
of our officers hold positions with other entities, pursuant to their employment agreements with us, each officer is required to spend
substantially all of his working time, attention and skills to the performance of his duties to our company. Unless otherwise stated
below, all employment agreements listed below with auto-renewal provisions were not terminated by either us or the employee, and were
therefore automatically renewed.
In
connection with the Reverse Stock Split, the number of stock options granted as described below decreased accordingly.
Wirawan
Jusuf
On
February 27, 2019, our board of directors approved an employment agreement with Wirawan Jusuf and we entered into such agreement (which
we refer to as the Jusuf Agreement) with Mr. Jusuf effective February 1, 2019, under which he serves as our Chief Executive Officer.
We also entered into a share option agreement with Mr. Jusuf effective as of February 1, 2019.
The
Jusuf Agreement has an initial term beginning on February 1, 2019, and expiring one (1) year from such date. The Jusuf Agreement is subject
to automatic renewal on a year-to-year renewal basis unless either we or Mr. Jusuf provides written notice not to renew the Jusuf Agreement
no later than 30 days prior to the end of the then current or renewal term.
Pursuant
to the terms and provisions of the Jusuf Agreement, Mr. Jusuf is entitled to an annual base salary of $282,000 (Mr. Jusuf's annual
base salary prior to the completion of our initial public offering was $189,000), cash bonuses as determined by our board of directors
or its designated committee in its sole discretion, participation in our 2018 Omnibus Equity Incentive Plan or similar equity incentive
plans, and other employee benefits as approved by our board of directors.
96
We
may terminate the Jusuf Agreement without cause upon 30 days' prior written notice and Mr. Jusuf may resign without cause upon
30 days' prior written notice. We may also immediately terminate the Jusuf Agreement for cause (as set forth in the Jusuf Agreement).
Upon the termination of the Jusuf Agreement for any reason, Mr. Jusuf will be entitled to receive payment of any base salary earned but
unpaid through the date of termination and any other payment or benefit to which he is entitled under the applicable terms of any applicable
company arrangements. If Mr. Jusuf is terminated during the term of the employment agreement other than for cause, Mr. Jusuf is entitled
to, upon delivering to us a general release of our company and its affiliates in a form satisfactory to us, the amount of base salary
earned and not paid prior to termination and such severance payments as may be mandated by Indonesian law (presently one month of base
salary for every year worked with us) (the "Jusuf Severance Payment"). In the event that such termination is upon a Change
of Control (as defined in the Jusuf Agreement), Mr. Jusuf shall be entitled to the Jusuf Severance Payment. In addition, the Jusuf Agreement
will terminate prior to its scheduled expiration date in the event of Mr. Jusuf's death or disability.
The
Jusuf Agreement also includes confidentiality and non-disclosure covenants as well as a twelve (12) month non-competition and non-solicitation
covenant. The Jusuf Agreement is governed by Cayman Islands law.
Under
Mr. Jusuf's share option agreement, Mr. Jusuf was granted an option to purchase 150,000 ordinary shares under our 2018 Omnibus
Equity Incentive Plan at an exercise price equal to $11.00 per share. Mr. Jusuf's option shall vest as follows (assuming, in each
case, that Mr. Jusuf remains employed with us): (a) 50,000 ordinary shares shall vest on the first anniversary of the closing of our
initial public offering, (b) 50,000 ordinary shares shall vest on the second anniversary of the closing of our initial public offering;
and (c) 50,000 ordinary shares shall vest on the third anniversary of the closing of our initial public offering. The share option agreement
is governed by Cayman Islands law.
Frank
C. Ingriselli
On
February 27, 2019, our board of directors approved an employment agreement with Frank C. Ingriselli and we entered into such
agreement (which we refer to as the Ingriselli Agreement) with Mr. Ingriselli effective February 1, 2019, under which he serves as
our President. We also entered into a share option agreement with Mr. Ingriselli effective as of February 1, 2019. On January 23,
2020, we entered into an amendment to the Ingriselli Agreement (the "Ingriselli Amendment"). On January 21, 2022, we
entered into a Second Amendment to Ingriselli Agreement (the "Ingriselli Second Amendment"). On December 28, 2023, we
entered into the Ingriselli Third Amendment with Mr. Ingriselli, effective on January 1, 2024.
The
Ingriselli Agreement had an initial term beginning on February 1, 2019, and expired one (1) year from such date. The Ingriselli Amendment
extends the term of Mr. Ingriselli's employment as our President for a two-year term commencing on February 1, 2020 and terminating
on January 31, 2022, the Ingriselli Second Amendment extends the term of the Ingriselli Agreement to December 31, 2023, and the Ingriselli
Third Amendment further extends the term of the Ingriselli Agreement to December 31, 2025 unless terminated earlier pursuant to the terms
of the Ingriselli Agreement. The Ingriselli Agreement is not subject to automatic renewal.
Pursuant
to the terms and provisions of the Ingriselli Agreement, as amended by the Ingriselli Amendment, Mr. Ingriselli is entitled to an annual
base salary of $150,000 and a $75,000 cash bonus for services rendered during the year ended December 31, 2019. Cash bonuses as determined
by our board of directors or its designated committee in its sole discretion. Pursuant to the Ingriselli Amendment, Mr. Ingriselli was
also granted 35,000 ordinary shares as an equity incentive award for his continued service as our President. The vesting schedule of
these shares is as follows: 18,750 vested on December 19, 2019, 9,375 will vest on June 16, 2020, and 9,375 will vest on December 19,
2020. The award also includes a 180-day lock-up period from the date of vesting. Participation in our 2018 Omnibus Equity Incentive Plan
or similar equity incentive plans, and other employee benefits as approved by our board of directors. Pursuant to the Ingriselli Second
Amendment, Mr. Ingriselli was granted an award of 60,000 ordinary shares, with 30,000 shares vesting on July 1, 2022 and 30,000 vesting
on January 1, 2023, with a lock-up period of 180 days from each vesting date. Pursuant to the Ingriselli Third Amendment, the pre-tax
annual base salary for Mr. Ingriselli will remain at US$150,000; Mr. Ingriselli was granted an award of 60,000 ordinary shares, with
30,000 ordinary shares vesting on July 1, 2024 and 30,000 ordinary shares vesting on January 1, 2025, under a lock-up period of 180 days
from each vesting date.
97
We
may terminate the Ingriselli Agreement, as amended without cause upon 30 days' prior written notice and Mr. Ingriselli may resign
with or without cause upon 30 days' prior written notice. We may also immediately terminate Ingriselli Agreement, as amended for
cause (as set forth in the Ingriselli Agreement). Upon the termination of the Ingriselli Agreement for any reason, Mr. Ingriselli will
be entitled to receive payment of any base salary earned but unpaid through the date of termination and any other payment or benefit
to which he is entitled under the applicable terms of any applicable company arrangements. If Mr. Ingriselli is terminated during the
term of the employment agreement other than for cause, Mr. Ingriselli is entitled to, upon delivering to us a general release of our
company and its affiliates in a form satisfactory to us, the amount of base salary earned and not paid prior to termination. In addition,
the Ingriselli Agreement, as amended will terminate prior to its scheduled expiration date in the event of Mr. Ingriselli's death
or disability.
The
Ingriselli Agreement, as amended, also includes confidentiality and non-disclosure covenants as well as a twelve (12) month non-competition
and non-solicitation covenant. The Ingriselli Agreement, as amended is governed by Cayman Islands law.
Under
Mr. Ingriselli's share option agreement, Mr. Ingriselli was granted an option to purchase 37,500 ordinary shares under our 2018
Omnibus Equity Incentive Plan at an exercise price equal to $11.00 per share. Mr. Ingriselli's option shall vest as follows (assuming,
in each case, that Mr. Ingriselli remains employed with us): (a) 18,750 ordinary shares shall vested on the date of effectiveness of
our initial public offering registration statement, (b) 9,375 ordinary shares shall vest on the 180
th
day following the closing
of our initial public offering; and (c) 9,375 ordinary shares shall vest on the first anniversary of the closing of our initial public
offering. The share option agreement is governed by Cayman Islands law.
James
Jerry Huang
On
February 27, 2019, our board of directors approved an employment agreement and share option agreement with James Jerry Huang and we entered
into such agreements (which we refer to as the Huang Agreement) with Mr. Huang effective February 1, 2019, under which he serves as our
Chief Investment Officer. We also entered into a share option agreement with Mr. Huang effective as of February 1, 2019.
The
Huang Agreement has an initial term beginning on February 1, 2019, and expiring one (1) year from such date. The Huang Agreement is subject
to automatic renewal on a year-to-year renewal basis unless either we or Mr. Huang provides written notice not to renew the Huang Agreement
no later than 30 days prior to the end of the then current or renewal term.
Pursuant
to the terms and provisions of the Huang Agreement, Mr. Huang is entitled to an annual base salary of $240,000 (Mr. Huang's annual
base salary prior to the completion of our initial public offering was $150,000), cash bonuses as determined by our board of directors
or its designated committee in its sole discretion, participation in our 2018 Omnibus Equity Incentive Plan or similar equity incentive
plans, and other employee benefits as approved by our board of directors.
We
may terminate the Huang Agreement without cause upon 30 days' prior written notice and Mr. Huang may resign without cause upon
30 days' prior written notice. We may also immediately terminate Huang Agreement for cause (as set forth in the Huang Agreement).
Upon the termination of the Huang Agreement for any reason, Mr. Huang will be entitled to receive payment of any base salary earned but
unpaid through the date of termination and any other payment or benefit to which he is entitled under the applicable terms of any applicable
company arrangements. If Mr. Huang is terminated during the term of the employment agreement other than for cause, Mr. Huang is entitled
to, upon delivering to us a general release of our company and its affiliates in a form satisfactory to us, the amount of base salary
earned and not paid prior to termination and such severance payments as may be mandated by Indonesian law (presently one month of base
salary for every year worked with us) (the "Huang Severance Payment"). In the event that such termination is upon a Change
of Control (as defined in the Huang Agreement), Mr. Huang shall be entitled to the Huang Severance Payment. In addition, the Huang Agreement
will terminate prior to its scheduled expiration date in the event of Mr. Huang's death or disability.
The
Huang Agreement also includes confidentiality and non-disclosure covenants as well as a twelve (a) month non-competition and non-solicitation
covenant. The Huang Agreement is governed by Cayman Islands law.
98
Under
Mr. Huang's share option agreement, Mr. Huang was granted an option to purchase 150,000 ordinary shares under our 2018 Omnibus
Equity Incentive Plan at an exercise price equal to $11.00 per share. Mr. Huang's option shall vest as follows (assuming, in each
case, that Mr. Huang remains employed with us): (a) 50,000 ordinary shares shall vest on the first anniversary of the closing of our
initial public offering, (b) 50,000 ordinary shares shall vest on the second anniversary of the closing of our initial public offering;
and (c) 50,000 ordinary shares shall vest on the third anniversary of the closing of our initial public offering. The share option agreement
is governed by Cayman Islands law.
Gregory
L. Overholtzer
On
February 27, 2019, our board of directors approved an employment agreement with Gregory L. Overholtzer and we entered into such
agreement (which we refer to as the Overholtzer Agreement) with Mr. Overholtzer effective February 1, 2019, under which he serves as
our Chief Financial Officer. On January 29, 2020, we and Mr. Overholtzer entered into an amendment to the Overholtzer Agreement (the
"Overholtzer Amendment"). On January 21, 2022, we entered into a Second Amendment to Overholtzer Agreement (the
"Overholtzer Second Amendment"), effective January 1, 2022. On January 1, 2024, we entered into the Overholtzer Third
Amendment with Mr. Overholtzer, effective on January 1, 2024.
The
Overholtzer Agreement had an initial term beginning on February 1, 2019, which expired one (1) year from such date. Pursuant to the Overholtzer
Amendment, Mr. Overholtzer's employment term was extended for a two-year term commencing on February 1, 2020 and terminating on
January 31, 2022, the Overholtzer Second Amendment extends the term of the Overholtzer Agreement to December 31, 2023, and the Overholtzer
Third Amendment further extends the term of the Overholtzer Agreement to December 31, 2025 unless terminated earlier pursuant to the
Overholtzer Agreement, as amended. The Overholtzer Agreement, as amended, is not subject to automatic renewal.
Pursuant
to the terms and provisions of the Overholtzer Agreement, as amended by the Overholtzer Amendment, Mr. Overholtzer was entitled to an
annual base salary of $40,000 until the effectiveness of our registration statement in connection with our IPO on December 19, 2019,
when his annual base salary increased to $80,000. Cash bonuses as determined by our board of directors or its designated committee in
its sole discretion, participation in our 2018 Omnibus Equity Incentive Plan or similar equity incentive plans, and other employee benefits
as approved by our board of directors. Pursuant to the Overholtzer Third Amendment, the pre-tax annual base salary for Mr. Overholtzer
will remain at US$80,000.
We
may terminate the Overholtzer Agreement without cause upon 30 days' prior written notice and Mr. Overholtzer may resign with or
without cause upon 30 days' prior written notice. We may also immediately terminate Overholtzer Agreement for Cause (as set forth
in the Overholtzer Agreement). Upon the termination of the Overholtzer Agreement for any reason, Mr. Overholtzer will be entitled to
receive payment of any base salary earned but unpaid through the date of termination and any other payment or benefit to which he is
entitled under the applicable terms of any applicable company arrangements. If Mr. Overholtzer is terminated during the term of the employment
agreement other than for cause, Mr. Overholtzer is entitled to, upon delivering to us a general release of our company and its affiliates
in a form satisfactory to us, the amount of base salary earned and not paid prior to termination. In addition, the Overholtzer Agreement,
as amended will terminate prior to its scheduled expiration date in the event of Mr. Overholtzer's death or disability.
The
Overholtzer Agreement, as amended, also includes confidentiality and non-disclosure covenants as well as a twelve (12) month non-competition
and non-solicitation covenant. The Overholtzer Agreement, as amended, is governed by Cayman Islands law.
Chia
Hsin "Charlie" Wu
On
February 27, 2019, our board of directors approved an employment agreement with Chia Hsin "Charlie" Wu and we entered into
such agreements (which we refer to as the Wu Agreement) with Dr. Wu effective February 1, 2019, under which he serves as our Chief Operating
Officer. We also entered into a share option agreement with Dr. Wu effective as of February 1, 2019.
The
Wu Agreement has an initial term beginning on February 1, 2019, and expiring one (1) year from such date. The Wu Agreement is subject
to automatic renewal on a year-to-year renewal basis unless either we or Dr. Wu provides written notice not to renew the Wu Agreement
no later than 30 days prior to the end of the then current or renewal term.
99
Pursuant
to the terms and provisions of the Wu Agreement, Dr. Wu is entitled to an annual base salary of $204,000 following our initial public
offering (Dr. Wu's annual base salary prior to the completion of our initial public offering was $75,000), cash bonuses as determined
by our board of directors or its designated committee in its sole discretion, participation in our 2018 Omnibus Equity Incentive Plan
or similar equity incentive plans, and other employee benefits as approved by our board of directors.
On
January 16, 2024, we entered into the Wu First Amendment with Dr. Wu, effective January 16, 2024. The Wu First Amendment amended and
restated the Wu Agreement between us and Dr. Wu. Pursuant to the Wu First Amendment: (i) Dr. Wu serves as our Chief Technology Officer
("CTO"), effective from January 16, 2024; (ii) the pre-tax annual base salary for Dr. Wu remains at US$204,000; (iii) Dr.
Wu shall perform the duties and responsibilities (a) typically associated with the office of CTO of a similarly sized U.S. listed public
company in the oil and gas exploration and production sector and (b) outlined in the Wu First Amendment. As a result of the Wu First
Amendment, Dr. Wu is our CTO, and is no longer our COO. Except for the foregoing, no further changes were made to the Wu First Amendment.
We
may terminate the Wu Agreement without cause upon 30 days' prior written notice and Dr. Wu may resign without cause upon 30 days'
prior written notice. We may also immediately terminate Wu Agreement for cause (as set forth in the Wu Agreement). Upon the termination
of the Wu Agreement for any reason, Dr. Wu will be entitled to receive payment of any base salary earned but unpaid through the date
of termination and any other payment or benefit to which he is entitled under the applicable terms of any applicable company arrangements.
If Dr. Wu is terminated during the term of the employment agreement other than for cause, Dr. Wu is entitled to, upon delivering to us
a general release of our company and its affiliates in a form satisfactory to us, the amount of base salary earned and not paid prior
to termination and such severance payments as may be mandated by Indonesian law (presently one month of base salary for every year worked
with us) (the "Wu Severance Payment"). In the event that such termination is upon a Change of Control (as defined in the
Wu Agreement), Dr. Wu shall be entitled to the Wu Severance Payment. In addition, the Wu Agreement will terminate prior to its scheduled
expiration date in the event of Dr. Wu's death or disability.
The
Wu Agreement also includes confidentiality and non-disclosure covenants as well as a twelve (12) month non-competition and non-solicitation
covenant. The Wu Agreement is governed by Cayman Islands law.
Under
Dr. Wu's share option agreement, Dr. Wu was granted an option to purchase 150,000 ordinary shares under our 2018 Omnibus Equity
Incentive Plan at an exercise price equal to $11.00 per share. Dr. Wu's option shall vest as follows (assuming, in each case, that
Dr. Wu remains employed with us): (a) 50,000 ordinary shares shall vest on the first anniversary of the closing of our initial public
offering, (b) 50,000 ordinary shares shall vest on the second anniversary of the closing of our initial public offering; and (c) 50,000
ordinary shares shall vest on the third anniversary of the closing of our initial public offering. The share option agreement is governed
by Cayman Islands law.
Mirza
F. Said
On
February 27, 2019, our board of directors approved an employment agreement with Mirza F. Said and we entered into such agreements (which
we refer to as the Said Agreement) with Mr. Said effective February 1, 2019, under which he served as Chief Business Development Officer.
We also entered into a share option agreement with Mr. Said effective as of February 1, 2019.
The
Said Agreement has an initial term beginning on February 1, 2019, and expiring one (1) year from such date. The Said Agreement is subject
to automatic renewal on a year-to-year renewal basis unless either we or Mr. Said provides written notice not to renew the Said Agreement
no later than 30 days prior to the end of the then current or renewal term.
Pursuant
to the terms and provisions of the Said Agreement, Mr. Said is entitled to an annual base salary of $204,000 following our initial public
offering (Mr. Said's annual base salary prior to the completion of our initial public offering was $135,000), cash bonuses as determined
by our board of directors or its designated committee in its sole discretion, participation in our 2018 Omnibus Equity Incentive Plan
or similar equity incentive plans, and other employee benefits as approved by our board of directors.
On
January 16, 2024, we entered into the Said First Amendment with Mr. Said, effective January 16, 2024. The Said First Amendment amended
and restated the Said Agreement between us and Mr. Said.
Pursuant
to the Said First Amendment: (i) Mr. Said serves as our Chief Operating Officer ("COO"), effective from January 16, 2024;
(ii) the pre-tax annual base salary for Mr. Said remains at US$204,000; and (iii) Mr. Said shall perform the duties and responsibilities
(a) typically associated with the office of COO of a similarly sized U.S. listed public company in the oil and gas exploration and production
sector and (b) outlined in the Said First Amendment. As a result of the Said First Amendment, Mr. Said, is our COO, and is no longer
our Chief Business Development Officer, and no other individual was appointed to this position. Except for the foregoing, no further
changes were made to the Said First Amendment.
We
may terminate the Said Agreement without cause upon 30 days' prior written notice and Mr. Said may resign without cause upon 30
days' prior written notice. We may also immediately terminate Said Agreement for cause (as set forth in the Said Agreement). Upon
the termination of the Said Agreement for any reason, Mr. Said will be entitled to receive payment of any base salary earned but unpaid
through the date of termination and any other payment or benefit to which he is entitled under the applicable terms of any applicable
company arrangements. If Mr. Said is terminated during the term of the employment agreement other than for cause, Mr. Said is entitled
to, upon delivering to us a general release of our company and its affiliates in a form satisfactory to us, the amount of base salary
earned and not paid prior to termination and such severance payments as may be mandated by Indonesian law (presently one month of base
salary for every year worked with us) (the "Said Severance Payment"). In the event that such termination is upon a Change
of Control (as defined in the Said Agreement), Mr. Said shall be entitled to the Said Severance Payment. In addition, the Said Agreement
will terminate prior to its scheduled expiration date in the event of Mr. Said's death or disability.
100
The
Said Agreement also includes confidentiality and non-disclosure covenants as well as a twelve (12) month non-competition and non-solicitation
covenant. The Said Agreement is governed by Cayman Islands law.
Under
Mr. Said's share option agreement, Mr. Said was granted an option to purchase 150,000 ordinary shares under our 2018 Omnibus Equity
Incentive Plan at an exercise price equal to $11.00 per share. Mr. Said's option shall vest as follows (assuming, in each case,
that Mr. Said remains employed with us): (a) 50,000 ordinary shares shall vest on the first anniversary of the closing of our initial
public offering, (b) 50,000 ordinary shares shall vest on the second anniversary of the closing of our initial public offering; and (c)
50,000 ordinary shares shall vest on the third anniversary of the closing of our initial public offering. The share option agreement
is governed by Cayman Islands law.
