Indonesia Energy Provides Update on Recently Completed Operations on the Citarum Block
Indonesia Energy Corporation (NYSE: INDO) has announced positive results from a regional geochemical survey conducted at its 195,000-acre Citarum Block between September 2024 and March 2025. The analysis of 135 soil samples confirmed hydrocarbon presence in the Pasundan-1 well, Jatayu-1 well, and Jonggol area.
The findings may allow IEC to skip additional seismic work and proceed directly to drilling. Under the "gross split" agreement with the Indonesian government, IEC will be entitled to at least 65% of natural gas production. The company's first well will be classified as an "exploitation" well, enabling immediate production and commercialization of discovered resources. The Citarum Block reportedly has prospective oil-equivalent resources of over one billion barrels.
Indonesia Energy Corporation (NYSE: INDO) ha annunciato risultati positivi da un'indagine geochimica regionale condotta nel suo blocco Citarum di 195.000 acri tra settembre 2024 e marzo 2025. L'analisi di 135 campioni di suolo ha confermato la presenza di idrocarburi nel pozzo Pasundan-1, nel pozzo Jatayu-1 e nell'area di Jonggol.
I risultati potrebbero permettere a IEC di evitare ulteriori lavori sismici e procedere direttamente alla perforazione. In base all'accordo "gross split" con il governo indonesiano, IEC avrà diritto a almeno il 65% della produzione di gas naturale. Il primo pozzo della società sarà classificato come pozzo di "sfruttamento", consentendo la produzione immediata e la commercializzazione delle risorse scoperte. Il blocco Citarum conterrebbe risorse prospettiche equivalenti a oltre un miliardo di barili di petrolio.
Indonesia Energy Corporation (NYSE: INDO) ha anunciado resultados positivos de una encuesta geoquímica regional realizada en su bloque Citarum de 195,000 acres entre septiembre de 2024 y marzo de 2025. El análisis de 135 muestras de suelo confirmó la presencia de hidrocarburos en el pozo Pasundan-1, el pozo Jatayu-1 y el área de Jonggol.
Los hallazgos podrían permitir que IEC omita trabajos sísmicos adicionales y proceda directamente a la perforación. Bajo el acuerdo de "gross split" con el gobierno indonesio, IEC tendrá derecho a al menos el 65% de la producción de gas natural. El primer pozo de la compañía será clasificado como un pozo de "explotación", lo que permitirá la producción inmediata y la comercialización de los recursos descubiertos. Se informa que el bloque Citarum tiene recursos prospectivos equivalentes a más de mil millones de barriles de petróleo.
인도네시아 에너지 코퍼레이션(NYSE: INDO)은 2024년 9월부터 2025년 3월까지 195,000에이커 규모의 시타룸 블록에서 실시한 지역 지구화학 조사에서 긍정적인 결과를 발표했습니다. 135개의 토양 샘플 분석 결과 파순단-1 유정, 자타유-1 유정, 종골 지역에서 탄화수소가 확인되었습니다.
이 결과를 바탕으로 IEC는 추가 지진 탐사 작업을 건너뛰고 바로 시추 작업에 들어갈 수 있을 것으로 보입니다. 인도네시아 정부와의 "총 분할(gross split)" 계약에 따라 IEC는 천연가스 생산량의 최소 65%를 받을 권리가 있습니다. 회사의 첫 번째 유정은 "개발(exploitation)" 유정으로 분류되어 발견된 자원의 즉각적인 생산 및 상업화가 가능해집니다. 시타룸 블록은 10억 배럴이 넘는 유망한 석유 등가 자원을 보유하고 있는 것으로 알려졌습니다.
Indonesia Energy Corporation (NYSE : INDO) a annoncé des résultats positifs d'une enquête géochimique régionale menée sur son bloc Citarum de 195 000 acres entre septembre 2024 et mars 2025. L'analyse de 135 échantillons de sol a confirmé la présence d'hydrocarbures dans le puits Pasundan-1, le puits Jatayu-1 et la zone de Jonggol.
Ces résultats pourraient permettre à IEC de sauter des travaux sismiques supplémentaires et de passer directement au forage. Dans le cadre de l'accord de « gross split » avec le gouvernement indonésien, IEC aura droit à au moins 65 % de la production de gaz naturel. Le premier puits de la société sera classé comme un puits « d'exploitation », permettant une production immédiate et la commercialisation des ressources découvertes. Le bloc Citarum disposerait de ressources prospectives équivalentes à plus d'un milliard de barils de pétrole.
