Welcome to our dedicated page for Indonesia Energy Corporation news (Ticker: INDO), a resource for investors and traders seeking the latest updates and insights on Indonesia Energy Corporation stock.
Indonesia Energy Corporation Limited (IEC) is a dynamic, integrated energy resources development company with a dedicated focus on exploring the oil and gas sector in Indonesia. Known by its ticker symbol INDO, IEC is committed to operational excellence and upholding the highest standards in ethics, safety, and corporate social responsibility. This commitment ensures that the company not only drives profitability but also contributes positively to society.
IEC’s core business involves the exploration and production of oil and gas, primarily within Indonesia. The company has a strategic portfolio that includes the Kruh Block and the Citarum Block. These assets are pivotal to IEC’s revenue generation, which is derived from the sale of oil and gas.
Under the leadership of a professional management team with extensive experience in the oil and gas industry, IEC is poised for sustainable growth. The team's expertise ensures the optimal development of its projects, reinforcing the company’s integrated business model.
IEC's recent achievements and current projects reflect its dedication to enhancing Indonesia's energy sector. By leveraging cutting-edge technology and innovative practices, the company aims to unlock the full potential of Indonesia’s oil and gas resources. This not only fosters economic growth but also supports the nation's energy independence.
Moreover, IEC maintains robust partnerships and collaborations within the industry, further strengthening its market position. The company’s strategic alliances help in sharing knowledge, resources, and expertise, which is crucial for the successful execution of its projects.
Financially, IEC is on a solid footing, with consistent revenue from its core activities. The company’s financial health is a testament to its effective management and strategic planning.
In summary, Indonesia Energy Corporation Limited stands as a significant player in Indonesia's energy landscape. With a clear focus on sustainable development, ethical practices, and community value, IEC is well-positioned to drive long-term growth and contribute to the country’s energy security.
Indonesia Energy Corporation (NYSE American: INDO) has participated in a pre-recorded interview with Noble Capital Markets, providing updates on its drilling program at the Kruh Block. President Frank Ingriselli discussed current drilling progress and upcoming milestones, along with exploration plans for the gas-prone Citarum Block. This interview was recorded on May 26, 2021, and is available for viewing on Channelchek. The company's assets include the 63,000-acre Kruh Block on Sumatra and the 1,000,000-acre Citarum Block on Java. For more details, visit www.indo-energy.com.
Indonesia Energy Corporation (NYSE American:INDO) announced an investor conference call on June 8, 2021, to update on its first new producing well, Kruh 25, located in Kruh Block, Sumatra. Drilling began on April 21, targeting a depth of 3,400 feet. The three new wells expected to yield 170 barrels of oil per day and generate $3.33 million in net revenue in their first year. The total drilling cost per well is about $1.5 million. President Frank Ingriselli stated the drilling campaign could boost production and cash flow by over 200%, enhancing shareholder value.
Indonesia Energy Corporation Limited (NYSE American: INDO) disclosed in its Annual Report on Form 20-F for the year ended December 31, 2020, that the audit opinion from its independent accounting firm includes a going concern qualification. This announcement, made on May 17, 2021, complies with NYSE American Company Guide Section 610(b), emphasizing the importance of the audit opinion without altering the financial statements. The company, focused on energy projects in Indonesia, highlighted its principal assets, including the Kruh Block and Citarum Block.
Indonesia Energy Corporation Limited (NYSE American:INDO) has commenced drilling three new back-to-back wells at its Kruh Block in Sumatra, Indonesia. This initiative is part of a larger plan to drill 18 wells by 2023. The first well, Kruh-25, began on April 21, 2021, at a target depth of 3,400 feet. Each well is expected to cost $1.5 million to drill and could generate approximately $3.33 million in net revenue during the first year at an assumed oil price of $63.50/barrel, effectively doubling the initial investment.
Indonesia Energy Corporation Limited (NYSE American:INDO) has announced the mobilization of a drilling rig to commence operations for three back-to-back production wells at its Kruh Block. Each well is projected to produce an average of 173 barrels of oil per day during the first year, generating approximately $3.33 million in net revenue at an oil price of $63.50/barrel, more than double the estimated drilling cost of $1.5 million. This initiative aims to significantly boost production and cash flow, potentially increasing cash flow by nearly 300%.
Indonesia Energy Corporation Limited (NYSE American: INDO) announced it has received permits to commence drilling operations at its Kruh Block within 30 days. This follows the completion of drill site preparations and mobilization of the drilling rig within five days. The company plans to drill three back-to-back wells, contributing to a total of 18 wells planned from 2021 to 2023. Additionally, geological studies at the Citarum Block reveal further prospects. President Frank Ingriselli emphasized that these developments are timely, as oil prices recover, aiming to reduce production costs and enhance shareholder value.
Indonesia Energy Corporation (NYSE American: INDO) announced the appointment of Michael L. Peterson as an independent Board member and Chairman of the Audit Committee. With over 30 years in energy and finance, Peterson's experience includes leadership roles at several public companies and a decade at Goldman Sachs. CEO Dr. Wirawan Jusuf expressed confidence that Peterson's expertise will support IEC’s financial governance and advance its goal of generating positive cash flow within 12 months. This change follows the resignation of Roderick de Greef for personal reasons.
Indonesia Energy Corporation (NYSE American: INDO) will present updates on operational and development plans on January 19, 2021, at the NobleCon17 conference, led by President Frank Ingriselli. The presentation will focus on preparations for new drilling activities in the Kruh Block aimed at increasing production. The virtual conference will begin at 12:45 PM EST, and a recording will be available the next day on the company's website. Indonesia Energy specializes in acquiring and developing high-growth energy projects in Indonesia.
Indonesia Energy Corporation (NYSE American: INDO) will present at the 13th annual LD Micro Main Event investor conference on December 14, 2020, at 10:40 AM PST / 1:40 PM EST. Frank Ingriselli, President of IEC, will update investors on the company’s operational and development plans. The event will feature a unique format with a 10-minute presentation followed by a 10-minute Q&A session. This virtual conference is scheduled for December 14-15, hosted on the Sequire Virtual Events platform. For more details, visit www.indo-energy.com.
FAQ
What is the current stock price of Indonesia Energy Corporation (INDO)?
What is the market cap of Indonesia Energy Corporation (INDO)?
What does Indonesia Energy Corporation Limited (IEC) do?
What are the primary assets of IEC?
How does IEC generate revenue?
Who leads the management team at IEC?
What standards does IEC adhere to?
What recent achievements has IEC made?
What is the focus of IEC's business model?
How does IEC contribute to Indonesia's economy?
What financial condition is IEC in?
What partnerships does IEC have?
