Indonesia Energy Moves Forward With Two New Wells at Kruh Block, Where Pre-Drilling Operations Have Commenced
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.
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.
Details
News Market Reaction – INDO
On Jan 9, the day this news came out, INDO closed 4.52% below the previous close.
Data tracked by StockTitan Argus for the Jan 9 session.
Key Figures
- Price move
- 10.28%
- INDO 24h change prior to/around drilling update
- Trading volume
- 1,303,905 shares
- Today vs 20-day average of 811,410 shares
- Kruh Block size
- 64,000 acres
- Block area referenced in current drilling update
- Planned Kruh wells
- 18 wells
- Total wells planned at Kruh Block over coming years
- Planned well depths
- 3,400 ft and 5,200 ft
- Kruh-29 and West Kruh-5 wells announced Jul 23, 2025
- Reserve increase
- 60% increase
- Proved gross reserves at Kruh Block reported in May 2025
- Citarum resources
- Over 1 billion barrels
- Prospective oil-equivalent resources at Citarum Block
- President salary
- US$150,000
- Annual base salary per 6-K dated Jan 02, 2026
Historical Context
-
Non-binding MOU for hybrid solar and gas projects in Northeast Brazil.
-
Commencement of operations for first of two planned Kruh Block wells.
-
Planned presentation covering Kruh, Citarum, and Brazil expansion updates.
-
First non-binding MOU with AEP to explore Brazilian energy assets.
-
Plan to drill two Kruh wells in Q4 2025 as part of 18-well program.
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Key Terms
drilling rig technical
wellheads technical
memorandum of understanding regulatory
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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
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