Non-Employee
Director Compensation
For
the year ended December 31, 2023, each independent director receives annual cash compensation equal to $30,000 per year for such
directors' services to our board of directors. In addition to the annual cash compensation for serving on our board of directors,
each independent director that also serves on a committee of our board of directors receives compensation as follows: each member of
the audit committee and compensation committee (not including the chairperson) receives annual cash compensation of $3,000 per year and
each member of the Nominating and Corporate Governance Committee (not including the chairperson) receives annual cash compensation of
$3,000 per year. The chairperson of our Audit Committee receives annual compensation of $27,000 and the chairperson of our Compensation
Committee receives annual compensation of $6,000 and the chairperson of our Nominating and Corporate Governance Committee receives annual
compensation of $3,000.
Equity
Awards for Non-Employee Directors
As
of December 31, 2023, none of our non-employee directors were granted any options.
Employees
As
of December 31, 2023, 2022 and 2021, we had 33, 30 and 28 permanent employees, respectively, and 42, 35, and 34 contract employees, respectively.
Our employees are not represented by a labor organization or covered by a collective bargaining agreement. We have not experienced any
work stoppages, and we believe we maintain good relationships with our employees.
The
table below sets forth the breakdown of our employees by function as of December 31, 2023:
Function
Number of
Employees
% of Total
Senior Management
6
8.00
%
Subsurface
3
4.00
%
Engineering
3
4.00
%
Operation and Production
3
4.00
%
Finance and Accounting
6
8.00
%
Administration, Procurement and Human Resources
9
12.00
%
Health, Safety, Security and Environment (or HSSE)
2
2.67
%
Local Relations
1
1.33
%
Operation Contract Employees (production, construction and HSSE)
42
56.00
%
Total (including 33 permanent employees and 42 contract employees)
75
100
%
101
We
believe that all of our contract employees for non-specialized job functions are replaceable in the marketplace, thus not representing
a material risk to our business. We believe we are in material compliance with Indonesian labor regulations.
Share
Ownership
Please
see
Item 7 Major Shareholders and Related Party Transactions
of this annual report for information relating to ownership of our
securities by our directors, officers and certain major shareholders.
ITEM
7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
Major
Shareholders
The
following table sets forth information regarding the beneficial ownership of our ordinary shares as of the date of this report by our
officers, directors, and 5% or greater beneficial owners of ordinary shares. There is no other person or group of affiliated persons
known by us to beneficially own more than 5% of our ordinary shares.
We
have determined beneficial ownership in accordance with the rules of the SEC. These rules generally attribute beneficial ownership of
securities to persons who possess sole or shared voting power or investment power with respect to those securities. The person is also
deemed to be a beneficial owner of any security of which that person has a right to acquire beneficial ownership within 60 days. Unless
otherwise indicated, the person identified in this table has sole voting and investment power with respect to all shares shown as beneficially
owned by him, subject to applicable community property laws. Percentage ownership of our ordinary shares in the following table is based
on 10,172,694 ordinary shares outstanding as of April 23, 202
4
. Unless otherwise noted, the business address for each of
our directors and executive officers is GIESMART PLAZA 7th Floor, Jl. Raya Pasar Minggu No. 17A, Pancoran – Jakarta 12780 Indonesia.
Ordinary Shares
Beneficially Owned
Name of Beneficial Owners
Number
%
Directors and Executive Officers:
Dr. Wirawan Jusuf (1)
5,267,767
51.78
%
Frank C. Ingriselli
30,000
*
Mirza F. Said (2)
45,545
*
James J. Huang (3)
45,545
*
Chia Hsin "Charlie" Wu (4)
45,545
*
Gregory L. Overholtzer
—
—
Mochtar Hussein
—
—
Benny Dharmawan
—
—
Ahmad FathurachmanFathurachman
—
—
Michael L. Peterson
—
—
All directors and officers as a group
5,434,402
53.42
%
5% shareholders:
MADERIC Holding Limited (1)
5,222,222
51.34
%
(1)
Dr.
    Wirawan Jusuf, our Chairman and Chief Executive Officer, holds voting and dispositive control over, and thus beneficial ownership
    of, the shares held by MADERIC Holding Limited. Beneficial ownership excludes options to purchase 50,000 ordinary shares at $11.00
    per share which vested on December 23, 2022 (the third anniversary of the closing of our initial public offering).
(2)
Beneficial
    ownership excludes options to purchase 50,000 ordinary shares at $11.00 per share which vested on December 23, 2022 (the third anniversary
    of the closing of our initial public offering).
102
(3)
Beneficial
    ownership excludes options to purchase 50,000 ordinary shares at $11.00 per share which vested on December 23, 2022 (the third anniversary
    of the closing of our initial public offering).
(4)
Beneficial
    ownership excludes options to purchase 50,000 ordinary shares at $11.00 per share which vested on December 23, 2022 (the third anniversary
    of the closing of our initial public offering).
*
Less
    than one percent
Related
Party Transactions
Other
than the executive and director compensation and other arrangements discussed in the "Item 6. Directors, Senior Management and
Employees" of this report, we have not entered into any transactions to which we or our subsidiaries have been or are a party of
the type which is required to be disclosed under Item 7.B of the Form 20-F for fiscal years ended December 31, 2023, 2022 and 2021.
Our
audit committee is required to review and approve any related party transaction we propose to enter into. Our audit committee charter
details the policies and procedures relating to transactions that may present actual, potential or perceived conflicts of interest and
may raise questions as to whether such transactions are consistent with the best interest of our company and our stockholders.
Interests
of Experts and Counsel
Not
applicable.
ITEM
8. FINANCIAL INFORMATION
The
financial statements required by this item can be found at the end of this report beginning on page F-1.
Legal
Proceedings
From
time to time, we may be subject to legal proceedings arising in the ordinary course of business. As of the date of this report, we are
not a party to any litigation or similar proceedings.
Dividend
Policy
Subject
to the provisions of the Companies Act and any rights for the time being attaching to any class or classes of shares: (i) our directors
may declare dividends or distributions out of our funds which are lawfully available for that purpose and (ii) our shareholders may,
by ordinary resolution, declare dividends but no such dividend shall exceed the amount recommended by the directors.
Subject
to the requirements of the Companies Act regarding the application of a company's share premium account and with the sanction of
an ordinary resolution, dividends may also be declared and paid out of any share premium account. The directors when paying dividends
to shareholders may make such payment either in cash or in specie.
Unless
provided by the rights attached to a share, no dividend shall bear interest.
We
do not know when or if we will pay dividends to our shareholders (including our public shareholders), and the likelihood that we will
be paying dividends on our ordinary is remote at this time. We currently intend to retain future earnings, if any, to finance the expansion
of our business. Our future dividend policy is within the discretion of our board of directors and will depend upon various factors,
including our business, financial condition, results of operations, capital requirements and investment opportunities.
Significant
Changes
There
have been no significant changes since the date of the consolidated financial statements included in this annual report.
103
ITEM
9. THE OFFER AND LISTING
Our
ordinary shares are listed on the NYSE American under the symbol "INDO."
ITEM
10. ADDITIONAL INFORMATION
A.
Share
    Capital
Not
applicable.
B.
Amended
    and Restated Memorandum and Articles of Association of the Company
Our
amended and restated memorandum and articles of association have been filed with the SEC as an exhibit to our registration statement
on Form F-1 filed with the SEC on November 12, 2019. Those amended and restated memorandum and articles of association contained in such
filing are incorporated by reference.
C.
Material
    contracts
Attached
as exhibits to this annual report or incorporated by reference herein are the contracts we consider to be both material and outside the
ordinary course of business during the two-year period immediately preceding the date of this annual report. We refer you to "
Item
4. Information on the Company
" and "
Related Party Transactions
" under "
Item 7. Major Shareholders
and related party transactions
" of this annual report for a discussion of these contracts. Other than as discussed in this
annual report, we have no material contracts, other than contracts entered into in the ordinary course of business, to which we are a
party.
D.
Exchange
    controls
There
are no exchange control regulations or currency restrictions in the Cayman Islands.
E.
Taxation
The
following discussion of material Cayman Islands, Indonesia and United States federal income tax consequences of an investment in our
ordinary shares is based upon laws and relevant interpretations thereof in effect as of the date of this annual report, all of which
are subject to change. This discussion does not deal with all possible tax consequences relating to an investment in our ordinary shares,
such as the tax consequences under state, local and other tax laws. To the extent that the discussion relates to matters of Cayman Islands
tax law, it represents the opinion of Ogier, our Cayman Islands counsel.
Cayman
Islands Taxation
The
Cayman Islands currently levies no taxes on individuals or corporations based upon profits, income, gains or appreciation and there is
no taxation in the nature of inheritance tax or estate duty. There are no other taxes likely to be material to us levied by the Government
of the Cayman Islands except for stamp duties which may be applicable on instruments executed in, or after execution brought within,
the jurisdiction of the Cayman Islands. No stamp duty is payable in the Cayman Islands on the issue of shares by, or any transfers of
shares of, Cayman Islands companies (except those which hold interests in land in the Cayman Islands). The Cayman Islands is not party
to any double tax treaties which are applicable to any payments made to or by our company. There are no exchange control regulations
or currency restrictions in the Cayman Islands.
104
Payments
of dividends and capital in respect of our shares will not be subject to taxation in the Cayman Islands and no withholding will be required
on the payment of dividends or capital to any holder of our shares, nor will gains derived from the disposal of our shares be subject
to Cayman Islands income or corporation tax.
Pursuant
to Section 6 of the Tax Concessions Act (Revised) of the Cayman Islands, we have obtained an undertaking from the Financial Secretary
of the Cayman Islands:
(1)
that
    no law which is enacted in the Cayman Islands imposing any tax to be levied on profits or income or gains or appreciation shall apply
    to us or our operations; and
(2)
in
    addition, that no tax to be levied on profits, income, gains or appreciations or which is in the nature of estate duty or inheritance
    tax shall be payable:
(i)
on
    or in respect of the shares, debentures or other obligations of our company; or
(ii)
by
    way of the withholding in whole or in part of any "relevant payment" as defined in section 6(3) of the Tax Concessions
    Act (Revised).
The
undertaking is for a period of twenty years from November 2, 2018.
Material
U.S. Federal Income Tax Considerations
Subject
to the qualifications and limitations described below, the following are the material U.S. federal income tax consequences of the purchase,
ownership and disposition of ordinary shares to a "U.S. Holder." Non-U.S. Holders are urged to consult their own tax advisors
regarding the U.S. federal income tax consequences of the purchase, ownership and disposition of ordinary shares to them.
For
purposes of this discussion, a "U.S. Holder" means a beneficial owner of ordinary shares that is, for U.S. federal income
tax purposes:
●
An
    individual who is a citizen or resident of the United States;
●
A
    corporation (or other entity taxed as a corporation for U.S. federal income tax purposes) created or organized in or under the laws
    of the United States or any of its political subdivisions;
●
An
    estate, whose income is includible in gross income for U.S. federal income tax purposes regardless of its source; or
●
A
    trust if (i) a court within the United States is able to exercise primary supervision over the administration of the trust and one
    or more U.S. persons have the authority to control all substantial decisions of the trust, or (ii) it has a valid election to be
    treated as a U.S. person.
A
"non-U.S. Holder" is any individual, corporation, trust or estate that is a beneficial owner of ordinary shares and is not
a U.S. Holder.
This
discussion is based on current provisions of the Internal Revenue Code of 1986, as amended, or the Code, applicable U.S. Treasury Regulations
promulgated thereunder, and administrative and judicial decisions as at the date hereof, all of which are subject to change, possibly
on a retroactive basis, and any change could affect the continuing accuracy of this discussion.
This
summary does not purport to be a comprehensive description of all of the tax considerations that may be relevant to each person's
decision to purchase ordinary shares. This discussion does not address all aspects of U.S. federal income taxation that may be relevant
to any particular U.S. Holder based on such holder's particular circumstances, including Medicare tax imposed on certain investment
income. In particular, this discussion considers only U.S. Holders that will own ordinary shares as capital assets within the meaning
of section 1221 of the Code and does not address the potential application of U.S. federal alternative minimum tax or the U.S. federal
income tax consequences to U.S. Holders that are subject to special treatment, including:
●
Broker
    dealers or insurance companies;
●
U.S.
    Holders who have elected mark-to-market accounting;
105
●
Tax-exempt
    organizations or pension funds;
●
Regulated
    investment companies, real estate investment trusts, insurance companies, financial institutions or "financial services entities";
●
U.S.
    Holders who hold ordinary shares as part of a "straddle," "hedge," "constructive sale" or "conversion
    transaction" or other integrated investment;
●
U.S.
    Holders who own or owned, directly, indirectly or by attribution, at least 10% of the voting power of our ordinary shares;
●
U.S.
    Holders whose functional currency is not the U.S. Dollar;
●
U.S.
    Holders who received ordinary shares as compensation;
●
U.S.
    Holders who are otherwise subject to UK taxation;
●
Persons
    holding ordinary shares in connection with a trade or business outside of the United States; and
●
Certain
    expatriates or former long-term residents of the United States.
This
discussion does not consider the tax treatment of holders that are entities treated as partnerships for U.S. federal income tax purposes
or other pass-through entities or persons who hold ordinary shares through a partnership or other pass-through entity. In addition, this
discussion does not address any aspect of state, local or non-U.S. tax laws, or the possible application of U.S. federal gift or estate
tax.
BECAUSE
OF THE COMPLEXITY OF THE TAX LAWS AND BECAUSE THE TAX CONSEQUENCES TO ANY PARTICULAR HOLDER OF ORDINARY SHARES MAY BE AFFECTED BY MATTERS
NOT DISCUSSED HEREIN, EACH HOLDER OF ORDINARY SHARES IS URGED TO CONSULT WITH ITS TAX ADVISOR WITH RESPECT TO THE SPECIFIC TAX CONSEQUENCES
OF THE ACQUISITION AND THE OWNERSHIP AND DISPOSITION OF ORDINARY SHARES, INCLUDING THE APPLICABILITY AND EFFECT OF STATE, LOCAL AND NON-U.S.
TAX LAWS, AS WELL AS U.S. FEDERAL TAX LAWS AND APPLICABLE TAX TREATIES.
Taxation
of Dividends Paid on Ordinary Shares
Subject
to the passive foreign investment company rules discussed below, the gross amount of distributions made by us with respect to our ordinary
shares generally will be includable in the gross income of U.S. Holders as foreign source passive income. Because we do not determine
our earnings and profits for U.S. federal income tax purposes, a U.S. Holder will be required to treat any distribution paid on ordinary
shares, including the amount of non-U.S. taxes, if any, withheld from the amount paid, as a dividend on the date the distribution is
received. Such distribution generally will not be eligible for the dividends-received deduction generally allowed to U.S. corporations
in respect of dividends received from other U.S. corporations.
Cash
distributions paid in a non-U.S. currency will be included in the income of U.S. Holders at a U.S. Dollar amount equal to the spot rate
of exchange in effect on the date the dividends are includible in the income of the U.S. Holders, regardless of whether the payment is
in fact converted to U.S. Dollars, and U.S. Holders will have a tax basis in such non-U.S. currency for U.S. federal income tax purposes
equal to such U.S. Dollar value. If a U.S. Holder converts a distribution paid in non-U.S. currency into U.S. Dollars on the day the
dividend is includible in the income of the U.S. Holder, the U.S. Holder generally should not be required to recognize gain or loss arising
from exchange rate fluctuations. If a U.S. Holder subsequently converts the non-U.S. currency, any subsequent gain or loss in respect
of such non-U.S. currency arising from exchange rate fluctuations will be U.S.-source ordinary income or loss.
106
Dividends
we pay with respect to our ordinary shares to non-corporate U.S. Holders may be "qualified dividend income," which is currently
taxable at a reduced rate;
provided that
(i) our ordinary shares are readily tradable on an established securities market in the
United States, (ii) we are not a passive foreign investment company (as discussed below) with respect to the U.S. Holder for either our
taxable year in which the dividend was paid or the preceding taxable year, (iii) the U.S. Holder has held our ordinary shares for at
least 61 days of the 121-day period beginning on the date which is 60 days before the ex-dividend date, and (v) the U.S. Holder is not
under an obligation to make related payments on substantially similar or related property. We believe our ordinary shares, which are
expected to be listed on the NYSE American, will be considered to be readily tradable on an established securities market in the United
States, although there can be no assurance that this will continue to be the case in the future. Any days during which a U.S. Holder
has diminished its risk of loss on our ordinary shares are not counted towards meeting the 61-day holding period. U.S. Holders should
consult their own tax advisors on their eligibility for reduced rates of taxation with respect to any dividends paid by us.
Distributions
paid on ordinary shares generally will be foreign-source passive category income for U.S. foreign tax credit purposes and will not qualify
for the dividends received deduction generally available to corporations. Subject to certain conditions and limitations, non-U.S. taxes,
if any, withheld from a distribution may be eligible for credit against a U.S. Holder's U.S. federal income tax liability. In addition,
if 50 percent or more of the voting power or value of our shares is owned, or is treated as owned, by U.S. persons (whether or not we
are a "controlled foreign corporation" for U.S. federal income tax purposes), the portion of our dividends attributable to
income which we derive from sources within the United States (whether or not in connection with a trade or business) would generally
be U.S.-source income. U.S. Holders would not be able directly to utilize foreign tax credits arising from non U.S. taxes considered
to be imposed upon U.S.-source income.
Taxation
of the Sale or Other Disposition of Ordinary Shares
Subject
to the passive foreign investment company rules discussed below, a U.S. Holder generally will recognize a capital gain or loss on the
taxable sale or other disposition of our ordinary shares in an amount equal to the difference between the U.S. Dollar amount realized
on such sale or other disposition (determined in the case of consideration in currencies other than the U.S. Dollar by reference to the
spot exchange rate in effect on the date of the sale or other disposition or, if the ordinary shares are treated as traded on an established
securities market and the U.S. Holder is a cash basis taxpayer or an electing accrual basis taxpayer, the spot exchange rate in effect
on the settlement date) and the U.S. Holder's adjusted tax basis in such ordinary shares determined in U.S. Dollars. The initial
tax basis of ordinary shares to a U.S. Holder will be the U.S. Holder's U.S. Dollar cost for ordinary shares (determined by reference
to the spot exchange rate in effect on the date of the purchase or, if the ordinary shares are treated as traded on an established securities
market and the U.S. Holder is a cash basis taxpayer or an electing accrual basis taxpayer, the spot exchange rate in effect on the settlement
date).
Capital
gain from the sale, exchange or other disposition of ordinary shares held more than one year generally will be treated as long-term capital
gain and is eligible for a reduced rate of taxation for non-corporate holders. Gain or loss recognized by a U.S. Holder on a sale or
other disposition of ordinary shares generally will be treated as U.S.-source income or loss for U.S. foreign tax credit purposes. The
deductibility of a capital loss recognized on the sale or exchange of ordinary shares is subject to limitations. A U.S. Holder that receives
currencies other than U.S. Dollars upon disposition of the ordinary shares and converts such currencies into U.S. Dollars subsequent
to receipt will have foreign exchange gain or loss based on any appreciation or depreciation in the value of such currencies against
the U.S. Dollar, which generally will be U.S.-source ordinary income or loss.
Passive
Foreign Investment Company
Based
on our current composition of assets and market capitalization (which will fluctuate from time to time), we believe that we are not and
will not become a passive foreign investment company, or a PFIC, for U.S. federal income tax purposes. However, the determination of
whether we are a PFIC is made annually, after the close of the relevant taxable year. Therefore, it is possible that we could be classified
as a PFIC for the current taxable year or in future years due to changes in the composition of our assets or income, as well as changes
to our market capitalization. The market value of our assets may be determined in large part by reference to the market price of our
ordinary shares, which may fluctuate.
107
In
general, a non-U.S. corporation will be classified as a PFIC for any taxable year if at least (i) 75% of its gross income is classified
as "passive income" or (ii) 50% of its assets (determined on the basis of a quarterly average) produce or are held for the
production of passive income. For these purposes, cash is considered a passive asset. In making this determination, the non-U.S. corporation
is treated as earning its proportionate share of any income and owning its proportionate share of any assets of any corporation in which
it holds 25% or more (by value) of the stock.
Under
the PFIC rules, if we were considered a PFIC at any time that a U.S. Holder holds our shares, we would continue to be treated as a PFIC
with respect to such holder's investment unless (i) we cease to be a PFIC and (ii) the U.S. Holder has made a "deemed sale"
election under the PFIC rules.
If
we are considered a PFIC at any time that a U.S. Holder holds our shares, any gain recognized by the U.S. Holder on a sale or other disposition
of the shares, as well as the amount of an "excess distribution" (defined below) received by such holder, would be allocated
ratably over the U.S. Holder's holding period for the shares. The amounts allocated to the taxable year of the sale or other disposition
and to any year before we became a PFIC would be taxed as ordinary income. The amount allocated to each other taxable year would be subject
to tax at the highest rate in effect for individuals or corporations, as appropriate, for that taxable year, and an interest charge would
be imposed. For purposes of these rules, an excess distribution is the amount by which any distribution received by a U.S. Holder on
its shares exceeds 125% of the average of the annual distributions on the shares received during the preceding three years or the U.S.
