INDONESIA ENERGY CORP LTD Stock Price, News & Analysis

Indonesia Energy Corporation Limited (NYSE American: INDO) has initiated drilling for the second of three new wells at its Kruh Block, located in Sumatra.

This well, named Kruh-26, began on August 22 and aims for a total depth of 3,400 feet, with completion expected in about 60 days.

Estimated drilling costs are $1.5 million, with projected initial net revenue of $3.3 million in the first year, highlighting significant potential for cash flow growth.

Indonesia Energy Corporation (NYSE American: INDO) announced the successful discovery of oil in its Kruh 25 well and has moved its drilling rig to commence work on the Kruh 26 well shortly. The Kruh 25 well's oil-bearing interval was larger than expected, having been drilled to 3,368 feet. This drilling activity is part of a broader plan to drill three new wells this year. Delays were experienced due to government Covid-19 restrictions, but the company remains optimistic about increased production and cash flow post-stimulation.

Indonesia Energy Corporation (NYSE American: INDO) announced its participation in the Noble Capital Markets Virtual Road Show Series, scheduled for June 24, 2021, at 1:00 p.m. EDT. President Frank Ingriselli will provide updates on the company's operations, followed by a Q&A session with audience-submitted questions moderated by Michael Heim of Noble. To attend the presentation, interested participants can register online. IEC focuses on high-growth energy projects in Indonesia, primarily in the Kruh and Citarum blocks.

Indonesia Energy Corporation (NYSE American: INDO) will present updates on its new drilling program at the Kruh Block during the LD Micro Invitational XI Virtual Event on June 8, 2021. The presentation, led by President Frank Ingriselli, will start at 2:30 PM PT / 5:30 PM ET. Interested parties can register for the free presentation online. IEC focuses on oil and gas exploration in Indonesia, with key assets including the Kruh Block (63,000 acres) and Citarum Block (1,000,000 acres). For more details, visit www.indo-energy.com.

Indonesia Energy Corporation (NYSE American: INDO) announces the successful drilling of its Kruh 25 well to a depth of 3,368 feet at the Kruh Block. The company has initiated wireline logging operations, which are expected to take approximately one week. Production testing will follow, and completion of these activities is anticipated in about 20 days. Following this, IEC plans to hold an Investor Conference call the week of June 28, 2021, to discuss the well results. This development is part of a broader strategy to enhance cash flow and shareholder value.

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.