Ann: Onshore Indonesian Oil Operations Update - February 2019, page-28

The 2 month lag has nothing to do with the low cash receipt figures, as they are reflected quarter on quarter, not just an anomaly from the Dec. quarterly. Taking into consideration the 2 month receipt lag, the Dec. statements would reflect the production/sales rates of Aug/Sept/Oct (6k/9k/15k), approximately 30,000 barrels for the period, during peak prices which then had a hefty drop end of October (which will be reflected in the next quarterly but hopefully offset by increased production). Something just doesn't add up here, as this has been reflected in previous quarterly reports too.......

$969,000 receipts (for approx 30k barrels of oil)
-$781,000 production costs (÷30k = $26pb production cost)
-$341,000 admin.
+$312,000 royalty settlement.
=$159,000 profit for quarter.

Now, as far as i can tell tax/royalties must be being witheld from the sales facility because $969,000 ÷ 30,000 = $33 approx. per barrel.......minus 50%, that's crazy???!!!!. Then production and admin costs are deducted so no wonder they're running at a loss, it seems the fiscal/tax system is erroding and progress/profit they can make. I guess the plan is to try and tread water on this project and leverage into new projects to scale up production significantly. The sooner the better i think looking at the above figures.