Ann: Onshore Indonesian Oil Operations Update - December 2019, page-13

Mr Heman, you are somewhat wrong in your calculations. I emailed Tino to find out how it works. The figures can be found in the quarterlies, and half and yearly reports.

The oil tax is in the form of taking about 40% of the oil attributed to BAS. What this means for the cost per barrel of oil sold I don’t know.

So in the last quarterly BAS’s 55% share was 36,730 barrels of oil. After the tax Bas had 22,261 barrels of oil to sell. That is close to 40%.

In the last quarterly BAS paid off about $500,000 to Cooper Energy and is now debt free.

The reimbursement for Bunian 5 has been ongoing since September and is now nearly complete.

Apparently the December Quarterly will be out late this week so we will all be able to check the figures and see how things are going. I’ll be particularly interested in how much money is in the bank account. There should be a reasonable profit recorded as well.

Hopefully cause more excitement than the monthly update did, which was close to none.

Saltbus