Indonesia Energy Moves Forward With Two New Wells at Kruh Block, Where Pre-Drilling Operations Have Commenced
Rhea-AI Summary
Indonesia Energy (NYSE: INDO) reported pre-drilling progress for two planned wells (K-29 and WK-5) on its 64,000-acre Kruh Block in Sumatra and said it remains on target to begin drilling the first well before the end of Q1 2026.
Key operational milestones include constructed drilling pads for K-29, delivered pad components for WK-5, delivery of drilling pipe, drill bits and wellheads, selection of a drilling rig now under inspection, and approved procurement and transport of government-controlled drilling explosives to a designated warehouse. The company will present an update at the DealFlow Discovery Conference on January 28, 2026.
Positive
- Target to commence first of two wells before end of Q1 2026
- Drilling pad constructed for K-29 and pad delivered for WK-5
- Drilling pipe, drill bits and wellheads delivered
- Government-approved drilling explosives transported to designated warehouse
Negative
- None.
Key Figures
Market Reality Check
Peers on Argus
INDO gained 10.28% with peers like USEG (+7.57%), VOC (+3.19%), CRT (+1.73%), and NRT (+4.37%) also up, while PRT dipped (-0.76%). This points to both stock-specific and broader Energy strength.
Historical Context
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Oct 24 | Brazil MOU signed | Positive | -4.4% | Non-binding MOU for hybrid solar and gas projects in Northeast Brazil. |
| Sep 09 | Kruh operations start | Positive | +1.4% | Commencement of operations for first of two planned Kruh Block wells. |
| Sep 03 | Conference presentation | Positive | -0.3% | Planned presentation covering Kruh, Citarum, and Brazil expansion updates. |
| Aug 19 | Brazil expansion MOU | Positive | -4.2% | First non-binding MOU with AEP to explore Brazilian energy assets. |
| Jul 23 | Kruh drilling plans | Positive | +0.7% | Plan to drill two Kruh wells in Q4 2025 as part of 18-well program. |
Recent expansion and drilling-related announcements have generally been positive in tone, but share price reactions have been mixed, with several instances of negative moves on upbeat strategic news.
Over the past six months, INDO has focused on expanding its asset base and advancing drilling at the Kruh Block while exploring international growth. On Jul 23, 2025, it outlined plans for two wells at Kruh and a broader 18-well program. Subsequent MOUs with Brazil’s AEP in Aug and Oct 2025 targeted hybrid projects up to 400 MW, but the stock saw negative reactions. Conference participation in September 2025 highlighted the Kruh and Citarum blocks. Today’s pre-drilling progress update continues this execution narrative at Kruh Block.
Market Pulse Summary
This announcement detailed concrete pre-drilling steps for two new wells at the 64,000-acre Kruh Block, including pad construction, equipment delivery, and explosives approvals, with drilling targeted before the end of Q1 2026. It also highlighted upcoming investor outreach via the DealFlow Discovery Conference on January 28, 2026. In the past six months, INDO has combined Kruh development, a planned 18-well program, and international MOUs, so tracking execution milestones and follow-up production updates remains important.
Key Terms
drilling rig technical
wellheads technical
memorandum of understanding regulatory
AI-generated analysis. Not financial advice.
Company to present at upcoming DealFlow Discovery Conference on January 28
JAKARTA, INDONESIA AND DANVILLE, CA, Jan. 09, 2026 (GLOBE NEWSWIRE) -- Indonesia Energy Corporation (NYSE American: INDO) ("IEC"), an oil and gas exploration and production company focused on Indonesia, today announced pre-drilling progress on its planned next two (2) wells at IEC’s Kruh Block.
IEC remains on target to commence drilling at the first of these new wells before the end of this first quarter of 2026. The wells are expected to be drilled on a back-to-back basis.
Drilling pads for the next 2 wells (called the “K-29” and the “WK-5” wells) have been constructed for the K-29 well and delivered for the WK-5 well. Drilling pipe and drill bits and wellheads have been delivered. The drilling rig has been selected and is currently under inspection. In addition, procurement of the critical drilling explosives, tightly controlled by the Indonesian government, has been approved and the explosives have been transported to the designated warehouse.
Mr. Frank Ingriselli, IEC's President, stated "We are excitedly moving forward with our plans to commence drilling of the next 2 wells planned on our 64,000-acre Kruh Block which I will visit during operations onsite in Sumatra. We will keep the marketplace updated as we embark on this exciting period. 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.”
IEC also announced that Mr. Ingriselli will be making a presentation on January 28, 2026, at the upcoming DealFlow Discovery Conference taking place in Atlantic City, New Jersey where he will provide more updates on the drilling operations. More details on this presentation will be disclosed the week before the conference, including how to listen and view the presentation. In addition, a new updated corporate presentation to be used at the conference will likewise be available prior to the conference on the Company’s website: (https://ir.indo-energy.com).
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 (64,000 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
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 in this news release and at the conference described herein, 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.
Company Contact:
Frank C. Ingriselli
President, Indonesia Energy Corporation Limited
Frank.Ingriselli@Indo-Energy.com
FAQ
When will Indonesia Energy (INDO) start drilling the next wells at Kruh Block?
Which wells is INDO preparing at the Kruh Block and what is their status?
Has Indonesia Energy secured a drilling rig and explosives for the Kruh Block wells (INDO)?
Will Indonesia Energy (INDO) provide more updates on Kruh Block drilling progress?
How large is the Kruh Block where INDO plans the two wells?