Holder's holding period, whichever is shorter. Certain elections may be available that would result in alternative treatments (such
as mark-to-market treatment) of the shares.
If
we are treated as a PFIC with respect to a U.S. Holder for any taxable year, the U.S. Holder will be deemed to own shares in any of our
subsidiaries that are also PFICs. However, an election for mark-to-market treatment would likely not be available with respect to any
such subsidiaries. If we are considered a PFIC, a U.S. Holder will also be subject to information reporting requirements on an annual
basis. U.S. Holders should consult their own tax advisors about the potential application of the PFIC rules to an investment in our shares.
If
we were classified as a PFIC, a U.S. Holder may be able to make a mark-to-market election with respect to our ordinary shares (but not
with respect to the shares of any lower-tier PFICs) if the ordinary shares are "regularly traded" on a "qualified exchange".
In general, our ordinary shares issued will be treated as "regularly traded" in any calendar year in which more than a de
minimis quantity of ordinary shares are traded on a qualified exchange on at least 15 days during each calendar quarter. We believe the
NYSE American is a qualified exchange. However, we can make no assurance that the ordinary shares will be listed on a "qualified
exchange" or that there will be sufficient trading activity for the ordinary shares to be treated as "regularly traded".
Accordingly, U.S. Holders should consult their own tax advisers as to whether their ordinary shares would qualify for the mark-to-market
election.
If
a U.S. Holder makes the mark-to-market election, for each year in which our company is a PFIC, the holder will generally include as ordinary
income the excess, if any, of the fair market value of the ordinary shares at the end of the taxable year over their adjusted tax basis,
and will be permitted an ordinary loss in respect of the excess, if any, of the adjusted tax basis of the ordinary shares over their
fair market value at the end of the taxable year (but only to the extent of the net amount of previously included income as a result
of the mark-to-market election). If a U.S. Holder makes the election, the holder's tax basis in our ordinary shares will be adjusted
to reflect any such income or loss amounts. Any gain recognized on the sale or other disposition of our ordinary shares will be treated
as ordinary income, and any loss will be treated as an ordinary loss to the extent of any prior mark-to-market gains.
If
a U.S. Holder makes the mark-to-market election, it will be effective for the taxable year for which the election is made and all subsequent
taxable years unless the ordinary shares are no longer regularly traded on a qualified exchange or the IRS consents to the revocation
of the election.
If
we were classified as a PFIC, U.S. Holders would not be eligible to make an election to treat us as a "qualified electing fund,"
or a QEF election, because we do not anticipate providing U.S. Holders with the information required to permit a QEF election to be made.
108
U.S.
Information Reporting and Backup Withholding
A
U.S. Holder is generally subject to information reporting requirements with respect to dividends paid in the United States on ordinary
shares and proceeds paid from the sale, exchange, redemption or other disposition of ordinary shares. A U.S. Holder is subject to backup
withholding (currently at 24%) on dividends paid in the United States on ordinary shares and proceeds paid from the sale, exchange, redemption
or other disposition of our ordinary shares unless the U.S. Holder is a corporation, provides an IRS Form W-9 or otherwise establishes
a basis for exemption.
Backup
withholding is not an additional tax. Amounts withheld under the backup withholding rules may be credited against a U.S. Holder's
U.S. federal income tax liability, and a U.S. Holder may obtain a refund from the IRS of any excess amount withheld under the backup
withholding rules, provided that certain information is timely furnished to the IRS. Holders are urged to consult their own tax advisors
regarding the application of backup withholding and the availability of and procedures for obtaining an exemption from backup withholding
in their particular circumstances.
F.
Dividends
    and paying agents
Not
applicable.
G.
Statement
    by experts
Not
applicable
H.
Documents
    on display
We
file annual reports and other information with the SEC. You may inspect and copy any report or document we file, including this annual
report and the accompanying exhibits, at the website maintained by the SEC at http://www.sec.gov, as well as on our website at
www.indo-energy.com
.
Information on our website does not constitute a part of this annual report and is not incorporated by reference.
We
will also provide without charge to each person, including any beneficial owner of our ordinary shares, upon written or oral request
of that person, a copy of any and all of the information that has been incorporated by reference in this annual report. Please direct
such requests to James J. Huang, Chief Investment Officer, Indonesia Energy Corporation Limited, GIESMART PLAZA 7
th
Floor,
Jl. Raya Pasar Minggu No. 17A, Pancoran – Jakarta 12780 Indonesia.
I.
Subsidiary
    information
Not
applicable.
ITEM
11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Credit
Risk
As
of December 31, 2023 and 2022, all of our accounts receivable result from the entitlement of Oil & Gas Property subject to amortization
and profit sharing from the sale of the crude oil under the KSO by Pertamina. This concentration of receivables from one party may impact
our overall credit risk, either positively or negatively, in that Pertamina may be similarly affected by changes in economic or other
conditions.
For
the years ended December 31, 2023, 2022 and 2021, 100% of our revenues were generated through the operatorship of Kruh Block. We do not
believe that there will be any material adverse change in the operatorship of Kruh Block or the KSO.
Liquidity
Risk
See
above "Item 5. Operating and Financial Review and Prospects—Liquidity and Capital Resources".
109
Interest
Rate Risk
We
do not enter into investments for trading or speculative purposes and have not used any derivative financial instruments to manage our
interest rate risk exposure.
Foreign
Currency Exchange Rate Risk
Our
reporting currency is the United States dollar ("USD", "dollar"). The currency of the primary economic environment
in which our operations are conducted is dollar. Therefore, the dollar has been determined to be our functional currency.
Non-dollar
transactions and balances have been translated into dollars for financial reporting purposes. Transactions in foreign currency (primarily
in Indonesian Rupiahs – "IDR") are recorded at the exchange rate as of the transaction date. Monetary assets and liabilities
denominated in foreign currency are translated on the basis of the representative rates of exchange at the balance sheet dates. All exchange
gains and losses from re-measurement of monetary balance sheet items denominated in non-dollar currencies are reflected in the statement
of operations as they arise.
See
"Risk Factors – Risks Related to Doing Business in Indonesia – Fluctuations in the value of the Indonesian Rupiah may
materially and adversely affect us."
Inflation
Risk
We
do not consider inflation to be a significant risk to direct expenses in the current and foreseeable future. However, in the event that
inflation becomes a significant factor in the global economy, inflationary pressures would result in increased operating and financing
costs.
ITEM
12. DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
Not
applicable.
PART
II
ITEM
13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
None.
ITEM
14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OR PROCEEDS
Rights
of Security Holders
See
Item 10. Additional Information—B. "Amended and Restated Memorandum and Articles of Association of the Company" for
a reference to a description of the rights of securities holders, which remain unchanged.
ITEM
15. CONTROLS AND PROCEDURES
A.
Disclosure Controls and Procedures
An
evaluation was performed under the supervision and with the participation of our management, including our Chief Executive Officer and
Chief Financial Officer, regarding the effectiveness of our design and operation of our disclosure controls and procedures as of December
31, 2023. Based on that evaluation, our management, including our Chief Executive Officer and Chief Financial Officer, has concluded
that our disclosure controls and procedures as of December 31, 2023 were ineffective due to the lack of sufficient financial reporting
and accounting personnel with appropriate knowledge of U.S. GAAP and SEC reporting requirements to properly address complex U.S. GAAP
accounting issues and to prepare and review our consolidated financial statements and related disclosures to fulfil U.S. GAAP and SEC
financial reporting requirements. Our goal is to remediate deficiencies in our disclosure controls via the actions described under "Management's
Annual Report on Internal Control over Financial Reporting" below.
110
Disclosure
controls and procedures are designed to enable us to record, process, summarize and report information required to be included in the
reports that we file or submit under the Exchange Act within the time period required and also effective to ensure that information required
to be disclosed in the reports that it files or submits under the Exchange Act is accumulated and communicated to our management, including
its principal executive and principal financial officer, to allow timely decisions regarding required disclosure.
It
should be noted that while our disclosure controls and procedures as of December 31, 2023 were designed at the reasonable assurance level,
our management does not expect that our disclosure controls and procedures or internal financial controls will prevent all errors or
fraud. A control system, no matter how well conceived or operated, can provide only reasonable, not absolute, assurance that the objectives
of the control system are met.
B.
Management's Annual Report on Internal Control over Financial Reporting
Our
management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rule
13a-15(f) under the Exchange Act. Internal control over financial reporting is a process designed by, or under the supervision of,
our Principal Executive Officer (Wirawan Jusuf) and Principal Financial Officer (Gregory L. Overholtzer), and effected by our board
of directors, management and other personnel, to provide reasonable assurance regarding the reliability of financial reporting and
the preparation of financial statements for external purposes in accordance with U.S. GAAP, including those policies and procedures
that: (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect our transactions and the
disposition of our assets, (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of
consolidated financial statements in accordance with GAAP and that receipts and expenditures are being made only in accordance with
authorizations of our management and board of directors, and (iii) provide reasonable assurance regarding prevention or timely
detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the consolidated
financial statements.
Because
of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of
any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions,
or that the degree of compliance with policies and procedures may deteriorate.
Management
conducted an evaluation of the effectiveness of our control over financial reporting based on the 2013 framework in Internal Control—Integrated
Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on this evaluation, management concluded
that our internal control over financial reporting was not effective as of December 31, 2023.
In
connection with the audit of our consolidated financial statements for the year ended December 31, 2023, we identified a material weakness
in our internal control over financial reporting as of December 31, 2023. As defined in the standards established by the U.S. Public
Company Accounting Oversight Board (the "PCAOB"), a "material weakness" is a deficiency, or combination of deficiencies,
in internal control over financial reporting, such that there is a reasonable possibility that a material misstatement of the annual
or interim financial statements will not be prevented or detected on a timely basis.
A
material weakness identified with regards to our company related to the lack of sufficient financial reporting and accounting personnel
with appropriate knowledge of U.S. GAAP and SEC reporting requirements to properly address complex U.S. GAAP accounting issues and to
prepare and review our consolidated financial statements and related disclosures to fulfill U.S. GAAP and SEC financial reporting requirements.
111
During
2023, we sought to implement and will continue to implement a number of measures to address the material weakness, including the following
measures:
●
We
    are continuing our efforts to hire additional qualified internal finance and accounting staff with working experience in U.S. GAAP
    and SEC reporting requirements.
●
We
    have also established clear roles and responsibilities for accounting and financial reporting staff to address accounting and financial
    reporting issues.
●
We
    intend to establish an ongoing program to provide sufficient and appropriate training for financial reporting and accounting personnel,
    especially training related to U.S. GAAP and SEC reporting requirements.
●
We
    have engaged and will continue to engage professional financial advisory firms if necessary to provide ongoing training to our finance
    and accounting personnel as well as to strengthen our financial reporting expertise and system.
We
expect to complete the measures discussed above as soon as practicable and will continue to implement measures to remediate our internal
control deficiency to comply with Section 404 of the Sarbanes Oxley Act. We expect that we will incur significant costs in the implementation
of such measures. However, we cannot assure you that all these measures will be sufficient to remediate our material weakness in time,
or at all. If we fail to implement and maintain an effective system of internal controls to remediate our material weakness over financial
reporting, we may be unable to accurately report our results of operations, meet our reporting obligations or prevent fraud, and investor
confidence and the market price of our ordinary shares may be materially and adversely affected.
C.
Attestation Report of the Registered Public Accounting Firm
As
a company with less than US$1.235 billion in revenue for our last fiscal year, we qualify as an "emerging growth company"
pursuant to the JOBS Act. An emerging growth company may take advantage of specified reduced reporting and other requirements that are
otherwise applicable generally to public companies. These provisions include exemption from the auditor attestation requirement under
Section 404 of the Sarbanes-Oxley Act of 2002 in the assessment of the emerging growth company's internal control over financial
reporting for 5 years. Therefore, this annual report contains no such attestation of our registered independent accounting firm.
D.
Changes in Internal Controls Over Financial Reporting
Other
than as described above, there were no changes in our internal controls over financial reporting that occurred during the period covered
by this annual report that have materially affected, or are reasonably likely to materially affect, our internal control over financial
reporting.
ITEM
16. RESERVED
ITEM
16A. AUDIT COMMITTEE FINANCIAL EXPERT
Our
board of directors has determined that Michael L. Peterson, is an independent director and a member and chairperson of our audit committee,
is an "Audit Committee Financial Expert" under Section 407(d)(5) of Regulation S-K promulgated under the Securities and Exchange
Act of 1934, as amended, and the corporate governance rules of NYSE American.
ITEM
16B. CODE OF ETHICS
Our
Code of Ethics ("Code of Ethics") applies to all of our employees, including our chief executive officer, chief financial
officer and principal accounting officer. Our Code of Ethics is available on our corporate website, indo-energy.com. If we amend or grant
a waiver of one or more of the provisions of our Code of Ethics, we intend to file a current report on Form 6-K to disclose amendments
to or waivers from provisions of our Code of Ethics that apply to our principal executive officer, principal financial officer and principal
accounting officer by posting the required information on our website.
112
ITEM
16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES
The
following table sets forth the aggregate fees for audit and other services provided by our independent registered public accounting firm,
Marcum Asia CPAs LLP, for the years ended December 31, 2023 and 2022:
$'000
2022
2023
Audit Fees
1
$
303
$
345
Tax Fees
-
-
All Other Fees
-
-
Total fees
$
303
$
345
(1)
"Audit Fees" represent the aggregate fees billed or to be billed for each of the fiscal years listed for professional services
rendered by our principal auditor for the audit of our annual financial statements.
We
have not engaged Marcum Asia CPAs LLP to provide tax compliance, tax advice, tax planning or any other services.
In
accordance with our charter, the audit committee is required to pre-approve all audit and non-audit services to be performed by our independent
auditors and the related fees for such services other than prohibited non-auditing services as promulgated under rules and regulations
of the SEC (subject to the inadvertent de minimis exceptions set forth in the Sarbanes-Oxley Act of 2002 and the SEC rules). Subsequent
to our initial public offering in December 2020, all services performed by Marcum Asia CPAs LLP for our benefit were pre-approved by
the audit committee in accordance with its charter and all applicable laws, rules and regulations.
ITEM
16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES
Not
applicable.
ITEM
16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
We
did not purchase any ordinary shares from the open market during the period covered by this annual report.
ITEM
16F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT
None.
ITEM
16G. CORPORATE GOVERNANCE
As
a foreign private issuer, as defined in Rule 3b-4 under the Exchange Act, we are permitted to follow certain corporate governance rules
of our home country (the Cayman Islands) in lieu of NYSE American's corporate governance rules. Our corporate governance practices
do not deviate from NYSE American corporate governance rules and we are in full compliance with all other applicable NYSE American corporate
governance standards; provided, however, that (i) in January 2022 in connection with our financing with L1 Capital, we formally adopted
home country practice and thereby opted out of the NYSE American rule that would otherwise require shareholder approval should we issue
more than 19.99% of our then outstanding ordinary shares in a financing that is not a "public offering" at less than the
then current market value, and (ii) on December 22, 2023, we adopted home country practice and thereby opted out of the NYSE American
rule that would otherwise require each issuer listing common stock or voting preferred stock, and/or their equivalents to hold an annual
meeting of shareholders no later than one year after the end of the issuer's fiscal year.
ITEM
16H. MINE SAFETY DISCLOSURE
Not
applicable.
113
PART
III
ITEM
17. FINANCIAL STATEMENTS
See
Item 18 "Financial Statements."
ITEM
18. FINANCIAL STATEMENTS
The
financial information required by this item, together with the reports of Marcum Asia CPAs LLP, is set forth on pages F-1 through F-37
and are filed as part of this annual report.
ITEM
19. EXHIBITS
Exhibit
Incorporated
    Herein by Reference
Filed
Number
Exhibit
    Title
Form
File
    No.
Exhibit
Filing
    Date
Herewith
3.1
Amended and Restated Memorandum of Association of the Registrant
F-1
333-232894
3.1
November
    12, 2019
3.2
Amended and Restated Articles of Association of the Registrant
F-1
333-232894
3.2
November
    12, 2019
10.1
Sale and Purchase of Shares and Receivables Agreement, dated June 30, 2018, by and between the Registrant, Maderic Holding Limited, HFO Investment Group Limited, Opera Cove International Limited and WJ Energy Group Limited.
F-1
333-232894
10.1
July
    30, 2019
10.2
Debt Conversion Agreement, dated June 30, 2018, by and between the Registrant, Maderic Holding Limited and HFO Investment Group Limited
F-1
333-232894
10.2
July
    30, 2019
10.3
Debt Acknowledgement Note, dated June 30, 2018 (Maderic Holding Limited)
F-1
333-232894
10.3
July
    30, 2019
10.4
Debt Acknowledgement Note, dated June 30, 2018 (HFO Investment Group)
F-1
333-232894
10.4
July
    30, 2019
10.5
Contract regarding acquisition of Citarum Block and/or the 2016 joint study regarding the Citarum Block (Joint Study Agreement)
F-1
333-232894
10.5
November
    12, 2019
10.6
Technical Assistance Contract with PT Pertamina in regards to the Kruh Block
F-1
333-232894
10.6
July
    30, 2019
10.7
Letter extending Kruh contract
F-1
333-232894
10.7
August
    21, 2019
10.8
Employment Agreement, dated February 1, 2019, between the Registrant and Dr. Wirawan Jusuf+
F-1
333-232894
10.8
July
    30, 2019
10.9
Share Option Agreement, dated February 1, 2019, between the Registrant and Dr. Wirawan Jusuf+
F-1
333-232894
10.9
July
    30, 2019
10.10
Employment Agreement, dated February 1, 2019, between the Registrant and Frank C. Ingriselli+
F-1
333-232894
10.10
July
    30, 2019
10.11
Share Option Agreement, dated February 1, 2019, between the Registrant and Frank C. Ingriselli+
F-1
333-232894
10.11
July
    30, 2019
10.12
First
    Amendment to Employment Agreement, dated January 23. 2020, between the Company and Frank C. Ingriselli+
6-K
001-39164
10.1
January
    29, 2020
114
10.13
Employment Agreement, dated February 1, 2019, between the Registrant and Chia Hsin "Charlie" Wu+
F-1
333-232894
10.12
July 30, 2019
10.14
Share Option Agreement, dated February 1, 2019, between the Registrant and Chia Hsin "Charlie" Wu+
F-1
333-232894
10.13
July 30, 2019
10.15
Employment Agreement, dated February 1, 2019, between the Registrant and Mirza F. Said+
F-1
333-232894
10.14
July 30, 2019
10.16
Share Option Agreement, dated February 1, 2019, between the Registrant and Mirza F. Said+
F-1
333-232894
10.15
July 30, 2019
10.17
Employment Agreement, dated February 1, 2019, between the Registrant and James J. Huang+
F-1
333-232894
10.16
July 30, 2019
10.18
Share Option Agreement, dated February 1, 2019, between the Registrant and James J. Huang+
F-1
333-232894
10.17
July 30, 2019
10.19
Employment Agreement, dated February 1, 2019, between the Registrant and Gregory L. Overholtzer+
F-1
333-232894
10.18
July 30, 2019
10.20
First
    Amendment to Employment Agreement, dated January 29. 2020, between the Company and Gregory L. Overholtzer+
6-K
001-39164
10.2
January 29, 2020
10.21
Indonesian Energy Corporation Limited 2018 Equity Incentive Plan+
F-1
333-232894
10.19
July 30, 2019
10.22
Securities Purchase Agreement, dated January 21, 2022, between the Company and L1 Capital
6-K
001-39164
10.1
January 25, 2022
10.23
Senior Convertible Promissory Note issued to L1 Capital, dated January 21, 2022
6-K
001-39164
10.2
January 25, 2022
10.24
Form of Ordinary Share Purchase Warrant issued to L1 Capital
6-K
001-39164
10.3
January 25, 2022
10.25
Guaranty, dated January 21, 2022, by WJ Energy Group Limited favor of L1 Capital
6-K
001-39164
10.4
January 25, 2022
10.26
Second
    Amendment to Employment Agreement, dated January 21, 2022, between the Company and Frank C. Ingriselli+
6-K
001-39164
10.5
January 25, 2022
10.27
Second
    Amendment to Employment Agreement, dated January 21, 2022, between the Company and Gregory L. Overholtzer+
6-K
001-39164
10.6
January 25, 2022
10.28
First Amendment to Securities Purchase Agreement, dated March 4, 2022, between the Company and L1 Capital
6-K
001-39164
10.1
March 9, 2022
10.29
Amended and Restated Senior Convertible Promissory Note issued to L1 Capital, dated March 4, 2022
6-K
001-39164
10.2
March 9, 2022
10.30
Second Amended and Restated Senior Convertible Note issued to L1 Capital, dated May 16, 2022.
6-K
001-39164
10.1
May 16, 2022
10.31
At The Market Offering Agreement, dated July 22, 2022, by and between the Company and H.C. Wainwright & Co., LLC
6-K
001-39164
1.1
July 22, 2022
10.32
First Amendment to At The Market Offering Agreement, dated March 22, 2024, by and between the Company and and H.C. Wainwright & Co., LLC
F-3
333-278175
10.7
March 22, 2024
10.33
English Translation of Amendment to Operations Cooperation Agreement for Kruh Block, dated August 9, 2023, between PT Pertamina EP and PT Green World Nusantara (the Company's subsidiary) ^
6-K
001-39164
10.1
September 28, 2023
10.34
Third
    Amendment to Employment Agreement, dated December 28, 2023, between the Company and Frank C. Ingriselli
.
