2024 investments in seismic and other exploration work at Kruh Block set the stage for new drilling in the second half of 2025
JAKARTA, INDONESIA AND DANVILLE, CA, April 30, 2025 (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 filed today its annual report on Form 20-F which contains its financial and operating results for the year ended December 31, 2024.
Also provided in that report is an update on IEC’s planned drilling activity for the second half of 2025. During 2024, IEC curtailed drilling activity at its Kruh Block asset in lieu of investing in seismic and other exploration work intended to maximum the return on new drilling. That drilling is expected to commence in the second half of 2025, as IEC plans to drill at least one new well this year as part of its multi-year program to drill 18 new wells at Kruh Block.
Mr. Frank Ingriselli, IEC’s President, commented “We are pleased to have filed our year end 2024 annual report, which shows our investments in Kruh Block as we look to recommence drilling activity this year. We believe our seismic data in hand will make our drilling even more effective and help us maximize the returns from this important asset.”
More information regarding IEC’s financial and operating results for the years ended December 31, 2024 and 2023, including IEC’s full audited financial statements and footnotes, can be found in IEC’s annual report on Form 20-F which was filed earlier today with the Securities and Exchange Commission and is available on IEC’s website at: https://ir.indo-energy.com/sec-filings/
A hard copy of the annual report is also available to be sent free of charge by contacting IEC at the following link: https://indo-energy.com/contact/
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 (195,000 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, 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 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. 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, 2024, filed on April 29, 2025, 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]
