6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

For the month of September 2023

Commission File Number 001-39164

Indonesia Energy Corporation Limited

(Translation of registrant’s name into English)

GIESMART PLAZA 7^th Floor

Jl. Raya Pasar Minggu No. 17A

Pancoran – Jakarta 12780

Indonesia

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

INCORPORATION BY REFERENCE

This report on Form 6-K (“Form 6-K Report”) shall be deemed to be incorporated by reference into the shelf registration statement on Form F-3, as amended (Registration Number 333-252520) of Indonesia Energy Corporation Limited, a Cayman Islands exempted company (the “Company”), declared effective by the U.S. Securities and Exchange Commission (the “SEC”) on February 16, 2021 (“Registration Statement”), and into each prospectus or prospectus supplement outstanding under the Registration Statement, to the extent not superseded by documents or reports subsequently filed or furnished by the Company under the Securities Act of 1933, as amended, or the Securities Exchange Act of 1934, as amended.

INFORMATION CONTAINED IN THIS FORM 6-K REPORT

Attached as Exhibit 10.1 to this Form 6-K Report is an Amendment to Operations Cooperation Agreement, fully executed between PT Pertamina EP and PT Green World Nusantara, an indirect wholly-owned subsidiary of Indonesia Energy Corporation Limited, a Cayman Islands exempted company (the “Company”), dated August 9, 2023, relating to the five-year extension of the Company’s rights to operate Kruh Block.

Attached as Exhibit 99.1 to this Form 6-K Report are the unaudited condensed consolidated financial statements of the Company as of June 30, 2023 and for the six-month periods ended June 30, 2023 and 2022, respectively.

Attached as Exhibit 99.2 to this Form 6-K Report is an Operating and Financial Review for the Company’s six-month periods ended June 30, 2023 and 2022, respectively.

CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS

This Form 6-K Report and the exhibits hereto contain 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 Form 6-K Report and the exhibits hereto 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” on our annual report on Form 20-F filed with the SEC on May 1, 2023. 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 to meet our goals and strategies, including our plans to 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, inflation, rising interest rates and the persistence of COVID-19) 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;

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● 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.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	INDONESIA ENERGY CORPORATION LIMITED
Dated: September 28, 2023	By:	/s/ Wirawan Jusuf
	Name:	Wirawan Jusuf
	Title:	Chief Executive Officer

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EXHIBIT INDEX

Exhibit Number	Description
10.1	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)+
99.1	Unaudited condensed consolidated financial statements of the Company as of June 30, 2023 and for the six-month periods ended June 30, 2023 and 2022
99.2	Operating and Financial Review for the six-month periods ended June 30, 2023 and 2022
101.INS	Inline XBRL Instance Document
101.SCH	Inline XBRL Taxonomy Extension Schema Document
101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (embedded within the Inline XBRL document)

+ 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.

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EX-10.1

Exhibit 10.1

Confidential Treatment Requested by Indonesia Energy Corporation Limited.

Confidential treatment requested with respect to certain portions of this amendment denoted with

“[*****]” that are (i) not material and (ii) would likely cause competitive harm to

Indonesia Energy Corporation Limited if publicly disclosed.

AMENDMENT TO THE

OPERATIONS COOPERATION AGREEMENT

FOR PRODUCTION ON KRUH OPERATING AREA

BETWEEN

PT PERTAMINA EP

AND

PT GREEN WORLD NUSANTARA

This Amendment to the Operations Cooperation Agreement for Production on KRUH Operating Area is made and entered into on August 9, 2023 (hereinafter referred to as the “Amendment”) by and between:

PT PERTAMINA EP, a company established under Deed No. 4 dated September 13, 2005, executed before Marianne Vincentia Hamdani, S.H., Notary in Jakarta, which has received approval from the Minister of Law and Human Rights No. C-26007 HT.01.01.TH.2005 dated September 20, 2005, as last amended by Deed No. 77 dated May 12, 2023 which has received approval from the Minister of Law and Human Rights No. AHU-0032030. AH. 01.02.TAHUN 2023 dated June 9, 2023, having its address at Menara Standard Chartered Building 21^st Floor, JI. Prof. Dr. Satrio No. 164, Jakarta 12950, Taxpayer Identification Number [*****], herein represented by Chalid Said Salim in his capacity as Director 1, and therefore acting for and on behalf of the aforementioned company, hereinafter referred to as “PERTAMINA EP”.

PT GREEN WORLD NUSANTARA, a company established under Deed No. 09 dated March 23, 2010, executed before Sri Rahayu, S.H., Notary in Bekasi City, which has received approval from the Minister of Law and Human Rights No. AHU-19662.AH.01.01.Tahun 2010 dated April 16, 2010, as its Articles of Association last amended by Deed No. 03 dated March 10, 2020, which has received approval from the Minister of Law and Human Rights No. AHU-0023860. AH.01.02.TAHUN 2020 dated March 18, 2020, having its address at GIESMART PLAZA 7^th Floor, Jl. Raya Pasar Minggu No. 17A, South Jakarta 12780, herein represented by Mirza Ferrinto Said in his capacity as Director, and therefore acting for and on behalf of the aforementioned company, hereinafter referred to as “PARTNER”.

PERTAMINA EP and PARTNER individually referred to as a “PARTY” or collectively referred to as the “PARTIES” in this Amendment.

The PARTIES shall first explain as follows:

A. WHEREAS, PERTAMINA EP has signed the PERTAMINA Oil and Gas Contract with the Implementing Body for Upstream Oil and Gas Business Activities (BPMIGAS, currently known as SKK Migas pursuant to Presidential Regulation No. 9 of 2013) on September 17, 2005, with a duration of 30 years, expiring on September 16, 2035, as most recently amended by the Amendment III to the PERTAMINA EP Cooperation Contract on August 30, 2022 (hereinafter referred to as the “PERTAMINA EP KKS”).

B.	WHEREAS, PERTAMINA EP and PARTNER have conducted Operations Cooperation on KRUH Operating Area in accordance with the Operations Cooperation Agreement signed on July 26, 2019, hereinafter in this Amendment referred to as the “Agreement”.
C.	WHEREAS, PERTAMINA EP has held discussions with PARTNER to convert the Existing KSO Agreement into a new KSO agreement on May 16-17, 2023, and discussions on June 7, 2023, to agree on key terms related to the conversion of the Existing KSO Agreement into a new KSO agreement.
D.	WHEREAS, as a follow-up to letter C above, PARTNER has submitted the Proposal and all necessary requirements and completed ones to PERTAMINA EP; and PERTAMINA EP has evaluated and discussed the proposal with PARTNER on June 14, 2023.
E.	WHEREAS, PERTAMINA EP has granted PARTNER approval to convert the existing KSO Agreement into a new KSO agreement through Letter No. 0108/PEP11100/2023-SO dated August 1, 2023 regarding Notification of Approval for the Proposed Conversion of Existing KSO into a New KSO on Kruh Operating Area.
F.	WHEREAS, PARTNER shall carry out the Work Program in accordance with PERTAMINA EP’s approval and in the event of changes to the Work Program, shall be subject to the provisions and procedures applicable in PERTAMINA EP.
G.	WHEREAS, PARTNER has the financial ability, technical competence, organization, and professional expertise required to undertake the Operations and other obligations pursuant to this Amendment.

Therefore, considering the aforementioned, the PARTIES hereby agree to amend the Agreement under the following terms and conditions:

Article 1

Definition

The meaning of words and terms defined in the Agreement shall also apply to this Amendment, unless otherwise stipulated in this Amendment.

Article 2

Amended Provisions

2.1. Amending the definition in clause 1.1.22 of the Agreement to read as follows:

1.1.22 Baseline Production means the average monthly production in the Operating Area represented by a curve expressed in numerical values as set forth in the table outlined in Exhibit 1 to the Amendment agreed by the PARTIES. Baseline Oil Production produced by PARTNER shall become the rights of PERTAMINA EP and shall be received by PERTAMINA EP at the Point of Export/Sale/Lifting from the time of initial production agreed by the PARTIES as stipulated in Exhibit 1 of the Amendment, without normal losses, if any. The Baseline Production consists of Baseline Oil Production and Baseline Gas Production.

2.2. Amending clause 2.2.1 of the Agreement to read as follows:

2.2.1 Unless terminated earlier under the terms of this Agreement, as of the Effective Date, this Agreement shall remain in effect until the expiration of PERTAMINA EP KKS on September 16, 2035.

2.3. Amending clause 4.1.20, sub-paragraph i, third paragraph of the Agreement to read as follows:

4.1.20 The price at which such Crude Oil be delivered and sold under this Article shall be [*****] of the price as determined under clause 5.1.2 hereof;

2.4. Amending clause 4.2.6 of the Agreement to read as follows:

4.2.6 PERTAMINA EP shall have the right to withhold and deduct the production share of PARTNER’s entitlement and payment of PARTNER’s invoice to PERTAMINA EP pursuant to this Agreement due to PARTNER’s failure to fulfill its obligations hereunder to PERTAMINA EP.

2.5. Amending clause 5.1.2 numbers (i) – (vi) of the Agreement to read as follows:

(i)	PARTNER will receive cost recovery of Operating Costs in each year, up to a maximum amount of [*****] from production sold after deducting FTP obligations under PERTAMINA EP KKS and Oil Lifting Accounting Procedure. During the period of this Agreement, if Operating Costs in each year exceed the value of Crude Oil allocated to Operating Costs in the respective current year, the excess amount that has not been recovered shall be recovered in subsequent years given that there is sufficient Production in the operating area.
(ii)	The recovery of Direct Costs for Baseline Production shall be sourced from Baseline Production. The recovery of cost other than Direct Costs for Baseline Production shall be sourced from Incremental Oil production. In the event that the realization of Crude Oil produced is less than or equal to the Baseline Production set for a particular month, PARTNER shall have no rights over any share but shall still entitled to cost recovery. In the event that the realization of oil production in the Operations Cooperation (KSO) Area by PARTNER exceeds the Baseline Production set for a particular month, PARTNER shall be entitled to a production share on Incremental Oil obtained during the Operations of KSO.
(iii)	If, at the expiration of the Agreement, there remains an unrecovered cost excess, such excess shall not be recovered to PARTNER.
(iv)	Cost recovery that has not been fully recovered prior to the effective date of this Amendment shall be deducted from incremental production in accordance with the Operating Cost recovery mechanism outlined in this Amendment.

2.6. Amending clause 5.1.3 of the Agreement to read as follows:

5.1.3 For the Incremental Oil, after deducting the Operating Costs as per clause 5.1.2 above, and deducting [*****]% of the Government of Indonesia’s share under the PERTAMINA EP KKS, shall be allocated as Crude Oil to be shared between PARTNER and PERTAMINA EP.

i.

PARTNER shall be entitled to receive each year, [*****]% of PERTAMINA EP’s share under the PERTAMINA EP KKS, at a rate of [*****]% before corporate and dividend taxes of PERTAMINA EP’s share. The details of calculation of Cost Recovery allocation will be set out in the Oil Lifting Accounting Procedure (consisting of Lifting Procedure, Cost Recovery Procedure, and Accounting Manual) which is inseparable part hereof.

ii.

The amount of production share as mentioned in point i above may change according to the percentage of PARTNER’s production realization against Baseline Production, following the table below.

Realization of Production (R) against Baseline Production	Base Split	Additional Split	Total Split
0% <R ≤ 100%	[*****]%	[*****]%	[*****]%
100% <R ≤ 150%	[*****]%	[*****]%	[*****]%
150% <R ≤ 200%	[*****]%	[*****]%	[*****]%
200% <R ≤ 300%	[*****]%	[*****]%	[*****]%
R > 300%	[*****]%	[*****]%	[*****]%

2.7 Amending clause 5.2.3 of the Agreement to read as follows:

5.2.3. For the sale proceeds of Natural Gas produced and sold from the operating area remaining after deducting Operating Costs in accordance with clause 5.1.2 above, and deducting [*****]% of the Government of Indonesia’s share under PERTAMINA EP KKS, to be shared between PARTNER and PERTAMINA EP. The details of calculation of Cost Recovery allocation will be set out in the Oil Lifting Accounting Procedure (consisting of Lifting Procedure, Cost Recovery Procedure and Accounting Manual) which is inseparable part hereof.

i.	For Baseline Gas Production, PARTNER shall be entitled to receive its share every year, [*****]%, as in the existing production share which is taken from the share of PERTAMINA EP under PERTAMINA EP KKS of [*****]% before corporate and dividend taxes of PERTAMINA EP’s share.
ii.	For Incremental Gas Production, the amount of production share for PARTNER is adjusted based on the percentage of PARTNER’s production realization against Baseline Production, following the table below, with the note that it is above the existing gas production share value.

Realization of Production (R) against Baseline Production	Base Split	Additional Split	Total Split
100% <R ≤ 150%	[*****]%	[*****]%	[*****]%
150% <R ≤ 200%	[*****]%	[*****]%	[*****]%
200% <R ≤ 300%	[*****]%	[*****]%	[*****]%
R > 300%	[*****]%	[*****]%	[*****]%

2.8 Amending clauses 7.1 to 7.3 of the Agreement to read as follows:

7.1 PARTNER shall submit to PERTAMINA EP, prior to the signing of this Amendment, an irrevocable and unconditional Bank Guarantee, to guarantee the execution of Firm Commitment Conversion, in the amount of [*****]% from the total value of Firm Commitment Conversion.

Any cost incurred as a result of the issuance of the Bank Guarantee and any of its extensions, if any, shall be borne solely by PARTNER and shall not be treated as recoverable cost.

7.2 Bank Guarantee submitted by PARTNER to PERTAMINA EP shall meet the terms and conditions and, in the format, as determined by PERTAMINA EP and issued by a state-owned bank.

7.3 The Bank Guarantee shall have a minimum validity period of three (3) years for the Firm Commitment Conversion period plus additional thirty (30) calendar days for claim and disbursement period of such Bank Guarantee.

2.9 Amending clause 15.6 of the Agreement to read as follows:

15.6 In the event that PARTNER is in a status of Suspension of Debt Payment Obligations (PKPU) or declared Bankrupt based on a decision from the Commercial Court, or if there is an application for the revocation of the peace agreement within PKPU against PARTNER submitted by its creditors to the Commercial Court due to PARTNER’s failure to fulfill its commitments as stipulated in the peace agreement, PERTAMINA EP shall have the right to terminate this Agreement without requiring consent from or interference by the court and without prejudice to PERTAMINA EP’s other right including the right to obtain compensation from and other remedies against PARTNER as provided in the Agreement and/or by laws.

