President Frank Ingriselli Will Present Update on Operations and Recently Completed New Discovery Well
JAKARTA, INDONESIA AND DANVILLE, CA, Oct. 21, 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 Main Event investor conference on Wednesday, October 26th at 1:30pm PDT. The event will be held in-person at the Luxe Sunset Boulevard Hotel in Los Angeles and will be available to live stream virtually.
LD Micro Main Event – Indonesia Energy Investor Presentation
Date: Wednesday, October 26, 2022
Time: 1:30pm Pacific Time
Live Webcast https://me22.sequireevents.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 yesterday that the Kruh 28 well on Kruh Block reached the final total depth at 3,475 feet depth on September 16, 2022. Approximately 135 feet of oil sands were encountered at Kruh 28 between the depths of 3,165 and 3,300 feet. This oil-bearing interval (meaning the top of the oil zone to the bottom of the oil zone) in the Kruh 28 well was 6 feet thicker and therefore larger than anticipated, meaning that the total reserve potential for Kruh 28 could be larger than anticipated. While drilling the K 28 well, two potential additional new oil formations were also discovered. In addition, as previously announced, IEC unexpectedly found evidence of a potential natural gas bearing reservoir between the 976 and 1,006 feet interval with 30 feet net thickness. This initial evidence was supported by both wireline logging and geologic logging data, and subsequent gas flaring.
Moreover, in an effort to maximize the potential of Kruh Block after several encouraging new oil discoveries made by IEC during 2021 and 2022, after production begins at Kruh 27 and Kruh 28, but before continuing with additional production drilling operations, IEC is planning to conduct significant new seismic operations across the entire Kruh Block. IEC believes that this new work, together with what has been learned from recent oil and gas discoveries, will greatly assist IEC in ascertaining the best locations to re-start a continuous drilling campaign at Kruh Block that will look to develop not only the one formation currently being targeted, but to look to develop what appears to be at least two potential additional oil formations that could contain significant commercial quantites of oil and natural gas. Completion and full interpretation of this seismic operations will take approximately 12 months, after which IEC plans to re-start its continuous drilling campaign at Kruh Block. IEC still plans on drilling a total of 18 new wells at Kruh Block, four of which have already been completed, but now by the end of 2025 rather than 2024 as previously announced.
Mr. Frank Ingriselli, IEC's President, commented "We look forward to returning to the LD Micro Conference so that we can discuss our recent discoveries and our future operational plans at Kruh Block. Our results at Kruh 28 reinforce our belief that Kruh Block is a world class asset that should contribute to the Company’s strategic plan to maximize returns on our investments and grow shareholder value. Additionally, we will also be moving forward during 2023 with developmental activities at our potential billion-barrel equivalent natural gas 1,000,000-acre Citarum Block, where the previous operator drilled several natural gas discoveries.”
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
