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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 Limited (NYSE American: INDO) announced plans to drill three new wells at its Kruh Block in Indonesia, aiming for cash flow positive operations. The wells, Kruh 27, Kruh 28, and Kruh 29, are expected to commence drilling within 30 days, funded by recent institutional financing. If successful, daily production could reach approximately 450 barrels, generating around $1.5 million in net revenue per well in the first year. The company anticipates this growth will enhance shareholder value.
Indonesia Energy Corporation (NYSE American:INDO) has successfully closed the initial $5.0 million tranche of a total anticipated $7.0 million private placement with a single institutional investor. The investment is structured as a senior convertible note with an 18-month maturity and a fixed conversion price of $6.00 per share. The funds will primarily finance an oil well drilling program and support general corporate operations. This tranche precedes a potential second tranche of $2 million, contingent upon regulatory conditions.
Indonesia Energy Corporation Limited (NYSE American: INDO) announced a significant increase in daily oil production, rising over 50% following the completion of the Kruh 26 well. Average production increased from 160 to 245 barrels per day. The company plans to drill two additional wells within 60 days and aims for a target of 450 barrels per day. The Kruh 26 well cost $1.5 million to complete and is projected to generate similar revenue in its first year, recovering drilling costs. This progress moves the company closer to a cash flow positive position.
Indonesia Energy Corporation (NYSE American: INDO) has acknowledged ongoing discussions regarding a potential acquisition of a partial interest in the Rokan asset on Sumatra Island, which Chevron Corporation recently relinquished. During the Alliance Global Partners Energy Conference on September 21, 2021, President Frank Ingriselli confirmed these discussions, also noting similar talks about other assets to enhance the Kruh Block. No further details or confirmations were provided, and IEC cautioned that discussions may not lead to a definitive acquisition.
Indonesia Energy Corporation (NYSE American: INDO) will present at the Alliance Global Partners Virtual Energy Conference on September 21, 2021. The event will feature private meetings where President Frank Ingriselli will discuss updates including recent oil discoveries on the Kruh Block in Sumatra. Attendees can register via the Alliance Global Partners website. Additional materials including a conference presentation and recent research report are available on the IEC website.
Indonesia Energy Corporation (NYSE American:INDO) recently announced the discovery of oil in its Kruh 26 well, following a previous discovery in Kruh 25. Production from both wells is expected to start in October 2021, with an anticipated increase in daily revenues and oil output by over 100%. Kruh 26 was drilled in 18 days, significantly faster than budgeted, and encountered a thicker than expected oil-bearing interval. The company continues its plan to drill a total of 18 wells over three years, despite minor delays due to permitting and COVID-19.
Indonesia Energy Corporation Limited (NYSE American: INDO) has initiated drilling for the second of three new wells at its Kruh Block, located in Sumatra.
This well, named Kruh-26, began on August 22 and aims for a total depth of 3,400 feet, with completion expected in about 60 days.
Estimated drilling costs are $1.5 million, with projected initial net revenue of $3.3 million in the first year, highlighting significant potential for cash flow growth.
Indonesia Energy Corporation (NYSE American: INDO) announced the successful discovery of oil in its Kruh 25 well and has moved its drilling rig to commence work on the Kruh 26 well shortly. The Kruh 25 well's oil-bearing interval was larger than expected, having been drilled to 3,368 feet. This drilling activity is part of a broader plan to drill three new wells this year. Delays were experienced due to government Covid-19 restrictions, but the company remains optimistic about increased production and cash flow post-stimulation.
Indonesia Energy Corporation (NYSE American: INDO) announced its participation in the Noble Capital Markets Virtual Road Show Series, scheduled for June 24, 2021, at 1:00 p.m. EDT. President Frank Ingriselli will provide updates on the company's operations, followed by a Q&A session with audience-submitted questions moderated by Michael Heim of Noble. To attend the presentation, interested participants can register online. IEC focuses on high-growth energy projects in Indonesia, primarily in the Kruh and Citarum blocks.