6-K
001-39164
10.1
January 3, 2024
10.35
Third
    Amendment to Employment Agreement, dated January 1, 2024, between the Company and Gregory L. Overholtzer.
6-K
001-39164
10.2
January 3, 2024
10.36
First Amendment to Employment Agreement, dated January 16, 2024, between the Company and Mirza F. Said.
6-K
001-39164
10.1
January 18, 2024
10.37
First Amendment to Employment Agreement, dated January 16, 2024, between the Company and Chia Hsin "Charlie" Wu.
6-K
001-39164
10.2
January 18, 2024
21.1
Subsidiaries of the registrant
F-1
333-232894
21.1
July 30, 2019
12.1
Certification of Chief Executive Officer Pursuant to Rule 13a-14(a)/Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted by Section 302 of the of the Sarbanes-Oxley Act of 2002*
X
115
12.2
Certification of Chief Financial Officer Pursuant to Rule 13a-14(a)/Rule 15d-14(a) of the Securities Exchange Act of 1934, as adopted by Section 302 of the of the Sarbanes-Oxley Act of 2002*
X
13.1
Certification of Chief Executive Officer Pursuant to 18 U.S.C. section 1350, as adopted by Section 906 of the Sarbanes-Oxley Act of 2002*
X
13.2
Certification of Chief Financial Officer Pursuant to 18 U.S.C. section 1350, as adopted by Section 906 of the Sarbanes-Oxley Act of 2002*
X
23.1
Consent of Marcum Asia CPAs LLP
X
99.1
Nominating and Corporate Governance Committee Charter
F-1
333-232894
99.1
July 30, 2019
99.2
Compensation Committee Charter
F-1
333-232894
99.2
July 30, 2019
99.3
Audit Committee Charter
F-1
333-232894
99.3
July 30, 2019
99.4
Home Country Exemption Letter
6-K
001-39164
99.1
December 22, 2023
99.5
Executive Compensation Clawback Policy
X
99.6
Insider Trading Policies and Procedures
101.INS
Inline XBRL Instance Document
X
101.SCH
Inline XBRL Taxonomy Extension Schema
Document
X
101.CAL
Inline XBRL Taxonomy Extension Calculation
Linkbase Document
X
101.DEF
Inline XBRL Taxonomy Extension Definition
Linkbase Document
X
101.LAB
Inline XBRL Taxonomy Extension Label
Linkbase Document
X
101.PRE
Inline XBRL Taxonomy Extension Presentation
Linkbase Document
X
104
Cover Page Interactive Data File
(embedded within the Inline XBRL document)
+
Management
    contract or compensatory plan or arrangement.
*
Furnished
    herewith
^
Certain
portions of this exhibit (indicated by "[***]") have been omitted pursuant to Regulation S-K, Item 601(b)(10) as the Company
has determined such portions are both not material and are of the type that the Company treats as private or confidential.
116
SIGNATURES
The
registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized
the undersigned to sign this annual report on its behalf.
INDONESIA
    ENERGY CORPORATION LIMITED
By:
/s/
    Dr. Wirawan Jusuf
Name:
Dr.
    Wirawan Jusuf
Title:
Chairman
    & Chief Executive Officer
Date:
April 26, 2024
117
INDONESIA
ENERGY CORPORATION LIMITED
INDEX
TO CONSOLIDATED FINANCIAL STATEMENTS
Page
Report of Independent Registered Public Accounting Firm
(PCAOB ID No:
5395
)
F-2
Consolidated Balance Sheets as of December 31, 2023 and 2022
F-3
Consolidated Statements of Operations and Comprehensive Loss for the Years Ended December 31, 2023, 2022 and 2021
F-4
Consolidated Statements of Changes in Shareholders' Equity for the Years Ended December 31, 2023, 2022 and 2021
F-5
Consolidated Statements of Cash Flows for the Years Ended December 31, 2023, 2022 and 2021
F-6
Notes to the Consolidated Financial Statements
F-7
F-
1
REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
To
the Shareholders and Board of Directors of Indonesia Energy Corporation Limited
Opinion
on the Financial Statements
We
have audited the accompanying consolidated balance sheets of Indonesia Energy Corporation Limited (the "Company") as of December
31, 2023 and 2022, the related consolidated statements of operations and comprehensive loss, changes in shareholders' equity and
cash flows for each of the three years in the period ended December 31, 2023, and the related notes (collectively referred to as the
"financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial
position of the Company as of December 31, 2023 and 2022, and the results of its operations and its cash flows for each of the three
years in the period ended December 31, 2023, in conformity with accounting principles generally accepted in the United States of America.
Basis
for Opinion
These
financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on the Company's
financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight
Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S.
federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We
conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits
to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.
The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part
of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose
of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no
such opinion.
Our
audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error
or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding
the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and
significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that
our audits provide a reasonable basis for our opinion.
/s/
Marcum Asia CPAs LLP
Marcum
Asia CPAs LLP
We
have served as the Company's auditor since 2018.
Beijing,
China
April 26, 2024
F-
2
INDONESIA
ENERGY CORPORATION LIMITED
CONSOLIDATED
BALANCE SHEETS
December 31, 2023
December 31, 2022
Current assets
Cash
$
2,009,687
$
5,895,565
Restricted cash
1,567,500
-
Accounts receivables
582,335
468,153
Prepayment and other current assets
1,920,576
1,504,101
Total current assets
6,080,098
7,867,819
Non-current assets
Restricted cash
420,000
1,500,000
Property and equipment, net
109,017
201,495
Oil and gas property - subject to amortization, net
7,111,624
7,469,820
Oil and gas property - not subject to amortization
1,155,439
1,151,804
Right of use assets, net
1,097,168
351,446
Deferred charges
938,392
1,013,698
Other non-current assets, net
812,943
1,018,246
Total non-current assets
11,644,583
12,706,509
Total assets
$
17,724,681
$
20,574,328
Liabilities and Equity
Current liabilities
Accounts payables
$
753,823
$
719,095
Short-term operating lease liabilities
629,325
255,845
Accrued expenses
152,078
23,945
Taxes payable
60,698
147,797
Other current liabilities
17,941
70,085
Total current liabilities
1,613,865
1,216,767
Non-current liabilities
Asset retirement obligations
352,636
448,720
Warrant liabilities
482,219
1,389,643
Long-term operating lease liabilities
467,843
95,601
Provision for post-employment benefits
118,250
99,588
Total non-current liabilities
1,420,948
2,033,552
Total liabilities
$
3,034,813
$
3,250,319
Commitments and contingencies
-
-
Shareholders' Equity
Preferred shares (par value $
0.00267
;
3,750,000
shares authorized,
nil
shares issued and outstanding as of December 31, 2023 and 2022, respectively)
-
-
Ordinary shares (par value $
0.00267
;
37,500,000
shares authorized,
10,142,694
shares issued and outstanding as of December 31, 2023 and 2022)
$
27,046
$
27,046
Additional paid-in capital
54,147,769
54,147,769
Accumulated deficit
(
39,583,437
)
(
36,940,753
)
Accumulated other comprehensive income
98,490
89,947
Total shareholders' equity
14,689,868
17,324,009
Total liabilities and shareholders' equity
$
17,724,681
$
20,574,328
The
accompanying notes are an integral part of these consolidated financial statements.
F-
3
INDONESIA
ENERGY CORPORATION LIMITED
CONSOLIDATED
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
Years Ended December 31,
2023
2022
2021
Revenue
$
3,525,454
$
4,097,403
$
2,452,540
Operating costs and expenses:
Lease operating expenses
2,950,869
2,953,254
2,492,476
Depreciation, depletion and amortization
702,217
1,139,723
810,855
General and administrative expenses
3,368,029
4,602,656
5,250,618
Total operating costs and expenses
7,021,115
8,695,633
8,553,949
Loss from operations
(
3,495,661
)
(
4,598,230
)
(
6,101,409
)
Other income (expense):
Change in fair value of warrant liability
907,424
2,878,660
-
Foreign currency exchange gain
136,788
(
130,684
)
28,489
Allowance on other receivable
59,604
-
-
Issuance loss of warrants
-
(
133,325
)
-
Issuance costs allocated to warrant liability
-
(
465,577
)
-
Other (expense) income, net
(
131,631
)
(
673,436
)
(
10,459
)
Total other income, net
852,977
1,475,638
18,030
Loss before income tax
(
2,642,684
)
(
3,122,592
)
(
6,083,379
)
Income tax provision
-
-
-
Net loss
(
2,642,684
)
(
3,122,592
)
(
6,083,379
)
Comprehensive loss:
Net loss
(
2,642,684
)
(
3,122,592
)
(
6,083,379
)
Actuarial gain for post-employment benefits
8,543
59,243
30,704
Total comprehensive loss
(
2,634,141
)
(
3,063,349
)
(
6,052,675
)
Loss per ordinary share
Basic and diluted
$
(
0.26
)
$
(
0.35
)
$
(
0.82
)
Weighted average ordinary shares outstanding
*
Basic and diluted
10,142,694
8,888,421
7,420,414
*
The shares are
presented on a retroactive basis to reflect the reverse stock split.
The
accompanying notes are an integral part of these consolidated financial statements.
F-
4
INDONESIA
ENERGY CORPORATION LIMITED
CONSOLIDATED
STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY
Preferred Shares, $0.00267 Par Value
Ordinary Shares, $0.00267 Par Value
Additional
Accumulated Other
Number
of Shares
Amount
Number of Shares
Amount
Paid-in
Capital
Accumulated Deficit
Comprehensive Income
Total Equity
Balance as of December 31, 2020
-
$
-
7,407,955
$
19,754
$
40,073,087
$
(
27,734,782
)
$
-
$
12,358,059
Net loss
-
-
-
-
-
(
6,083,379
)
-
(
6,083,379
)
Actuarial gain for post-employment benefits
-
-
-
-
-
-
30,704
30,704
Issuance of shares for compensation of employee and nonemployee services
-
-
40,000
107
225,669
-
-
225,776
Share-based compensation
-
-
-
-
1,288,583
-
-
1,288,583
Balance as of December 31, 2021
-
$
-
7,447,955
$
19,861
$
41,587,339
$
(
33,818,161
)
$
30,704
$
7,819,743
Net loss
-
-
-
-
-
(
3,122,592
)
59,243
(
3,063,349
)
Issuance of ordinary shares by ATM offering
-
-
458,375
1,222
4,365,420
-
-
4,366,642
Conversion of Convertible Note
-
-
1,650,000
4,400
4,028,639
-
-
4,033,039
Exercise of warrants
-
-
325,000
866
3,429,799
-
-
3,430,665
Issuance of shares in exchange of service
62,105
166
210,607
210,773
Exercise of options
-
-
199,259
531
(
531
)
-
-
-
Share-based compensation
-
-
-
-
526,496
-
-
526,496
Balance as of December 31, 2022
-
$
-
10,142,694
$
27,046
$
54,147,769
$
(
36,940,753
)
$
89,947
$
17,324,009
Net loss
-
-
-
-
-
(
2,642,684
)
-
(
2,642,684
)
Actuarial gain for post employment
-
-
-
-
-
-
8,543
8,543
Balance as of December 31, 2023
-
$
-
10,142,694
$
27,046
$
54,147,769
$
(
39,583,437
)
$
98,490
14,689,868
*
The shares are presented
    on a retroactive basis to reflect the reverse stock split.
The
accompanying notes are an integral part of these consolidated financial statements.
F-
5
INDONESIA
ENERGY CORPORATION LIMITED
CONSOLIDATED
STATEMENTS OF CASH FLOWS
Years Ended December 31,
2023
2022
2021
Cash flows from operating activities
Net loss
$
(
2,642,684
)
$
(
3,122,592
)
$
(
6,083,379
)
Adjustments to reconcile net loss to net cash used in operating activities
Issuance loss of warrants
-
133,325
-
Insurance costs allocated to warrant liability
-
465,577
-
Change in fair value of warrant liability
(
907,424
)
(
2,878,660
)
-
Depreciation, depletion and amortization
702,217
1,139,723
810,855
Amortization of deferred charges
75,306
75,306
78,991
Amortization on Right of Use Asset
472,777
353,997
-
Amortization of issuance discount on Convertible note
(
52,144
)
646,250
-
Allowance on other receivable
59,604
-
-
Share-based compensation
-
526,496
1,288,583
Issuance of shares for compensation of employee and non-employee services
-
210,773
225,776
Post-employment benefits costs
27,205
43,438
77,396
Changes in operating assets and liabilities
Accounts receivable
(
114,182
)
529,588
134,213
Prepayment and other current assets
(
1,026,079
)
(
564,100
)
(
234,065
)
Other non-current assets
755,303
(
98,727
)
209,002
Accounts payable
102,925
(
255,154
)
-
Other current liabilities
-
(
2,649
)
1,469
Accrued expenses
128,133
(
119,853
)
(
40,403
)
Taxes payable
(
87,099
)
63,121
(
17,094
)
Operating lease liabilities
(
472,777
)
(
353,997
)
-
Net cash used in operating activities
(
2,978,919
)
(
3,208,138
)
(
3,548,656
)
Cash flows from investing activities
Oil and gas exploration and development costs
(
419,459
)
(
5,414,817
)
(
2,448,270
)
Purchase of property and equipment
-
(
1,684
)
(
311,559
)
Net cash used in investing activities
(
419,459
)
(
5,416,501
)
(
2,759,829
)
Cash flows from financing activities
Proceeds from issuance of convertible notes and warrants, net of issuance cost
-
8,589,000
-
Proceeds from exercise of warrant shares
-
1,950,000
-
Proceeds from issuance of ordinary shares by ATM offering, net of issuance cost
-
4,366,642
-
Repayment of bank loan
-
(
980,452
)
-
Repayment of long term loan to a third party
-
(
1,000,000
)
-
Net cash provided by financing activities
-
12,925,190
-
Net change in cash and restricted cash
(
3,398,378
)
4,300,551
(
6,308,485
)
Cash and restricted cash at beginning of year
7,395,565
3,095,014
9,403,499
Cash and restricted cash at end of year
$
3,997,187
$
7,395,565
$
3,095,014
Supplementary disclosure of cash flow information:
Cash paid for:
Interest
$
-
$
23,836
$
15,673
Income tax
$
-
$
-
$
-
Reconciliation of cash and
        restricted cash
Cash
$
2,009,687
$
5,895,565
$
595,014
Restricted Cash - current
1,567,500
-
1,000,000
Restricted Cash - non-current
420,000
1,500,000
1,500,000
$
3,997,187
$
7,395,565
$
3,095,014
Non-cash investing and financing activities
Addition of asset retirement obligations
$
42,998
$
188,873
$
-
Purchase of oil and gas property financed by accounts payable
$
-
$
-
$
1,061,945
Conversion of Convertible Note to ordinary shares
$
-
$
4,033,040
$
-
Right-of-use assets acquired under operating leases in exchange for operating liabilities
$
169,094
$
705,443
$
-
The
accompanying notes are an integral part of these consolidated financial statements.
F-
6
INDONESIA
ENERGY CORPORATION LIMITED
NOTES
TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTE
1 –
ORGANIZATION AND PRINCIPAL ACTIVITIES
Indonesia
Energy Corporation Limited (the "Company" or "IEC")
Indonesia
Energy Corporation Limited was formed on April 24, 2018 as an exempted company with limited liability under the laws of the Cayman Islands
and is a holding company for WJ Energy Group Limited (or "WJ Energy"), which in turn owns
100
% of the operating subsidiaries
in Indonesia, which are described below. The Company has two shareholders: Maderic Holding Limited (or "Maderic") and HFO
Investment Group (or "HFO"), which hold
87.04
% and
12.96
%, respectively, of IEC's outstanding shares, prior to the
initial public offering ("IPO"). Certain of IEC's officers and directors own interests in Maderic and HFO. The Company,
through its subsidiaries in Hong Kong and in Indonesia, is an oil and gas exploration and production company focused on the Indonesian
market. The Company currently holds two oil and gas assets through subsidiaries in Indonesia: one producing block (the "Kruh Block")
and one exploration block (the "Citarum Block"). The Company also identified a potential third exploration block (the "Rangkas
Area").
The
following diagram illustrates the Company's structure, including its consolidated holding and operating subsidiaries as of December
31, 2023
F-
7
Corporate
Structuring
Details
of the subsidiaries of the Company as of December 31, 2023 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
Kruh
Block Technical Assistance Contract ("TAC") and Joint Operation Partnership ("KSO")
The
Company's revenue and potential for profit depend mostly on the level of oil production in Kruh Block and the Indonesian Crude
Price ("ICP") that is correlated to international crude oil prices.
The
Kruh Block operation was governed by the TAC established between GWN and PT Pertamina (Persero) ("Pertamina"), under
which the Company had the operatorship to, but not the ownership of, the extraction and production of oil from the designated oil
deposit location in Indonesia until May 2020 and the operatorship of Kruh Block continued as a KSO from May 2020 until May 2030,
which was further extended to September 2035 in August 2023. This extension effectively gives the Company 13 years to fully develop
the existing
three oil fields, and five other undeveloped
oil and gas bearing structures at Kruh Block. Further,
the Amended KSO increases our after-tax profit split from 15% to 35%, for an
increase of more than 100%, and increases cost recovery cap from 80% to 100%.
During the operations, the Company paid all
expenditures and obligations incurred including but not limited to exploration, development, extraction, production, transportation,
abandonment and site restoration. These costs, depending on the purpose, are either capitalized on the balance sheet as Oil and gas
property – subject to amortization, net, or expensed as lease operating expenses. Section "Oil & Gas Property, Full
Cost Method" of Note 2 provides further discussion about the accounting treatment of these costs.
On
a monthly basis, based on TAC, the Company submitted to Pertamina an Entitlement Calculation Statement ("ECS") stating the
amount of money that GWN is entitled to. Such entitlement is made through the proceeds of the sale, conducted by Pertamina, of the crude
oil produced in the block on a monthly basis based on the prevailing ICP, but capped at
65
% of such monthly proceeds. In addition, the
Company is also entitled to an additional
26.79
% of the remaining
35
% of the proceeds from the sale of the crude oil as part of the profit
sharing. Both of these
two
portions of entitlements are recognized as revenue of the Company, net of tax. Section "Revenue Recognition"
of Note 2 provides further discussion about the accounting treatment of these entitlements.
After
May 2020, the Company continued the operatorship of Kruh Block under a KSO contract. In essence, the TAC and KSO are very similar in
nature due to its "cost recovery" system, with a few important differences to note. The main differences between the two
contracts are that: (1) in the TAC, all oil produced is shareable between Pertamina and its contractor, while in the KSO, a Non-Shareable
Oil (NSO) production is determined and agreed between Pertamina and its partners so that the baseline production, with an established
decline rate, belongs entirely to Pertamina, so that the partners' revenue and production sharing portion shall be determined only
from the production above the NSO baseline; (2) in the TAC, the cost recovery was capped at
65
% of the proceeds
from the sale of the oil produced in the block, while in the KSO, the cost recovery is capped at
100
% of the proceeds from
the sale of the oil produced within Kruh Block for the cost incurred during the term under the KSO plus
80
% of the operating cost per
barrel of oil ("bbl") multiplying NSO. Any remaining cost recovery balance from the KSO period of contract is carried over
to the next period, although the cost recovery balance from the TAC contract were not carried over to the KSO, meaning that the cost
recovery balance was reset to nil with the commencement of the operatorship under the KSO in May 2020. As of December 31, 2023 and 2022,
the unrecovered expenditures on KSO operations are $
6,521,865
and $
6,700,186
, respectively.
F-
8
NOTE
2 –
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Basis
of presentation and consolidation
The
consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the
United States of America ("US GAAP").
The
consolidated financial statements include the financial statements of the Company and all its majority-owned subsidiaries from the dates
they were acquired or incorporated. All intercompany balances and transactions have been eliminated in consolidation.
Use
of estimates
The
preparation of the consolidated financial statements in conformity with US GAAP requires management of the Company to make a number of
estimates and assumptions relating to the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities
at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Significant
accounting estimates reflected in the Company's consolidated financial statements include but are not limited to estimates and
judgments applied in the valuation of warrant liabilities, allowance for receivables, estimated useful lives of property and equipment,
depletion and impairment of oil and gas
property
, impairment of long-lived assets, asset retirement obligations, provision for post-employment benefit, income taxes, related deferred tax valuation allowances and going concern forecast. Actual results could differ from those estimates and judgments.
Cash
Cash
consists of cash on hand and bank deposits, which are unrestricted as to withdrawal and use. The Company had
no
cash equivalents as of
December 31, 2023 and 2022.
Restricted
cash
Restricted
cash includes cash pledged for bank loan facilities, cash deposits in special account for the abandonment and site restoration and as
performance guarantee in the oil and gas concessions in which the Company operates.
