INDONESIA ENERGY CORP LTD Stock Price, News & Analysis

Indonesia Energy Corporation (NYSE: INDO) has announced updates on its operations and planned drilling activities for H2 2025. The company's proved gross reserves at Kruh Block increased by over 60% to approximately 3.3 million barrels, attributed to seismic work conducted in 2024 and a 5-year contract extension granted by the Indonesian government in late 2023.

IEC plans to drill at least one new well in H2 2025 as part of its multi-year program to drill 18 new wells at Kruh Block. The company scaled back drilling activity in 2024 to focus on seismic and exploration work, which is now completed. Management believes the new seismic data will enhance drilling effectiveness and maximize returns from the Kruh Block asset.

Indonesia Energy Corporation (NYSE: INDO) announced a strategic vision update focusing on expanding beyond traditional oil and gas operations. The company outlined three main goals: 1) Positioning as the primary U.S. public company focused on Indonesia, 2) Continuing development of Kruh and Citarum oil/gas assets, and 3) Exploring additional infrastructure investment opportunities in Indonesia. IEC reported a 60% increase in proved reserves at their Kruh Block and positive results from a geochemical survey at Citarum Block, which has potential for billion-barrel equivalent resources. The company aims to align with Indonesia's "Golden Indonesia 2045" vision, recognizing the nation's demographic advantages with 280 million people, 70% under age 45, and consistent 5% annual economic growth.

Indonesia Energy Corporation (NYSE: INDO) has filed its 2024 annual report and provided an operational update for 2025. The company focused on strategic investments in seismic and exploration work at its Kruh Block asset during 2024, temporarily pausing drilling activities to maximize future returns.

The company plans to resume drilling operations in the second half of 2025, with a commitment to drill at least one new well this year. This is part of a larger multi-year program targeting 18 new wells at Kruh Block. According to President Frank Ingriselli, the acquired seismic data is expected to enhance drilling effectiveness and maximize returns from the asset.

The complete financial and operating results for 2023-2024, including audited financial statements, are available in the Form 20-F filing, accessible through the company's website. Shareholders can request free hard copies through the company's contact page.

Indonesia Energy (NYSE: INDO) has announced an investor update conference call scheduled for January 21, 2025, at 10:00 AM Eastern Time. The interactive Zoom webinar will feature President Frank Ingriselli and management team members discussing several key developments:

The company will provide updates on its recently completed 3D seismic program and current drilling plans for the Kruh Block, along with plans for a new reserve report. The 2023 contract extension with the Indonesian government has increased IEC's after-tax profit split from 15% to 35%, potentially leading to a 40% increase in proved reserves at the Kruh Block.

Management will also discuss development operations for the Citarum Block, which holds prospective oil-equivalent resources exceeding one billion barrels. The company will unveil its new corporate logo and investor relations outreach program during the call. A Q&A session will be included, and a replay will be available on IEC's website.

Indonesia Energy (NYSE American: INDO) has announced an investor update conference call on January 21, 2025, at 10:00 a.m. Eastern Time. This call will provide an update on future drilling and development plans, including a new reserve report and the unveiling of IEC’s new corporate logo and investor relations outreach program.

The call will highlight the results of the 3-D seismic program and the 5-year extension of IEC’s government contract for the Kruh Block. As a result, the estimated ultimate recovery (EUR) from the Kruh field is expected to increase by over 30% and reserves by over 40%.

IEC will also discuss planned development operations for the Citarum Block, which has prospective oil-equivalent resources of over one billion barrels. The presentation will be led by President Frank Ingriselli and other senior management members.

The call will be a media and video interactive Zoom webinar, including a question-and-answer session. Interested parties can register in advance for the webinar. A replay of the call will be available on IEC’s website.

Mr. Frank Ingriselli commented on the significant improvements in economics and reserves, highlighting the increase in after-tax profit split from 15% to 35% due to the 2023 contract extension with the Indonesian government. He also emphasized the potential of the Citarum Block and the company's ongoing efforts to drive shareholder value.

Indonesia Energy (NYSE American: INDO) announced its participation in the H.C. Wainwright 26th Annual Global Investment Conference on September 10, 2024. President Frank Ingriselli will present at 3:30PM EST, providing updates on:

• Recently completed 3D seismic program
• Anticipated continuous drilling program for Kruh Block
• Planned development operations for Citarum Block, with over one billion barrels of prospective oil-equivalent resources

The presentation will be held at the Lotte New York Palace Hotel and will be available via live weblink. A 30-day replay will be accessible on IEC's website. Ingriselli emphasized the company's focus on maximizing returns and growing shareholder value through their world-class assets.

Indonesia Energy (NYSE American: INDO) announced its participation in the H.C. Wainwright 26th Annual Global Investment Conference on September 10, 2024, at 3:30PM EST. President Frank Ingriselli will present an update on the company's recent activities and future plans, including:

• Recently completed 3D seismic program
• Anticipated continuous drilling program for Kruh Block
• Planned development operations for Citarum Block, with over one billion barrels of prospective oil-equivalent resources

The presentation will be held at the Lotte New York Palace Hotel and will be available for replay on IEC's website for 30 days. Ingriselli expressed enthusiasm about discussing their world-class assets and strategic plans to maximize investment returns and grow shareholder value.

Indonesia Energy (NYSE American: INDO) has completed recording 29 square kilometers of new 3D seismic at its 63,000-acre Kruh Block. The company expects to drill new production wells by the end of 2024 after processing and interpreting the seismic data. IEC also plans to commence operations at its 650,000-acre Citarum Block, where reserves could potentially exceed a billion barrels of oil equivalent.

Key developments include:

• Extended Kruh Block contract with Pertamina until September 2035
• Increased after-tax profit split from 15% to 35%
• Expected 40% increase in proved reserves at Kruh Block
• Anticipated 200% increase in net cash flow from Kruh Block
• Environmental permits received for Citarum Block operations

Indonesia Energy (NYSE American: INDO) announced the commencement of new 3D seismic operations at its Kruh Block, covering 63,000 acres in South Sumatra. This seismic work will enable the drilling of new production wells by the end of 2024. Additionally, IEC received key environmental permits for its 650,000-acre Citarum Block, where reserves could potentially exceed a billion barrels of oil equivalent. This permits significant exploratory work to begin there for the first time. The seismic program at Kruh will cover 29 square km, focusing on the proven Talangakar and Lemat reservoirs and new zones discovered in 2022. IEC recently extended its joint operation contract with Pertamina by five years, significantly enhancing its profit split and expected net cash flow. Drilling at Kruh is set to start in the fourth quarter of 2024, post seismic data evaluation. IEC plans to commence seismic operations at Citarum later this year and drilling next year.