INDONESIA ENERGY CORP LTD Stock Price, News & Analysis

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.

Indonesia Energy Corporation (NYSE American: INDO) has reported significant developments at its Kruh Block. The completion of fracture stimulation at Kruh 27 aims to enhance production, with an expectation of similar results as seen in Kruh 26. A drill stem test is planned for Kruh 28 in January 2023, revealing a potentially new gas reservoir. Additionally, IEC is negotiating a five-year contract extension with Pertamina, extending the current agreement to May 2035. New seismic operations will maximize drilling efforts by identifying optimal locations for future wells.

Indonesia Energy Corporation (NYSE American: INDO) announced that President Frank Ingriselli will present an update on operations and the recent Kruh 28 well discovery at the LD Micro Main Event on October 26, 2022, at 1:30 PM PDT. The event will be held in-person and available for live streaming. The Kruh 28 well reached a depth of 3,475 feet, uncovering approximately 135 feet of oil sands, exceeding expectations. Additionally, two new oil formations and potential natural gas reservoirs were identified, prompting future seismic operations and further drilling plans within the Kruh Block.

Indonesia Energy Corporation (NYSE American: INDO) announced significant developments at its Kruh Block. The Kruh 28 well encountered approximately 135 feet of oil sands, exceeding expectations. Additionally, a potential natural gas reservoir was identified, contributing to the optimism surrounding the company’s prospects. Plans for extensive seismic operations aim to enhance drilling effectiveness and maximize shareholder returns. Production from Kruh 28 is expected to commence by the end of November 2022. The overall drilling program now targets a total of 18 new wells, extending production timelines to 2025.

Indonesia Energy Corporation Limited (NYSE: INDO) announced a promising development at Kruh 28 well, encountering a potential natural gas reservoir between 976 and 1,006 feet deep. This unexpected discovery, supported by geological data, might significantly enhance the value of the ongoing oil drilling operations. Furthermore, IEC reported achieving cash flow positive operations due to the current production rates and favorable oil prices. The company emphasizes the Kruh Block's potential and aims to capitalize on these developments in the near future.

Indonesia Energy Corporation Limited (NYSE American: INDO) has commenced drilling operations for the K-28 well, following the successful completion of the K-27 well. Located on the 63,000-acre Kruh Block in Sumatra, the K-28 well targets a total depth of 3,400 feet, with a projected completion time of 45 days. If successful, K-28 could produce over 100 barrels of oil per day, generating an anticipated $2.4 million in net revenue in its first year. IEC plans to drill additional wells in the Kruh Block, aiming to complete 18 new production wells by 2024.