Page 97 - ar2012

31 December 2012
NOTESTO FINANCIAL STATEMENTS
GEO ENERGY RESOURCES LIMITED | Annual Report 2012 93
34 SEGMENT INFORMATION (cont’d)
The Group’s information about the segment assets by geographical location are detailed below:
Non-current assets
2012 2011
US$ US$
Republic of Indonesia 73,858,911 79,872,207
Republic of Singapore 2,789,652 2,700,825
Total 76,648,563 82,573,032
Major customer information
The Group’s revenue derived from customers who individually account for 10% or more of the Group’s revenue is
detailed below:
2012 2011
US$ US$
Top 1 st customer 33,957,336 25,146,525
Top 2 nd customer 14,065,667 15,450,100
Top 3 rd customer NA 8,432,593
Top 4 th customer NA 8,003,378
35 OPERATING LEASE ARRANGEMENTS
The Group as lessee
2012 2011
US$ US$
Minimum lease payments under operating leases recognised as
an expense in the fnancial year 331,588 597,645
At the end of the reporting period, the Group has outstanding commitments under non-cancellable operating
lease, which fall due as follows:
2012 2011
US$ US$
Within one year 215,293 401,215
In the second to ffth year inclusive 63,258 122,656
Total 278,551 523,871
Operating lease payments represents rentals payable by the Group for lands, office premise and staff
accommodations. The average lease term of the office premise and staff accommodations is two years and rentals
are fxed for two years.
For the leases of land, there are certain discrepancies relating to the execution of the lease agreements. Some
lease agreements were not executed by the registered owners of the land, certain payments were not made to the
registered owners and some of the registered owners are deceased. As a result, there may be causes of action
challenging the validity of the leases which may require monetary compensation. In light of these discrepancies,
a shareholder of the Company has provided a blanket indemnifcation to a subsidiary in the Group against any
claims, losses or damages suffered in relation to any causes of action arising from the execution of the lease
agreements.