Geo Energy Resources (SGX:RE4) remains on track with its operations and associated activities amid the Indonesian government's push to centralize control of commodity exports under its sovereign wealth fund, Danantara Indonesia.

Shares of the coal producer were up over 3% in Tuesday trading.

Danantara has confirmed its role as an oversight body and not an export intermediary, which significantly reduces potential operational disruption the market had initially feared, according to a Monday filing with the Singapore Exchange.

Additionally, the body will not assume ownership of any export contracts or take over customer relationship and impact existing arrangements between producers and buyers.

Instead, Danantara will act as a supervisory, reporting and data-monitoring body.