COMMITMENTS AND CONTINGENCIES (Tables)

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

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

			Future commitments
	Nature of commitments		2024		2025		2026 and beyond
Citarum Block PSC
Geological and geophysical (G&G) studies		(a)	$	-	$	150,000	$	950,000
2D seismic		(a)		-		-		6,050,000
3D seismic		(a)		-		-		2,100,000
Drilling		(b)(c)		-		-		30,000,000
Total commitments - Citarum PSC			$	-	$	150,000	$	39,100,000
Kruh Block KSO								-
Operating commitments		(d)	$	1,687,622	$	1,562,162	$	74,595,092
Production facility				-		-		1,300,000
G&G studies		(a)		100,000		100,000		350,000
3D seismic		(a)		1,140,000		-		-
Drilling		(a)(c)		-		-		21,000,000
Workover								-
Certification								250,000
Abandonment and Site Restoration		(a)		53,085		53,085		504,309
Total commitments - Kruh KSO			$	2,980,707	$	1,715,247	$	97,999,401
Total Commitments			$	2,980,707	$	1,865,247	$	137,099,401

Nature of commitments:

(a)	Both firm commitments and a 5-year work program according to the Company’s economic model are included in the estimate. Firm capital commitments represent legally binding obligations with respect to the KSO for Kruh Block or the PSC for Citarum Block in which the contract specifies the minimum exploration or development work to be performed by us within the first three years of the contract. In certain cases where we execute contracts requiring commitments to a work scope, those commitments have been included to the extent that the amounts and timing of payments can be reliably estimated.
(b)	Includes one exploration and two delineation wells.
(c)	Abandonment and site restoration are primarily upstream asset removal costs at the drilling completion of a field life related to or associated with site clearance, site restoration, and site remediation, based on Indonesian government rules.
(d)	Operating commitments are primarily production operation costs related to or associated to the maintenance well work scheduled to be performed on the oil wells with respect to the Kruh Block KSO.