2.10 Amending clause 18.6 of the Agreement to read as follows:

18.6 In the event that, any PARTNER’s portion in the Agreement becomes subject to an international tax treaty or new Income Tax Law, all of the percentages appearing in clauses 5.1.3 and 5.2.3 in the Agreement and applicable to the portion of PARTNER affected by the international tax treaty and/or the new Income Tax Law shall be revised in order to maintain the same net split after corporate and dividend taxes for Incremental Oil and Gas prior to DMO obligations to PARTNER in the Agreement remain the same as shown in the following table.

Realization of Production (R) against Baseline Production	Base Split	Additional Split	Total Split
0% <R ≤ 100%	[*****]%	[*****]%	[*****]%
100% <R ≤ 150%	[*****]%	[*****]%	[*****]%
150% <R ≤ 200%	[*****]%	[*****]%	[*****]%
200% <R ≤ 300%	[*****]%	[*****]%	[*****]%
R > 300%	[*****]%	[*****]%	[*****]%

For Baseline Gas Production, the net split is [*****]%.

Article 3

Additional Provisions

3.1. Adding definitions to the Agreement as follows:

1.1.34	Direct Costs means costs related to the oil and gas production activities, comprising the costs of lifting, stockpiling, and transporting from wells to sales points which will be defined under the Oil Lifting Accounting Procedure (consisting of Lifting Procedure, Cost Recovery Procedure, and Accounting Manual) which is inseparable part hereof.
1.1.35	First Tranche Petroleum (FTP) means [*****]% of the production sold (consisting of Baseline Production and incremental production) before deducting the cost recovery shared between the Government and PERTAMINA EP.
1.1.36	Firm Commitment Conversion means a Work Program that shall be conducted during the three (3) Agreement years by PARTNER as described in Article 3.2 of this Amendment.
1.1.37	Baseline Oil Production means the average monthly Crude Oil production in the Operating Area and shall become the rights of PERTAMINA EP and shall be received by PERTAMINA EP at the Point of Export/Sale/Lifting from the time of initial production agreed by the PARTIES as stipulated in Exhibit 1 of the Amendment, without losses, if any.
1.1.38	Baseline Gas Production means the Natural Gas production levels represented by the daily delivery volume regulated in the existing gas supply agreement in place at the time of signing the KSO Agreement (including conversion to the new KSO agreement), notwithstanding any other provisions to the contrary, PARTNER is entitled to a share of the Baseline Gas Production.

3.2. Adding provisions related to Firm Commitment Conversion, it shall be as follows:

3.2.1 The Work Program shall be carried out by PARTNER in conducting Operations and further development, during the three (3) Firm Commitment Conversion years since the effective date of this Amendment is as follows:

Firm Commitment		Work		Value
Years	Activities Description	Unit	Amount	Currency	Amount
First	▪ GGR Study	Job	[*****]	USD	[*****]
	▪ 3D Seismic	Km2	[*****]	USD	[*****]
	▪ Re-opening/ Workover	Well	[*****]	USD	[*****]
	Subtotal			USD	[*****]
Second	▪ GGR Study	Job	[*****]	USD	[*****]
	▪ 2D Seismic	Km	[*****]	USD	[*****]
	▪ Drilling	Well	[*****]	USD	[*****]
	Subtotal			USD	[*****]
Third	▪ GGR Study	Jobs	[*****]	USD	[*****]
	Subtotal			USD	[*****]
Total				USD	[*****]

3.2.2 If during the first of Firm Commitment Conversion year, PARTNER has not performed all the required Work Programs in such Firm Commitment Conversion year, PARTNER may propose a written request to PERTAMINA EP to carry forward activities from the Work Program which are not performed to the next Firm Commitment Conversion year. If such request is approved by PERTAMINA EP, PARTNER shall complete such Work Programs no later than the end of the subsequent Firm Commitment Conversion year.

3.2.3 If during the second Firm Commitment Conversion year, PARTNER performs less Work Programs than required in such Firm Commitment Conversion year, with prior written approval of PERTAMINA EP, PARTNER shall complete such Work Program no later than the end of the third Firm Commitment Conversion year.

3.2.4 In the event of any part or all of Firm Commitment Conversion of each Firm Commitment Conversion year cannot be performed, PARTNER may submit a replacement program of such Firm Commitment Conversion (“Substitution Program”) to PERTAMINA EP no later than ninety (90) calendar days before the end of each such Firm Commitment Conversion year, with a value not less than the value of Firm Commitment Conversion be replaced. Such Substitution Program shall be performed by PARTNER after obtaining the prior written approval of PERTAMINA EP.

The value of the Substitution Program proposed by PARTNER shall refer to the prevailing market value at the time of submission of the Substitution Program.

3.2.5 If based on the judgement of PERTAMINA EP, the Substitution Program as stipulated in clause 3.3.4 of this Amendment cannot be carried out then the value of the Firm Commitment Conversion that cannot be carried out shall become the rights of PERTAMINA EP as a compensation from PARTNER to PERTAMINA EP. Such compensation for PARTNER shall not be subject to cost recovery (non-recoverable cost).

3.2.6 If during the first year of Firm Commitment Conversion, with written approval of PERTAMINA EP, PARTNER accelerates by performing work in the subsequent Firm Commitment Conversion year, PARTNER may subtract such accelerate work in the subsequent Firm Commitment Conversion years.

3.2.7 If within 1 year after PARTNER completes all Firm Commitment Conversion the actual production falls below the Baseline Production amount, PARTNER may propose a review of the Baseline Production amount by involving an independent consultant or LEMIGAS approved by PERTAMINA EP and the results shall be jointly verified with SKK Migas. The cost of the independent consultant or LEMIGAS shall be borne by PARTNER and shall not be considered as Operating Cost.

3.2.8 Except for the Work Program and Budget of Firm Commitment Conversion, at least within seven (7) months prior the beginning of each Calendar year or before the end of May each year, or at such other times determined by PERTAMINA EP, PARTNER shall submit a Work Program and Budget of Operating Costs, to be evaluated and approved by PERTAMINA EP.

3.3. Adding clauses 4.1.29 and 4.1.30 of the Agreement related to PARTNER Obligations and clause 4.2.8 of the Agreement related to PERTAMINA EP’s Rights, as follows:

4.1.29 PARTNER shall settle the Baseline Production shortfall, compensation for extension of Firm Commitment and debts for any other liabilities under the Agreement as stipulated, among others, in Exhibit 2 of this Amendment.

4.1.30 PARTNER shall take precautions to prevent accidents that may result in casualties, property damage, environmental damage, image degradation of the PARTIES by ensuring that PARTNER has its own Health, Safety, Security, and Environmental Management System implemented in PARTNER’s operations. The Health, Safety, Security, and Environmental Management System must, at a minimum, include the provisions as set forth in Exhibit 3 of this Amendment.

4.2.8 Three (3) months before termination, PERTAMINA EP is entitled to withhold PARTNER’s portion of share and any other payments to PARTNER (if any) until PARTNER fulfill all its obligations to which PERTAMINA EP is entitled.

3.4. Add clause 8.4 to the Agreement, as follows:

8.4 If there is still compensation for the extension of the Firm Commitment period and obligations that have not been settled before this Amendment becomes effective as stipulated in clause 4.1.29 of the Agreement, the settlement or payment of such obligations follows clause 4.2.6 of the Agreement in consideration of the continuation of operations.

3.5. Adding clauses 15.22 to 15.24 of the Agreement related to Termination of Agreement, as follows:

15.22 In the event that PARTNER does not conduct the Firm Commitment Conversion activity at all in the first year, PERTAMINA EP has the right to unilaterally declare the Agreement terminated.

15.23 The Agreement may be terminated by PERTAMINA EP unilaterally, if PARTNER is unable to complete the Firm Commitment Conversion within a maximum period of three (3) years, unless extended based on full consideration by PERTAMINA EP at the request of PARTNER.

15.24 If the cumulative realization of PARTNER production within two (2) years after the completion of the Firm Commitment Conversion period cannot achieve Baseline Production or Baseline Production which has been reviewed in accordance with clause 3.2.7 above, then PERTAMINA EP has the right unilaterally to terminate the Agreement without court intervention and without harming the rights of PERTAMINA EP.

3.6. The provisions related to Cash in Advance obligations are deemed not applicable after the effective date of this Amendment.

3.7. The provisions related to Firm Commitment and NSO remain in effect until the effective date of this Amendment.

3.8. PERTAMINA EP shall have the rights to forfeit such Bank Guarantee for the interest of PERTAMINA EP in the event that PARTNER does not fulfill its obligations pursuant to clause 3.2 of this Amendment and/or any termination of the Agreement under clauses 15.4, 15.5 letter c, 15.6, 15.13, 15.16, 15.22, 15.23, and 15.24 of the Agreement.

3.9. If after the signing of this Amendment, it is discovered that there are charges, demands, costs, penalties, damages, claims/lawsuits, audit findings, requests for responsibility, arising from the execution of the Firm Commitment prior to the effective date of this Amendment, the PARTIES shall remain subject to and refer to the provisions applicable in the Agreement before the Amendment takes effect.

Article 4

Miscellaneous

For purposes of this Amendment:

4.1	This Amendment shall become effective as of August 1, 2023.
4.2	This Amendment is subject to the policies applicable within PERTAMINA EP. In the event of any policy changes that affect this Amendment, the PARTIES agree and consent to be bound by such policies and make further adjustments to this Amendment accordingly.

4.3. In the event that the Oil Lifting Accounting Procedure, consisting of the Lifting Procedure, Cost Recovery Procedure and Accounting Manual, is affected by this Amendment, such procedures shall be adjusted. Until the procedure adjustments are completed, the existing procedures may be used, and the results shall be reconciled once the procedure adjustments are agreed upon by the PARTIES.

4.4 This Amendment constitutes an integral part of the Agreement.

4.5 The terms and conditions, and Exhibits to the Agreement shall remain in force and binding upon the PARTIES, except as amended or deleted by this Amendment.

THEREFORE, the PARTIES have executed this Amendment in duplicates, each of which is signed by the PARTIES on the day, date, month, and year first above mentioned. Each duplicate of this Amendment shall be deemed an original and shall have the same legal effect and force.

For and on behalf of	For and on behalf of
PT PERTAMINA EP	PT GREEN WORLD NUSANTARA
[stamped, signed] /s/ Chalid Said Salim	[signed] /s/ Mirza Ferrinto Said
Chalid Said Salim	Mirza Ferrinto Said
(Director 1)	(Director)

Exhibit 1

Exhibit 1 to this Amendment is attached and is an integral part of the Agreement between PERTAMINA EP and PARTNER, dated August 9, 2023.

1. Baseline Oil Production Table

Days	Month	BOPD	BOPM	Days	Month	BOPD	BOPM
31	Jan-23	[*****]	[*****]	31	Jan-24	[*****]	[*****]
28	Feb-23	[*****]	[*****]	29	Feb-24	[*****]	[*****]
31	Mar-23	[*****]	[*****]	31	Mar-24	[*****]	[*****]
30	Apr-23	[*****]	[*****]	30	Apr-24	[*****]	[*****]
31	May-23	[*****]	[*****]	31	May-24	[*****]	[*****]
30	Jun-23	[*****]	[*****]	30	Jun-24	[*****]	[*****]
31	Jul-23	[*****]	[*****]	31	Jul-24	[*****]	[*****]
31	Aug-23	[*****]	[*****]	31	Aug-24	[*****]	[*****]
30	Sep-23	[*****]	[*****]	30	Sep-24	[*****]	[*****]
31	Oct-23	[*****]	[*****]	31	Oct-24	[*****]	[*****]
30	Nov-23	[*****]	[*****]	30	Nov-24	[*****]	[*****]
31	Dec-23	[*****]	[*****]	31	Dec-24	[*****]	[*****]

Days	Month	BOPD	BOPM	Days	Month	BOPD	BOPM
31	Jan-25	[*****]	[*****]	31	Jan-26	[*****]	[*****]
28	Feb-25	[*****]	[*****]	28	Feb-26	[*****]	[*****]
31	Mar-25	[*****]	[*****]	31	Mar-26	[*****]	[*****]
30	Apr-25	[*****]	[*****]	30	Apr-26	[*****]	[*****]
31	May-25	[*****]	[*****]	31	May-26	[*****]	[*****]
30	Jun-25	[*****]	[*****]	30	Jun-26	[*****]	[*****]
31	Jul-25	[*****]	[*****]	31	Jul-26	[*****]	[*****]
31	Aug-25	[*****]	[*****]	31	Aug-26	[*****]	[*****]
30	Sep-25	[*****]	[*****]	30	Sep-26	[*****]	[*****]
31	Oct-25	[*****]	[*****]	31	Oct-26	[*****]	[*****]
30	Nov-25	[*****]	[*****]	30	Nov-26	[*****]	[*****]
31	Dec-25	[*****]	[*****]	31	Dec-26	[*****]	[*****]

Days	Month	BOPD	BOPM	Days	Month	BOPD	BOPM
31	Jan-27	[*****]	[*****]	31	Jan-28	[*****]	[*****]
28	Feb-27	[*****]	[*****]	29	Feb-28	[*****]	[*****]
31	Mar-27	[*****]	[*****]	31	Mar-28	[*****]	[*****]
30	Apr-27	[*****]	[*****]	30	Apr-28	[*****]	[*****]
31	May-27	[*****]	[*****]	31	May-28	[*****]	[*****]
30	Jun-27	[*****]	[*****]	30	Jun-28	[*****]	[*****]
31	Jul-27	[*****]	[*****]	31	Jul-28	[*****]	[*****]
31	Aug-27	[*****]	[*****]	31	Aug-28	[*****]	[*****]
30	Sep-27	[*****]	[*****]	30	Sep-28	[*****]	[*****]
31	Oct-27	[*****]	[*****]	31	Oct-28	[*****]	[*****]
30	Nov-27	[*****]	[*****]	30	Nov-28	[*****]	[*****]
31	Dec-27	[*****]	[*****]	31	Dec-28	[*****]	[*****]