Indonesia Energy Corporation (NYSE: INDO) hat positive Ergebnisse einer regionalen geochemischen Untersuchung im 195.000 Acres großen Citarum-Block bekanntgegeben, die zwischen September 2024 und März 2025 durchgeführt wurde. Die Analyse von 135 Bodenproben bestätigte das Vorhandensein von Kohlenwasserstoffen im Pasundan-1-Brunnen, Jatayu-1-Brunnen und im Gebiet Jonggol.
Die Ergebnisse könnten IEC ermöglichen, zusätzliche seismische Arbeiten zu überspringen und direkt mit der Bohrung zu beginnen. Unter der "gross split"-Vereinbarung mit der indonesischen Regierung erhält IEC Anspruch auf mindestens 65 % der Erdgasproduktion. Der erste Brunnen des Unternehmens wird als "Exploitation"-Brunnen klassifiziert, was eine sofortige Produktion und Vermarktung der entdeckten Ressourcen ermöglicht. Der Citarum-Block soll über prospektive öläquivalente Ressourcen von über einer Milliarde Barrel verfügen.
- Confirmed hydrocarbon presence in multiple wells through geochemical survey
- Potential to skip seismic work phase, accelerating development timeline
- 65% entitlement of natural gas production under gross split agreement
- First well classified as 'exploitation' well, allowing immediate commercialization
- Block contains over 1 billion barrels of prospective oil-equivalent resources
- No current production or revenue from the block
- Drilling and development costs still required
- Actual recoverable resources may differ from prospective estimates
Insights
Geochemical survey confirms hydrocarbons at Citarum Block, potentially fast-tracking production without additional seismic work.
The geochemical survey results represent a significant operational advancement for Indonesia Energy Corporation's 195,000-acre Citarum Block asset. The analysis of 135 soil samples has confirmed hydrocarbon presence in three key locations: the Pasundan-1 well, Jatayu-1 well, and Jonggol area. This scientific validation substantially reduces exploration risk - a critical factor in upstream oil and gas economics.
What makes this particularly valuable is the potential to bypass additional seismic work and proceed directly to drilling. In exploration and production, this represents a considerable time and cost savings, potentially accelerating the project timeline by months or even years. The regulatory classification of their next well as an "exploitation" well rather than an exploration well carries significant implications - it means immediate commercialization rights without the typical regulatory waiting periods.
The contract structure's "gross split" regime guarantees IEC at least 65% of natural gas production, a favorable fiscal term compared to many production sharing contracts globally. This higher-than-average split significantly enhances potential economic returns. While the press release mentions "prospective resources of over one billion barrels" of oil equivalent, investors should note this represents unrisked potential rather than proven reserves. However, the geochemical confirmation does increase confidence in these preliminary resource estimates.
This development potentially transforms Citarum from a long-term exploratory prospect into a near-term production asset - a fundamental shift in the project's risk profile and timeline to potential revenue generation.
Geochemical survey completed confirming gas and oil presence in previous discoveries which will be the target of first well to be drilled by IEC at Citarum
JAKARTA, INDONESIA AND DANVILLE, CA, May 29, 2025 (GLOBE NEWSWIRE) -- Indonesia Energy Corporation (NYSE American: INDO) ("IEC"), an oil and gas exploration and production company focused on Indonesia, today announced encouraging results from a regional geochemical survey conducted between September 2024 and March 2025 at IEC’s 195,000 acre Citarum Block which confirms the prospectivity of the key areas of this important asset.
A detailed analysis of 135 soil samples taken from Citarum Block pursuant to an export license granted by the Indonesian government was performed by the Geochemical Exploration Services Company of Denver, Colorado. The conclusion of this detailed analysis confirmed the presence of hydrocarbons in the Pasundan-1 well, the Jatayu-1 well and the Jonggol area. IEC believes that these results significantly reduces the risk of hydrocarbon exploration and positively confirms the ultimate development and exploitation at the Citarum Block.
This valuable analysis, when combined with all the previous data that IEC has on the Citarum Block, will potentially allow IEC to bypass the need to do any more seismic work on the block and allow IEC to move directly to the drilling phase.
The Citarum Block operates under a “gross split” regime pursuant to IEC’s contract with the Indonesian government for this asset. The effect of this is that once Citarum commences production, IEC will be entitled to at least
Mr. Frank Ingriselli, IEC's President, commented "We are excited about the significant results from this geochemical operation on our Citarum Block which we believe could provide a shortcut to drill our first well at this important asset and immediately begin production without the need to conduct seismic or drill an exploration well. This will move us potentially closer to realizing the value from Citarum which has prospective oil-equivalent resources of over one billion barrels.”
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
All statements in this press release, 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 “could,” "estimates," "believes," "hopes," "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 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 imitation those related to IEC’s future exploration and drilling plans at Citarum 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
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