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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) will present updates on its new drilling program at the Kruh Block during the LD Micro Invitational XI Virtual Event on June 8, 2021. The presentation, led by President Frank Ingriselli, will start at 2:30 PM PT / 5:30 PM ET. Interested parties can register for the free presentation online. IEC focuses on oil and gas exploration in Indonesia, with key assets including the Kruh Block (63,000 acres) and Citarum Block (1,000,000 acres). For more details, visit www.indo-energy.com.
Indonesia Energy Corporation (NYSE American: INDO) announces the successful drilling of its Kruh 25 well to a depth of 3,368 feet at the Kruh Block. The company has initiated wireline logging operations, which are expected to take approximately one week. Production testing will follow, and completion of these activities is anticipated in about 20 days. Following this, IEC plans to hold an Investor Conference call the week of June 28, 2021, to discuss the well results. This development is part of a broader strategy to enhance cash flow and shareholder value.
Indonesia Energy Corporation (NYSE American: INDO) has participated in a pre-recorded interview with Noble Capital Markets, providing updates on its drilling program at the Kruh Block. President Frank Ingriselli discussed current drilling progress and upcoming milestones, along with exploration plans for the gas-prone Citarum Block. This interview was recorded on May 26, 2021, and is available for viewing on Channelchek. The company's assets include the 63,000-acre Kruh Block on Sumatra and the 1,000,000-acre Citarum Block on Java. For more details, visit www.indo-energy.com.
Indonesia Energy Corporation (NYSE American:INDO) announced an investor conference call on June 8, 2021, to update on its first new producing well, Kruh 25, located in Kruh Block, Sumatra. Drilling began on April 21, targeting a depth of 3,400 feet. The three new wells expected to yield 170 barrels of oil per day and generate $3.33 million in net revenue in their first year. The total drilling cost per well is about $1.5 million. President Frank Ingriselli stated the drilling campaign could boost production and cash flow by over 200%, enhancing shareholder value.
Indonesia Energy Corporation Limited (NYSE American: INDO) disclosed in its Annual Report on Form 20-F for the year ended December 31, 2020, that the audit opinion from its independent accounting firm includes a going concern qualification. This announcement, made on May 17, 2021, complies with NYSE American Company Guide Section 610(b), emphasizing the importance of the audit opinion without altering the financial statements. The company, focused on energy projects in Indonesia, highlighted its principal assets, including the Kruh Block and Citarum Block.
Indonesia Energy Corporation Limited (NYSE American:INDO) has commenced drilling three new back-to-back wells at its Kruh Block in Sumatra, Indonesia. This initiative is part of a larger plan to drill 18 wells by 2023. The first well, Kruh-25, began on April 21, 2021, at a target depth of 3,400 feet. Each well is expected to cost $1.5 million to drill and could generate approximately $3.33 million in net revenue during the first year at an assumed oil price of $63.50/barrel, effectively doubling the initial investment.
Indonesia Energy Corporation Limited (NYSE American:INDO) has announced the mobilization of a drilling rig to commence operations for three back-to-back production wells at its Kruh Block. Each well is projected to produce an average of 173 barrels of oil per day during the first year, generating approximately $3.33 million in net revenue at an oil price of $63.50/barrel, more than double the estimated drilling cost of $1.5 million. This initiative aims to significantly boost production and cash flow, potentially increasing cash flow by nearly 300%.
Indonesia Energy Corporation Limited (NYSE American: INDO) announced it has received permits to commence drilling operations at its Kruh Block within 30 days. This follows the completion of drill site preparations and mobilization of the drilling rig within five days. The company plans to drill three back-to-back wells, contributing to a total of 18 wells planned from 2021 to 2023. Additionally, geological studies at the Citarum Block reveal further prospects. President Frank Ingriselli emphasized that these developments are timely, as oil prices recover, aiming to reduce production costs and enhance shareholder value.
Indonesia Energy Corporation (NYSE American: INDO) announced the appointment of Michael L. Peterson as an independent Board member and Chairman of the Audit Committee. With over 30 years in energy and finance, Peterson's experience includes leadership roles at several public companies and a decade at Goldman Sachs. CEO Dr. Wirawan Jusuf expressed confidence that Peterson's expertise will support IEC’s financial governance and advance its goal of generating positive cash flow within 12 months. This change follows the resignation of Roderick de Greef for personal reasons.
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