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Indonesia Energy Corp Ltd (NYSE: INDO) provides investors and stakeholders with timely updates through this dedicated news portal. Access official press releases, operational developments, and strategic announcements from Indonesia's energy exploration specialist.
Comprehensive Coverage: Track updates across drilling programs, production milestones, and corporate initiatives. Key focus areas include the Kruh Block operations, safety protocol enhancements, and community partnership developments.
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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.
Indonesia Energy Corporation (NYSE American: INDO) announced an investor conference call on December 10, 2020, at 10:00 AM ET to discuss operational and development updates. The call will include a presentation by the executive management team, followed by a Q&A session. IEC plans to drill new oil wells on its Kruh Block, with a total of 18 new wells expected over four years, beginning next month. Interested parties can join via toll-free or international dial-in numbers and listen to a replay until December 24, 2020.
Indonesia Energy Corporation (NYSE American: INDO) has initiated pre-drilling operations at its Kruh and Citarum Blocks in Indonesia, aiming to boost oil production. The company plans to drill 18 new wells over the next four years, starting with three selected sites. Despite a slight delay, drilling for the first well is expected to start next month. IEC has also maintained production levels above forecasts by optimizing equipment. The company will announce details of these operations in an upcoming investor conference call in December, enhancing transparency with shareholders.
Indonesia Energy Corporation (NYSE American: INDO) reported its financial results for the first half of 2020, revealing a revenue of $1.02 million, down $1.18 million from 2019. Oil production from Kruh Block totaled 36,608 barrels, a decline of 10,642 barrels year-over-year. The company faced challenges due to the COVID-19 pandemic, leading to delays in its drilling program, although it plans to drill 18 new wells by 2023. The average crude oil price realized decreased by approximately 40% to $37.41 per barrel, impacting revenue significantly.
Indonesia Energy Corporation Limited (NYSE American: INDO) has been invited to present at the 9th Annual Gateway Conference on September 9-10, 2020. President Frank C. Ingriselli will speak on September 10 at 4:30 PM ET, with one-on-one meetings available throughout the event. The presentation will be available for live webcast and replay. The company focuses on oil and gas exploration and production in Indonesia, with significant assets in the Kruh Block (63,000 acres) and Citarum Block (1,000,000 acres).
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