Days	Month	BOPD	BOPM	Days	Month	BOPD	BOPM
31	Jan-29	[*****]	[*****]	31	Jan-30	[*****]	[*****]
28	Feb-29	[*****]	[*****]	28	Feb-30	[*****]	[*****]
31	Mar-29	[*****]	[*****]	31	Mar-30	[*****]	[*****]
30	Apr-29	[*****]	[*****]	30	Apr-30	[*****]	[*****]
31	May-29	[*****]	[*****]	31	May-30	[*****]	[*****]
30	Jun-29	[*****]	[*****]	30	Jun-30	[*****]	[*****]
31	Jul-29	[*****]	[*****]	31	Jul-30	[*****]	[*****]
31	Aug-29	[*****]	[*****]	31	Aug-30	[*****]	[*****]
30	Sep-29	[*****]	[*****]	30	Sep-30	[*****]	[*****]
31	Oct-29	[*****]	[*****]	31	Oct-30	[*****]	[*****]
30	Nov-29	[*****]	[*****]	30	Nov-30	[*****]	[*****]
31	Dec-29	[*****]	[*****]	31	Dec-30	6.57	203.78

Days	Month	BOPD	BOPM	Days	Month	BOPD	BOPM
31	Jan-31	[*****]	[*****]	31	Jan-32	[*****]	[*****]
28	Feb-31	[*****]	[*****]	29	Feb-32	[*****]	[*****]
31	Mar-31	[*****]	[*****]	31	Mar-32	[*****]	[*****]
30	Apr-31	[*****]	[*****]	30	Apr-32	[*****]	[*****]
31	May-31	[*****]	[*****]	31	May-32	[*****]	[*****]
30	Jun-31	[*****]	[*****]	30	Jun-32	[*****]	[*****]
31	Jul-31	[*****]	[*****]	31	Jul-32	[*****]	[*****]
31	Aug-31	[*****]	[*****]	31	Aug-32	[*****]	[*****]
30	Sep-31	[*****]	[*****]	30	Sep-32	[*****]	[*****]
31	Oct-31	[*****]	[*****]	31	Oct-32	[*****]	[*****]
30	Nov-31	[*****]	[*****]	30	Nov-32	[*****]	[*****]
31	Dec-31	[*****]	[*****]	31	Dec-32	[*****]	[*****]

Days	Month	BOPD	BOPM	Days	Month	BOPD	BOPM
31	Jan-33	[*****]	[*****]	31	Jan-34	[*****]	[*****]
28	Feb-33	[*****]	[*****]	28	Feb-34	[*****]	[*****]
31	Mar-33	[*****]	[*****]	31	Mar-34	[*****]	[*****]
30	Apr-33	[*****]	[*****]	30	Apr-34	[*****]	[*****]
31	May-33	[*****]	[*****]	31	May-34	[*****]	[*****]
30	Jun-33	[*****]	[*****]	30	Jun-34	[*****]	[*****]
31	Jul-33	[*****]	[*****]	31	Jul-34	[*****]	[*****]
31	Aug-33	[*****]	[*****]	31	Aug-34	[*****]	[*****]
30	Sep-33	[*****]	[*****]	30	Sep-34	[*****]	[*****]
31	Oct-33	[*****]	[*****]	31	Oct-34	[*****]	[*****]
30	Nov-33	[*****]	[*****]	30	Nov-34	[*****]	[*****]
31	Dec-33	[*****]	[*****]	31	Dec-34	[*****]	[*****]

Days	Month	BOPD	BOPM
31	Jan-35	[*****]	[*****]
28	Feb-35	[*****]	[*****]
31	Mar-35	[*****]	[*****]
30	Apr-35	[*****]	[*****]
31	May-35	[*****]	[*****]
30	Jun-35	[*****]	[*****]
31	Jul-35	[*****]	[*****]
31	Aug-35	[*****]	[*****]
16	Sep-35	[*****]	[*****]

2. Baseline Gas Production – [*****]

Exhibit 2

Exhibit 2 to this Amendment is attached and is an integral part of the Agreement between PERTAMINA EP and PARTNER, dated August 9, 2023.

● Compensation for the extension of the first Firm Commitment period is USD[*****]

In the event that there are other obligations not addressed in this Exhibit 2, the PARTIES agree to settle them with reference to Article 8.4 of the Agreement.

Exhibit 3

Exhibit 3 to this Amendment is attached and is an integral part of the Agreement between PERTAMINA EP and PARTNER, dated August 9, 2023.

REQUIREMENTS OF HEALTH, SAFETY, SECURITY

AND ENVIRONMENTAL MANAGEMENT SYSTEM (“HSSEMS”)

PARTNER is obliged to have its own HSSEMS, which include at least the following:

1.	PARTNER shall establish, document, implement, maintain, and continuously improve an HSSEMS that complies with National and/or International Standards and specifies how compliance will be achieved. This is outlined in PARTNER’s Health, Safety, Security, and Environmental (HSSE) policy, which is created and approved by PARTNER’s top management.
2.	PARTNER shall establish, implement, and maintain procedures for identifying and accessing regulatory requirements and other requirements related to Health, Safety, Security, and Environmental aspects.
3.	PARTNER shall PARTNER shall establish, implement, and maintain procedures to identify and access regulatory and other relevant requirements related to the aspects of Health, Safety, Security, and Environmental Protection.
4.	PARTNER shall establish, implement, and maintain Health, Safety, Security, and Environmental Protection objectives and targets.
5.	PARTNER shall ensure the availability of necessary resources, including but not limited to manpower and its expertise, infrastructure, technology, and financial resources, essential for the development, implementation, maintenance, and improvement of the HSSEMS.
6.	PARTNER shall ensure that any individual working on behalf of the PARTIES who has the potential to pose risks to Health, Safety, Security, and Environmental matters is competent based on appropriate education, training, or experience.
7.	PARTNER shall establish, implement, and maintain procedures for communicating Health, Safety, Security, and Environmental aspects within the internal and external environment of PARTNER.
8.	PARTNER shall develop, implement, and maintain procedures for managing HSSEMS documents.
9.	PARTNER shall maintain HSSEMS documentation, including policies, objectives & targets, and records.
10.	PARTNER shall establish, implements, and maintains operating procedures related to its operations, including goods and services used by PARTNER.
11.	PARTNER shall create, implement, and maintain procedures for identifying potential emergency situations and accidents, as well as emergency response procedures.
12.	PARTNER shall create, implement, and maintain procedures for monitoring and measuring the performance of Health, Safety, Security, and Environmental Protection.
13.	PARTNER shall establish, implement, and maintain procedures for evaluating compliance with regulatory requirements related to Health, Safety, Security, and Environmental Protection, and provide records of compliance evaluation results.
14.	PARTNER shall create, implement, and maintain procedures for actual and potential non-conformities for the purpose of taking corrective and preventive actions; including conducting investigations into the causes of non-conformity.
15.	PARTNER shall establish, implement, and maintain procedures for the identification, storage, maintenance, tracking, retention, and disposal of record.
16.	PARTNER shall have, implement, and maintain its own HSSEMS audit procedures.
17.	PARTNER’s top management shall review its HSSEMS on a regular basis to ensure continued compliance, adequacy, and effectiveness.

EX-99.1

EXHIBIT 99.1

INDONESIA ENERGY CORPORATION LIMITED

CONDENSED CONSOLIDATED BALANCE SHEETS

	June 30,			December 31,
	2023			2022
	(Unaudited)			(Audited)
Current assets
Cash	$	4,428,838		$	5,895,565
Accounts receivables		542,060			468,153
Prepayment and other current assets		1,787,827			1,504,101
Total current assets		6,758,725			7,867,819
Non-current assets
Restricted cash		1,500,000			1,500,000
Property and equipment, net		155,256			201,495
Oil and gas property - subject to amortization, net		6,964,837			7,469,820
Oil and gas property - not subject to amortization, net		1,155,422			1,151,804
Right of use assets, net		377,071			351,446
Deferred charges		976,250			1,013,698
Other non-current assets		823,736			1,018,246
Total non-current assets		11,952,572			12,706,509
Total assets	$	18,711,297		$	20,574,328
Liabilities and Equity
Current liabilities
Accounts payables	$	766,599		$	719,095
Short-term operating lease liabilities		293,813			255,845
Accrued expenses		88,829			23,945
Taxes payable		39,586			147,797
Other current liabilities		113,740			70,085
Total current liabilities		1,302,567			1,216,767
Non-current liabilities
Asset retirement obligations		363,429			448,720
Warrant liabilities		1,116,171			1,389,643
Long-term operating lease liabilities		83,258			95,601
Provision for post-employment benefits		143,027			99,588
Total non-current liabilities		1,705,885			2,033,552
Total liabilities	$	3,008,452		$	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 June 30, 2023 and December 31, 2022, respectively)		-			-
Ordinary shares (par value $0.00267; 37,500,000 shares authorized, 10,142,694 shares issued and outstanding as of June 30, 2023 and December 31, 2022)	$	27,046		$	27,046
Additional paid-in capital		54,147,769			54,147,769
Accumulated deficit		(38,561,917	)		(36,940,753	)
Accumulated other comprehensive income		89,947			89,947
Total shareholders’ equity		15,702,845			17,324,009
Total liabilities and shareholders’ equity	$	18,711,297		$	20,574,328

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

F-1

INDONESIA ENERGY CORPORATION LIMITED

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

	Six months ended June 30,			Six months ended June 30,
	2023			2022
	(Unaudited)			(Unaudited)
Revenue	$	1,841,255		$	2,332,509
Operating costs and expenses:
Lease operating expenses		1,627,160			1,501,399
Depreciation, depletion and amortization		597,465			418,051
General and administrative expenses		1,561,528			2,328,921
Total operating costs and expenses		3,786,153			4,248,371
Loss from operations		(1,944,898	)		(1,915,862	)
Other income (expense):
Issuance loss of warrants		-			(133,390	)
Insurance costs allocated to warrant liability		-			(465,577	)
Change in fair value of warrants		273,472			2,079,707
Exchange (loss) gain		90,060			(32,913	)
Other expenses, net		(39,798	)		(592,342	)
Total other income, net		323,734			855,485
Loss before income tax		(1,621,164	)		(1,060,377	)
Income tax provision		-			-
Net loss	$	(1,621,164	)	$	(1,060,377	)
Loss per ordinary share attributable to the Company
Basic and diluted	$	(0.16	)	$	(0.13	)
Weighted average number of ordinary shares outstanding
Basic and diluted		10,142,694			7,854,830

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

F-2

INDONESIA ENERGY CORPORATION LIMITED

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED JUNE 30, 2023

(UNAUDITED)

	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 January 1, 2023		-	$	-		10,142,694	$	27,046	$	54,147,769	$	(36,940,753	)	$	89,947	$	17,324,009
Net loss		-		-		-		-		-		(1,621,164	)		-		(1,621,164	)
Balance as of June 30, 2023 (unaudited)		-	$	-		10,142,694	$	27,046	$	54,147,769	$	(38,561,917	)	$	89,947	$	15,702,845

INDONESIA ENERGY CORPORATION LIMITED

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

FOR THE SIX MONTHS ENDED JUNE 30, 2022

(UNAUDITED)

	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 January 1, 2022		-	$	-		7,447,955	$	19,861	$	41,587,339		$	(33,818,161	)	$	30,704	$	7,819,743
Net loss		-		-		-		-		-			(1,060,377	)		-		(1,060,377	)
Conversion of Convertible Note		-		-		1,600,000		4,267		3,968,059			-			-		3,972,326
Exercise of warrants		-		-		50,000		133		419,209			-			-		419,342
Issuance of shares in exchange of service						62,105		165		167,914								168,079
Exercise of options		-		-		199,259		532		(532	)		-			-		-
Share-based compensation		-		-		-		-		254,327			-			-		254,327
Balance as of June 30, 2022 (unaudited)		-	$	-		9,359,319	$	24,958	$	46,396,316		$	(34,878,538	)	$	30,704	$	11,573,440

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

F-3

INDONESIA ENERGY CORPORATION LIMITED

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

	Six Months Ended June 30,
	2023			2022
	(Unaudited)			(Unaudited)
Cash flows from operating activities
Net loss	$	(1,621,164	)	$	(1,060,377	)
Adjustments to reconcile net loss to net cash used in operating activities
Issuance loss of warrants		-			133,390
Insurance costs allocated to warrant liability		-			465,577
Change in fair value of warrant liability		(273,472	)		(2,079,707	)
Depreciation, depletion and amortization		597,465			418,051
Amortization on Right of Use Asset		179,661			156,052
Amortization of deferred charges		37,448			37,448
Amortization of Share-based compensation		-			254,327
Amortization of Issuance Discount on Convertible note		43,655			568,631
Issuance of ordinary shares for service fee settlement		-			168,079
Provision for post-employment benefit		43,439			34,138
Asset retirement obligations		-			147,823
Changes in operating assets and liabilities
Accounts receivable, net		(73,907	)		(219,786	)
Prepayment and other current assets		(283,726	)		(682,394	)
Other assets - Non-Current		194,510			(318,448	)
Payment of operating lease liability		(179,661	)		(122,160	)
Accounts payable		47,504			(990,413	)
Other current liabilities		-			(2,604	)
Accrued expenses		64,884			61,863
Taxes payable		(108,211	)		(29,397	)
Net cash used in operating activities		(1,331,575	)		(3,059,907	)
Cash flows from investing activities
Cash paid for oil and gas property development costs		(135,152	)		(1,512,128	)
Purchase of property and equipment		-			(26,220	)
Net cash used in investing activities		(135,152	)		(1,538,348	)
Cash flows from financing activities
Proceeds from issuance of Convertible note and warrants		-			8,589,000
Exercise of warrants		-			300,000
Net cash generated from financing activities		-			8,889,000
Net change in cash and cash equivalents, and restricted cash		(1,466,727	)		4,290,745
Cash and cash equivalents, and restricted cash at beginning of period		7,395,565			3,095,014
Cash and cash equivalents, and restricted cash at end of period	$	5,928,838		$	7,385,759
Supplementary disclosure of cash flow information:
Cash paid for:
Interest	$	-		$	15,500
Non-cash transactions
Conversion of Convertible Note to ordinary shares	$	-		$	3,972,326
Right-of-use assets acquired under operating leases in exchange for operating liabilities	$	169,094		$	595,887

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

F-4

INDONESIA ENERGY CORPORATION LIMITED

NOTES TO THE UNAUDITED CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

NOTE 1 – ORGANIZATION AND PRINCIPAL ACTIVITIES

Indonesia Energy Corporation Limited (the “Company,” “IEC,” “we,” “us,” our” and similar terminology), through its subsidiaries in Hong Kong and 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 its 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 known as the “Rangkas Area”.

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation and consolidation

The unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial statements. Accordingly, they may not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The interim financial information should be read in conjunction with the condensed consolidated financial statements and footnotes thereto included in the Company’s financial statements for the fiscal year ended December 31, 2022 included in the Company’s Form 20-F filed with the SEC on May 1, 2023.

