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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) 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).
Indonesia Energy Corporation Limited (NYSE American: INDO) will present at the LD 500 Investor Conference on September 1, 2020, at 1:40 PM EST. The conference is accessible to all interested participants, and registration can be completed here. Indonesia Energy focuses on strategic energy projects in Indonesia, with principal assets across the Kruh Block and Citarum Block. More details about the company can be found on its website. The presentation may include forward-looking statements, which are subject to various risks and uncertainties.