Foreign
Currency Transaction
The
reporting currency of the Company is United States dollar ("USD", "dollar"). The currency of the primary economic
environment in which the operations of the Company are conducted is dollar. Therefore, the dollar has been determined to be the Company's
functional currency. Non-dollar transactions and balances have been translated into dollars for financial reporting purposes. Transactions
in foreign currency (primarily in Indonesian Rupiahs – "IDR") are recorded at the exchange rate as of the transaction
date. Monetary assets and liabilities denominated in foreign currency are translated on the basis of the representative rates of exchange
at the balance sheet dates. All exchange gains and losses from re-measurement of monetary balance sheet items denominated in non-dollar
currencies are reflected in the statement of operations as they arise.
Accounts
receivable and other receivables
The
Company adopted ASU2016-13 from January 1, 2023. In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses
(Topic 326): Measurement of Credit Losses on Financial Instruments, which is intended to improve financial reporting by requiring timelier
recording of credit losses on loans and other financial instruments held by financial institutions and other organizations. The standard
will replace incurred loss approach with an expected loss model for instruments measured at amortized cost. After review of accounts
receivable and other receivables as of January 1, 2023, there is no cumulative-effect adjustment to retained earnings for the beginning
balances.
Accounts
receivable and other receivables as of December 31, 2023 are recorded at net realizable value consisting of the carrying amount less
an allowance for expected credit losses as needed. All expected credit losses were measured for financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. The Company uses forward-looking information to better inform our credit
loss estimates. We will continue to use judgment to determine which loss estimation method is appropriate for their circumstances. Account
balances are charged off against the allowance after all means of collection have been exhausted and the potential for recovery is
considered remote. The Company did not have any off-balance-sheet credit exposure relating to its customers, suppliers or others.
For the years ended December 31, 2023, the Company recorded $
59,604
allowances for doubtful accounts against its other receivables. For the year ended December 31, 2022 and 2021, the Company did not
record any allowances for doubtful accounts against its accounts receivable and other receivables nor did it charge off any such
amounts.
F-
9
Credit
and concentration risk
As
of December 31, 2023 and 2022, all of the Company's accounts receivable result from the entitlement of Oil & Gas Property subject
to amortization and profit sharing from the sale of the crude oil under the KSO by Pertamina. This concentration of receivables from
one party may impact the Company's overall credit risk, either positively or negatively, in that Pertamina may be similarly affected
by changes in economic or other conditions.
For
the years ended December 31, 2023, 2022 and 2021,
100
% of the Company's revenues were generated through the operatorship of Kruh
Block. The Company does not believe that there will be any material adverse change in the operatorship of Kruh Block or the KSO.
The
Company places its cash and restricted cash, with reputable financial institutions that have high-credit ratings and quality. There has
been no recent history of default in relation to these financial institutions.
Property
and equipment, net
Property
and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Cost represents the purchase price
of the asset and other costs incurred to bring the asset into its existing use. Maintenance and repairs are charged to expense; major
additions to physical properties are capitalized.
Depreciation
of leasehold improvements is provided using the straight-line method over the shorter of the remaining lease term or their estimated
useful lives. Except for leasehold improvements, depreciation of other property and equipment are 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
Leasehold improvements
Shorter
    of the remaining lease terms or 5 years
Drilling and production tools
5
    years
Equipment
5
    years
Upon
sale or disposal, the applicable amounts of asset cost and accumulated depreciation are removed from the accounts and the net amount
less proceeds from disposal is charged or credited to the consolidated statement of operations.
Impairment
of long-lived assets
The
Company reviews its long-lived assets or asset group for impairment whenever events or changes in circumstances indicate that the carrying
amount of an asset or asset group may no longer be recoverable. When these events occur, the Company assesses the recoverability of the
long-lived assets or asset group by comparing the carrying value of the long-lived assets or asset group to the estimated undiscounted
future cash flows expected to result from the use of the assets or asset group and their eventual disposition, when the estimated undiscounted
future cash flows is lower than the carrying value, an impairment loss is recognized in the consolidated statements of operations and
comprehensive loss for the difference between the fair value, using the expected future discounted cash flows, and the carrying value
of the assets.
Oil
and gas property, net
The
Company follows the full-cost method of accounting for the oil and gas property. Under the full-cost method, all productive and
non-productive costs incurred in the acquisition, exploration and development associated with properties with proven reserves, under
the KSO for Kruh Block, are capitalized. As of December 31, 2023 and 2022, all capitalized costs associated with Kruh's
reserves were subject to amortization. Capitalized costs are subject to a quarterly ceiling test that limits such costs to the
aggregate of the present value of estimated future net cash flows of proved reserves, computed using the unweighted arithmetic
average of the first-day-of the-month oil and gas prices for each month within the 12-month period prior to the end of reporting
period, discounted at
10
%,
and the lower of cost or fair value of proved properties. If unamortized costs capitalized exceed the ceiling, the excess is charged
to expense in the period the excess occurs. There were no cost ceiling write-downs for the years ended December 31, 2023, 2022 and
2021.
F-
10
Depletion
for each of the reported periods is computed on the units-of-production method. Depletion base is the total capitalized oil and gas property
in the previous period, plus the current period capitalization and future development costs. Furthermore, the depletion rate is calculated
as the depletion base divided by the total estimated proved reserves that expected to be extracted during the operatorship. Then, depletion
is calculated as the production of the period times the depletion rate.
For
the years ended December 31, 2023, 2022 and 2021, the estimated proved reserves were considered based on the operatorship of the Kruh Block
under the TAC through May 2020 and then the KSO from June 2020 and expiring in September 2035.
The
costs associated with properties with unproved reserves or under development, such as Production Sharing Contract ("PSC")
Citarum Block, are not initially included in the full-cost depletion base. The costs include but are not limited to unproved property
acquisition costs, seismic data and geological and geophysical studies associated with the property. These costs are transferred to the
depletion base once the reserve has been determined as proven.
Operating
Leases
The
Company adopted Accounting Standards Codification 842 ("ASC 842") on January 1, 2022 using a modified retrospective approach
reflecting the application of the standard to leases existing at, or entered into after, the beginning of the earliest comparative period
presented in the consolidated financial statements. The Company elected the package of practical expedients permitted under the transition
guidance within ASC 842, which among other things, allows the Company to carry forward certain historical conclusions reached under ASC
Topic 840 regarding lease identification, classification, and the accounting treatment of initial direct costs. The Company elected not
to record assets and liabilities on its consolidated balance sheet for new or existing lease arrangements with terms of 12 months or
less. The Company recognizes lease expenses for such lease on a straight-line basis over the lease term.
The
most significant impact upon adoption relates to the recognition of new Right-of-use ("ROU") assets and lease liabilities
on the Company's consolidated balance sheets for office space leases. At the commencement date of a lease, the Company recognizes
a lease liability for future fixed lease payments and a right-of-use ("ROU") asset representing the right to use the underlying
asset during the lease term. The lease liability is initially measured as the present value of the future fixed lease payments that will
be made over the lease term. The lease term includes periods for which it's reasonably certain that the renewal options will be
exercised and periods for which it's reasonably certain that the termination options will not be exercised. The future fixed lease
payments are discounted using the rate implicit in the lease, if available, or the incremental borrowing rate ("IBR")
on a collateralized basis for a similar term as the underlying lease. The Company will evaluate the carrying value of ROU assets if there
are indicators of impairment and review the recoverability of the related asset group. If the carrying value of the asset group is determined
to not be recoverable and is in excess of the estimated fair value, the Company will record an impairment loss in other expenses in the
consolidated statements of operations.
F-
11
Deferred
charges
Deferred
charges mainly represent the compensation paid for the acquisition of the oil and gas mineral rights to the employer of the block, such
as Pertamina or SKK Migas, for information, equipment and services, signature bonus and other fees required by law for the operatorship
of a TAC, KSO or PSC. As these payments are made as part of the requirements for the participating in the bidding of the oil and gas
operatorship contract, such payments are amortized on a straight-line basis throughout the contract period.
Asset
retirement obligations
The
Company measures its obligations for the retirement of the oil fields using various assumptions such as the expected period upon the
expiry of the contract and the complete depletion of the oil deposits underground, the degree of the damage the operation had done to
the oil field, and the related governmental requirements imposed on the Company as a contractor. The asset retirement obligation is reviewed
and adjusted each quarter for any liabilities incurred or settled during the period, accretion expense and any revisions made to the
estimated cash flows and changes required by Pertamina.
As
of December 31, 2023 and 2022, asset retirement obligations were $
352,636
and $
448,720
, respectively.
Provision
for post-employment benefit
Post-employment
benefits are recognized, pursuant to the regulatory requirements under the Indonesia Labor Law Article 167 Law No. 13 of 2003, to capture
the amount the Company is obligated to pay, in lump-sum, to the employees hired under the governance of the KSO upon its maturity.
Such recognition is reviewed on an annual basis during the period in which the employees provide their services to the Company and is
performed through the involvement of an actuary.
Actuarial
gains or losses are recognized in the other comprehensive income ("OCI") and excluded permanently from net profit or loss.
Expected returns on plan assets are not recognized in net profit or loss. Expected returns are replaced by recognizing interest income
(or expense) on the net defined asset (or liability) in net profit or loss, which is calculated using the discount rate used to measure
the pension obligation. See note 13 for further information.
All
past service costs will be recognized at the earlier of when the amendment/curtailment occurs or when the entity recognizes related restructuring
or termination costs.
Such
changes are made in order that the net pension assets or liabilities are recognized in the statement of financial position to reflect
the full value of the plan deficit or surplus.
Revenue
recognition
The
Company adopted ASC Topic 606, "Revenue from Contracts with Customers" on January 1, 2019, using the modified retrospective
method applied to contract that was not completed as of January 1, 2019, the TAC with Pertamina. Under the modified retrospective method,
prior period financial positions and results were not adjusted. The cumulative effect adjustment recognized in the opening balances included
no significant changes as a result of this adoption.
The
Company recognizes revenue from the entitlement of Oil and gas property - Kruh Block ECS and profit sharing from the sale of the
crude oil under the KSO with Pertamina, when the ECS have been submitted to Pertamina after the monthly ICP has been published by
the Government of Indonesia. The only performance obligation of the Company is to deliver the crude oil it produces to Pertamina
Jirak Gathering Station ("Pertamina-Jirak"), located approximately 3 miles away from Kruh Block. After the volume and
quality of the crude oil delivered is accepted and recorded by Pertamina, Pertamina is responsible for the ultimate sales of the
crude to the end-users. The total volume of crude oil sold is confirmed by Pertamina and, combining with the monthly published ICP,
the Company calculates the entire amount of its entitlement with Pertamina through the Entitlement Calculation Sheets, at which
point revenue is recognized by the end of each month.
F-
12
The
revenue was calculated based on the proceeds of the sales of the crude oil produced by the Company and conducted by Pertamina,
for TAC with a
65
%
cap on the proceeds of such sale as part of the cost recovery scheme, on a monthly basis, calculated by multiplying the quantity of
crude oil produced by the Company and the prevailing ICP published by the Government of Indonesia. In addition, the Company was also
entitled to an additional
26.7857
%
of the remaining
35
%
of such sales proceeds as part of the profit sharing. Both of these two portions were recognized as revenue of the Company, net of
tax. For KSO with a
80
%
cap on the proceeds of such sale as part of the cost recovery scheme, on a monthly basis, calculated by multiplying the quantity of
crude oil produced by the Company and the prevailing ICP published by the Government of Indonesia plus
100
%
of the operating cost per bbl multiplying NSO. In addition, the Company is also entitled to an additional
52.7963
%
of the remaining
20
%
of such sales proceeds as part of the profit sharing. In the TAC, all oil produced was shareable between Pertamina and the Company,
while in the KSO, a NSO production is determined and agreed between Pertamina and the Company so that the baseline production, with
an established decline rate, belongs entirely to Pertamina, so that the Company's revenue and production sharing portion shall
be determined only from the production above the NSO baseline.
The
Company does not have any contract assets (unbilled receivables) since revenue is recognized when control of the crude oil is transferred
to the refinery and the payment for the crude oil is not contingent on a future event.
There
were no contract liabilities as of December 31, 2023 and 2022.
Income
taxes
The
Company follows the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities
are recorded for the estimated future tax consequences attributable to the differences between the financial carrying amounts of existing
assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using the tax rate in effect
for the year in which those temporary differences are expected to reverse. The effect of a change in tax rates on deferred tax assets
and liabilities is recognized in the year of the enacted rate change. A valuation allowance is established to reduce deferred tax assets
if it is more likely than not that the related tax benefits will not be realized.
Uncertain
tax positions
The
Company follows the guidance of ASC Topic 740 "Income taxes", which prescribes a more likely than not threshold for financial
statement recognition and measurement of a tax position taken or expected to be taken in a tax return. This Topic also provides guidance
on recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting
for interest and penalties associated with tax positions, accounting for income taxes in interim periods, and income tax disclosures.
The Company recognizes interest on non-payment of income taxes and penalties associated with tax positions when a tax position does not
meet more likely than not thresholds be sustained under examination. The tax returns of the IEC's subsidiaries are subject to examination
by the relevant tax authorities. According to the Directorate General of Tax of the Republic of Indonesia, the statute of limitations
is 10 years for the company keeping the documents transaction for tax examination. There is no statute of limitation in the case of tax
evasion. The Company recognizes the provisions and any interest and penalties within the income tax expense line item in the accompanying
Consolidated Statements of Operations. The accrued provisions and any related interest and penalties are included in the other tax liabilities
account.
For
the years ended December 31, 2023, 2022 and 2021, the Company did not have any material interest or penalties associated with tax positions
nor did the Company have any significant unrecognized uncertain tax benefits. The Company does not expect that its assessment regarding
unrecognized tax position will materially change over the following 12 months. The Company is not currently under examination by an income
tax authority, nor has been notified that an examination is contemplated.
Warrant
Liabilities
The
Company accounts for the warrants issued in connection with its convertible note financing (see note 8) in 2022 in accordance with the
guidance contained in Accounting Standards Codification ("ASC") 815-40 Derivatives and Hedging - Contracts in Entity's
Own Equity ("ASC 815") under which the warrants do not meet the criteria for equity treatment and will be recorded as liabilities.
Accordingly at initial recognition, the Company classifies such warrants as liabilities at their fair value. This warrant liability is
subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the consolidated
statements of operations. Such warrants are valued using the Black-Scholes option-pricing model as no observable traded price was available
for such warrants. See note 8 for further information.
F-
13
Fair
value of financial instruments
The
Company records certain of its financial assets and liabilities at fair value on a recurring basis. Fair value is considered to be the
price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants
at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded
at fair value, the Company considers the principal or most advantageous market in which it would transact and considers assumptions that
market participants would use when pricing the asset or liability. The established fair value hierarchy requires an entity to maximize
the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument's categorization
within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three
levels of inputs may be used to measure fair value include:
Level
1 applies to assets or
    liabilities for which there are quoted prices in active markets for identical assets or liabilities.
Level
2 applies to assets or
    liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability
    such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets
    with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs
    are observable or can be derived principally from, or corroborated by, observable market data.
Level
3 applies to assets or
    liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair
    value of the assets or liabilities.
The
carrying values of the Company's financial instruments, including cash, restricted cash, accounts receivable, other current assets,
accounts payables, other current liabilities, accrued expenses and tax payables, approximate their fair values due to the short-term
nature of these instruments.
The
following tables present information about the Company's assets and liabilities that are measured at fair value on a recurring
basis as of December 31, 2023 and 2022, indicate the fair value hierarchy of the valuation techniques that the Company utilized to determine
such fair value:
Description:
Quoted Prices in Active Markets
(Level 1)
Significant other Observable Inputs
(Level 2)
Significant other Unobservable Inputs
(Level 3)
December 31, 2023
L1 Capital Warrants (See note 8)
$
-
$
-
$
482,219
Provision for post-employment benefits (See note 11)
$
-
$
-
$
118,250
Description:
Quoted Prices in Active Markets
(Level 1)
Significant other Observable Inputs
(Level 2)
Significant other Unobservable Inputs
(Level 3)
December 31, 2022
L1 Capital Warrants (See note 8)
$
-
$
-
$
1,389,643
Provision for post-employment benefits (See note 11)
$
-
$
-
$
99,588
Segment
reporting
The
Company uses the "management approach" in determining reportable segments. The management approach considers the internal
organization and reporting used by the Company's chief operating decision maker (CODM) for making operating decisions and assessing
performance as the source for determining the Company's reportable segments. The Company's CODM has been identified as the
chief executive officer, who reviews consolidated results when making decisions about allocating resources and assessing performance
of the Company.
The
Company manages its business as a single operating segment engaged in upstream oil and gas industry in Indonesia. Substantially all of
its revenues are derived in Indonesia. All long-lived assets are located in Indonesia.
Comprehensive
loss
Comprehensive
loss consists of two components, net loss and other comprehensive income. Other comprehensive income refers to revenue, expenses, gains
and losses that under U.S. GAAP are recorded as an element of equity but are excluded from net income or loss. Other comprehensive income
or loss consists of actuarial gain or loss for post-employment benefits.
F-
14
Commitments
and contingencies
The
Company's estimated loss contingencies are accrued by a charge to income when information available before financial statements
are issued or are available to be issued indicates that it is probable that an asset had been impaired, or a liability had been incurred
at the date of the financial statements and the amount of the loss can be reasonably estimated. Legal expenses associated with the contingency
are expensed as incurred. If a loss contingency is not probable or reasonably estimable, disclosure of the loss contingency is made in
the financial statements when it is at least reasonably possible that a material loss could be incurred.
Net
Loss per Ordinary Share
Basic
net loss per share is determined by dividing net loss attributable to ordinary shareholders by the weighted average number of the Company's
ordinary shares, outstanding during the period, without consideration of potentially dilutive securities, except for those ordinary shares
that are issuable for little or no cash consideration. Diluted net loss per share is determined by dividing net loss attributable to
ordinary shareholders by diluted weighted average ordinary and dilutive ordinary equivalent shares outstanding. Diluted weighted average
shares reflects the dilutive effect, if any, of potentially dilutive ordinary shares, such as stock options and warrants calculated using
the "treasury stock" and/or "if converted" methods, as applicable. In periods with reported net operating losses,
all potential dilutive securities are generally deemed anti-dilutive such that basic net loss per share and diluted net loss per share
are equal.
For
the year end December 31, 2023, the following potentially dilutive securities were excluded from the computation of diluted earnings
per share because their effects would be anti-dilutive:
December 31, 2023
December 31, 2022
Warrants issued to L1 Capital (see note 8)
442,240
442,240
Convertible note issued to L1 Capital (see note 8)
(i)
-
16,667
Share options granted to the executive management
200,000
200,000
Total
642,240
658,907
(i)
Convertible note is assumed
    to be converted at the exercise price of $
6.00
per share (subject to adjustment) as disclosed in note 8.
Recently
adopted accounting standards
The
Company is an "emerging growth company," as defined in the Jumpstart Our Business Startups Act of 2012 (the "JOBS Act").
Under the JOBS Act, emerging growth companies ("EGCs") can delay adopting new or revised accounting standards issued subsequent
to the enactment of the JOBS Act until such time as those standards apply to private companies.
In
June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial
Instruments, which is intended to improve financial reporting by requiring timelier recording of credit losses on loans and other financial
instruments held by financial institutions and other organizations. The ASU requires the measurement of all expected credit losses for
financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts.
Financial institutions and other organizations will now use forward-looking information to better inform their credit loss estimates.
Many of the loss estimation techniques applied today will still be permitted, although the inputs to those techniques will change to
reflect the full amount of expected credit losses. Organizations will continue to use judgment to determine which loss estimation method
is appropriate for their circumstances. The ASU requires enhanced disclosures to help investors and other financial statement users better
understand significant estimates and judgments used in estimating credit losses, as well as the credit quality and underwriting standards
of an organization's portfolio. These disclosures include qualitative and quantitative requirements that provide additional information
about the amounts recorded in the financial statements. In addition, the ASU amends the accounting for credit losses on available-for-sale
debt securities and purchased financial assets with credit deterioration. This ASU has subsequently been amended by ASU 2018-19, ASU
2019-04, ASU 2019-05, ASU 2019-10, ASU 2019-11 and ASU 2020-03. The standard will replace today's incurred loss approach with an
expected loss model for instruments measured at amortized cost. Entities will apply the standard's provisions as a cumulative-effect
adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective. This ASU is effective
for public entities for annual and interim periods beginning after December 15, 2019, and effective for all other entities for annual
and interim periods beginning after December 15, 2022. Early adoption is permitted for all entities for annual periods beginning after
December 15, 2018, and interim periods therein. The Company adopted ASU2016-13 from January 1, 2023 and concluded that the adoption of
this standard did not have a material impact on its condensed consolidated financial statements.
Other
accounting pronouncements that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption
until a future date are not expected to have a material impact on the Company's consolidated financial statements upon adoption.
Recently
issued accounting standards which have not yet been adopted
In
November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. This ASU updates
reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses and information
used to assess segment performance. The amendments in this ASU are effective for public entities for fiscal years beginning after December
15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Group is still
evaluating the effect of the adoption of this guidance.