In the opinion of management, all adjustments (which include normal recurring adjustments) necessary to present a fair presentation of the Company’s condensed consolidated balance sheet as of June 30, 2023, condensed consolidated statements of operations, changes in equity and cash flows for the six months ended June 30, 2023 and 2022, as applicable, have been made. Operating results for the six months ended June 30, 2023 are not necessarily indicative of the operating results that may be expected for the fiscal year ending December 31, 2023 or any future periods.

The unaudited condensed 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.

Recently issued 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 condensed consolidated financial statements upon adoption.

F-5

Warrant Liabilities

The Company accounts for the warrants issued in connection with its January 2022 convertible note financing (see NOTE 7) 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. See NOTE 7 for further information.

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 and cash equivalents, 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.

Net Loss per Ordinary Share 

Basic net loss per share is determined by dividing net loss by the weighted average number of the Company’s ordinary shares, par value $0.00267 per share (the “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 by diluted weighted average Ordinary Shares outstanding. Diluted weighted average shares reflect 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.

F-6

For six months ended June 30, 2023, the following potentially dilutive securities were excluded from the computation of diluted earnings per share because their effects would be anti-dilutive:

	June 30,		June 30,
	2023		2022
Warrants issued to L1 Capital (see NOTE 7)		442,240		717,240
Convertible note issued to L1 Capital (see NOTE 7) (i)		16,667		66,667
Share options granted to the executive management		200,000		-
Total		658,907		783,907

(i) Convertible note is assumed to be converted at the exercise price of $6.00 per share (subject to adjustment) as disclosed in NOTE 7.

NOTE 3 – CASH, CASH EQUIVALENTS AND RESTRICTED CASH

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the Condensed Consolidated Statements of Cash Flows:

	June 30,		December 31,
	2023		2022
	(Unaudited)		(Audited)
Cash and cash equivalent	$	4,428,838	$	5,895,565
Restricted cash - current		-		-
Restricted cash - non-current		1,500,000		1,500,000
Total Cash and cash equivalent and Restricted cash	$	5,928,838	$	7,395,565

As of June 30, 2023 and December 31, 2022, $1,500,000 restricted cash was cash held in a time deposit account at Bank Mandiri’s Jakarta Cut Meutia Branch, 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.

NOTE 4 – PREPAYMENT AND OTHER ASSETS

	June 30,		December 31,
	2023		2022
	(Unaudited)		(Audited)
Prepaid taxes	$	1,354,787	$	1,176,771
Other receivables		188,202		186,840
Consumables and spare parts		156,296		121,740
Prepaid expenses		88,542		18,750
Prepayment and other current assets	$	1,787,827	$	1,504,101
Prepaid to well equipment	$	596,144	$	635,052
Deposit and others		130,705		268,666
Durable spare parts		96,887		114,528
Other assets - non current	$	823,736	$	1,018,246

F-7

NOTE 5 – OIL AND GAS PROPERTY, NET

The following tables summarize the Company’s oil and gas activities by classification.

	June 30, 2023			December 31, 2022
	(Unaudited)			(Audited)
Oil and gas property - subject to amortization	$	28,786,721		$	28,740,479
Accumulated depletion		(9,962,701	)		(9,411,476	)
Accumulated impairment		(11,859,183	)		(11,859,183	)
Oil and gas property - subject to amortization, net	$	6,964,837		$	7,469,820
Oil and gas property - not subject to amortization	$	1,155,422		$	1,151,804
Accumulated impairment		-			-
Oil and gas property - not subject to amortization, net	$	1,155,422		$	1,151,804

The following shows the movement of the oil and gas property - subject to amortization balance.

	Oil & Gas Property – Kruh
December 31, 2022	$	7,469,820
Additional capitalization		105,573
Asset retirement costs		(59,331	)
Depletion		(551,225	)
June 30, 2023 (Unaudited)	$	6,964,837

For the six months ended June 30, 2023, the Company incurred aggregated development costs and abandonment and site restoration provisions, which were capitalized of $46,242, mainly for development administration costs and re-calculation of abandonment and site restoration (ASR).

Depletion recorded for production on properties subject to amortization for the six months ended June 30, 2023 and 2022, were $551,225 and $376,157 respectively.

Furthermore, for the six months ended June 30, 2023, the Company did not record any impairment to the oil and gas property according to the ceiling tests conducted, which showed that the present value of estimated future net revenues generated by the oil and gas property exceeded the carrying balances.

F-8

NOTE 6 – PROPERTY AND EQUIPMENT, NET

	June 30, 2023			December 31, 2022
	(Unaudited)			(Audited)
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		(1,776,583	)		(1,730,344	)
Property and equipment, net	$	155,256		$	201,495

Depreciation charged to expense amounted to $46,239 and $41,894 for the six months ended June 30, 2023 and 2022, respectively.

NOTE 7 – FINANCIAL LIABILITY

	June 30, 2023		December 31, 2022
	(Unaudited)		(Audited)
Convertible note payable, net of debt issuance costs	$	95,000	$	52,143
Warrant liabilities, net of debt issuance costs	$	1,116,171	$	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 Global Opportunities Master Fund (“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.

F-9

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 and L1 Capital entered into 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.

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 condensed 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 fiscal year ended 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.

F-10

During the six months ended June 30, 2023 and the year ended December 31, 2022, $0 and $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. As of June 30, 2023 and December 31, 2022, the carrying value balance of the convertible note was $95,000 and $52,143, which was included in “Other current liabilities” on the accompanying condensed   consolidated balance sheets. On July 21, 2023, the Company repaid the remaining $100,000 principal amount of the Notes to L1 Capital in cash.  

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		-			42,857			42,857
Conversion to ordinary shares		-			-			-
Balance as of June 30, 2023	$	-		$	95,000		$	95,000

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.

The following reflects the inputs and assumptions used:

	January 24, 2022			May 23, 2022			December 31 2022			June 30, 2023
Exercise price	$	6.00		$	6.00		$	6.00		$	6.00
Share price	$	3.64		$	14.94		$	4.66		$	4.42
Expected term from grant date (in years)		5.00			5.00			4.10 for Initial Warrant and 4.50 for Second Warrant			3.60 for Initial Warrant and 4.00 for Second Warrant
Expected volatility		96.32	%		95.90	%		96.03	%		85.24	%
Risk-free interest rate		1.53	%		2.88	%		3.99	%		4.13	%
Dividend yield (per share)		-			-			-			-

During the fiscal 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. During the six months ended June 30, 2023, no warrant was exercised. As of June 30, 2023 and December 31, 2022, there were 442,240 warrants issued and outstanding.

F-11

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		(2,878,660	)
Balance as of December 31, 2022	$	1,389,643
Change in fair value of warrant liabilities		(273,472	)
Balance as of June 30, 2023	$	1,116,171

NOTE 8 – 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 June 30, 2023 and December 31, 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 at lease commencement date for purposes of determining the present value of lease payments. As of June 30, 2023, this was updated to an   incremental borrowing rate at 10%, which was a 3-year tenure secured borrowing rate as quoted by a local bank.

The components of lease expense were as follows for each of the periods presented:

	June 30, 2023			December 31, 2022
	(Unaudited)			(Audited)
Operating lease expense	$	202,680		$	353,997
Short-term lease expense		553,107			1,061,609
Total operating lease costs	$	755,787		$	1,415,606
Other information
Operating cash flows used in operating leases	$	179,661		$	323,099
Weighted average remaining lease term (in years)		1.30			1.38
Weighted average discount rate		10	%		5.612	%

Future lease payments included in the measurement of operating lease liabilities as of June 30, 2023 is as follows:

	June 30, 2023
2023	$	172,222
2024		221,818
2025		13,527
		407,567
Less: discount on operating lease liabilities		(30,496	)
Present value of operating lease liabilities		377,071
Less: Current portion of operating lease liabilities		(293,813	)
Non-current portion of operating lease liabilities	$	83,258

F-12

NOTE 9 – TAXES

The current and deferred components of the income tax provision which are substantially attributable to the Company’s subsidiaries in Indonesia. Due to the unrecovered expenditures on the Company’s Kruh Block operations, there was no provision for income taxes for the six months ended June 30, 2023 and 2022, respectively.

The effective tax rate is based on expected income and statutory tax rates. For interim financial reporting, the Company estimates the annual tax rate based on projected taxable income for the full year and records an interim income tax provision in accordance with guidance on accounting for income taxes in an interim period. As the year progresses, the Company refines the estimates of the year’s taxable income as new information becomes available. The Company’s effective tax rates for the six months ended June 30, 2023 and 2022 were 0% and 0%, respectively.

The Company did not incur any interest and penalties related to potential underpaid income tax expenses.

NOTE 10 – EQUITY

As of June 30, 2023 and December 31, 2022, there were 10,142,694 of ordinary shares, $0.00267 par value per share, issued and outstanding.

NOTE 11 – 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. Litigation or any other legal or administrative proceeding, regardless of the outcome, is likely to result in substantial cost and diversion of our resources, including our management’s time and attention. 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 June 30, 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.

Currently, Kruh Block is operated under a KSO until May 2030, which was extended to 2035 in August 2023. The Company has material commitments related to its development and exploration activities in the Kruh Block and material commitments in regard to the exploration activity in the Citarum Block under a Production Sharing Contract with the Indonesian Special Task Force for Upstream Oil and Gas Business Activities (known as SKK Migas) (the “PSC”). The following table summarizes future commitments amounts on an undiscounted basis as of June 30, 2023 for all the planned expenditures to be carried out in Kruh Block and Citarum Block (this table takes into account the Company’s updated seismic and drilling plans for Kruh Block  ):

F-13

			Future commitments (Unaudited)
	Nature of commitments		Remaining of 2023		2024		2025 and beyond
Citarum Block PSC
Geological and geophysical (G&G) studies		(a)	$	-	$	150,000	$	950,000
2D seismic		(a)		-				6,134,727
3D seismic		(a)		-		-		2,100,000
Drilling		(b)(c)		-		-		30,000,000
Total commitments - Citarum PSC			$	-	$	150,000	$	39,184,727
Kruh Block KSO								-
Lease commitments		(d)	$	1,023,162	$	2,181,739	$	69,051,707
Production facility				-		100,000		1,300,000
G&G studies		(a)		-		200,000		650,000
2D seismic		(a)		-		1,279,410		-
3D seismic		(a)		-		1,205,268		-
Drilling		(a)(c)		-		1,500,000		19,500,000
Workover				144,893				-
Certification				-		250,000		-
Abandonment and Site Restoration		(a)		25,959		51,918		285,552
Total commitments - Kruh KSO			$	1,194,014	$	6,768,335	$	90,787,259
Total Commitments			$	1,194,014	$	6,918,335	$	129,971,986

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)	Lease commitments are contracts that allow for the use of an asset but does not convey rights of ownership of the asset. The Company accounts for leases in accordance with ASC Topic 842, Leases (“ASC 842”). Right of use assets and lease liabilities for the Company’s operating leases are recorded in the condensed consolidated balance sheet except for the short-term lease exemption. An operating lease represents a rental agreement for an asset from a lessor under the terms. Most of our operating leases are related to the equipment and machinery used in oil production. All of the Company’s operating lease agreements with third parties can be cancelled or terminated at any time by the Company.

F-14

NOTE 12 – LIQUIDITY

The Company reported a net loss of $1,621,164 and net cash used in operating activities of $1,331,575 for the six months ended June 30, 2023. In addition, the Company had an accumulated deficit of $38,561,917 and working capital of $5,456,158 as of June 30, 2023. The Company’s operating results for future periods are subject to numerous uncertainties and it is uncertain if the Company will be able to reduce or eliminate its net losses and achieve profitability for the foreseeable future. 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. In 2022, the Company received an aggregated of $8,589,000 from issuance of convertible notes and warrants to L1 Capital, and $1,950,000 of proceeds from exercises of warrants by L1 Capital. 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 its sales agent, pursuant to which the Company may offer and sell, from time to time, to or through the Sales Agent, ordinary shares having an aggregate gross offering price of up to $20,000,000. The Company received net proceeds of $4,366,642 through issuance of ordinary shares by such ATM offering in 2022.

As of September 27, 2023, the Company had approximately $3.27 million of cash and cash equivalents, which are unrestricted as to withdrawal or use and are placed with financial institutions. 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, cost reductions, debt and equity financing and financial support from the Chief Executive Officer and Chairman of the Board of the Company. There will be no new well drilling activity for the next 12 months till September 2024. 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 $3 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. The Company intends to meet its cash requirements for the 12 months following the date of the issuance of the condensed consolidated financial statements through operations and the foregoing potential funding opportunities.

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 unaudited condensed 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 condensed 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 13 – SUBSEQUENT EVENTS

The Company evaluated all events that occurred up to September 28, 2023 and determined that no events that would have required adjustment or disclosure in the condensed consolidated financial statements except the following.

On July 21, 2023, the Company repaid $100,000 principal amount of the Notes to L1 Capital in cash. Following this repayment, there was no convertible note outstanding.

Effective August 9, 2023, PT Green World Nusantara, the Company’s indirect wholly-owned subsidiary, and Pertamina entered into an Amendment to the Operations Cooperation Agreement (the “Amended KSO”) covering the Kruh Block, pursuant to which the contract term was amended by 5 years from May 2030 to September 2035. This extension would effectively give the Company 13 years to fully develop the existing 3 oil fields, and 5 other undeveloped oil and gas bearing structures at Kruh Block. The Amended KSO increases the Company’s after-tax profit split from the current 15% to 35%, an increase of more than 100%.

F-15

EX-99.2

EXHIBIT 99.2

OPERATING AND FINANCIAL REVIEW

FOR THE SIX-MONTH PERIODS ENDED JUNE 30, 2023 AND 2022

The following discussion of the results of our operations and our financial condition should be read in conjunction with the unaudited condensed consolidated financial statements included as Exhibit 99.1 to this 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” set forth in our Form 20-F filed with the SEC on May 1, 2023.

Business Overview

Indonesia Energy Corporation Limited (“IEC,” “the Company,” or “we,” “our,” “us” and similar terminology) is 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 Indonesian government to one oil and gas producing block (“Kruh Block”) and one oil and gas exploration block (“Citarum Block”). We have also identified a potential third exploration block, known as the Rangkas Area, and we may seek to acquire or otherwise obtain rights to additional oil and gas producing assets.

We produce oil through PT Green World Nusantara (“Green World”), 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 Green World 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 August 9, 2023, Green World 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 the current 15% to 35%, for an increase of more than 100%. We received Pertamina’s signature to the Amended KSO in early September 2023.

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 rights to Citarum Block run until July 2048 under Production Sharing Contract (“PSC”) agreement with the Indonesian Special Task Force for Upstream Oil and Gas Business Activities (“SKK Migas”).

