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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.
Indonesia Energy Corporation (NYSE American: INDO) is negotiating a five-year contract extension for its Kruh Block, potentially extending its operations until 2035. In 2023, the company aims to maximize production from the Kruh Block through seismic operations and workovers on existing wells. Notably, the Kruh-28 well shows promise with evidence of a natural gas reservoir. Oil production from Kruh-21 and Kruh-28 is expected by Q3 2023. IEC plans to conduct 18 new wells by 2026, with 4 already completed. The company is also finalizing plans for seismic data acquisition at the Citarum Block, anticipating its permit by Q3 2023.
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