INDONESIA ENERGY CORP LTD Stock Price, News & Analysis

Indonesia Energy Corporation (NYSE American: INDO) announced the successful drilling of its Kruh 27 well, which encountered approximately 132 feet of oil sands, exceeding initial expectations. Drilling commenced on April 7, 2022, and reached total depth in just 32 days, indicating efficient operations. Production is anticipated to begin by the end of May 2022. Future drilling plans include wells Kruh 28 and others, aiming for a total of 18 new production wells by 2024. Each well is projected to produce over 100 barrels of oil per day, generating an estimated $2.4 million in net revenue within the first year.

Indonesia Energy Corporation Limited (NYSE American: INDO) has begun drilling operations at its Kruh Block, starting with the K-27 well as of April 7, 2022. This well aims for a total depth of 3,400 feet and is expected to take 45 days to complete. If successful, K-27 and the subsequent K-28 well are anticipated to produce over 100 barrels of oil per day, generating $2.4 million in net revenue each in the first year. The company plans to drill 18 new production wells at Kruh Block by 2024, aiming to achieve cash flow positivity this year.

Indonesia Energy Corporation Limited (NYSE American: INDO) has mobilized a drilling rig to begin operations at the Kruh Block in Indonesia, targeting two new production wells (K-27 and K-28) with expected outputs of over 100 barrels of oil per day each. The drilling campaign aims to complete 18 new wells by 2024, which could generate $2.6 million in net revenue per well in the first year. Additionally, IEC has conducted Geological & Geophysical studies for further exploration in the nearby Citarum Block, indicating potential future growth.

Indonesia Energy Corporation Limited (NYSE American: INDO) announced plans to drill three new wells at its Kruh Block in Indonesia, aiming for cash flow positive operations. The wells, Kruh 27, Kruh 28, and Kruh 29, are expected to commence drilling within 30 days, funded by recent institutional financing. If successful, daily production could reach approximately 450 barrels, generating around $1.5 million in net revenue per well in the first year. The company anticipates this growth will enhance shareholder value.

Indonesia Energy Corporation (NYSE American:INDO) has successfully closed the initial $5.0 million tranche of a total anticipated $7.0 million private placement with a single institutional investor. The investment is structured as a senior convertible note with an 18-month maturity and a fixed conversion price of $6.00 per share. The funds will primarily finance an oil well drilling program and support general corporate operations. This tranche precedes a potential second tranche of $2 million, contingent upon regulatory conditions.

Indonesia Energy Corporation Limited (NYSE American: INDO) announced a significant increase in daily oil production, rising over 50% following the completion of the Kruh 26 well. Average production increased from 160 to 245 barrels per day. The company plans to drill two additional wells within 60 days and aims for a target of 450 barrels per day. The Kruh 26 well cost $1.5 million to complete and is projected to generate similar revenue in its first year, recovering drilling costs. This progress moves the company closer to a cash flow positive position.

Indonesia Energy Corporation (NYSE American: INDO) has acknowledged ongoing discussions regarding a potential acquisition of a partial interest in the Rokan asset on Sumatra Island, which Chevron Corporation recently relinquished. During the Alliance Global Partners Energy Conference on September 21, 2021, President Frank Ingriselli confirmed these discussions, also noting similar talks about other assets to enhance the Kruh Block. No further details or confirmations were provided, and IEC cautioned that discussions may not lead to a definitive acquisition.

Indonesia Energy Corporation (NYSE American: INDO) will present at the Alliance Global Partners Virtual Energy Conference on September 21, 2021. The event will feature private meetings where President Frank Ingriselli will discuss updates including recent oil discoveries on the Kruh Block in Sumatra. Attendees can register via the Alliance Global Partners website. Additional materials including a conference presentation and recent research report are available on the IEC website.