The company had been the subject of a default notice received on September 12th from its operating partner Kufpec which, after 90 days, would have resulted in Kalrez losing its interest of the sizeable oil field on the island of Seram.
Kalrez informed the market that on the 23rd December, it had loaded 55,386 barrels of oil from the Bula Field, and while proceeds from the lift will not be undetermined until early in January, the company anticipates net revenue - after freight and royalties - of greater than US$990,000.
"The receipt of these funds in early February will allow the company to pay current outstanding cash calls," Kalrez said in a statement to the Australian Stock Exchange.