In
December 2023, the FASB issued Accounting Standards Update (ASU) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures,
which enhances the transparency and decision usefulness of income tax disclosures. The amendments address more transparency about income
tax information through improvements to income tax disclosures primarily related to the rate reconciliation and income taxes paid information.
The ASU also includes certain other amendments to improve the effectiveness of income tax disclosures. The amendments in this ASU are
effective for public business entities for annual periods beginning after December 15, 2024 on a prospective basis. Early adoption is
permitted. The Company is still evaluating the effect of the adoption of this guidance.
On
March 6, 2024, the SEC approved a rule that will require registrants to provide certain climate-related information in their registration
statements and annual reports. The rule requires information about a registrant's climate-related risks that are reasonably likely
to have a material impact on its business, results of operations, or financial condition. The required information about climate-related
risks also includes disclosure of a registrant's greenhouse gas emissions. In addition, the rules will require registrants to present
certain climate-related financial metrics in their audited financial statements. The Group is evaluating
the potential impact of this rule on the consolidated financial statements and related disclosures.
F-
15
NOTE
3
–
LIQUIDITY AND CAPITAL RESOURCES
As
reflected in the Company's consolidated financial statements, the Company has incurred a net loss of $
2,634,141
, $
3,063,349
and
$
6,052,675
for the years ended December 31, 2023, 2022 and 2021, respectively. During the years ended December 31, 2023, 2022 and 2021,
the Company had a negative cash flow from operating activities of $
2,978,919
, $
3,208,138
and $
3,548,656
, respectively. As of December
31, 2023 and 2022, the Company had accumulated deficits of $
39,583,437
and $
36,940,753
, respectively. These conditions raise substantial
doubt about the Company's ability to continue as a going concern.
The
Company has financed the operations primarily through cash flow from operations, loans from banks, and proceeds from equity instrument
financing, where necessary. On March 22, 2024, we filed a New F-3 Registration Statement, which includes a Prospectus Supplement and
a base prospectus supplemented by the Prospectus Supplement, covering (i) the offering, issuance and sale by us of up to a maximum aggregate
offering price of $
50,000,000
of our ordinary shares, preferred shares, warrants,
debt securities, rights, depositary shares, and/or units from time to time in one or more offerings, and (ii) up to a maximum aggregate
offering price of $
4,267,622
of our ordinary shares that may be issued and
sold from time to time under the ATM Agreement, as amended by the ATM Amendment No.1 on March 22, 2024, with H.C. Wainwright & Co.,
LLC as Sales Agent. We are not permitted to sell any ATM Shares prior to the effectiveness of the New F-3 Registration Statement. As
of the date of this report, the New F-3 Registration Statement has not been declared effective yet.
As
of April 23, 2024, the Company had approximately $
0.75
million of cash, which is placed with financial institutions and is unrestricted as to withdrawal or use. The Company intends to
meet the cash requirements for the next 12 months from the issuance date of the Company's audited consolidated financial
statements. Management's plan for mitigating the conditions of substantial doubt about the Company's ability to continue
as a going concern includes a combination of improving operational efficiency, debt financing and financial support from the Chief
Executive Officer and Chairman of the Board of the Company. The Company will collect the receivables more closely and review the
payment schedule in a planned manner, especially for seismic and G&G study. The Company will focus on the completion and full
interpretation of seismic operations that will take approximately 12 months, and after which the Company will plan to re-start the
continuous new well drilling campaign at Kruh Block in 2026, subject to the availability of funding. There will be no new well drilling activity for the next 12 months till 2026.
The Company currently does not have any outstanding short-term or long-term bank borrowings balance. Management expects that it will
be able to obtain new bank loans based on past experience and the Company's good credit history. In addition, Mr. Wirawan
Jusuf, the Chief Executive Officer and Chairman of the Board of the Company, has agreed to provide $
4
million of financial support in the form of debt to the Company to enable the Company to meet its obligations and commitments as
they become due for at least next 12 months from the issuance date of this financial statement for the year ended December 31, 2023.
The
Company believes that the current cash and anticipated cash flows from operating and financing activities will be sufficient to meet
its anticipated working capital requirements and commitments for at least the next 12 months after the issuance of the Company's
accompanying audited consolidated financial statements. Management believes that it is probable that the above plans can be effectively
implemented, and it is probable that such plans will mitigate the conditions or events that raise substantial doubt about the Company's
ability to continue as a going concern. The Company has prepared the consolidated financial statements on a going concern basis. If the
Company encounters unforeseen circumstances that place constraints on its capital resources, management will be required to take various
measures to conserve liquidity. Management cannot provide any assurance that the Company will raise additional capital if needed.
NOTE
4 –
CASH AND RESTRICTED CASH
The
following table provides a reconciliation of cash and restricted cash reported within the consolidated balance sheets to the total of
such amounts shown in the consolidated statements of cash flows:
As of December 31,
2023
2022
Cash
$
2,009,687
$
5,895,565
Restricted cash - current
1,567,500
-
Restricted cash - non-current
420,000
1,500,000
Total Cash and Restricted cash
$
3,997,187
$
7,395,565
As
of December 31, 2023 and 2022, the restricted cash related to (i) cash held in a special account as extended Guarantee for the performance
commitment for Kruh Block with amount of $
487,500
and
nil
respectively, (ii) cash held in a time deposit account at Bank Mandiri's
Jakarta Cut Meutia Branch with amount equal to $
1,500,000
and $
1,500,000
, respectively, used as collateral for the issuance of a bank
guarantee related to the implementation of the Company's contractual commitments for Citarum Block until July 2024.
F-
16
NOTE
5 –
PREPAYMENT AND OTHER ASSETS
As of December 31,
2023
2022
Prepaid VAT taxes
$
1,442,517
$
1,176,771
Other receivables
307,700
186,840
Consumables and spare parts
148,376
121,740
Prepaid expenses
21,983
18,750
Prepayment and other current assets
$
1,920,576
$
1,504,101
Other receivable from well equipment
$
609,604
$
635,052
Deposit and others
134,836
268,666
Durable spare parts
128,107
114,528
Other non-current assets
872,547
1,018,246
Less: allowance on doubtful receivables
(
59,604
)
-
Other non-current assets, net
$
812,943
$
1,018,246
For
the year ended December 31, 2023, the Company sold a rig equipment to a third party. As of the date of this filing, there is an
outstanding balance of $
609,604
, which is expected to be received in 2025. Considering the potential risk of default, the Company
recorded $
59,604
allowance for the doubtful account.
NOTE
6 –
OIL AND GAS PROPERTY, NET
The
following tables summarize the Company's oil and gas property by classification.
As of December 31,
2023
2022
Oil and gas property – subject to amortization
$
28,035,019
$
28,740,479
Accumulated depletion
(
9,064,212
)
(
9,411,476
)
Accumulated impairment
(
11,859,183
)
(
11,859,183
)
Oil and gas property – subject to amortization, net
$
7,111,624
$
7,469,820
Oil and gas property – not subject to amortization
$
1,155,439
$
1,151,804
Accumulated impairment
-
-
Oil and gas property – not subject to amortization, net
$
1,155,439
$
1,151,804
F-
17
The
following shows the movement of the oil and gas property – subject to amortization balance.
Oil and Gas Property – Kruh Block
December 31, 2020
$
1,338,987
Additional capitalization
2,916,102
Depletion
(
650,609
)
December 31, 2021
$
3,604,480
Additional capitalization
4,723,463
Asset retirement costs
188,873
Depletion
(
1,046,996
)
December 31, 2022
$
7,469,820
Additional capitalization
294,540
Asset retirement costs
(
42,998
)
Depletion
(
609,738
)
December 31, 2023
$
7,111,624
During
the years ended December 31, 2023, 2022 and 2021 the Company incurred an aggregated development costs and abandonment and site restoration
provisions, which were capitalized, at $
294,540
, $
4,723,463
and $
2,916,102
respectively, mainly for the purpose of the geological and
geophysical studies and drilling of wells.
Depletion
recorded for production on properties subject to amortization for the years ended December 31, 2023, 2022 and 2021 were $
609,738
, $
1,046,996
and $
650,609
respectively.
Furthermore,
for the years ended December 31, 2023 and 2022, the Company has conducted ceiling test to which the present value of the estimated future
net revenues generated by the oil and gas property - Kruh Block Proven exceed the carrying balances. As a result, no impairment was recognized.
NOTE
7 –
PROPERTY AND EQUIPMENT, NET
As of December 31,
2023
2022
Drilling and production tools
$
1,499,535
$
1,499,535
Leasehold improvement
323,675
323,675
Production facilities
93,049
93,049
Computer and software
5,605
5,605
Housing and welfare
4,312
4,312
Furniture and office equipment
4,013
4,013
Equipment
1,650
1,650
Total
1,931,839
1,931,839
Less: accumulated depreciation
(
1,822,822
)
(
1,730,344
)
Property and equipment, net
$
109,017
$
201,495
Depreciation
charged to expense amounted to $
92,478
, $
92,727
and $
160,246
for the years ended December 31, 2023, 2022 and 2021, respectively.
F-
18
NOTE
8 –
FINANCIAL LIABILITY
December
31, 2023
December
31, 2022
Convertible note payable, net of debt issuance costs
$
-
$
52,143
Warrant liabilities, net of debt issuance costs
$
482,219
$
1,389,643
On
January 21, 2022 (the "Initial Closing Date"), the Company closed an initial $
5,000,000
tranche (the "First Tranche")
of a total then anticipated $
7,000,000
private placement with L1 Capital pursuant to the terms of a Securities Purchase Agreement, dated
January 21, 2022, between the Company and L1 Capital (the "Purchase Agreement"). In connection with the closing of the First
Tranche, the Company issued to the L1 Capital (i) a
6
% Original Issuance Discount Senior Convertible Note in a principal amount of up
to $
7,000,000.00
(the "Note") and (ii) a five-year Ordinary Share Purchase Warrant (the "Initial Warrant") to
purchase up to
383,620
ordinary shares at an exercise price of $
6.00
per share, subject to adjustment. As of the date of the original
Purchase Agreement, a second tranche (the "Second Tranche") of funding under the Note in the amount of $
2,000,000
(the "Second
Tranche Amount") was contemplated. The Note was subject to a deduction of a
6.0
% original issuance discount. Except as upon an
Event of Default (as defined in the Note), the Note did not bear interest.
Beginning
120 days after the Initial Closing Date, the Company was required to commence monthly installment payments of the Note through maturity
(or 14 payments) ("Monthly Payments"), which Monthly Payments could be made, at the Company's election, in cash or
ordinary shares (or a combination of cash and ordinary shares), with such ordinary shares being issued at a valuation equal to the lesser
of: (i) $
6.00
per share or (ii)
90
% of the average of the two lowest closing bid prices of the ordinary shares for the ten (
10
) consecutive
trading days ending on the trading day immediately prior to the payment date, with a floor price of $
1.20
per share. In addition, at
any time following the date of effectiveness of a Registration Statement covering the applicable ordinary shares underlying the Note
(such Registration Statement having been declared effective on June 1, 2022), the Note is convertible (in whole or in part), at the option
of L1 Capital, into such number of fully paid and non-assessable ordinary shares determined by dividing (x) that portion of the outstanding
principal amount of the Note that L1 Capital elects to convert by (y) $
6.00
per share, which price was subject to adjustment as provided
in the Note. Upon the occurrence of any Event of Default that has not been remedied, the Company would be obligated to pay to L1 Capital
an amount equal to one hundred twenty percent (
120
%) of the outstanding principal amount of the Amended Note on the date on which the
first Event of Default has occurred.
On
March 4, 2022, the Company and L1 Capital entered into a First Amendment to the Purchase Agreement and an Amended and Restated Senior
Convertible Promissory Note (the "Amended Note") pursuant to which, among other items, Second Tranche Amount was increased
from $
2,000,000
to $
5,000,000
. Upon the funding of the Second Tranche Amount, L1 Capital was entitled to receive an additional five-year
Ordinary Share Purchase Warrant (the "Second Warrant") to purchase up to
383,620
ordinary shares at $
6.00
per share (subject
to adjustment).
On
May 16, 2022, the Company executed and delivered to L1 Capital a Second Amended and Restated Senior Convertible Promissory Note which
amends and restates the Amended Note in its entirety (the "Second Amended Note" and collectively with the Note and the Amended
Note, the "Notes"). Among other matters, the Second Amended Note provided for an accelerated funding of the Second Tranche
Amount, which was funded to the Company on May 23, 2022, at which time the Second Warrant was issued to L1 Capital.
Accounting
for convertible notes
Adoption
of ASU 2020-06
In
August 2020, the FASB issued ASU No. 2020-06, Debt – Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and
Hedging – Contracts in Entity's Own Equity (Subtopic 815-40) ("ASU 2020-06"). The update removes separation models
for (i) convertible debt with a cash conversion feature and (ii) convertible instruments with a beneficial conversion feature. Under
ASU 2020-06, these features will be combined with the host contract. ASU 2020-06 does not impact the accounting treatment for conversion
features that are accounted for as a derivative under Topic 815. The update also requires the application of the if-converted method
to be used for convertible instruments and the effect of potential share settlement be included in the diluted earnings per share calculation
when an instrument may be settled in cash or shares. The amendments in this update are effective for public business entities for fiscal
years beginning after December 15, 2021, and interim periods within those fiscal years. The amendment is to be adopted through either
a fully retrospective or modified retrospective method of transition, only at the beginning of an entity's fiscal year. Early adoption
is permitted. The Company has elected to adopt the standard as of January 1, 2022.
F-
19
The
Company evaluated the terms of its Notes with L1 Capital and concluded that the instrument does not require separation and that there
were no other derivatives that required separation. The Company evaluated the embedded features of the Notes in accordance with ASC 815-15-25
and determined that the most significant feature is the equity-like conversion option, which is not clearly and closely related to the
debt host instrument. The Company further determined it would not meet the definition of a derivative, and therefore not required to
be bifurcated and separately measured at fair value. As a result, there is no equity component, and the Company recorded the Notes as
a single liability within long-term debt on the accompanying consolidated balance sheet.
The
Initial Warrant and the Second Warrant (collectively, the "Warrants") were issued in connection with the Notes, and exercise
of such Warrants are not contingent upon conversion of the Notes; therefore, proceeds were allocated first to the Warrants based on their
fair value and the residual were allocated to the Notes.
The
Company incurred debt issuance costs associated with the Notes in the amount of $
811,000
, which are allocated to the Warrants based on
assessed fair value of Warrants and residual proceeds allocated to Notes, compared to total proceeds received. Debt issuance costs associated
with derivative warrant liabilities are expensed as incurred, presented as other expenses in the consolidated statements of operations.
Offering costs associated with the Notes were charged as a direct deduction from the principal amount of the Notes. Debt issuance and
offering costs are recorded as debt discount, which is amortized as interest expense over the term of the convertible debt instrument
using the effective interest method.
With
regards to the Second Tranche, due to the relatively high closing price of the ordinary shares on May 23, 2022 (the date of issuance
of the Second Warrant), the fair value of Second Warrant of $
4,833,325
exceeds the net proceeds received (see below for details on accounting
for warrants). $
133,325
of insurance loss was recognized and no residual proceeds were allocated to Notes. For the year end December
31, 2022, the total proceeds from both tranches of the Notes have supported oil well drilling of the K-27 and K-28 wells and working
capital general corporate purposes.
During
the year ended December 31, 2022, $
9,900,000
of the total $
10,000,000
principal amount of the Notes has been converted into ordinary
shares at $
6.00
per share at L1 Capital's election. On July 21, 2023, the Company repaid the remaining $
100,000
principal amount
of the Notes to L1 Capital in cash. As of December 31, 2023, the carrying value balance of the convertible note was $
0
.
Convertible note
First Tranche
Second Tranche
Total
Initial recognition
$
3,438,933
$
-
$
3,438,933
Amortization of insurance cost
358,155
288,095
$
646,250
Conversion to ordinary shares
(
3,797,088
)
(
235,952
)
(
4,033,040
)
Balance as of December 31, 2022
$
-
$
52,143
$
52,143
Amortization of insurance cost
-
47,857
47,857
Repayment
-
(
100,000
)
(
100,000
)
Balance as of December 31, 2023
$
-
$
-
$
-
Accounting
for warrants
The
Warrants were issued in conjunction with the convertible note by a separate contract, and legally detachable and separately transferrable.
The Warrants were exercisable via "cashless" exercise if there is not an effective registration statement covering resale
of the ordinary share under the Warrants. The exercise price per ordinary share under the Warrants was $
6.00
and subject to certain adjustments
which do not meet the criteria for equity treatment in accordance with the guidance contained in ASC 815-40-15-7E. Accordingly at initial
recognition, the Company classifies such warrants as liabilities at their fair value. This warrant liability is subject to re-measurement
at each balance sheet date until exercised, and any change in fair value is recognized in the consolidated statements of operations.
The
Company recognized $
915,644
for warrant liabilities upon issuance of the Initial Warrant on January 24, 2022. The Company recognized
$
4,833,325
for warrant liabilities upon issuance of the Second Warrant on May 23, 2022.
The
Company utilizes the Black-Scholes option-pricing model to estimate the fair value of the Warrants at each reporting period since the
Warrants are not actively traded. The estimated fair value of the Warrant liabilities is determined using Level 3 inputs in accordance
with ASC 820, "Fair Value Measurement". Inherent in the Black-Scholes model are assumptions related to expected stock-price
volatility, expected life, risk-free interest rate and dividend yield. The Company estimates the volatility of its ordinary shares based
on historical volatility of select peer companies that matches the expected remaining life of the Warrants. The risk-free interest rate
is based on the U.S. Treasury zero-coupon yield curve on the grant date for a maturity similar to the expected remaining life of the
Warrants. The expected life of the Warrants is assumed to be equivalent to their remaining contractual term. The dividend rate is based
on the historical rate, which the Company anticipates remaining at zero.
F-
20
The
following reflects the inputs and assumptions used:
January 24, 2022
May 23, 2022
December 31, 2022
December 31, 2023
Exercise price
$
6.00
$
6.00
$
6.00
$
6.00
Share price
$
3.64
$
14.94
$
4.66
$
2.71
Expected term from grant date (in years)
5.00
5.00
4.10
for Initial Warrant and
4.50
for Second Warrant
3.10
for Initial Warrant and
3.40
for Second Warrant
Expected volatility
96.32
%
95.90
%
96.03
%
82.40
%
Risk-free interest rate
1.53
%
2.88
%
3.99
%
4.01
%
Dividend yield (per share)
-
-
-
-
During
the year ended December 31, 2022, L1 Capital has exercised
325,000
of the Initial Warrant at $
6.00
per share while the Company has received
$
1,950,000
proceeds from exercise of these warrants. As of December 31, 2023, there were
442,240
warrants issued and outstanding.
The
movement of warrant liabilities is summarized as follows:
Balance as of January 1, 2022
$
-
Issuance of Initial Warrant as of January 24, 2022
915,644
Issuance of Second Warrant as of May 23, 2022
4,833,325
50,000
warrant shares exercised on June 16, 2022
(
119,343
)
185,000
warrant shares exercised on August 18, 2022
(
915,799
)
90,000
warrant shares exercised on August 29, 2022
(
445,524
)
Change in fair value of warrant liabilities for the year
(
2,878,660
)
Balance as of December 31, 2022
1,389,643
Change in fair value of warrant liabilities for the year
(
907,424
)
Balance as of December 31, 2023
$
482,219
NOTE
9 –
OPERATING LEASES
The
Company accounts for leases in accordance with ASC Topic 842, Leases ("ASC 842"). All contracts are evaluated to determine
whether or not they represent a lease. A lease conveys the right to control the use of an identified asset for a period of time in exchange
for consideration. The Company has operating leases primarily consisting of facilities with remaining lease terms of one year to three
years. The lease term represents the period up to the early termination date unless it is reasonably certain that the Company will not
exercise the early termination option.
Leases
are classified as finance or operating in accordance with the guidance in ASC 842. The Company does not hold any finance leases as of
December 31, 2023 and 2022.
The
Company also has certain leases related to equipment and tools. A short-term lease is a lease with a term of 12 months or less and does
not include the option to purchase the underlying asset that we would expect to exercise. The Company has elected to adopt the short-term
lease exemption in ASC 842 and as such has not recognized a "right of use" asset or lease liability for these short-term
leases.
The
Company's lease agreements generally do not provide an implicit borrowing rate, therefore 3-year Indonesia government bond yield
to maturity was used for the year ended December 31, 2022 for purposes of determining the present value of lease payments.
As of December 31, 2023, the Company used the 3-year tenure secured borrowing rate at
10
% per year from Bank UOB (Indonesia) as incremental
borrowing rate.
F-
21
The
components of lease expense were as follows for each of the periods presented:
December 31, 2023
December 31, 2022
Operating lease expense
$
472,777
353,997
Short-term lease expense
939,500
1,061,609
Total operating lease costs
1,412,277
1,415,606
Other information
Operating cash flows used in operating leases
373,680
323,099
Weighted average remaining lease term (in years)
2.00
1.38
Weighted average discount rate
10
%
5.612
%
Future
lease payments included in the measurement of operating lease liabilities as of December 31, 2023 is as follows:
December 31, 2023
2024
$
662,492
2025
422,683
2026
131,224
1,216,399
Less: discount on operating lease liabilities
(
119,231
)
Present value of operating lease liabilities
1,097,168
Less: Current portion of operating lease liabilities
(
629,325
)
Non-current portion of operating lease liabilities
467,843
NOTE
10 –
TAXES
The
Company and its subsidiaries file tax returns separately.
