Indonesia Energy Corporation Limited - INDO STOCK NEWS

Indonesia Energy (NYSE American: INDO) announced its participation in the H.C. Wainwright 26th Annual Global Investment Conference on September 10, 2024, at 3:30PM EST. President Frank Ingriselli will present an update on the company's recent activities and future plans, including:

• Recently completed 3D seismic program
• Anticipated continuous drilling program for Kruh Block
• Planned development operations for Citarum Block, with over one billion barrels of prospective oil-equivalent resources

The presentation will be held at the Lotte New York Palace Hotel and will be available for replay on IEC's website for 30 days. Ingriselli expressed enthusiasm about discussing their world-class assets and strategic plans to maximize investment returns and grow shareholder value.

Indonesia Energy (NYSE American: INDO) has completed recording 29 square kilometers of new 3D seismic at its 63,000-acre Kruh Block. The company expects to drill new production wells by the end of 2024 after processing and interpreting the seismic data. IEC also plans to commence operations at its 650,000-acre Citarum Block, where reserves could potentially exceed a billion barrels of oil equivalent.

Key developments include:

• Extended Kruh Block contract with Pertamina until September 2035
• Increased after-tax profit split from 15% to 35%
• Expected 40% increase in proved reserves at Kruh Block
• Anticipated 200% increase in net cash flow from Kruh Block
• Environmental permits received for Citarum Block operations

Indonesia Energy (NYSE American: INDO) announced the commencement of new 3D seismic operations at its Kruh Block, covering 63,000 acres in South Sumatra. This seismic work will enable the drilling of new production wells by the end of 2024. Additionally, IEC received key environmental permits for its 650,000-acre Citarum Block, where reserves could potentially exceed a billion barrels of oil equivalent. This permits significant exploratory work to begin there for the first time. The seismic program at Kruh will cover 29 square km, focusing on the proven Talangakar and Lemat reservoirs and new zones discovered in 2022. IEC recently extended its joint operation contract with Pertamina by five years, significantly enhancing its profit split and expected net cash flow. Drilling at Kruh is set to start in the fourth quarter of 2024, post seismic data evaluation. IEC plans to commence seismic operations at Citarum later this year and drilling next year.

Indonesia Energy Corporation (INDO) announced President Frank Ingriselli's presentation at The Microcap Conference to discuss the positive impact of the recent Kruh Block contract extension. The amended contract with Pertamina increases INDO's profit split by over 100% and is expected to increase proved reserves by over 40%. Anticipated net cash flow calculations are expected to rise by over 200% compared to the prior contract. Ingriselli aims to maximize returns on investments and grow shareholder value.

Indonesia Energy Corporation (NYSE American: INDO) has announced changes in its management team and Board of Directors, aiming to drive enhanced development programs at its Kruh Block and early commercialization of the Citarum Block. The company has appointed a new Chief Operating Officer, Chief Technology Officer, and an independent member to the Board of Directors. The appointments are effective as of January 16, 2024, with the company planning to provide further details on its investments and drilling operations in the coming weeks.

President Frank Ingriselli will present an update on development plans and recent Kruh contract extension at the H.C. Wainwright 25th Annual Global Investment Conference. The contract term for the Kruh Block has been extended by 5 years, increasing IEC's after-tax profit split from 15% to 35%. Anticipated net cash flow calculations based on the Kruh Block development plan are expected to increase by over 200%. IEC plans to conduct a workover of the Kruh-21 and Kruh-28 wells, with production anticipated to begin in 2024. A 3D seismic program will be conducted in early 2024 to estimate the size and potential of new oil and gas reservoirs. IEC plans to drill a total of 18 new wells at Kruh Block by the end of 2026. In the Citarum Block, IEC expects to receive an environmental permit for seismic data acquisition in Q4 2023.

IEC's profit share increases by over 100% with amended contract, expected to increase proved reserves by 40% and net cash flow by over 200%. Development plans for Kruh Block include workover of K-21 and K-28 wells in 2024. Seismic program in early 2024 to estimate new reservoirs. Excitement for future drilling and potential positive shareholder value.

Indonesia Energy Corporation (NYSE American: INDO) is negotiating a five-year contract extension for its Kruh Block, potentially extending its operations until 2035. In 2023, the company aims to maximize production from the Kruh Block through seismic operations and workovers on existing wells. Notably, the Kruh-28 well shows promise with evidence of a natural gas reservoir. Oil production from Kruh-21 and Kruh-28 is expected by Q3 2023. IEC plans to conduct 18 new wells by 2026, with 4 already completed. The company is also finalizing plans for seismic data acquisition at the Citarum Block, anticipating its permit by Q3 2023.

Indonesia Energy Corporation (NYSE American: INDO) has reported significant developments at its Kruh Block. The completion of fracture stimulation at Kruh 27 aims to enhance production, with an expectation of similar results as seen in Kruh 26. A drill stem test is planned for Kruh 28 in January 2023, revealing a potentially new gas reservoir. Additionally, IEC is negotiating a five-year contract extension with Pertamina, extending the current agreement to May 2035. New seismic operations will maximize drilling efforts by identifying optimal locations for future wells.