Overview of Results of Operations 

Our key financial and operating highlights for the six months ended June 30, 2023 are:

● Total oil production by IEC for the six months ended June 30, 2023 was 30,530 barrels (“Bbl”), a decrease of 2,682 Bbl for the same period in 2022, which resulted in lower cost recovery entitlements for the six months ended June 30, 2023 than for the same period in 2022. This decrease was primarily due to natural decline of production due to reservoir energy decline of existing wells.

● The Indonesian Crude Price (“ICP”) decreased approximately 29% from an average price of $104.18 per Bbl for the six months ended June 30, 2022 to $74.13 per Bbl for the same period in 2023, decreasing our revenues and cost recovery entitlements.

● The average production cost per Bbl for the six months ended June 30, 2023 was $53.30 compared to $45.21 for same period in 2022. The higher production cost per Bbl in 2023 was primarily due to less oil production.

● Kruh Block: with respect to our currently producing Kruh Block, our KSO contract commenced in May 2020 for production in the Kruh Block until 2030 and in August 2023, this has been amended to extend the contract term by 5 years to September 2035. We received government approval on our drilling, workover, G&G study and seismic program for Kruh Block. The K-28 well was spudded on June 22, 2022 and full production are expected to begin in last quarter of 2023 after hydraulic fracturing.

● Citarum Block: with respect to Citarum Block, we are currently designing the 2D seismic program, and we plan to start conducting such program later 2024 after the Kruh seismic program discussed below under “Update to Kruh Block Drilling Program” is completed. 

Update to Kruh Block Drilling Program

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 Indonesian government permitting process and COVID-19-related delays experienced during 2021, our overall drilling program for Kruh Block has similarly been delayed.

As of June 30, 2023, we modified our drilling plan for Kruh Block. Our most recently announced plan was to drill a total of 18 wells at Kruh Block, including 2 wells already drilled during 2021, 2 wells drilled in 2022, 4 wells to be drilled in 2024, 6 wells to be drilled in 2025 and 4 wells to be drilled in 2026. These new wells are in addition to the pre-existing producing wells at Kruh Block. As of the fourth quarter of 2022, we commenced a new seismic program at Kruh Block, which includes data acquisition, processing and interpretation. The total program is expected to take approximately 10 to 12 months. The result of this seismic program is expected to help us estimate the size and potential of new oil and gas reservoirs recently discovered at Kruh Block (which we publicly announced in July 2022) and upgrade some of the Kruh Block unproved reserves to the proved category. We plan to resume drilling at Kruh Block after the seismic program is completed. Effective August 9, 2023, Green World and Pertamina entered the Amended KSO covering the Kruh Block, pursuant to which the contract term was amended by 5 years from May 2030 to September 2035. As a result of this amendment, we have further updated the drilling schedule to 1 well to be drilled in 2024, 6 wells to be drilled in 2025, 6 wells to be drilled in 2026 and 1 well to be drilled in 2027, and we anticipate that our current Kruh Block drilling program would be complete by the 2027 rather than the end of 2026. We plan to provide additional update on our drilling plans on a year-by-year basis as we assess our resources and market conditions and our resulting ability to conduct new drilling operations annually.

Results of Operations for the Six Months Ended June 30, 2023 and 2022

Revenue

Revenues decreased by $491,254 or 21%, to $1.84 million for the six months ended June 30, 2023 when compared with the same period in 2022. The decrease was primarily due to a combination of a significantly lower average ICP and slightly lower production.

Lease operating expenses

Lease operating expenses increased by $125,761 or 8%, for the six months ended June 30, 2023 compared to the same period in 2022 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).

Depreciation, depletion and amortization (DD&A)

DD&A increased by $179,414, or 43%, for the six months ended June 30, 2023 compared to the same period in 2022 due to increased depletion expenses related to the addition of oil and gas properties in 2023.

2

General and Administrative Expenses

General and administrative expenses decreased by $767,393, or 33%, to $1,561,528 for the six months ended June 30, 2023 when compared to the same period in 2022 due to a decrease in amortization of share-based compensation and the decrease in professional fees and travelling expenses.

Other income, net

We had other income, net of $323,734 for the six months ended June 30, 2023 as compared with $855,485 for the same period in 2022. The net other income for the six months ended June 30, 2023 was mainly due to the exchange gain and fair value change of warrant liability.

Net Loss

We had net loss for the six months ended June 30, 2023 in the amount of $1,621,164 compared to $1,060,377 for the same period in 2022. The increase in net loss was due to the combination of the above factors discussed.

Liquidity and Capital Resources

We generated a net loss of $1,621,164 and net cash used in operating activities of $1,331,575 for the six months ended June 30, 2023. In addition, we had an accumulated deficit of $38,561,917 and working capital of $5,456,158 as of June 30, 2023. 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. These conditions raise substantial doubt about our ability to continue as a going concern.

Our principal sources of liquidity during the six months ended June 30, 2023 were proceeds from January 2022 convertible note and warrant financing with L1 Capital and an At The Market Offering Agreement we entered with H.C. Wainwright & Co., LLC on July 22, 2022. Pursuant to this ATM agreement, we may offer and sell, from time to time, to or through the Sales Agent, ordinary shares having an aggregate gross offering price of up to $20,000,000. In 2022, we have received net proceeds of $4,366,642 through our utilization of such at-the-market offering program.

As of September 27, 2023, we had approximately $3.27 million of cash and cash equivalents, which are unrestricted as to withdrawal or use and are placed with financial institutions. We intend to meet the cash requirements for the next 12 months from the issuance date of the Company’s unaudited condensed consolidated financial statements through a combination of improving operational efficiency, cost reductions, debt and equity financing and financial support from the Chief Executive Officer and Chairman of the Board of the Company. We will not plan any new drilling activity for the next 12 months, unless further proceeds from 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 $3 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 intend to meet our cash requirements for the 12 months following the date of the issuance of this report through operations and the foregoing potential funding opportunities.

We believe that our current cash and cash equivalents and anticipated cash flows from operating and financing activities will be sufficient to meet our anticipated working capital requirements and commitments for at least the next 12 months after the issuance of this report. If we encounter unforeseen circumstances that place constraints on our 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.

3

Contractual Obligations

After taking into consideration our updating seismic and drilling plans for Kruh Block as described above under “Update to Kruh Block Drilling Program”, the following table summarizes future commitments amounts on an undiscounted basis as of June 30, 2023 for all the planned expenditures to be carried out at Kruh Block and Citarum Block:

			Future commitments
	Nature of commitments		Remaining of 2023		2024		2025 and beyond
Citarum Block PSC
Geological and geophysical (G&G) studies		(a)	$	-	$	150,000	$	950,000
2D seismic		(a)		-				6,134,727
3D seismic		(a)		-		-		2,100,000
Drilling		(b)(c)		-		-		30,000,000
Total commitments -Citarum PSC			$	-	$	150,000	$	39,184,727
Kruh Block KSO								-
Lease commitments		(d)	$	1,023,162	$	2,181,739	$	69,051,707
Production facility				-		100,000		1,300,000
G&G studies		(a)		-		200,000		650,000
2D seismic		(a)		-		1,279,410		-
3D seismic		(a)		-		1,205,268		-
Drilling		(a)(c)		-		1,500,000		19,500,000
Workover				144,893				-
Certification				-		250,000		-
Abandonment and Site Restoration		(a)		25,959		51,918		285,552
Total commitments -Kruh KSO			$	1,194,014	$	6,768,335	$	90,787,259
Total Commitments			$	1,194,014	$	6,918,335	$	129,971,986

Nature of commitments:

(a)	Both firm commitments and a 5-year work program according to our 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)	Lease commitments are contracts that allow for the use of an asset but does not convey rights of ownership of the asset. The Company accounts for leases in accordance with ASC Topic 842, Leases (“ASC 842”). Right of use assets and lease liabilities for the Company’s operating leases are recorded in the condensed consolidated balance sheet except the short-term lease exemption. An operating lease represents a rental agreement for an asset from a lessor under the terms. Most of our operating leases are related to the equipment and machinery used in oil production. All of our operating lease agreements with third parties can be cancelled or terminated at any time by us.

4

XML

Cover	6 Months Ended
	Jun. 30, 2023
Cover [Abstract]
Document Type	6-K
Amendment Flag	false
Document Period End Date	Jun. 30, 2023
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Entity File Number	001-39164
Entity Registrant Name	Indonesia Energy Corporation Limited
Entity Central Index Key	0001757840
Entity Address, Address Line One	GIESMART PLAZA 7th Floor
Entity Address, Address Line Two	Jl. Raya Pasar Minggu No. 17A
Entity Address, Address Line Three	Pancoran
Entity Address, City or Town	Jakarta
Entity Address, Country	ID
Entity Address, Postal Zip Code	12780

XML

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Current assets
Cash	$ 4,428,838	$ 5,895,565
Accounts receivables	542,060	468,153
Prepayment and other current assets	1,787,827	1,504,101
Total current assets	6,758,725	7,867,819
Non-current assets
Restricted cash	1,500,000	1,500,000
Property and equipment, net	155,256	201,495
Oil and gas property - subject to amortization, net	6,964,837	7,469,820
Oil and gas property - not subject to amortization, net	1,155,422	1,151,804
Right of use assets, net	377,071	351,446
Deferred charges	976,250	1,013,698
Other non-current assets	823,736	1,018,246
Total non-current assets	11,952,572	12,706,509
Total assets	18,711,297	20,574,328
Current liabilities
Accounts payables	766,599	719,095
Short-term operating lease liabilities	293,813	255,845
Accrued expenses	88,829	23,945
Taxes payable	39,586	147,797
Other current liabilities	113,740	70,085
Total current liabilities	1,302,567	1,216,767
Non-current liabilities
Asset retirement obligations	363,429	448,720
Warrant liabilities	1,116,171	1,389,643
Long-term operating lease liabilities	83,258	95,601
Provision for post-employment benefits	143,027	99,588
Total non-current liabilities	1,705,885	2,033,552
Total liabilities	3,008,452	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 June 30, 2023 and December 31, 2022, respectively)
Ordinary shares (par value $0.00267; 37,500,000 shares authorized, 10,142,694 shares issued and outstanding as of June 30, 2023 and December 31, 2022)	27,046	27,046
Additional paid-in capital	54,147,769	54,147,769
Accumulated deficit	(38,561,917)	(36,940,753)
Accumulated other comprehensive income	89,947	89,947
Total shareholders’ equity	15,702,845	17,324,009
Total liabilities and shareholders’ equity	$ 18,711,297	$ 20,574,328

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Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred shares, par value	$ 0.00267	$ 0.00267
Preferred shares, shares authorized	3,750,000	3,750,000
Preferred shares, shares outstanding
Preferred shares, shares issued
Ordinary shares, par value	$ 0.00267	$ 0.00267
Ordinary shares, shares authorized	37,500,000	37,500,000
Ordinary shares, shares outstanding	10,142,694	10,142,694
Ordinary shares, shares issued	10,142,694	10,142,694

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Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Income Statement [Abstract]
Revenue	$ 1,841,255	$ 2,332,509
Operating costs and expenses:
Lease operating expenses	1,627,160	1,501,399
Depreciation, depletion and amortization	597,465	418,051
General and administrative expenses	1,561,528	2,328,921
Total operating costs and expenses	3,786,153	4,248,371
Loss from operations	(1,944,898)	(1,915,862)
Other income (expense):
Issuance loss of warrants		(133,390)
Insurance costs allocated to warrant liability		(465,577)
Change in fair value of warrants	273,472	2,079,707
Exchange (loss) gain	90,060	(32,913)
Other expenses, net	(39,798)	(592,342)
Total other income, net	323,734	855,485
Loss before income tax	(1,621,164)	(1,060,377)
Income tax provision
Net loss	$ (1,621,164)	$ (1,060,377)
Loss per ordinary share attributable to the Company
Basic	$ (0.16)	$ (0.13)
Diluted	$ (0.16)	$ (0.13)
Weighted average number of ordinary shares outstanding
Basic	10,142,694	7,854,830
Diluted	10,142,694	7,854,830

XML

Condensed Consolidated Statements of Changes in Equity (Unaudited) - USD ($)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]	Total
Balance at Dec. 31, 2021		$ 19,861	$ 41,587,339	$ (33,818,161)	$ 30,704	$ 7,819,743
Balance, shares at Dec. 31, 2021		7,447,955
Net loss				(1,060,377)		(1,060,377)
Conversion of Convertible Note		$ 4,267	3,968,059			3,972,326
Conversion of Convertible Note, shares		1,600,000
Exercise of warrants		$ 133	419,209			419,342
Exercise of warrants, shares		50,000
Issuance of shares in exchange of service		$ 165	167,914			168,079
Issuance of shares in exchange of service, shares		62,105
Exercise of options		$ 532	(532)
Exercise of options, shares		199,259
Share-based compensation			254,327			254,327
Balance at Jun. 30, 2022		$ 24,958	46,396,316	(34,878,538)	30,704	11,573,440
Balance, shares at Jun. 30, 2022		9,359,319
Balance at Dec. 31, 2022		$ 27,046	54,147,769	(36,940,753)	89,947	17,324,009
Balance, shares at Dec. 31, 2022		10,142,694
Net loss				(1,621,164)		(1,621,164)
Balance at Jun. 30, 2023		$ 27,046	$ 54,147,769	$ (38,561,917)	$ 89,947	$ 15,702,845
Balance, shares at Jun. 30, 2023		10,142,694

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Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended		12 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Cash flows from operating activities
Net loss	$ (1,621,164)	$ (1,060,377)
Adjustments to reconcile net loss to net cash used in operating activities
Issuance loss of warrants		133,390
Insurance costs allocated to warrant liability		465,577
Change in fair value of warrant liability	(273,472)	(2,079,707)
Depreciation, depletion and amortization	597,465	418,051
Amortization on Right of Use Asset	179,661	156,052
Amortization of deferred charges	37,448	37,448
Amortization of Share-based compensation		254,327
Amortization of Issuance Discount on Convertible note	43,655	568,631
Issuance of ordinary shares for service fee settlement		168,079
Provision for post-employment benefit	43,439	34,138
Asset retirement obligations		147,823
Changes in operating assets and liabilities
Accounts receivable, net	(73,907)	(219,786)
Prepayment and other current assets	(283,726)	(682,394)
Other assets - Non-Current	194,510	(318,448)
Payment of operating lease liability	(179,661)	(122,160)
Accounts payable	47,504	(990,413)
Other current liabilities		(2,604)
Accrued expenses	64,884	61,863
Taxes payable	(108,211)	(29,397)
Net cash used in operating activities	(1,331,575)	(3,059,907)
Cash flows from investing activities
Cash paid for oil and gas property development costs	(135,152)	(1,512,128)
Purchase of property and equipment		(26,220)
Net cash used in investing activities	(135,152)	(1,538,348)
Cash flows from financing activities
Proceeds from issuance of Convertible note and warrants		8,589,000
Exercise of warrants		300,000
Net cash generated from financing activities		8,889,000
Net change in cash and cash equivalents, and restricted cash	(1,466,727)	4,290,745
Cash and cash equivalents, and restricted cash at beginning of period	7,395,565	3,095,014	$ 3,095,014
Cash and cash equivalents, and restricted cash at end of period	5,928,838	7,385,759	$ 7,395,565
Supplementary disclosure of cash flow information:
Interest		15,500
Non-cash transactions
Conversion of Convertible Note to ordinary shares		3,972,326
Right-of-use assets acquired under operating leases in exchange for operating liabilities	$ 169,094	$ 595,887

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ORGANIZATION AND PRINCIPAL ACTIVITIES

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION AND PRINCIPAL ACTIVITIES

NOTE 1 – ORGANIZATION AND PRINCIPAL ACTIVITIES

Indonesia Energy Corporation Limited (the “Company,” “IEC,” “we,” “us,” our” and similar terminology), through its subsidiaries in Hong Kong and 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 its 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 known as the “Rangkas Area”.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation and consolidation

The unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial statements. Accordingly, they may not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The interim financial information should be read in conjunction with the condensed consolidated financial statements and footnotes thereto included in the Company’s financial statements for the fiscal year ended December 31, 2022 included in the Company’s Form 20-F filed with the SEC on May 1, 2023.

