Senior Executives of Indonesia Energy Take on New Roles and New Board Member Added

Rhea-AI Summary

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.

Changes come as IEC looks to leverage the exploratory work undertaken in 2023 with a view towards renewing and maximimizing drilling activities in 2024 and beyond

JAKARTA, INDONESIA AND DANVILLE, CA, Jan. 17, 2024 (GLOBE NEWSWIRE) -- Indonesia Energy Corporation (NYSE American: INDO) ("IEC"), an oil and gas exploration and production company focused on Indonesia, today announced that it has made changes and enhanced the effectiveness of its management team and Board of Directors.

These changes come as IEC is laser focused on delivering a new and enhanced development program at its currently producing Kruh Block leveraging the previously announced exploratory work done in 2023 as well as to drive towards early commercialization of IEC’s Citarum Block, a potential billion barrel equivalent structure.

Mr. Mirza Said has been appointed as Chief Operating Officer of the Company. Mr. Said previously was the Chief Business Development Officer. Commenting on Mr. Said’s new role, Dr. Wirawan Jusuf, IEC’s Chairman and Chief Executive Officer, stated “Mirza is perfectly suited for the role of Chief Operating Officer. Over the past several years, he has been involved with and helped guide all aspects of our operations and business and has been an invaluable C-suite team member. Mirza’s mandate will now formally cover many of the items he already has significant input on, from government relations and licensing, to procurement, staffing and the execution of our exploratory and drilling operations.”

Dr. Charlie Wu has been appointed as Chief Technology Officer of the Company. He previously served as IEC's Chief Operating Officer. Dr. Jusuf commented, “Charlie’s background of over 40 years in the oil and gas industry and his global experience in oil and gas technology will help drive our development programs for both the Kruh Block and the Citarum Block. His efforts over the last several years have been focused on understanding and maximing the potential for our assets and implementing the right technology to do so. As such, the role of Chief Technology Officer is a great fit for him and our company.”

In addition, IEC is pleased to announce the appointment of Mr Ahmad Fathurachman, age 33, as a new independent member of the Company’s board of directors. Mr. Fathurachman replaces Mr. Tamba Hutapea, who is retiring as a member of IEC’s board of directors.

Mr. Fathurachman’s experience in the energy industry and also on marketing and social media will help guide a new focus for IEC on developing a comprehensive market awareness program and frequent communications with shareholders on current activities for IEC. In this regard, it is expected that Mr. Fathurachman will work closely with Frank Ingriselli, IEC’s President. An electrical and power engineer by training, Mr, Fathurachman presently works in project management, project development and product sales at Weatherford International plc in Indonesia.

Dr. Jusuf stated “Amhad brings an independent perspective, experience and new energy to our board as we look to drive our drilling programs ahead. We look forward to working with him. Our entire board also wants to express our sincere appreciation to Tamba Hutapea for his years of service as an IEC board member, and we wish him great success in his retirement.”

These appointments are all effective as of Tuesday, January 16, 2024.

IEC also reported that it plans on providing further details regarding the company’s investments in critical exploratory activities during 2023 and its planned ramp up in drilling operations during 2024 in the coming weeks.

About Indonesia Energy Corporation Limited
Indonesia Energy Corporation Limited (NYSE American: INDO) is a publicly traded energy company engaged in the acquisition and development of strategic, high growth energy projects in Indonesia. IEC’s principal assets are its Kruh Block (63,000 acres) located onshore on the Island of Sumatra in Indonesia and its Citarum Block (1,000,000 acres) located onshore on the Island of Java in Indonesia. IEC is headquartered in Jakarta, Indonesia and has a representative office in Danville, California. For more information on IEC, please visit www.indo-energy.com.

Cautionary Statement Regarding Forward-Looking Statements
All statements in this press release of Indonesia Energy Corporation Limited (“IEC”) and its representatives and partners that are not based on historical fact are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Acts”). In particular, when used in the preceding discussion, the words "estimates," "believes," "hopes," "expects," "intends," “on-track”, "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Acts and are subject to the safe harbor created by the Acts. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. While management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of the IEC's control, that could cause actual results (including, without limitation, the timing for and results of IEC’s exploration, drilling and production activities and the impact of the management and board of director changes described herein) to materially and adversely differ from such statements. Such risks, uncertainties, and other factors include, but are not necessarily limited to, those set forth in the Risk Factors section of the Company’s annual report on Form 20-F for the fiscal year ended December 31, 2021, filed on May 2, 2022, with the Securities and Exchange Commission (SEC). Copies are of such documents are available on the SEC's website, www.sec.gov. IEC undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Company Contact:

Frank C. Ingriselli
President, Indonesia Energy Corporation Limited
Frank.Ingriselli@Indo-Energy.com

FAQ

When were the changes in the management team and Board of Directors announced for Indonesia Energy Corporation?

The changes were announced on January 17, 2024.

What is the ticker symbol for Indonesia Energy Corporation?

The ticker symbol for Indonesia Energy Corporation is INDO.

Who was appointed as the new Chief Operating Officer of Indonesia Energy Corporation?

Mr. Mirza Said has been appointed as the new Chief Operating Officer of the company.

What is the focus of the new Chief Operating Officer's role at Indonesia Energy Corporation?

The new Chief Operating Officer is focused on delivering a new and enhanced development program at the Kruh Block and driving early commercialization of the Citarum Block.

Who was appointed as the new Chief Technology Officer of Indonesia Energy Corporation?

Dr. Charlie Wu has been appointed as the new Chief Technology Officer of the company.

What is the background of the new Chief Technology Officer at Indonesia Energy Corporation?

Dr. Charlie Wu has over 40 years of experience in the oil and gas industry and has global experience in oil and gas technology.

Who is the new independent member of the Board of Directors at Indonesia Energy Corporation?

Mr. Ahmad Fathurachman is the new independent member of the Board of Directors.

What is the current role of Mr. Ahmad Fathurachman at Indonesia Energy Corporation?

Mr. Ahmad Fathurachman works in project management, project development, and product sales at Weatherford International plc in Indonesia.