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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 (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.