In the opinion of management, all adjustments (which include normal recurring adjustments) necessary to present a fair presentation of the Company’s condensed consolidated balance sheet as of June 30, 2023, condensed consolidated statements of operations, changes in equity and cash flows for the six months ended June 30, 2023 and 2022, as applicable, have been made. Operating results for the six months ended June 30, 2023 are not necessarily indicative of the operating results that may be expected for the fiscal year ending December 31, 2023 or any future periods.

The unaudited condensed 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.

Recently issued 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 condensed consolidated financial statements upon adoption.

Warrant Liabilities

The Company accounts for the warrants issued in connection with its January 2022 convertible note financing (see NOTE 7) 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. See NOTE 7 for further information.

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 and cash equivalents, 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.

Net Loss per Ordinary Share 

Basic net loss per share is determined by dividing net loss by the weighted average number of the Company’s ordinary shares, par value $0.00267 per share (the “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 by diluted weighted average Ordinary Shares outstanding. Diluted weighted average shares reflect 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 six months ended June 30, 2023, the following potentially dilutive securities were excluded from the computation of diluted earnings per share because their effects would be anti-dilutive:

	June 30,		June 30,
	2023		2022
Warrants issued to L1 Capital (see NOTE 7)		442,240		717,240
Convertible note issued to L1 Capital (see NOTE 7) (i)		16,667		66,667
Share options granted to the executive management		200,000		-
Total		658,907		783,907

(i) Convertible note is assumed to be converted at the exercise price of $6.00 per share (subject to adjustment) as disclosed in NOTE 7.

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CASH, CASH EQUIVALENTS AND RESTRICTED CASH

6 Months Ended

Jun. 30, 2023

Cash and Cash Equivalents [Abstract]

CASH, CASH EQUIVALENTS AND RESTRICTED CASH

NOTE 3 – CASH, CASH EQUIVALENTS AND RESTRICTED CASH

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the Condensed Consolidated Statements of Cash Flows:

	June 30,		December 31,
	2023		2022
	(Unaudited)		(Audited)
Cash and cash equivalent	$	4,428,838	$	5,895,565
Restricted cash - current		-		-
Restricted cash - non-current		1,500,000		1,500,000
Total Cash and cash equivalent and Restricted cash	$	5,928,838	$	7,395,565

As of June 30, 2023 and December 31, 2022, $1,500,000 restricted cash was cash held in a time deposit account at Bank Mandiri’s Jakarta Cut Meutia Branch, 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.

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PREPAYMENT AND OTHER ASSETS

6 Months Ended

Jun. 30, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

PREPAYMENT AND OTHER ASSETS

NOTE 4 – PREPAYMENT AND OTHER ASSETS

	June 30,		December 31,
	2023		2022
	(Unaudited)		(Audited)
Prepaid taxes	$	1,354,787	$	1,176,771
Other receivables		188,202		186,840
Consumables and spare parts		156,296		121,740
Prepaid expenses		88,542		18,750
Prepayment and other current assets	$	1,787,827	$	1,504,101
Prepaid to well equipment	$	596,144	$	635,052
Deposit and others		130,705		268,666
Durable spare parts		96,887		114,528
Other assets - non current	$	823,736	$	1,018,246

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OIL AND GAS PROPERTY, NET

6 Months Ended

Jun. 30, 2023

Extractive Industries [Abstract]

OIL AND GAS PROPERTY, NET

NOTE 5 – OIL AND GAS PROPERTY, NET

The following tables summarize the Company’s oil and gas activities by classification.

	June 30, 2023			December 31, 2022
	(Unaudited)			(Audited)
Oil and gas property - subject to amortization	$	28,786,721		$	28,740,479
Accumulated depletion		(9,962,701	)		(9,411,476	)
Accumulated impairment		(11,859,183	)		(11,859,183	)
Oil and gas property - subject to amortization, net	$	6,964,837		$	7,469,820
Oil and gas property - not subject to amortization	$	1,155,422		$	1,151,804
Accumulated impairment		-			-
Oil and gas property - not subject to amortization, net	$	1,155,422		$	1,151,804

The following shows the movement of the oil and gas property - subject to amortization balance.

	Oil & Gas Property – Kruh
December 31, 2022	$	7,469,820
Additional capitalization		105,573
Asset retirement costs		(59,331	)
Depletion		(551,225	)
June 30, 2023 (Unaudited)	$	6,964,837

For the six months ended June 30, 2023, the Company incurred aggregated development costs and abandonment and site restoration provisions, which were capitalized of $46,242, mainly for development administration costs and re-calculation of abandonment and site restoration (ASR).

Depletion recorded for production on properties subject to amortization for the six months ended June 30, 2023 and 2022, were $551,225 and $376,157 respectively.

Furthermore, for the six months ended June 30, 2023, the Company did not record any impairment to the oil and gas property according to the ceiling tests conducted, which showed that the present value of estimated future net revenues generated by the oil and gas property exceeded the carrying balances.

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PROPERTY AND EQUIPMENT, NET

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

NOTE 6 – PROPERTY AND EQUIPMENT, NET

	June 30, 2023			December 31, 2022
	(Unaudited)			(Audited)
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		(1,776,583	)		(1,730,344	)
Property and equipment, net	$	155,256		$	201,495

Depreciation charged to expense amounted to $46,239 and $41,894 for the six months ended June 30, 2023 and 2022, respectively.

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FINANCIAL LIABILITY

6 Months Ended

Jun. 30, 2023

Investments, All Other Investments [Abstract]

FINANCIAL LIABILITY

NOTE 7 – FINANCIAL LIABILITY

	June 30, 2023		December 31, 2022
	(Unaudited)		(Audited)
Convertible note payable, net of debt issuance costs	$	95,000	$	52,143
Warrant liabilities, net of debt issuance costs	$	1,116,171	$	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 Global Opportunities Master Fund (“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 and L1 Capital entered into 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.

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 condensed 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 fiscal year ended 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 six months ended June 30, 2023 and the year ended December 31, 2022, $0 and $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. As of June 30, 2023 and December 31, 2022, the carrying value balance of the convertible note was $95,000 and $52,143, which was included in “Other current liabilities” on the accompanying condensed   consolidated balance sheets. On July 21, 2023, the Company repaid the remaining $100,000 principal amount of the Notes to L1 Capital in cash.  

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		-			42,857			42,857
Conversion to ordinary shares		-			-			-
Balance as of June 30, 2023	$	-		$	95,000		$	95,000

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.

The following reflects the inputs and assumptions used:

	January 24, 2022			May 23, 2022			December 31 2022			June 30, 2023
Exercise price	$	6.00		$	6.00		$	6.00		$	6.00
Share price	$	3.64		$	14.94		$	4.66		$	4.42
Expected term from grant date (in years)		5.00			5.00			4.10 for Initial Warrant and 4.50 for Second Warrant			3.60 for Initial Warrant and 4.00 for Second Warrant
Expected volatility		96.32	%		95.90	%		96.03	%		85.24	%
Risk-free interest rate		1.53	%		2.88	%		3.99	%		4.13	%
Dividend yield (per share)		-			-			-			-

During the fiscal 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. During the six months ended June 30, 2023, no warrant was exercised. As of June 30, 2023 and December 31, 2022, 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		(2,878,660	)
Balance as of December 31, 2022	$	1,389,643
Change in fair value of warrant liabilities		(273,472	)
Balance as of June 30, 2023	$	1,116,171

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OPERATING LEASES

6 Months Ended

Jun. 30, 2023

Operating Leases

OPERATING LEASES

NOTE 8 – 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 June 30, 2023 and December 31, 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 at lease commencement date for purposes of determining the present value of lease payments. As of June 30, 2023, this was updated to an   incremental borrowing rate at 10%, which was a 3-year tenure secured borrowing rate as quoted by a local bank.

The components of lease expense were as follows for each of the periods presented:

	June 30, 2023			December 31, 2022
	(Unaudited)			(Audited)
Operating lease expense	$	202,680		$	353,997
Short-term lease expense		553,107			1,061,609
Total operating lease costs	$	755,787		$	1,415,606
Other information
Operating cash flows used in operating leases	$	179,661		$	323,099
Weighted average remaining lease term (in years)		1.30			1.38
Weighted average discount rate		10	%		5.612	%

Future lease payments included in the measurement of operating lease liabilities as of June 30, 2023 is as follows:

	June 30, 2023
2023	$	172,222
2024		221,818
2025		13,527
		407,567
Less: discount on operating lease liabilities		(30,496	)
Present value of operating lease liabilities		377,071
Less: Current portion of operating lease liabilities		(293,813	)
Non-current portion of operating lease liabilities	$	83,258

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TAXES

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Abstract]

TAXES

NOTE 9 – TAXES

The current and deferred components of the income tax provision which are substantially attributable to the Company’s subsidiaries in Indonesia. Due to the unrecovered expenditures on the Company’s Kruh Block operations, there was no provision for income taxes for the six months ended June 30, 2023 and 2022, respectively.

The effective tax rate is based on expected income and statutory tax rates. For interim financial reporting, the Company estimates the annual tax rate based on projected taxable income for the full year and records an interim income tax provision in accordance with guidance on accounting for income taxes in an interim period. As the year progresses, the Company refines the estimates of the year’s taxable income as new information becomes available. The Company’s effective tax rates for the six months ended June 30, 2023 and 2022 were 0% and 0%, respectively.

The Company did not incur any interest and penalties related to potential underpaid income tax expenses.

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EQUITY

6 Months Ended

Jun. 30, 2023

Equity [Abstract]

EQUITY

NOTE 10 – EQUITY

As of June 30, 2023 and December 31, 2022, there were 10,142,694 of ordinary shares, $0.00267 par value per share, issued and outstanding.

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COMMITMENTS AND CONTINGENCIES

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 11 – 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. Litigation or any other legal or administrative proceeding, regardless of the outcome, is likely to result in substantial cost and diversion of our resources, including our management’s time and attention. 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 June 30, 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.

Currently, Kruh Block is operated under a KSO until May 2030, which was extended to 2035 in August 2023. The Company has material commitments related to its development and exploration activities in the Kruh Block and material commitments in regard to the exploration activity in the Citarum Block under a Production Sharing Contract with the Indonesian Special Task Force for Upstream Oil and Gas Business Activities (known as SKK Migas) (the “PSC”). The following table summarizes future commitments amounts on an undiscounted basis as of June 30, 2023 for all the planned expenditures to be carried out in Kruh Block and Citarum Block (this table takes into account the Company’s updated seismic and drilling plans for Kruh Block  ):

			Future commitments (Unaudited)
	Nature of commitments		Remaining of 2023		2024		2025 and beyond
Citarum Block PSC
Geological and geophysical (G&G) studies		(a)	$	-	$	150,000	$	950,000
2D seismic		(a)		-				6,134,727
3D seismic		(a)		-		-		2,100,000
Drilling		(b)(c)		-		-		30,000,000
Total commitments - Citarum PSC			$	-	$	150,000	$	39,184,727
Kruh Block KSO								-
Lease commitments		(d)	$	1,023,162	$	2,181,739	$	69,051,707
Production facility				-		100,000		1,300,000
G&G studies		(a)		-		200,000		650,000
2D seismic		(a)		-		1,279,410		-
3D seismic		(a)		-		1,205,268		-
Drilling		(a)(c)		-		1,500,000		19,500,000
Workover				144,893				-
Certification				-		250,000		-
Abandonment and Site Restoration		(a)		25,959		51,918		285,552
Total commitments - Kruh KSO			$	1,194,014	$	6,768,335	$	90,787,259
Total Commitments			$	1,194,014	$	6,918,335	$	129,971,986

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)	Lease commitments are contracts that allow for the use of an asset but does not convey rights of ownership of the asset. The Company accounts for leases in accordance with ASC Topic 842, Leases (“ASC 842”). Right of use assets and lease liabilities for the Company’s operating leases are recorded in the condensed consolidated balance sheet except for the short-term lease exemption. An operating lease represents a rental agreement for an asset from a lessor under the terms. Most of our operating leases are related to the equipment and machinery used in oil production. All of the Company’s operating lease agreements with third parties can be cancelled or terminated at any time by the Company.

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LIQUIDITY

6 Months Ended

Jun. 30, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

LIQUIDITY

NOTE 12 – LIQUIDITY

The Company reported a net loss of $1,621,164 and net cash used in operating activities of $1,331,575 for the six months ended June 30, 2023. In addition, the Company had an accumulated deficit of $38,561,917 and working capital of $5,456,158 as of June 30, 2023. The Company’s operating results for future periods are subject to numerous uncertainties and it is uncertain if the Company will be able to reduce or eliminate its net losses and achieve profitability for the foreseeable future. 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. In 2022, the Company received an aggregated of $8,589,000 from issuance of convertible notes and warrants to L1 Capital, and $1,950,000 of proceeds from exercises of warrants by L1 Capital. 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 its sales agent, pursuant to which the Company may offer and sell, from time to time, to or through the Sales Agent, ordinary shares having an aggregate gross offering price of up to $20,000,000. The Company received net proceeds of $4,366,642 through issuance of ordinary shares by such ATM offering in 2022.

