President Frank Ingriselli Will Present Update on Operations and Recently Completed Back-to-Back New Discovery Wells
Company also announces availablity of its Form 20-F Annual Report for 2021
on its Investor Relations Website
JAKARTA, INDONESIA AND DANVILLE, CA, June 06, 2022 (GLOBE NEWSWIRE) -- Indonesia Energy Corporation (NYSE American: INDO) ("IEC"), an oil and gas exploration and production company focused on Indonesia, announced today its President, Frank Ingriselli, will be presenting at the LD Micro Invitational XII investor conference on Wednesday, June 8th at 5:30pm PDT. The event will be held in-person at the Four Seasons Westlake Village in Los Angeles and will be available to live stream virtually.
LD Micro Invitational XII – Indonesia Energy Investor Presentation
Date: Wednesday, June 8, 2022
Time: 5:30pm Pacific Time
Live Webcast: https://ldinv12.mysequire.com/
The presentation will also be available for replay at IEC’s website for 30 days at
https://ir.indo-energy.com/events-and-presentations/
IEC announced three weeks ago that it discovered oil in its “Kruh 27” well. Kruh 27 is the first of two back-to-back wells being drilled by IEC during the first half of 2022 at its 63,000-acre Kruh Block.
As previously announced, IEC has plans to drill two additional wells at Kruh Block during 2022 following the initial back-to-back wells.
The drilling rig that successfully drilled the Kruh 27 well has moved to the next location to commence drilling the Kruh 28 well. A third new well new well at Kruh Block is anticipated to commence drilling in the July-August 2022 timeframe, and likely a fourth new well sometime before the end of 2022. These wells are the continuation of IEC’s previously announced drilling campaign to complete a total of 18 new production wells in Kruh Block by the end of 2024.
Each of these new wells are expected to average production of over 100 barrels of oil per day over the first year of production, and each well will cost approximately $1.5 million to drill and complete. Based on the terms of IEC’s contract with the Indonesian government and an oil price of $90.00/barrel (which is approximately 20% below the June 3, 2020 closing price for Brent crude), each well is expected to generate $2.4 million in net revenue in its first twelve months, which would be enough to recover the cost of drilling the wells in only the first year of production.
The Kruh Block is located on Sumatra Island where IEC is already producing oil from 5 existing wells.
Mr. Frank Ingriselli, IEC's President, commented "We look forward to returning live to the LD Micro Conference so that we can discuss our recent discoveries, expectations for new oil production and future plans to continue drilling at Kruh Block. Our results at Kruh 27 reinforce our belief that Kruh Block is a world class asset that should significantly grow our cash flow as we drill additional wells and seek to maximize returns on our investments and grow shareholder value. Additionally, our company is also moving forward during 2022 with testing and other developmental activities at our 1,000,000 acre Citarum Block, where the previous operator drilled a few gas discoveries."
Separately, IEC announced that its Annual Report on Form 20-F for the year ended December 31, 2021 (filed with the SEC on May 2, 2022) is available for review on IEC’s website at https://ir.indo-energy.com/sec-filings. Shareholders may request a hard copy of the complete audited financial statements included in such repor free of charge upon request.
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 and during the conference presentation referred to herein 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 or the presentation referred to herein 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 future prices for oil and the anticipated results of IEC’s drilling and production activities and the impact of such activities on IEC’s results of operations as 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
