- Paves way for commencement of new production well drilling operations at Kruh Block in the next 30 days
- Appraisal activities at Citarum Block also continuing
JAKARTA, INDONESIA and DANVILLE, CA / ACCESSWIRE / March 4, 2021 / Indonesia Energy Corporation Limited (NYSE American:INDO) (IEC), an oil and gas exploration and production company focused on Indonesia, today announced that the company has received necessary permits that will allow it to move forward expeditiously to commence its previously announced drilling plans in 2021 for its 63,000 acre Kruh Block.
Drill site preparations are completed and supporting services are in progress. The mobilization of the drilling rig is expected within the next 5 days and the first well is expected to commence drilling within 30 days. IEC's plan is to drill 3 back-to-back wells as part of the commencement of its new drilling on Kruh Block, which is part of an overall previously announced plan to drill a total of 5 wells in 2021, 6 wells in 2022 and 7 wells in 2023, for a total of 18 new wells on Kruh Block.
In addition, IEC has also completed and provided to the Government of Indonesia two (2) Geological & Geophysical studies each covering both the Kruh Block and the Citarum Block. Additional prospects have been identified from the new study in the 1,000,000-acre Citarum Block which is located on the island of Java only 16 miles from the capital city of Jakarta where natural gas prices are at a 300% premium to the prices in the United States.
Mr. Frank Ingriselli, IEC's President, commented "These final permits couldn't have come at a better time, given the recent recovery in oil prices which are at a level not seen since 2019. Accordingly, we should be on-track to significantly increase production and cash flow this year. Also, our drilling operations are expected to decrease production costs to below $20.00 per barrel. All these factors should contribute to our near and long-term goal of maximizing production from the Kruh Block and augmenting shareholder value."
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 anticipated results of IEC's 2021 exploration and production activities and the impact of global oil prices 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, 2019 filed on June 16, 2020 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.
Frank C. Ingriselli
President, Indonesia Energy Corporation Limited
SOURCE: Indonesia Energy Corporation Limited