Ann: Onshore Indonesian Oil Operations Update - February 2019, page-31

"gross-split of 57:43 (in favour of Government)"

So there we go, a bit of digging around and that's the answer to the "missing" funds. Nothing to do with lagging receipts not reflection the full quarter, that is the full quarter after the government takes its 57% cut.

Aug : 6136 barrels (-57%) = 2639 x $67.64 = $178,466
Sept : 9395 barrells (-57%) = 4040 x $73.50 = $296,929
Oct : 15287 barrels (-57%) = 6573 x $75.00 = $493,605

= $969,000 (as stated under "receipts from customers" in QR)

So as we can now see, the revenue figures being posted up here need to be calculated at a multiple of 0.43, BAS really need to be producing revenue of +$1.2mill per quarter to become profitable. Very doable now they have the scaling issue under control and all wells will be back online soon. If oil prices stabalise and BAS realise an average price of $65pb again throughout 2019, 875bopd gross to the JV is the point at which BAS hits positive territory. 55% of 875 = 480 (-57%) = 205bopd net BAS x $65 x 90 days = $1.2mill (-$900k production costs -$300k admin). Every dollar above $1.2mill becomes profit.......then we apply income tax grrrrrrr.

Not as exciting as most were hoping, however IMO they are setting a very good base from which to grow the company and the recent increase in production certainly looks encouraging. So it's really just the acquisition payment to COE holding this back atm. The payment due by end of march can be covered without too much concern but they need to renegotiate the mid year payment if possible. Once that debt is cleared it really will gain investor interest.