Indonesia Energy Announces That Operations On The First of Two New Wells To Be Drilled at Kruh Block Have Commenced
Rhea-AI Summary
Indonesia Energy Corporation (NYSE American: INDO) announced during the H.C. Wainwright Global Investment Conference that operations have commenced for the first of two planned wells at its Kruh Block. The company has completed construction of the drilling pad for the K-29 well and delivered drilling pipe to the site.
The development is taking place on IEC's 63,000-acre Kruh Block in Indonesia. The company is currently awaiting government approvals for tender offers related to the drilling rig and other major components before drilling can begin.
Positive
- Operations commenced for new well development at 63,000-acre Kruh Block
- Infrastructure preparation completed with drilling pad construction and pipe delivery
- Strategic expansion of drilling operations with two new wells planned
Negative
- Pending government approvals required before actual drilling can begin
News Market Reaction 10 Alerts
On the day this news was published, INDO gained 1.40%, reflecting a mild positive market reaction. Argus tracked a peak move of +3.7% during that session. Our momentum scanner triggered 10 alerts that day, indicating notable trading interest and price volatility. This price movement added approximately $621K to the company's valuation, bringing the market cap to $45M at that time.
Data tracked by StockTitan Argus on the day of publication.
Comments Made During Company Presentation at H.C. Wainwright Conference
JAKARTA, INDONESIA AND DANVILLE, CA, Sept. 09, 2025 (GLOBE NEWSWIRE) -- Indonesia Energy Corporation (NYSE American: INDO) ("IEC"), an oil and gas exploration and production company focused on Indonesia, today announced its President, Frank Ingriselli, during his presentation at the H.C. Wainwright 27th Annual Global Investment Conference on Tuesday, September 9, 2025 at 12:00 p.m. EST confirmed that operations on the first of its planned next two (2) wells at IEC’s Kruh Block have commenced.
A drilling pad for the next well (called the “K-29” well) has been constructed and drilling pipe has been delivered. IEC’s website has been updated with a company presentation and a slide showing photographs of these items: https://ir.indo-energy.com/wp-content/uploads/2025/09/INDONESIA-ENERGY-presentation-September-2025-added-photos.pdf
The entire conference presentation will also be available for replay next week at IEC’s website at: https://ir.indo-energy.com
Mr. Frank Ingriselli, IEC's President, commented "We are excited that we have commenced operations for drilling the first of 2 wells planned on our 63,000-acre Kruh Block with the drilling pad for well K-29 being constructed and pipe delivered. We are now awaiting government approvals to our tender offers for the drilling rig and other large components to commence drilling. We will keep the marketplace updated as we embark on this exciting period for our company. We believe we have world class assets in Indonesia that should contribute to our strategic plan to maximize returns on our investments and grow shareholder value.”
About Indonesia Energy Corporation Limited
Indonesia Energy Corporation Limited (NYSE American: INDO) is a publicly traded energy company engaged in the acquisition and development of strategic, high growth energy projects in Indonesia. IEC’s principal assets are its Kruh Block (63,000 acres) located onshore on the Island of Sumatra in Indonesia and its Citarum Block (195,000 acres) located onshore on the Island of Java in Indonesia. IEC is headquartered in Jakarta, Indonesia and has a representative office in Danville, California. For more information on IEC, please visit www.indo-energy.com.
Cautionary Statement Regarding Forward-Looking Statements and Regulation FD Disclosure
All statements in this press release, the conference presentation described herein, and related statements of Indonesia Energy Corporation Limited (“IEC”) and its representatives and partners that are not based on historical fact are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Acts”). In particular, the words “explore,” “could,” "estimates," “seek,” "believes," "hopes," “understand,” "expects," "intends," “on-track”, "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Acts and are subject to the safe harbor created by the Acts. Any statements made during the presentation at the H. C. Wainwright conference and in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. In this press release, forward-looking statements include, without limitation those related to IEC’s development, drilling and exploration plans at its Kruh Block. While management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of significant risks, uncertainties, and other factors, many of which are outside of the IEC's control, that could cause actual results to materially and adversely differ from such statements. Such risks, uncertainties, and other factors include, but are not necessarily limited to, those set forth in the Risk Factors section of the Company’s annual report on Form 20-F for the fiscal year ended December 31, 2024, filed on April 29, 2025, and other filings with the Securities and Exchange Commission (SEC). Copies are of such documents are available on the SEC's website, www.sec.gov and IEC’s website at https://ir.indo-energy.com/sec-filings/. IEC undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
This press release is being made in part to comply with Regulation FD promulgated by the SEC and has been designed to provide broad, non-exclusionary distribution of the information contained herein to the public,
Company Contact:
Frank C. Ingriselli
President, Indonesia Energy Corporation Limited
Frank.Ingriselli@Indo-Energy.com
FAQ
What progress has Indonesia Energy (NYSE: INDO) made on its new Kruh Block wells in September 2025?
Where is Indonesia Energy (INDO) drilling its new K-29 well?
What approvals does Indonesia Energy (INDO) still need for the Kruh Block drilling?
How many new wells is Indonesia Energy (NYSE: INDO) planning to drill at Kruh Block?
