Estimated Ultimate Recovery (EUR) increase of 30% in Kruh Field
Webinar Media Interactive Call will be Held on
Tuesday, January 21 at 10AM Eastern Time
JAKARTA, INDONESIA AND DANVILLE, CA, Jan. 14, 2025 (GLOBE NEWSWIRE) — Indonesia
Energy Corporation (NYSE American: INDO) (“IEC”), an oil and gas exploration and production company focused on Indonesia, today announced that IEC senior management will hold an investor update conference call on Tuesday, January 21 at 10:00 a.m. Eastern Time to provide an update on future drilling and development plans, including a new planned reserve report and the unveiling of IEC’s new corporate logo and investor relations outreach program.
As a result of the 3-D seismic program and the 5-year extension of IEC’s government contract for Kruh Block, the estimated ultimate recovery (EUR) from the Kruh field alone is expected to increase by over 30% and reserves by over 40%. Additional fields increased EUR will be in the final updated reserve report.
Participating on the call from IEC will be President Frank Ingriselli and other members of IEC’s management team.
As part of its presentation, IEC will provide an update on its recently completed 3D seismic program and its current drilling program plans for its Kruh Block, as well as IEC’s plans for a new reserve report for Kruh Block. IEC will also provide an update on planned development operations for its Citarum Block which has prospective oil-equivalent resources of over one billion barrels.
The call will be a media and video interactive Zoom webinar and will include a question-and-answer session. The following are the details on how to join the conference call:
When: January 21, 2025 10:00 a.m. Eastern Time
Register in advance for this webinar:
https://us06web.zoom.us/webinar/register/WN_qTpd6yclThqu8nCjbn9puA
A replay of the call will also be available on IEC’s website at https://ir.indo-energy.com/.
Mr. Frank Ingriselli, IEC’s President, commented “We look forward to updating our shareholders and the investment community on our latest activities in the Kruh Block including the completion of our 3-D seismic program our plans to commence drilling and the significant improvements in our economics and reserves resulting from the 2023 contract extension with the Indonesian government which increases our after-tax profit split from the current 15% to 35%, an increase of more than 100%. In addition, given the 5-year extended term of our Kruh contract, we are expecting an increase in proved reserves at the Kruh Block by over 40%.
“Additionally, we are moving forward in 2025 with activities at our potential billion-barrel equivalent natural gas 650,000-acre Citarum Block, where the previous operator drilled several gas discoveries. In short, we’ve never been more excited about IEC’s potential, and we look forward to continuing our efforts as we seek to drive shareholder value,” concluded Mr. Ingriselli.
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 (650,000 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, the investor webinar referenced herein and related statements 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, the words “could,” “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 and the investor webinar referenced herein other than those of historical fact, about an action, event or development, are forward-looking statements. In this press release, forward-looking statements include, without imitation those related to IEC’s future drilling plans at Kruh Block (including the potential for a new reserve report and estimates for ultimate recovery and proved reserves for such asset) and development plans at Citarum Block. 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 significant risks, uncertainties, and other factors, many of which are outside of the IEC’s control, that could cause actual results 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, 2023, filed on April 26, 2024, and other filings with the Securities and Exchange Commission (SEC). Copies are of such documents are available on the SEC’s website, www.sec.gov and IEC’s website at https://ir.indo-energy.com/sec-filings/. 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
[email protected]