1)
Value added tax ("VAT")
The
Company's subsidiaries' activities and revenues are not subject to VAT. VAT is typically due on events involving the transfer
of taxable goods or the provision of taxable services in Indonesia, except for some goods and services, such as mining or drilling products
extracted directly from their sources, for example crude oil, natural gas and geothermal energy.
Nevertheless,
the Company's subsidiaries are classified as VAT Collectors. As the name implies, VAT Collector is required to collect the VAT
due from a taxable enterprise (vendor) on the delivery to it of taxable goods or services and to pass the VAT payment directly to the
government, rather than to the vendor or the service provider. The VAT Collectors are currently the State Treasury, State Owned Enterprises
(Badan Usaha Milik Negara/BUMN) and some of their subsidiaries, and PSC companies such as the Company's. This means that, although
the Company is not subject to VAT, the Company has the obligation to collect the VAT and pay the VAT on behalf of the Company's
vendors to the Indonesian government.
2)
Income tax
Cayman
Islands
The
Company is incorporated in the Cayman Islands. Under the current laws of the Cayman Islands, the Company is not subject to income or
capital gains taxes. In addition, dividend payments are not subject to withholdings tax in the Cayman Islands.
F-
22
Hong
Kong
The
Company's subsidiary WJ Energy is subject to an income tax rate of
16.5
% for taxable income earned in Hong Kong. Hong Kong registered
companies are exempt from Hong Kong income tax on their foreign derived income.
Indonesia
The
Company's subsidiaries incorporated in Indonesia are subject to Indonesia Corporate Income Tax ("CIT") law. Pursuant
to the Indonesia CIT law, given the specific year (2020) in which the KSO was signed, GWN's KSO operations are subject to a CIT
rate of 25%. Unless GWN fully recovers its expenditures, the GWN's KSO operations are effectively exempted from the application
of the CIT. Upon the expiry of the KSO, any unrecovered portion of the Kruh Block oil and gas investment will be deemed as waived by
the Company and will not be available for tax deduction purposes for any future earnings. As of December 31, 2023 and 2022, the unrecovered
expenditures on KSO operations are $
6,521,865
and $
6,700,186
, respectively.
Pursuant
to the Indonesia CIT law, standard CIT rate was adjusted from
25
% to
22
%. Other Indonesia subsidiaries are subject to a flat standard
CIT rate of
22
%, on which these subsidiaries would not be eligible for
50
% tax discount anymore and therefore should use the standard
CIT rate from 2021 onwards.
The
components of the income tax provision are:
Years Ended December 31,
2023
2022
2021
Current
$
-
$
-
$
-
Deferred
-
-
-
Total income tax provision
$
-
$
-
$
-
The
loss before provision for income taxes is attributable to the following geographic locations for the years ended December 31:
Years Ended December 31,
2023
2022
2021
Indonesia
$
(
1,060,197
)
$
(
1,220,088
)
$
(
3,724,160
)
Foreign
(
1,582,487
)
(
1,902,504
)
(
2,359,219
)
Total loss before income taxes
$
(
2,642,684
)
$
(
3,122,592
)
$
(
6,083,379
)
F-
23
The
reconciliation of income taxes provision computed at the statutory tax rate applicable to income tax provision are as follows:
Years Ended December 31,
2023
2022
2021
Loss before income tax
$
(
2,642,684
)
$
(
3,122,592
)
$
(
6,083,379
)
Computed income tax benefit with statutory income tax rate
(
581,391
)
(
686,970
)
(
1,338,343
)
Effect of different tax rates in other jurisdictions
306,694
418,276
518,955
Effect of different tax rates for the KSO operations
(
26,433
)
(
26,458
)
(
100,210
)
Effect of tax exemption for unrecovered expenditures on KSO operations
220,274
220,486
835,085
Current year true up
-
-
-
Effect of tax rates adjustment
-
-
(
48,370
)
Change in valuation allowance
80,856
74,666
132,883
Total income tax provision
$
-
$
-
$
-
The
components of the deferred tax assets and deferred tax liabilities are as follows:
As of December 31,
2023
2022
Deferred tax assets
Tax loss carry forwards
$
356,735
$
290,752
Operating lease liabilities
274,292
87,862
Total deferred tax assets, gross
631,027
378,614
Deferred tax liabilities
Operating lease right-of-use assets
(
274,292
)
(
87,862
)
Total deferred tax liabilities
(
274,292
)
(
87,862
)
Deferred tax assets, net
356,735
290,752
Less: valuation allowance
(
356,735
)
(
290,752
)
Total deferred tax assets, net
$
274,292
$
87,862
The
Company considers positive and negative evidence to determine whether some portion or all of the deferred tax assets will more
likely than not be realized. This assessment considers, among other matters, the nature, frequency and severity of recent losses,
forecasts of future profitability, the duration of statutory carry forward periods, the Company's experience with tax
attributes expiring unused and tax planning alternatives. Valuation allowances have been established for deferred tax assets based
on a more-likely-than-not threshold. The Company's ability to realize deferred tax assets depends on its ability to generate
sufficient taxable income within the carry forward periods provided for in the tax law. As of December 31, 2023 and 2022, the
Company had tax operating loss carry forwards of $
371,872
and $
120,640
,
respectively from its subsidiary in Hong Kong and $
1,342,618
and $
1,231,123
,
respectively from its subsidiaries in Indonesia, which can be carried forward to offset taxable income. The net operating loss will
be carried forward indefinitely under Hong Kong Tax regulations, while
the
net operating loss began to expire in year 2023 if not utilized under Indonesian Tax regulations.
As of December 31, 2023 and
2022, the Company had a valuation allowance against deferred tax assets on tax loss carry forward of $
356,735
and $
290,752
,
respectively. The change in valuation allowance of $
65,982
was due to current additions
of $
80,856
offset by foreign exchange differences of $
14,874
.
F-
24
NOTE
11 –
PROVISION FOR POST-EMPLOYMENT BENEFITS
Provision
for post-employment benefits consists of the following:
As of December 31,
2023
2022
Provision for post-employment benefits
$
118,250
$
99,588
The
provision for post-employment benefits is recognized in the period in which the benefit is earned by the employee, rather than when it
is paid or payable.
The
following outlines how each category of employee benefits is measured, providing reconciliation on present value of Defined Benefit Obligation
and Plan Asset.
As of December 31,
2023
2022
Present Value of Defined Benefit Obligation ("DBO") and Fair Value of Plan Assets
Present Value of DBO, at the Beginning of Year
$
99,588
$
115,393
Current service cost
27,737
36,824
Interest cost on the DBO
6,191
6,615
Past Service Cost-Vested
(
6,723
)
-
Employee benefits are already noted for quit employees
-
-
Present Value of DBO, (expected) at the End of Year
126,793
158,832
Actuarial gain on DBO
(
8,543
)
(
59,244
)
Present Value of DBO, (actual) at the End of Year
$
118,250
$
99,588
The effect of asset ceiling
-
-
Provision for post-employment benefits
$
118,250
$
99,588
The
following are key information for the recalculation of employee benefits obligations as of December 31, 2023 and 2022:
As of December 31,
2023
2022
Liabilities at the Beginning of Year
$
99,588
$
115,393
Post-employment benefits costs
27,205
43,439
Actuarial gain on liabilities
(
8,543
)
(
59,244
)
Liabilities at the End of Year
$
118,250
$
99,588
F-
25
The
Company recorded actuarial gains of $
8,543
, $
59,244
and $
30,704
for the years ended December 31, 2023, 2022 and 2021, respectively.
The
Company realized no actuarial gain for the years ended December 31, 2023, 2022 and 2021.
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, 2023
December
    31, 2022
Discount Rate
6.77
%
and
6.25
%
6.77
% and
5.17
%
Expected Return on Plan Assets
N/A
N/A
Wage Increase Rate
7.00
%
7.00
%
Mortality Rate
Table Mortality Index ("TMI")
    of Indonesia, TMI IV 2019
Table Mortality Index ("TMI")
    of Indonesia, TMI IV 2019
Disability Rate
5
% of TMI IV 2019
5
% of TMI IV 2019
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 22, 2030
Withdrawal Rate
Age
Rate
Age
Rate
20 – 29
6.0
%
20 – 29
6.0
%
30 – 39
5.0
%
30 – 39
5.0
%
40 – 44
3.0
%
40 – 44
3.0
%
45 – 49
2.0
%
45 – 49
2.0
%
50 – 57
1.0
%
50 – 57
1.0
%
>57
0.0
%
>57
0.0
%
F-
26
NOTE
12 –
SHARE BASED COMPENSATION EXPENSES
Share
options
a)
Description of share option plans
On
October 31, 2018, the Company's board of directors and shareholders adopted a 2018 Omnibus Equity Incentive Plan for the Company.
On
February 1, 2019, the Company entered into share option agreements, an Incentive Share Option ("Option") to purchase ordinary
shares of the Company, with the senior management team of the Company, as part of the Company's equity incentive plan, granting
options to purchase a total number of
1,700,000
ordinary shares of the Company. The option shares were distributed to the President,
Chief Executive Officer, Chief Operating Officer, Chief Business Development Officer and Chief Investment Officer of the Company, with
the exercise price per share equal to the price per ordinary share paid by public investors in the Company's registered IPO.
In
connection with the Reverse Stock Split, the total number of share options granted on February 1, 2019, decreased from
1,700,000
to
637,500
.
On
December 19, 2019, associated with the Company's registered IPO, a mutual understanding between the Company and the executive management,
about the nature of the compensatory and equity relationships established by the Option award were established.
637,500
share options
were granted to the executive management with an exercise price of $
11.00
.
b)
Valuation assumptions
The
estimated fair value of each share option granted is estimated on the date of grant using the Black-Scholes option-pricing model with
the following assumptions:
Date of grant
Expected volatility
96.49
% -
99.62
%
Risk-free interest rate
1.79
%
Expected term from grant date (in years)
3.50
-
6.00
Dividend rate
-
Dilution factor
0.9203
Fair value
$
7.01
-$
8.26
The
expected volatility at each grant date was estimated based on the annualized standard deviation of the daily return embedded in historical
share prices of comparable peer companies with a time horizon close to the expected expiry of the term of the share options. The weighted
average volatility is the expected volatility at the grant date weighted by the number of share options. The
Company
has never declared or paid any cash dividends on its capital stock, and the
Company
does
not anticipate any dividend payments in the foreseeable future. The contractual term is the remaining contract life of the share options.
The Company estimated the risk-free interest rate based on the yield to maturity of U.S. treasury bonds denominated in US
dollars
at the share option grant date.
c)
Share options activities
Options Outstanding
Weighted Average Exercise
Price
Weighted Average Remaining Contractual Life
Aggregate Intrinsic Value
(In years)
Outstanding as of January 1, 2020
-
-
-
-
Granted
637,500
$
11.00
8.80
-
Exercised
-
-
-
-
Forfeited
-
-
-
-
Outstanding as of December 31, 2020
637,500
$
11.00
7.80
-
Granted
-
-
-
-
Exercised
-
-
-
-
Forfeited
-
-
-
-
Outstanding as of December 31, 2021
637,500
$
11.00
6.80
-
Granted
-
-
-
-
Exercised
(
437,500
)
-
-
-
Forfeited
-
-
-
-
Vested as of December 31, 2022
200,000
$
11.00
5.80
-
Outstanding as of December 31, 2022
200,000
$
11.00
5.80
-
Granted
-
-
-
-
Exercised
-
-
-
-
Forfeited
-
-
-
-
Outstanding as of December 31, 2023
200,000
$
11.00
4.80
-
F-
27
On
March 3, 2022, certain of the Company's executive officers exercised
437,500
vested options to purchase restricted ordinary shares
on a "net share settlement" basis.
199,259
shares were issued upon exercise.
For
the years ended December 31, 2023, 2022 and 2021, share-based compensation expenses recognized associated with share options granted
by the Company were
nil
, $
526,496
, and $
1,288,583
, respectively. As of December 31, 2023 and 2022, there no unrecognized share-based
compensation related to the share options granted to the Company's executive management.
Restricted
shares
On
April 15, 2020, the Company issued
31,818
ordinary shares to ARC Group Ltd. as a compensation for the advisory services provided in connection
with the Company's initial public offering, the fair market value of the shares was $
3.51
on the issuance date; On the same date,
the Company also issued
12,500
ordinary shares to TraDitigal Marketing Group, Inc. as a compensation for the marketing services provided
in connection with the Company's initial public offering, the fair market value of the shares was also $
3.51
.
On
September 7, 2021, the Company issued
35,000
ordinary shares to Frank C. Ingriselli, the President of the Company, as a compensation as per his Employment contract, the fair
market value of the shares was $
4.96
on the issuance date; On September 15, 2021, the Company also issued
5,000
ordinary shares to TraDigital Marketing Group, Inc. as a compensation for the digital marketing services provided in order to
enhance investor awareness, the fair market value of the shares on the issuance date was $
5.01
.
On
January 1, 2022, the Company issued
60,000
of the Company's restricted ordinary shares to Frank C. Ingriselli, the Company's President, pursuant to his employment
agreement with the Company, with
30,000
shares vesting on July 1, 2022 and
30,000
shares vesting on January 1, 2023. Such ordinary shares were valued at $
2.85
per share, which was based on the closing price of the shares traded on the NYSE American exchange on January 3, 2022.
On
April 28, 2022, the Company issued
2,105
ordinary shares to Srax, Inc. as compensation for the advisory services provided in connection
with the Company's investor relations efforts. Such ordinary shares were valued at $
19.00
per share, which was based on the closing
price of the shares traded on the NYSE American exchange on April 28, 2022.
The
Company has recorded compensation of employee and non-employee services associated with above issuance of ordinary shares of
nil
, $
210,773
and $
225,776
for the years ended December 31, 2023, 2022 and 2021, respectively.
NOTE
13 –
EQUITY
The
Company was established under the laws of the Cayman Islands on April 24, 2018 and IEC issued
1,000
ordinary shares to Maderic. The authorized
number of ordinary shares was
100,000,000
shares with par value of US$
0.001
each upon establishment.
On
June 30, 2018, the Company entered into two agreements with Maderic and HFO (the two then shareholders of WJ Energy): a Sale and Purchase
of Shares and Receivables Agreement and a Debt Conversion Agreement (collectively, the "Restructuring Agreements"). The intention
of the Restructuring Agreements was to restructure the Company's capitalization. As a result of the transactions contemplated by
the Restructuring Agreements: (i) WJ Energy (including its assets and liabilities) became a wholly-owned subsidiary of the Company, (ii)
loans amounting to $
21,150,000
and $
3,150,000
that were owed by WJ Energy to Maderic and HFO, respectively, were converted for nominal
value into ordinary shares of the Company and (iii) the Company issued an aggregate of
15,999,000
ordinary shares to Maderic and HFO.
The above-mentioned transaction is accounted for as a nominal share issuance (the "Nominal Share Issuance").
On
November 8, 2019, the Company implemented a
one-for-zero point three seven five (1 for 0.375) stock split
of the Company's ordinary
shares by way of share consolidation under Cayman Islands law (the "Reverse Stock Split"), which in turn decreased the total
of
16,000,000
issued and outstanding ordinary shares to a total of
6,000,000
issued and outstanding ordinary shares for the purpose of
achieving a certain share price as part of certain listing requirements of the NYSE American. Any fractional ordinary share that would
have otherwise resulted from the Reverse Stock Split was rounded up to the nearest full share. The Reverse Stock Split maintained the
shareholders' percentage ownership interests in the Company at
87.04
% owned by Maderic (
5,222,222
ordinary shares) and
12.96
% owned
by HFO (
777,778
ordinary shares), out of a total of
6,000,000
issued ordinary shares. The Reverse Stock Split also increased the par
value of the ordinary shares from $
0.001
to $
0.00267
and decreased the number of authorized ordinary shares of the Company from
100,000,000
to
37,500,000
and authorized preferred shares from
10,000,000
to
3,750,000
. The Reverse Stock Split did not alter the total dollar amount
of the ordinary shares of the Company. All number of shares and per share data presented in the consolidated financial statements and
related notes have been retroactively restated to reflect the Reverse Stock Split stated above.
On
December 19, 2019, the Company listed its ordinary shares on the NYSE American in the IPO. As a result, the Company issued a total of
1,363,637
ordinary shares at a price to the public of $
11.00
per share in connection with its IPO and received net proceeds of approximately
US$
12.5
million, after deducting underwriting discounts and the offering expenses. Upon the completion of the IPO, the Company had a
total of
7,363,637
ordinary shares.
On
April 15, 2020, the Company issued
31,818
ordinary shares to ARC Group Ltd. as a compensation for the advisory services provided in connection
with the Company's initial public offering; On the same date, the Company also issued
12,500
ordinary shares to TraDigital Marketing
Group, Inc. as a compensation for the digital marketing services provided in order to enhance investor awareness.
F-
28
On
September 7, 2021, the Company issued
35,000
ordinary shares to Frank C. Ingriselli, the President of the Company, as a compensation as per his employment contract.
On
September 15, 2021, the Company issued
5,000
ordinary shares to TraDigital Marketing Group, Inc. as a compensation for the digital marketing
services provided in order to enhance investor awareness.
On
January 1, 2022, the Company issued
60,000
of the Company's restricted ordinary shares to Frank C. Ingriselli, the Company's President, pursuant to his employment
agreement with the Company, with
30,000
shares vesting on July 1, 2022 and
30,000
shares vesting on January 1, 2023.
On
March 3, 2022, certain of the Company's executive officers exercised vested options to purchase restricted ordinary shares on a
"net share settlement" basis.
199,259
shares were issued upon exercise.
On
April 28, 2022, the Company issued
2,105
ordinary shares to Srax, Inc. as compensation for the advisory services provided in connection
with the Company's investor relations efforts.
From
June 2, 2022 to June 9, 2022, L1 Capital elected to convert an aggregate of $
9,600,000
principal amount of the Notes into ordinary shares
at $
6.00
per share. On August 18, 2022, L1 Capital elected to further convert $
300,000
principal amount of the Notes into ordinary shares
at $
6
per share. In total,
1,650,000
ordinary shares were issued upon convertible note conversion.
On
June 16, 2022, L1 Capital exercised
50,000
Warrants to purchase
50,000
ordinary shares at $
6.00
per share.
On
the same day, L1 Capital exercised
185,000
warrants to purchase a like number of ordinary shares at a price of $
6.00
per share for proceeds
to the Company of $
1,110,000
. On August 29, 2022, L1 Capital exercised an additional
90,000
warrants to purchase a like number of ordinary
shares at a price of $
6.00
per share for proceeds to the Company of $
540,000
. In total,
325,000
ordinary shares were issued upon warrant
exercise.
On
July 22, 2022, the Company entered into an At The Market Offering Agreement (the "ATM Agreement") with H.C. Wainwright &
Co., LLC (the "Sales Agent"), acting as the Company's sales agent, pursuant to which the Company may offer and sell,
from time to time, to or through the Sales Agent, ordinary shares (the "ATM Shares") having an aggregate gross offering price
of up to $
20,000,000
. Under the ATM Agreement, the ATM Shares, if offered and sold by the Company, will be offered and sold pursuant
to a prospectus dated February 16, 2021 and a prospectus supplement, dated July 22, 2022, that form a part of the Company's shelf
registration statement on Form F-3 (File No. 333-252520), which registration statement was declared effective by the Securities and Exchange
Commission ("SEC") on February 16, 2021. On August 25, 2022, the Company sold
177,763
ATM Shares at $
10.7407
per share for
net proceeds (after Sales Agent commissions) of $1,801,193. On August 25, 2022, the Company sold an additional
280,612
ATM Shares at
$
10.1090
per share for net proceeds (after Sales Agent commissions) of $
2,750,449
.
As
of December 31, 2023 and 2022, the Company has a total of
10,142,694
ordinary shares outstanding.
NOTE
14 –
COMMITMENTS AND CONTINGENCIES
Litigation
From
time to time, the Company may be subject to routine litigation, claims, or disputes in the ordinary course of business. The Company defends
itself vigorously in all such matters. In the opinion of management, no pending or known threatened claims, actions or proceedings against
the Company are expected to have a material adverse effect on its financial position, results of operations or cash flows. However, the
Company cannot predict with certainty the outcome or effect of any such litigation or investigatory matters or any other pending litigation
or claims. There can be no assurance as to the ultimate outcome of any such lawsuits and investigations. The Company has no significant
pending litigation as of December 31, 2023.
Commitments
As
a requirement to acquire and maintain the operatorship of oil and gas blocks in Indonesia, the Company follows a work program and budget
that includes firm capital commitments.
The
Kruh Block covers a 258 square kilometer area with a TAC contract until May 20, 2020, continued with a KSO contract until May 20, 2030,
which was extended to 2035. The Company has material commitments in regard to Kruh Block and material commitments in regard to the exploration
activity in the Citarum Block and development and exploration activities in Kruh Block following the extension of the operatorship in
May 2020. The Company has also entered into a joint study program for the Rangkas Area to evaluate the oil and gas potential of the area.