As of September 27, 2023, the Company had approximately $3.27 million of cash and cash equivalents, which are unrestricted as to withdrawal or use and are placed with financial institutions. 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, cost reductions, debt and equity financing and financial support from the Chief Executive Officer and Chairman of the Board of the Company. There will be no new well drilling activity for the next 12 months till September 2024. 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 $3 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. The Company intends to meet its cash requirements for the 12 months following the date of the issuance of the condensed consolidated financial statements through operations and the foregoing potential funding opportunities.

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 unaudited condensed 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 condensed 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.

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SUBSEQUENT EVENTS

6 Months Ended

Jun. 30, 2023

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 13 – SUBSEQUENT EVENTS

The Company evaluated all events that occurred up to September 28, 2023 and determined that no events that would have required adjustment or disclosure in the condensed consolidated financial statements except the following.

On July 21, 2023, the Company repaid $100,000 principal amount of the Notes to L1 Capital in cash. Following this repayment, there was no convertible note outstanding.

Effective August 9, 2023, PT Green World Nusantara, the Company’s indirect wholly-owned subsidiary, and Pertamina entered into an Amendment to the Operations Cooperation Agreement (the “Amended KSO”) covering the Kruh Block, pursuant to which the contract term was amended by 5 years from May 2030 to September 2035. This extension would effectively give the Company 13 years to fully develop the existing 3 oil fields, and 5 other undeveloped oil and gas bearing structures at Kruh Block. The Amended KSO increases the Company’s after-tax profit split from the current 15% to 35%, an increase of more than 100%.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

Basis of presentation and consolidation

Basis of presentation and consolidation

The unaudited condensed consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”) for interim financial statements. Accordingly, they may not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The interim financial information should be read in conjunction with the condensed consolidated financial statements and footnotes thereto included in the Company’s financial statements for the fiscal year ended December 31, 2022 included in the Company’s Form 20-F filed with the SEC on May 1, 2023.

In the opinion of management, all adjustments (which include normal recurring adjustments) necessary to present a fair presentation of the Company’s condensed consolidated balance sheet as of June 30, 2023, condensed consolidated statements of operations, changes in equity and cash flows for the six months ended June 30, 2023 and 2022, as applicable, have been made. Operating results for the six months ended June 30, 2023 are not necessarily indicative of the operating results that may be expected for the fiscal year ending December 31, 2023 or any future periods.

The unaudited condensed 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.

Recently issued accounting standards

Recently issued 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 condensed consolidated financial statements upon adoption.

Warrant Liabilities

Warrant Liabilities

The Company accounts for the warrants issued in connection with its January 2022 convertible note financing (see NOTE 7) 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. See NOTE 7 for further information.

Fair Value of Financial Instruments

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 and cash equivalents, 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.

Net Loss per Ordinary Share

Net Loss per Ordinary Share 

Basic net loss per share is determined by dividing net loss by the weighted average number of the Company’s ordinary shares, par value $0.00267 per share (the “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 by diluted weighted average Ordinary Shares outstanding. Diluted weighted average shares reflect 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 six months ended June 30, 2023, the following potentially dilutive securities were excluded from the computation of diluted earnings per share because their effects would be anti-dilutive:

	June 30,		June 30,
	2023		2022
Warrants issued to L1 Capital (see NOTE 7)		442,240		717,240
Convertible note issued to L1 Capital (see NOTE 7) (i)		16,667		66,667
Share options granted to the executive management		200,000		-
Total		658,907		783,907

(i) Convertible note is assumed to be converted at the exercise price of $6.00 per share (subject to adjustment) as disclosed in NOTE 7.

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

6 Months Ended

Jun. 30, 2023

Accounting Policies [Abstract]

SCHEDULE OF ANTI DILUTIVE EARNING PER SHARE

For six months ended June 30, 2023, the following potentially dilutive securities were excluded from the computation of diluted earnings per share because their effects would be anti-dilutive:

	June 30,		June 30,
	2023		2022
Warrants issued to L1 Capital (see NOTE 7)		442,240		717,240
Convertible note issued to L1 Capital (see NOTE 7) (i)		16,667		66,667
Share options granted to the executive management		200,000		-
Total		658,907		783,907

(i) Convertible note is assumed to be converted at the exercise price of $6.00 per share (subject to adjustment) as disclosed in NOTE 7.

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CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Tables)

6 Months Ended

Jun. 30, 2023

Cash and Cash Equivalents [Abstract]

SCHEDULE OF CASH AND RESTRICTED CASH

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated balance sheets that sum to the total of the same such amounts shown in the Condensed Consolidated Statements of Cash Flows:

	June 30,		December 31,
	2023		2022
	(Unaudited)		(Audited)
Cash and cash equivalent	$	4,428,838	$	5,895,565
Restricted cash - current		-		-
Restricted cash - non-current		1,500,000		1,500,000
Total Cash and cash equivalent and Restricted cash	$	5,928,838	$	7,395,565

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PREPAYMENT AND OTHER ASSETS (Tables)

6 Months Ended

Jun. 30, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

SCHEDULE OF OTHER ASSETS

	June 30,		December 31,
	2023		2022
	(Unaudited)		(Audited)
Prepaid taxes	$	1,354,787	$	1,176,771
Other receivables		188,202		186,840
Consumables and spare parts		156,296		121,740
Prepaid expenses		88,542		18,750
Prepayment and other current assets	$	1,787,827	$	1,504,101
Prepaid to well equipment	$	596,144	$	635,052
Deposit and others		130,705		268,666
Durable spare parts		96,887		114,528
Other assets - non current	$	823,736	$	1,018,246

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OIL AND GAS PROPERTY, NET (Tables)

6 Months Ended

Jun. 30, 2023

Extractive Industries [Abstract]

SCHEDULE OF OIL AND GAS ACTIVITIES

The following tables summarize the Company’s oil and gas activities by classification.

	June 30, 2023			December 31, 2022
	(Unaudited)			(Audited)
Oil and gas property - subject to amortization	$	28,786,721		$	28,740,479
Accumulated depletion		(9,962,701	)		(9,411,476	)
Accumulated impairment		(11,859,183	)		(11,859,183	)
Oil and gas property - subject to amortization, net	$	6,964,837		$	7,469,820
Oil and gas property - not subject to amortization	$	1,155,422		$	1,151,804
Accumulated impairment		-			-
Oil and gas property - not subject to amortization, net	$	1,155,422		$	1,151,804

SCHEDULE OF MOVEMENT OF THE OIL AND GAS PROPERTY

The following shows the movement of the oil and gas property - subject to amortization balance.

	Oil & Gas Property – Kruh
December 31, 2022	$	7,469,820
Additional capitalization		105,573
Asset retirement costs		(59,331	)
Depletion		(551,225	)
June 30, 2023 (Unaudited)	$	6,964,837

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PROPERTY AND EQUIPMENT, NET (Tables)

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment [Abstract]

SCHEDULE OF PROPERTY AND EQUIPMENT, NET

	June 30, 2023			December 31, 2022
	(Unaudited)			(Audited)
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		(1,776,583	)		(1,730,344	)
Property and equipment, net	$	155,256		$	201,495

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FINANCIAL LIABILITY (Tables)

6 Months Ended

Jun. 30, 2023

Investments, All Other Investments [Abstract]

SCHEDULE OF FINANCIAL LIABILITY

	June 30, 2023		December 31, 2022
	(Unaudited)		(Audited)
Convertible note payable, net of debt issuance costs	$	95,000	$	52,143
Warrant liabilities, net of debt issuance costs	$	1,116,171	$	1,389,643

SCHEDULE OF CONVERTIBLE DEBT

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		-			42,857			42,857
Conversion to ordinary shares		-			-			-
Balance as of June 30, 2023	$	-		$	95,000		$	95,000

SCHEDULE OF WARRANTS VALUATION ASSUMPTIONS

The following reflects the inputs and assumptions used:

	January 24, 2022			May 23, 2022			December 31 2022			June 30, 2023
Exercise price	$	6.00		$	6.00		$	6.00		$	6.00
Share price	$	3.64		$	14.94		$	4.66		$	4.42
Expected term from grant date (in years)		5.00			5.00			4.10 for Initial Warrant and 4.50 for Second Warrant			3.60 for Initial Warrant and 4.00 for Second Warrant
Expected volatility		96.32	%		95.90	%		96.03	%		85.24	%
Risk-free interest rate		1.53	%		2.88	%		3.99	%		4.13	%
Dividend yield (per share)		-			-			-			-

SCHEDULE OF WARRANT LIABILITIES

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		(2,878,660	)
Balance as of December 31, 2022	$	1,389,643
Change in fair value of warrant liabilities		(273,472	)
Balance as of June 30, 2023	$	1,116,171

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OPERATING LEASES (Tables)

6 Months Ended

Jun. 30, 2023

Operating Leases

SCHEDULE OF LEASE EXPENSE

The components of lease expense were as follows for each of the periods presented:

	June 30, 2023			December 31, 2022
	(Unaudited)			(Audited)
Operating lease expense	$	202,680		$	353,997
Short-term lease expense		553,107			1,061,609
Total operating lease costs	$	755,787		$	1,415,606
Other information
Operating cash flows used in operating leases	$	179,661		$	323,099
Weighted average remaining lease term (in years)		1.30			1.38
Weighted average discount rate		10	%		5.612	%

SCHEDULE OF OPERATING FUTURE LEASE PAYMENTS

Future lease payments included in the measurement of operating lease liabilities as of June 30, 2023 is as follows:

	June 30, 2023
2023	$	172,222
2024		221,818
2025		13,527
		407,567
Less: discount on operating lease liabilities		(30,496	)
Present value of operating lease liabilities		377,071
Less: Current portion of operating lease liabilities		(293,813	)
Non-current portion of operating lease liabilities	$	83,258

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COMMITMENTS AND CONTINGENCIES (Tables)

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Abstract]

SUMMARY OF FUTURE COMMITMENTS AMOUNTS ON AN UNDISCOUNTED FOR ALL THE PLANNED EXPENDITURES

			Future commitments (Unaudited)
	Nature of commitments		Remaining of 2023		2024		2025 and beyond
Citarum Block PSC
Geological and geophysical (G&G) studies		(a)	$	-	$	150,000	$	950,000
2D seismic		(a)		-				6,134,727
3D seismic		(a)		-		-		2,100,000
Drilling		(b)(c)		-		-		30,000,000
Total commitments - Citarum PSC			$	-	$	150,000	$	39,184,727
Kruh Block KSO								-
Lease commitments		(d)	$	1,023,162	$	2,181,739	$	69,051,707
Production facility				-		100,000		1,300,000
G&G studies		(a)		-		200,000		650,000
2D seismic		(a)		-		1,279,410		-
3D seismic		(a)		-		1,205,268		-
Drilling		(a)(c)		-		1,500,000		19,500,000
Workover				144,893				-
Certification				-		250,000		-
Abandonment and Site Restoration		(a)		25,959		51,918		285,552
Total commitments - Kruh KSO			$	1,194,014	$	6,768,335	$	90,787,259
Total Commitments			$	1,194,014	$	6,918,335	$	129,971,986

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)	Lease commitments are contracts that allow for the use of an asset but does not convey rights of ownership of the asset. The Company accounts for leases in accordance with ASC Topic 842, Leases (“ASC 842”). Right of use assets and lease liabilities for the Company’s operating leases are recorded in the condensed consolidated balance sheet except for the short-term lease exemption. An operating lease represents a rental agreement for an asset from a lessor under the terms. Most of our operating leases are related to the equipment and machinery used in oil production. All of the Company’s operating lease agreements with third parties can be cancelled or terminated at any time by the Company.

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SCHEDULE OF ANTI DILUTIVE EARNING PER SHARE (Details) - shares		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total		658,907	783,907
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total		442,240	717,240
Convertible Debt Securities [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total	[1]	16,667	66,667
Share-Based Payment Arrangement, Option [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total		200,000

[1] Convertible note is assumed to be converted at the exercise price of $6.00 per share (subject to adjustment) as disclosed in NOTE 7.

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SCHEDULE OF ANTI DILUTIVE EARNING PER SHARE (Details) (Parenthetical) - $ / shares	Jun. 30, 2023	Dec. 31, 2022	May 23, 2022	Jan. 24, 2022
Accounting Policies [Abstract]
Exercise price	$ 6.00	$ 6.00	$ 6.00	$ 6.00

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details Narrative) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Ordinary shares, par value	$ 0.00267	$ 0.00267

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SCHEDULE OF CASH AND RESTRICTED CASH (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Cash and cash equivalent	$ 4,428,838	$ 5,895,565
Restricted cash - current
Restricted cash - non-current	1,500,000	1,500,000
Total Cash and cash equivalent and Restricted cash	$ 5,928,838	$ 7,395,565

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CASH, CASH EQUIVALENTS AND RESTRICTED CASH (Details Narrative) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Cash and Cash Equivalents [Abstract]
Restricted cash	$ 1,500,000	$ 1,500,000

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SCHEDULE OF OTHER ASSETS (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid taxes	$ 1,354,787	$ 1,176,771
Other receivables	188,202	186,840
Consumables and spare parts	156,296	121,740
Prepaid expenses	88,542	18,750
Prepayment and other current assets	1,787,827	1,504,101
Prepaid to well equipment	596,144	635,052
Deposit and others	130,705	268,666
Durable spare parts	96,887	114,528
Other assets - non current	$ 823,736	$ 1,018,246

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SCHEDULE OF OIL AND GAS ACTIVITIES (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Extractive Industries [Abstract]
Oil and gas property - subject to amortization	$ 28,786,721	$ 28,740,479
Accumulated depletion	(9,962,701)	(9,411,476)
Accumulated impairment	(11,859,183)	(11,859,183)
Oil and gas property - subject to amortization, net	6,964,837	7,469,820
Oil and gas property - not subject to amortization	1,155,422	1,151,804
Accumulated impairment
Oil and gas property - not subject to amortization, net	$ 1,155,422	$ 1,151,804

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SCHEDULE OF MOVEMENT OF THE OIL AND GAS PROPERTY (Details) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Extractive Industries [Abstract]
Beginning Balance	$ 7,469,820
Additional capitalization	105,573
Asset retirement costs	(59,331)
Depletion	(551,225)	$ (376,157)
Beginning Balance	$ 6,964,837

