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Indonesia Energy Corporation Limited reports operational developments for its oil and gas exploration and production business focused on Indonesia. Recurring updates center on the Kruh Block, including drilling preparations, well-site activity, equipment procurement and production-related planning, along with development commentary for the Citarum Block.
Company news also covers investor-conference presentations, exposure to global oil-price conditions, and energy-opportunity evaluations outside Indonesia. INDO's updates generally connect field activity, asset development and capital-market communication for an independent energy company with revenue tied to oil and gas sales.
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.
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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.