The following table summarizes future commitments amounts on an undiscounted basis as of December 31, 2022 for all the planned expenditures
to be carried out in Kruh Block, Citarum Block and the Rangkas Area:
F-
29
Future commitments
Nature of commitments
2024
2025
2026 and beyond
Citarum Block PSC
Geological and geophysical (G&G) studies
(a)
$
-
$
150,000
$
950,000
2D seismic
(a)
-
-
6,050,000
3D seismic
(a)
-
-
2,100,000
Drilling
(b)(
c
)
-
-
30,000,000
Total commitments - Citarum PSC
$
-
$
150,000
$
39,100,000
Kruh Block KSO
-
Operating commitments
(d)
$
1,687,622
$
1,562,162
$
74,595,092
Production facility
-
-
1,300,000
G&G studies
(a)
100,000
100,000
350,000
3D seismic
(a)
1,140,000
-
-
Drilling
(a)(
c
)
-
-
21,000,000
Workover
-
Certification
250,000
Abandonment and Site Restoration
(a)
53
,
085
53
,
085
504,309
Total commitments - Kruh KSO
$
2,980,707
$
1,715,247
$
97,999,401
Total Commitments
$
2,980,707
$
1
,865,247
$
1
37,099,401
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.
NOTE
15 –
SUBSEQUENT EVENTS
Management
has evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements
were issued. Based upon this review, the Company did not identify any subsequent events that would have required adjustment or disclosure
in the financial statements except the following.
On
January 30, 2024, the Company issued
60,000
of the Company's restricted ordinary shares to Frank C. Ingriselli, the Company's President, pursuant to his employment
agreement with the Company, with
30,000
shares vesting on July 1, 2024 and
30,000
shares vesting on January 1, 2025.
On
March 22, 2024, the Company filed a New F-3 Registration Statement, which includes a Prospectus Supplement and a base prospectus supplemented
by the Prospectus Supplement, covering (i) the offering, issuance and sale by us of up to a maximum aggregate offering price of $
50,000,000
of our ordinary shares, preferred shares, warrants,
debt securities, rights, depositary shares, and/or units from time to time in one or more offerings, and (ii) up to a maximum aggregate
offering price of $
4,267,622
of our ordinary shares that may be issued and
sold from time to time under the ATM Agreement, as amended by the ATM Amendment No.1 on March 22, 2024, with H.C. Wainwright & Co.,
LLC as Sales Agent. We are not permitted to sell any ATM Shares prior to the effectiveness of the New F-3 Registration Statement. As
of the date of this report, the New F-3 Registration Statement has not been declared effective.
F-
30
SUPPLEMENTARY
INFORMATION FOR OIL AND GAS PRODUCING ACTIVITIES
(UNAUDITED)
The
following supplemental unaudited information regarding the Company's oil and gas activities is presented pursuant to the disclosure
requirements of ASC 932. All oil and gas operations are located in Indonesia.
All
of the Company's operations are directly related to oil and natural gas producing activities from the Kruh Block in Indonesia.
Capitalized
Costs Relating to Oil and Gas Producing Activities
As of December 31,
2023
2022
2021
Proved properties
Mineral interests
$
15,084,658
$
15,084,658
$
15,084,658
Wells, equipment and facilities
13,907,363
13,655,822
8,743,485
Total proved properties
28,992,021
28,740,480
23,828,143
Unproved properties
Mineral interests
1,155,439
1,151,804
1,151,804
Uncompleted wells, equipment and facilities
-
-
-
Total unproved properties
1,155,439
1,151,804
1,151,804
Less accumulated depletion and impairment
(
21,880,397
)
(
21,270,660
)
(
20,223,663
)
Net Capitalized Costs
$
8,267,063
$
8,621,624
$
4,756,284
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.
Years Ended December 31,
2023
2022
2021
GWN (Kruh)
Exploration
$
$
$
-
Development
251,542
4,912,336
2,916,102
$
251,542
$
4,912,336
$
2,916,102
CNE (Citarum)
Exploration
$
-
$
$
Development
3,635
-
38,309
$
3,635
$
$
38,309
GWN (Rangkas)
Exploration
$
-
$
-
$
Development
-
-
-
$
-
$
-
$
-
Total Costs Incurred in Oil and Gas Property Exploration, and Development
$
255,177
$
4,912,336
$
2,954,411
Results
of Operations from Oil and Gas Producing Activities
Results
of operations for producing activities consist of all activities within the operating reporting segment. Revenues are generated from
entitlement of oil and gas property –Kruh Block Proven and profit sharing of the sale of the crude oil under the KSO. Production
costs are costs to operate and maintain the Company's wells, related equipment, and supporting facilities used in oil and gas operations,
including expenditures made and obligations incurred in the exploration, development, extraction, production, transportation, marketing,
abandonment and site restoration; and production-related general and administrative expense. The results of operations exclude general
office overhead and interest expense attributable to oil and gas activities.
Years Ended December 31,
2023
2022
2021
Oil and gas revenues
$
3,525,454
$
4,097,403
$
2,452,540
Production costs
(
2,943,173
)
(
2,953,254
)
(
2,492,476
)
Depletion, depreciation, and amortization
(
702,217
)
(
1,139,723
)
(
810,855
)
Result of oil and gas producing operations before income taxes
$
(
119,936
)
$
4,426
$
(
850,791
)
Provision for income taxes
-
-
-
Results of oil and gas producing operations
$
(
119,936
)
$
4,426
$
(
850,791
)
F-
31
Proved
Reserves the Company Expects to Lift in Kruh Block
The
Company's proved oil reserves have not been estimated or reviewed by independent petroleum engineers. The estimate of the proved
reserves for the Kruh Block was prepared by IEC representatives, a team consisting of engineering, geological and geophysical staff based
on the definitions and disclosure guidelines of the United States Securities and Exchange Commission contained in Title 17, Code of Federal
Regulations, Modernization of Oil and Gas Reporting, Final Rule released January 14, 2009 in the Federal Register (SEC regulations).
The
Company's estimates of the proven reserves are made using available geological and reservoir data as well as production performance
data. These estimates are reviewed annually by internal reservoir engineers, and Pertamina, and revised as warranted by additional data.
Revisions are due to changes in, among other things, development plans, reservoir performance, the KSO effective period and governmental
restrictions.
Kruh
Block's general manager, Mr. Denny Radjawane, and the Company's C
hief
Technology O
fficer
, Mr. Charlie Wu, have reviewed
the reserves estimate to ensure compliance to SEC guidelines for (1) the appropriateness of the methodologies employed; (2) the
adequacy and quality of the data relied upon; (3) the depth and thoroughness of the reserves estimation process; (4) the
classification of reserves appropriate to the relevant definitions used; and (5) the reasonableness of the estimated reserve
quantities. The estimate of reserves was also reviewed by the Company's C
hief
Operating O
fficer
and C
hief
E
xecutive
O
fficer
.
The
table below shows the individual qualifications of the Company's internal team that prepares the 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
.
46
12
-
34
23
Frans Watimena
Petroleum Engineering
M.S
.
35
20
15
6
Denny Radjawane
Geophysics
M.S
.
33
12
-
21
15
Fransiska Sitinjak
Petroleum Engineering
M.S
.
20
6
14
-
9
Yudhi Setiawan
Geology
B.S
.
21
15
2
4
2
Oni Syahrial
Geology
B.S
.
17
2
-
15
9
Juan Chandra
Geology
B.S
.
18
2
-
16
10
*
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).
F-
32
In
the "cost recovery" system of a KSO, under which Kruh Block operates or will operate, the production
share and net reserves entitlement to the Company reduces in periods of higher oil price and increases in periods of lower oil
price. This means that the estimated net proved reserves quantities are subject to oil price related volatility due to the method in
which the revenue is derived throughout the contract period. Therefore, the net proved reserves are estimated based on the revenue
generated by the Company according to the KSO economic model.
As
of December 31, 2023 and 2022, the Company estimates that it will be entitled to approximately
74.16
% and
57.56
% of the revenues from
the sales of the crude oil produced throughout the operatorship in Kruh Block. The estimates are based on the extension of the Kruh Block
operatorship to September 2035 for the 2023 model and to May 2030 for the 2022 model, and the cost recovery balance reset to nil in May
2020.
Following
the confirmation of the Kruh Block extension, the Company approved a development plan for a drilling program of 14 Proved Undeveloped
Reserves (or PUD) wells, according to the schedule below:
Unit\Year
2026
2027
2028
2029
Total
Planned PUD wells
Gross well
4
4
4
2
14
Future wells costs
(1)
US$
6,000,000
6,000,000
6,000,000
3,000,000
21,000,000
Costs already paid
US$
-
-
-
-
Total gross PUD added
Bbls
750,189
727,140
884,661
447,478
2,809,468
Total net PUD added
Bbls
556,365
539,271
656,094
331,864
2,083,594
(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.
F-
33
The
fiscal 2023 and 2022 proved developed and undeveloped reserves are summarized in the tables below:
Crude Oil (Bbls) as of December 31,
2023
Note
2022
Note
Total Proved Developed (PDP) and Undeveloped Reserves (PUD)
Beginning of the period
2,056,407
3,253,617
Revisions of previous estimates
1,165,999
(a)
(
1,121,980
)
(1)
Improved recovery
(
19,131
)
(b)
(
12,763
)
(2)
Purchase of minerals in place
-
-
Extensions and discoveries
-
-
Production
(
58,616
)
(c)
(
62,467
)
(3)
Sale of minerals in place
-
-
End of the period
3,144,659
2,056,407
Net Proved Developed Reserves (PDP) and Undeveloped Reserves (PUD)
Beginning of the period
1,183,615
1,517,841
Revisions of previous estimates
1,206,228
(d)
(
290,926
)
(4)
Improved recovery
(
14,188
)
(e)
(
7,346
)
(5)
Purchase of minerals in place
-
-
Extensions and discoveries
-
-
Production
(
43,472
)
(f)
(
35,954
)
(6)
Sale of minerals in place
-
-
End of the period
2,332,183
1,183,615
Total Proved developed reserves (PDP)
Beginning of the period
371,076
311,211
Revisions of previous estimates
41,862
(g)
5,476
(7)
Improved recovery
(
19,131
)
(
12,763
)
Purchase of minerals in place
-
Extensions and discoveries
-
(h)
125,425
(8)
Production
(
58,616
)
(i)
(
58,273
)
(9)
Sale of minerals in place
-
End of the period
335,191
371,076
Total Proved undeveloped reserves (PUD)
Beginning of the period
1,685,331
2,942,406
Revisions of previous estimates
1,124,137
(j)
(
1,127,456
)
(10)
Improved recovery
-
-
Purchase of minerals in place
-
-
Extensions and discoveries
-
(k)
(
125,425
)
Production
-
(l)
(
4,194
)
Sale of minerals in place
-
End of the period
2,809,468
1,685,331
Net Proved developed reserves (PDP)
Beginning of the period
213,582
145,182
Revisions of previous estimates
92,667
(m)
37,095
(11)
Improved recovery
(
14,188
)
(
7,346
)
Purchase of minerals in place
-
-
Extensions and discoveries
-
(n)
72,191
Production
(
43,472
)
(o)
(
33,540
)
(12)
Sale of minerals in place
-
-
End of the period
248,589
213,582
Net Proved undeveloped reserves (PUD)
Beginning of the period
970,033
1,372,659
Revisions of previous estimates
1,113,561
(p)
(
328,021
)
(13)
Improved recovery
-
-
Purchase of minerals in place
-
-
Extensions and discoveries
-
(q)
(
72,191
)
Production
-
(r)
(
2,414
)
(14)
Sale of minerals in place
-
-
End of the period
2,083,594
970,033
F-
34
(a)
The
    revision of previous estimates in the amount of
1,165,999
bbls refers to the sum of 1) revision of previous PDP reserves estimates of
41,862
bbls
    (note g) and 2) revision of previous PUD reserves estimate of
1,124,137
bbls (note j).
(b)
The improved recovery amount of -
19,131
bbls refers
    to the amount variation of crude oil production of
58,616
bbls (note i) in 2023 compared to previous estimates of
77,747
bbls (prediction
    in previous year's model) for Kruh Block in 2022 as a result of rescheduling of drilling program and reserves revision.
(c)
The production in the amount of
58,616
bbls refers
    to the amount of total gross crude oil produced from 1) PDP reserves production in the amount of
58,616
bbls (note i) and 2) PUD
    reserves production in the amount of
zero
bbls (note l) in the Kruh Block.
(d)
The revisions of previous estimates of
1,206,228
bbls refers to the total amount of 1) net PDP reserves revision of previous estimates
in the amount of
92,667
bbls (note m), and 2) net PUD reserves revision of previous estimates in the amount of
1,113,561
bbls (note p).
(e)
The Improved recovery in the amount of -
14,188
bbls
    refers to the net share (
74.16
%) of crude oil production variation of -
19,131
bbls (note b) as a result of rescheduling of drilling
    program.
(f)
The
    net PDP and PUD production of
-
43,472
bbls refers to the sum of the net PDP production in the amount of -
43,472
bbls (note o) and net PUD production in the amount of zero bbls (note r).
(g)
The revisions of previous estimates in the amount of
41,862
bbls refers
to the total gross amount of PDP reserves variation as a result of production and well conditions; and the reserves gain from the additional
5 years production and greater profit split to 2035.
(h)
No new drilling in 2023 resulted in zero extensions and discoveries.
(i)
The PDP production in the amount of -
58,616
bbls refers
    to the gross amount of PDP reserves produced in 2023.
(j)
The revisions of previous estimates in the amount of
1,124,137
bbls refers
to the total gross amount of PUD reserves variation from the
1,685,331
bbls in 2022 to
1,191,048
bbls in 2023 during the same period to
2030; and offset by the reserves gain of
1,618,420
bbls from 5 years additional production and greater split.
(k)
No new drilling in 2023 resulted in zero extensions and discoveries.
(l)
The PUD production in the amount of
zero
bbls refers
    to no PUD reserves converted to production in 2023.
(m)
The
revision of previous estimates of net PDP reserves in the amount of
92,667
bbls refers to the sum of
1) net share difference (
74.16
%)
in 2023 as compared to (
57.56
%)
in 2022 of the beginning total PDP reserves in the amount of
371,076
bbls and 2) net share (
74.16
%)
of revision of previous estimates of total PDP reserves estimates in the amount of
41,862
bbls (note g).
(n)
No new drilling in 2023 resulted in zero extensions and discoveries.
(o)
The net PDP production in the amount of
43,472
bbls
    refers to the net share (
74.16
%) of gross amount of
58,616
bbls (note i) PDP reserves produced in 2023.
(p)
The revision of previous estimates of net PUD reserves in the amount of
1,113,561
bbls refers to the sum of (1) net share difference (
74.16
%)
in 2023 as compared to (
57.56
%) in 2022 of the beginning total PUD reserves in the amount of
1,685,331
bbls, and (2) net share (
74.16
%)
of revision of previous estimates of total PUD reserves estimates in the amount of
1,124,137
bbls (note j).
(q)
No new drilling in 2023 resulted in zero extensions and discoveries.
(r)
The net PUD production in the amount of
zero
bbls reflects
    the PUD reserves converted to production in 2023.
F-
35
(1)
The revision of previous
    estimates in the amount of -
1,121,981
bbls refers to the sum of 1) revision of previous PDP reserves estimates of
5,475
bbls (note
    g) and 2) revision of previous PUD reserves estimate of -
1,127,456
bbls (note 10).
(2)
The improved recovery amount
    of -
12,763
bbls refers to the amount variation of crude oil production of
58,273
bbls (note 9) in 2022 compared to previous estimates
    of
71,036
bbls (prediction in previous year's model) for Kruh Block in 2021 as a result of rescheduling of drilling program
    and reserves revision.
(3)
The production in the amount
    of
62,467
bbls refers to the amount of total gross crude oil produced from 1) PDP reserves production in the amount of
58,273
bbls
    (note 9) and 2) PUD reserves production in the amount of
4,194
bbls in the Kruh Block.
(4)
The revisions of previous
    estimates of -
290,926
bbls refers to the total amount of 1) net PDP reserves revision of previous estimates in the amount of
37,094
bbls (note 11), and 2) net PUD reserves revision of previous estimates in the amount of -
328,019
bbls (note 13).
(5)
The Improved recovery in
    the amount of
-
7,346
bbls refers to the net share (
57.56
%) of crude oil production change of -
12,763
bbls (note 2) as a result of
    rescheduling of drilling program.
(6)
The net PDP and PUD production
    of
-
35,954
bbls refers to the sum of the net PDP production in the amount of -
33,540
bbls (note 12) and net PUD production in the
    amount of -
2,414
bbls (note 14).
(7)
The revisions of previous
    estimates in the amount of
5,475
bbls refers to the total gross amount of PDP reserves variation as a result of production.
(8)
The extension and discoveries
    in the amount of
125,425
bbls refers to the gain of PDP reserves from the completion of two new wells, K-27 and K-28.
(9)
The PDP production in the
    amount of
58,616
bbls refers to the gross amount of PDP reserves produced in 2022.
(10)
The revisions of previous
    estimates in the amount of -
1,127,456
bbls refers to the total gross amount of PUD reserves variation from the
2,942,406
bbls in
    2021 to
1,814,950
bbls in 2022 during the same period to 2030.
(11)
The revision of previous
    estimates of net PDP reserves in the amount of
37,094
bbls refers to the sum of 1) net share difference (
57.56
%) in 2022 as compared
    to (
46.65
%) in 2021) of the beginning total PDP reserves in the amount of
311,211
bbls and 2) net share (
57.56
%) of revision of previous
    estimates of total PDP reserves estimates in the amount of
5,475
bbls (note 7).
(12)
The net PDP production
    in the amount of
33,540
bbls refers to the net share (
57.56
%) of gross amount of
58,273
bbls (note 9) PDP reserves produced in 2022.
(13)
The revision of previous
    estimates of net PUD reserves in the amount of -
328,019
bbls refers to the sum of 1) net share difference (
57.56
%) in 2022 as compared
    to (
46.65
%) in 2021 of the beginning total PUD reserves in the amount of
2,942,406
bbls, and 2) net share (
57.56
%) of revision of
    previous estimates of total PUD reserves estimates in the amount of -
1,127,456
bbls (note 10).
(14)
The net PUD production
    in the amount of
2,414
bbls reflects the net PUD reserves converted to production in 2022.
F-
36
Standardized
Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves
The
following information is based on the Company's best estimate of the required data for the Standardized Measure of Discounted Future
Net Cash Flows as of December 31, 2023 and 2022, respectively, in accordance with SFAS No. 69, "Disclosures About Oil and Gas Producing
Activities" which requires the use of a 10% discount rate. This information is not the fair market value, nor does it represent
the expected present value of future cash flows of the Company's proved oil and gas reserves.
As of December 31,
2023
2022
Future cash inflows
$
181,000,717
$
114,735,610
Future production costs
(1)
(
99,160,999
)
(
64,815,304
)
Future development costs
(
29,867,500
)
(
29,404,571
)
Future income tax expenses
(
18,037,976
)
(
7,591,667
)
Future net cash flows
$
33,934,242
$
12,924,068
10% annual discount for estimated timing of cash flows
(
18,318,152
)
(
4,690,738
)
Standardized measure of discounted future net cash flows at the end of the year
$
15,616,090
$
8,233,330
(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.
Future
cash inflows are computed by applying the ICP previous 12 months average monthly price, to year-end quantities of proved reserves. ICP
is determined by the Directorate General of Oil and Gas ("DGOG") of The Ministry of Energy and Mineral Resources of Indonesia
("MEMR") on a monthly basis and presented as the monthly price of the crude oil according to the region where the oil is
produced. The discounted future cash flow estimates do not include the effects of the Company's derivative instruments, if any.
See the following table for average prices.
Years ended December 31,
2023
2022
2021
Average crude oil price per Bbl
$
77.61
$
96.94
$
67.02
Future
production and development costs, which include abandonment and site restoration expense, are computed by estimating the expenditures
to be incurred in developing and producing the Company's proved crude oil reserves at the end of the year, based on year-end costs,
and assuming continuation of existing economic conditions.
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.
Year ended December 31,
2023
2022
2021
Standardized measure of discounted future net cash flows at the beginning of the year
$
8,233,330
$
7,597,232
$
5,579,842
Extensions, discoveries and improved recovery, less related costs
500,000
500,000
500,000
Revisions of previous quantity estimates
40,409,026
(
19,526,823
)
(
14,979,996
)
Changes in estimated future development costs
(
584,751
)
340,200
4,046,951
Purchases (sales) of minerals in place
-
-
-
Net changes in prices and production costs
(
6,345,840
)
15,310,987
19,129,705
)
Accretion of discount
(
13,627,414
)
23,577
638,201
Sales of oil and gas produced, net of production costs
(
2,643,773
)
(
4,244,775
)
(
4,328,719
)
Development costs incurred during the period
121,822
4,540,497
2,724,238
Change in timing of estimated future production and other
-
-
-
Net change in income taxes
(
10,446,308
)
3,692,435
(
5,712,990
)
Standardized measure of discounted future net cash flows at the end of the year
$
15,616,090
$
8,233,330
$
7,597,232
F-
37