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OIL AND GAS PROPERTY, NET (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Extractive Industries [Abstract]
Costs Incurred, Acquisition of Oil and Gas Properties	$ 46,242
Depletion to oil and gas property	$ 551,225	$ 376,157

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SCHEDULE OF PROPERTY AND EQUIPMENT, NET (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,931,839	$ 1,931,839
Less: accumulated depreciation	(1,776,583)	(1,730,344)
Property and equipment, net	155,256	201,495
Tools, Dies and Molds [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	1,499,535	1,499,535
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	323,675	323,675
Support Equipment and Facilities [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	93,049	93,049
Computer Software, Intangible Asset [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	5,605	5,605
Housing And Welfare [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	4,312	4,312
Furniture And Office Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	4,013	4,013
Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 1,650	$ 1,650

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PROPERTY AND EQUIPMENT, NET (Details Narrative) - USD ($)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Property, Plant and Equipment [Abstract]
Depreciation	$ 46,239	$ 41,894

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SCHEDULE OF FINANCIAL LIABILITY (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Investments, All Other Investments [Abstract]
Convertible note payable, net of debt issuance costs	$ 95,000	$ 52,143
Warrant liabilities, net of debt issuance costs	$ 1,116,171	$ 1,389,643

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SCHEDULE OF CONVERTIBLE DEBT (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Balance	$ 52,143	$ 3,438,933
Amortization of insurance cost	42,857	646,250
Conversion to ordinary shares		(4,033,040)
Balance	95,000	52,143
First Tranche [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Balance		3,438,933
Amortization of insurance cost		358,155
Conversion to ordinary shares		(3,797,088)
Balance
Second Tranche [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Balance	52,143
Amortization of insurance cost	42,857	288,095
Conversion to ordinary shares		(235,952)
Balance	$ 95,000	$ 52,143

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SCHEDULE OF WARRANTS VALUATION ASSUMPTIONS (Details)	Jun. 30, 2023 $ / shares	Dec. 31, 2022 $ / shares	May 23, 2022 $ / shares	Jan. 24, 2022 $ / shares
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Exercise price	$ 6.00	$ 6.00	$ 6.00	$ 6.00
Share price	$ 4.42	$ 4.66	$ 14.94	$ 3.64
Measurement Input, Expected Term [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected term from grant date (in years)			5 years	5 years
Measurement Input, Expected Term [Member] | Initial Warrant [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected term from grant date (in years)	3 years 7 months 6 days	4 years 1 month 6 days
Measurement Input, Expected Term [Member] | Second Warrent [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Expected term from grant date (in years)	4 years	4 years 6 months
Measurement Input, Price Volatility [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants valuation assumptions	85.24	96.03	95.90	96.32
Measurement Input, Risk Free Interest Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants valuation assumptions	4.13	3.99	2.88	1.53
Measurement Input, Expected Dividend Rate [Member]
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants valuation assumptions

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SCHEDULE OF WARRANT LIABILITIES (Details) - USD ($)				6 Months Ended	12 Months Ended
	Aug. 29, 2022	Aug. 18, 2022	Jun. 16, 2022	Jun. 30, 2023	Dec. 31, 2022	May 23, 2022	Jan. 24, 2022
Issuance of Warrant				$ 1,116,171	$ 1,389,643
Warrant [Member]
Balance as of December 31, 2022				1,389,643
Warrant shares exercised	$ (445,524)	$ (915,799)	$ (119,343)
Change in fair value of warrant liabilities				(273,472)	(2,878,660)
Balance as of June 30, 2023				$ 1,116,171	$ 1,389,643
Warrant [Member] | Initial Warrant [Member]
Issuance of Warrant							$ 915,644
Warrant [Member] | Second Warrant [Member]
Issuance of Warrant						$ 4,833,325

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SCHEDULE OF WARRANT LIABILITIES (Details) (Parenthetical) - shares	Aug. 29, 2022	Aug. 18, 2022	Jun. 16, 2022
Warrant [Member]
Warrant exercised, shares	90,000	185,000	50,000

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FINANCIAL LIABILITY (Details Narrative)						6 Months Ended		12 Months Ended
	Jul. 21, 2023 USD ($)	Aug. 29, 2022 shares	Aug. 18, 2022 shares	Jun. 16, 2022 shares	Jan. 21, 2022 USD ($) d $ / shares shares	Jun. 30, 2023 USD ($) $ / shares shares	Jun. 30, 2022 USD ($)	Dec. 31, 2022 USD ($) $ / shares shares	May 23, 2022 USD ($) $ / shares	Mar. 04, 2022 USD ($) $ / shares shares	Jan. 24, 2022 USD ($) $ / shares
Warrant exercise price | $ / shares						$ 6.00		$ 6.00	$ 6.00		$ 6.00
Debt issuance costs						$ 811,000
Warrant liability						1,116,171		$ 1,389,643
Proceeds from Warrant Exercises							$ 300,000
Warrants, issued | shares						442,240		442,240
Warrants, outstanding | shares						442,240		442,240
Warrant [Member]
Warrant shares exercised | shares		90,000	185,000	50,000
Warrant [Member] | Initial Warrant [Member]
Warrant liability											$ 915,644
Warrant [Member] | Second Warrant [Member]
Warrant liability									$ 4,833,325
L1 Capital Global Opportunities Master Fund Ltd [Member]
Proceeds from Warrant Exercises								$ 1,950,000
L1 Capital Global Opportunities Master Fund Ltd [Member] | Initial Warrant [Member]
Warrant exercise price | $ / shares								$ 6.00
Warrant shares exercised | shares								325,000
Proceeds from Warrant Exercises								$ 1,950,000
Securities Purchase Agreement [Member]
Warrant exercise price | $ / shares										$ 6.00
Securities Purchase Agreement [Member] | L1 Capital Global Opportunities Master Fund Ltd [Member]
Debt Instrument, Interest Rate, Effective Percentage					6.00%
Loan facility principal amount						$ 10,000,000
Consecutive trading days | d					10
Floor price | $ / shares					$ 1.20
Debt converted amount						0		9,900,000
Debt conversion price | $ / shares										$ 6.00
Convertible note						$ 95,000		$ 52,143
Securities Purchase Agreement [Member] | L1 Capital Global Opportunities Master Fund Ltd [Member] | Subsequent Event [Member]
Repayment of loan facility	$ 100,000
Securities Purchase Agreement [Member] | First Tranche [Member]
Proceeds from Issuance Initial Public Offering					$ 5,000,000
Securities Purchase Agreement [Member] | First Tranche [Member] | L1 Capital Global Opportunities Master Fund Ltd [Member]
Debt Instrument, Interest Rate, Effective Percentage											6.00%
Purchase of warrants, shares | shares					383,620
Warrant exercise price | $ / shares					$ 6.00
Securities Purchase Agreement [Member] | First Tranche [Member] | L1 Capital Global Opportunities Master Fund Ltd [Member] | Private Placement [Member]
Proceeds from Issuance of Private Placement					$ 7,000,000
Securities Purchase Agreement [Member] | Second Tranche [Member]
Warrant liability fair value disclosure									4,833,325
Class of warrant right insurance loss									$ 133,325
Securities Purchase Agreement [Member] | Second Tranche [Member] | L1 Capital Global Opportunities Master Fund Ltd [Member]
Purchase of warrants, shares | shares										383,620
Warrant exercise price | $ / shares										$ 6.00
Loan facility principal amount					$ 2,000,000					$ 5,000,000
Average lowest closing prices percentage					90.00%
Percentage of principal amount obligated to pay					120.00%

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SCHEDULE OF LEASE EXPENSE (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2023	Dec. 31, 2022
Operating Leases
Operating lease expense	$ 202,680	$ 353,997
Short-term lease expense	553,107	1,061,609
Total operating lease costs	755,787	1,415,606
Operating cash flows used in operating leases	$ 179,661	$ 323,099
Weighted average remaining lease term (in years)	1 year 3 months 18 days	1 year 4 months 17 days
Weighted average discount rate	10.00%	5.612%

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SCHEDULE OF OPERATING FUTURE LEASE PAYMENTS (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022
Operating Leases
2023	$ 172,222
2024	221,818
2025	13,527
Total	407,567
Less: discount on operating lease liabilities	(30,496)
Present value of operating lease liabilities	377,071
Less: Current portion of operating lease liabilities	(293,813)	$ (255,845)
Non-current portion of operating lease liabilities	$ 83,258	$ 95,601

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TAXES (Details Narrative)	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Income Tax Disclosure [Abstract]
Income tax rate	0.00%	0.00%

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EQUITY (Details Narrative) - $ / shares	Jun. 30, 2023	Dec. 31, 2022
Equity [Abstract]
Ordinary shares, shares issued	10,142,694	10,142,694
Ordinary shares, shares outstanding	10,142,694	10,142,694
Ordinary shares, par value	$ 0.00267	$ 0.00267

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SUMMARY OF FUTURE COMMITMENTS AMOUNTS ON AN UNDISCOUNTED FOR ALL THE PLANNED EXPENDITURES (Details)	Jun. 30, 2023 USD ($)
Future commitments Remaining of 2023	$ 1,194,014
Future commitments 2024	6,918,335
Future commitments 2025 and beyond	129,971,986
Citarum Block PSC [Member]
Future commitments Remaining of 2023		[1]
Future commitments 2024	150,000	[1]
Future commitments 2025 and beyond	39,184,727	[1]
Citarum Block PSC [Member] | Geological and Geophysical (G&G) Studies [Member]
Future commitments Remaining of 2023		[1]
Future commitments 2024	150,000	[1]
Future commitments 2025 and beyond	950,000	[1]
Citarum Block PSC [Member] | 2D Seismic [Member]
Future commitments Remaining of 2023		[1]
Future commitments 2024		[1]
Future commitments 2025 and beyond	6,134,727	[1]
Citarum Block PSC [Member] | 3D Seismic [Member]
Future commitments Remaining of 2023		[1]
Future commitments 2024		[1]
Future commitments 2025 and beyond	2,100,000	[1]
Citarum Block PSC [Member] | Drilling [Member]
Future commitments Remaining of 2023		[2],[3]
Future commitments 2024		[2],[3]
Future commitments 2025 and beyond	30,000,000	[2],[3]
Kruh Block KSO [Member]
Future commitments Remaining of 2023	1,194,014
Future commitments 2024	6,768,335
Future commitments 2025 and beyond	90,787,259
Kruh Block KSO [Member] | 2D Seismic [Member]
Future commitments Remaining of 2023		[1]
Future commitments 2024	1,279,410	[1]
Future commitments 2025 and beyond		[1]
Kruh Block KSO [Member] | Drilling [Member]
Future commitments Remaining of 2023		[1],[2]
Future commitments 2024	1,500,000	[1],[2]
Future commitments 2025 and beyond	19,500,000	[1],[2]
Kruh Block KSO [Member] | Operating Lease Commitments [Member]
Future commitments Remaining of 2023	1,023,162	[4]
Future commitments 2024	2,181,739	[4]
Future commitments 2025 and beyond	69,051,707	[4]
Kruh Block KSO [Member] | Production Facility [Member]
Future commitments Remaining of 2023
Future commitments 2024	100,000
Future commitments 2025 and beyond	1,300,000
Kruh Block KSO [Member] | G And G Studies [Member]
Future commitments Remaining of 2023		[1]
Future commitments 2024	200,000	[1]
Future commitments 2025 and beyond	650,000	[1]
Kruh Block KSO [Member] | 3D Seismic [Member]
Future commitments Remaining of 2023		[1]
Future commitments 2024	1,205,268	[1]
Future commitments 2025 and beyond		[1]
Kruh Block KSO [Member] | Workover [Member]
Future commitments Remaining of 2023	144,893
Future commitments 2024
Future commitments 2025 and beyond
Kruh Block KSO [Member] | Certification [Member]
Future commitments Remaining of 2023
Future commitments 2024	250,000
Future commitments 2025 and beyond
Kruh Block KSO [Member] | Abandonment And Site Restoration [Member]
Future commitments Remaining of 2023	25,959	[1]
Future commitments 2024	51,918	[1]
Future commitments 2025 and beyond	$ 285,552	[1]

[1] 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.

[2] 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.

[3] Includes one exploration and two delineation wells.

[4] Lease commitments are contracts that allow for the use of an asset but does not convey rights of ownership of the asset. The Company accounts for leases in accordance with ASC Topic 842, Leases (“ASC 842”). Right of use assets and lease liabilities for the Company’s operating leases are recorded in the condensed consolidated balance sheet except for the short-term lease exemption. An operating lease represents a rental agreement for an asset from a lessor under the terms. Most of our operating leases are related to the equipment and machinery used in oil production. All of the Company’s operating lease agreements with third parties can be cancelled or terminated at any time by the Company.

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LIQUIDITY (Details Narrative) - USD ($)		6 Months Ended		12 Months Ended
	Jul. 22, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Sep. 27, 2023
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest		$ 1,621,164
Net Cash Provided by (Used in) Operating Activities		1,331,575	$ 3,059,907
Retained Earnings (Accumulated Deficit)		38,561,917		$ 36,940,753
Working capital		5,456,158
Proceeds from warrant exercises			$ 300,000
Unrestricted, cash and cash equivalents					$ 3,270,000
CEO And Chairman [Member]
Proceeds from Other Debt		$ 3,000,000
H.C.Wainwright And Co Llc [Member]
Aggregate gross offering price	$ 20,000,000
Net proceeds from issuance of ordinary shares				4,366,642
L1 Capital Global Opportunities Master Fund Ltd [Member]
Proceeds from issuance of convertible notes and warrants				8,589,000
Proceeds from warrant exercises				$ 1,950,000

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SUBSEQUENT EVENTS (Details Narrative) - Subsequent Event [Member] - USD ($)	Aug. 09, 2023	Jul. 21, 2023
Subsequent Event [Line Items]
Oil and gas commitments and contracts, description	the Company’s indirect wholly-owned subsidiary, and Pertamina entered into an Amendment to the Operations Cooperation Agreement (the “Amended KSO”) covering the Kruh Block, pursuant to which the contract term was amended by 5 years from May 2030 to September 2035. This extension would effectively give the Company 13 years to fully develop the existing 3 oil fields, and 5 other undeveloped oil and gas bearing structures at Kruh Block. The Amended KSO increases the Company’s after-tax profit split from the current 15% to 35%, an increase of more than 100%.
Securities Purchase Agreement [Member] | L1 Capital Global Opportunities Master Fund Ltd [Member]
Subsequent Event [Line Items]
Repayment of loan facility		$ 100,000