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Indonesia Energy Corporation Limited (IEC) is a dynamic, integrated energy resources development company with a dedicated focus on exploring the oil and gas sector in Indonesia. Known by its ticker symbol INDO, IEC is committed to operational excellence and upholding the highest standards in ethics, safety, and corporate social responsibility. This commitment ensures that the company not only drives profitability but also contributes positively to society.
IEC’s core business involves the exploration and production of oil and gas, primarily within Indonesia. The company has a strategic portfolio that includes the Kruh Block and the Citarum Block. These assets are pivotal to IEC’s revenue generation, which is derived from the sale of oil and gas.
Under the leadership of a professional management team with extensive experience in the oil and gas industry, IEC is poised for sustainable growth. The team's expertise ensures the optimal development of its projects, reinforcing the company’s integrated business model.
IEC's recent achievements and current projects reflect its dedication to enhancing Indonesia's energy sector. By leveraging cutting-edge technology and innovative practices, the company aims to unlock the full potential of Indonesia’s oil and gas resources. This not only fosters economic growth but also supports the nation's energy independence.
Moreover, IEC maintains robust partnerships and collaborations within the industry, further strengthening its market position. The company’s strategic alliances help in sharing knowledge, resources, and expertise, which is crucial for the successful execution of its projects.
Financially, IEC is on a solid footing, with consistent revenue from its core activities. The company’s financial health is a testament to its effective management and strategic planning.
In summary, Indonesia Energy Corporation Limited stands as a significant player in Indonesia's energy landscape. With a clear focus on sustainable development, ethical practices, and community value, IEC is well-positioned to drive long-term growth and contribute to the country’s energy security.
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.
Indonesia Energy Corporation (NYSE American: INDO) announced that President Frank Ingriselli will present an update on operations and the recent Kruh 28 well discovery at the LD Micro Main Event on October 26, 2022, at 1:30 PM PDT. The event will be held in-person and available for live streaming. The Kruh 28 well reached a depth of 3,475 feet, uncovering approximately 135 feet of oil sands, exceeding expectations. Additionally, two new oil formations and potential natural gas reservoirs were identified, prompting future seismic operations and further drilling plans within the Kruh Block.
Indonesia Energy Corporation (NYSE American: INDO) announced significant developments at its Kruh Block. The Kruh 28 well encountered approximately 135 feet of oil sands, exceeding expectations. Additionally, a potential natural gas reservoir was identified, contributing to the optimism surrounding the company’s prospects. Plans for extensive seismic operations aim to enhance drilling effectiveness and maximize shareholder returns. Production from Kruh 28 is expected to commence by the end of November 2022. The overall drilling program now targets a total of 18 new wells, extending production timelines to 2025.
Indonesia Energy Corporation Limited (NYSE: INDO) announced a promising development at Kruh 28 well, encountering a potential natural gas reservoir between 976 and 1,006 feet deep. This unexpected discovery, supported by geological data, might significantly enhance the value of the ongoing oil drilling operations. Furthermore, IEC reported achieving cash flow positive operations due to the current production rates and favorable oil prices. The company emphasizes the Kruh Block's potential and aims to capitalize on these developments in the near future.
Indonesia Energy Corporation Limited (NYSE American: INDO) has commenced drilling operations for the K-28 well, following the successful completion of the K-27 well. Located on the 63,000-acre Kruh Block in Sumatra, the K-28 well targets a total depth of 3,400 feet, with a projected completion time of 45 days. If successful, K-28 could produce over 100 barrels of oil per day, generating an anticipated $2.4 million in net revenue in its first year. IEC plans to drill additional wells in the Kruh Block, aiming to complete 18 new production wells by 2024.
Indonesia Energy Corporation (NYSE American: INDO) announced that President Frank Ingriselli will present updates on operations and recent drilling successes at the LD Micro Invitational XII on June 8, 2022, at 5:30 PM PDT. The event will take place in Los Angeles and will be live-streamed. IEC recently discovered oil in the Kruh 27 well, part of a drilling campaign aimed at completing 18 new production wells by 2024. Each well is expected to generate $2.4 million in net revenue within the first year. The 2021 Form 20-F Annual Report is now available on IEC's website.
Indonesia Energy Corporation (NYSE American: INDO) announced the successful drilling of its Kruh 27 well, which encountered approximately 132 feet of oil sands, exceeding initial expectations. Drilling commenced on April 7, 2022, and reached total depth in just 32 days, indicating efficient operations. Production is anticipated to begin by the end of May 2022. Future drilling plans include wells Kruh 28 and others, aiming for a total of 18 new production wells by 2024. Each well is projected to produce over 100 barrels of oil per day, generating an estimated $2.4 million in net revenue within the first year.
Indonesia Energy Corporation Limited (NYSE American: INDO) has begun drilling operations at its Kruh Block, starting with the K-27 well as of April 7, 2022. This well aims for a total depth of 3,400 feet and is expected to take 45 days to complete. If successful, K-27 and the subsequent K-28 well are anticipated to produce over 100 barrels of oil per day, generating $2.4 million in net revenue each in the first year. The company plans to drill 18 new production wells at Kruh Block by 2024, aiming to achieve cash flow positivity this year.
Indonesia Energy Corporation Limited (NYSE American: INDO) has mobilized a drilling rig to begin operations at the Kruh Block in Indonesia, targeting two new production wells (K-27 and K-28) with expected outputs of over 100 barrels of oil per day each. The drilling campaign aims to complete 18 new wells by 2024, which could generate $2.6 million in net revenue per well in the first year. Additionally, IEC has conducted Geological & Geophysical studies for further exploration in the nearby Citarum Block, indicating potential future growth.
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