JAKARTA, INDONESIA and DANVILLE, CA / ACCESSWIRE / January 10, 2022 / Indonesia Energy Corporation Limited (NYSE American:INDO) (IEC), an oil and gas exploration and production company focused on Indonesia, today announced that IEC's operating company has been recognized by the state oil and gas company, Pertamina, as the top three performer in 2021 among 11 oil and gas producing companies in Indonesia under Cooperation Agreement Contracts after comprehensive evaluation on the work commitment, financial, operations and safety records. This recognition is especially significant as IEC just recently announced that daily oil production rate has increased over 50% as a result of the recently completed "Kruh 26" well on its 63,000-acre Kruh Block and IEC plans to commence drilling two back-to-back producing wells at Kruh Block commencing in approximately 60 days. IEC's production target is to be producing approximately 450 barrels of oil per day after completion of these next two wells. IEC also plans to commence drilling on two additional wells at Kruh Block during the third quarter of 2022.
These new wells are part of IEC's overall previously announced plan to drill a total of 18 new wells on the Kruh Block over the next 3 years. In order to help meet its drilling plan goals for Kruh Block, IEC is in the process of completing plans to conduct a 30KM seismic program on the Kruh Block which should help to optimize well selection.
Mr. Frank Ingriselli, IEC's President commented "Indonesia with a more than 100-year history of welcoming international energy companies from around the world, has selected Indonesia Energy Corporation as the 3rd best energy production company in Indonesia. This recognition highlights our commitment to the highest standards of safety and economic efficiency. There are over 200 oil and gas companies operating in Indonesia and we have risen to the top. We are proud of our entire corporate teams' dedication and leadership"
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 2020 exploration and production activities and the impact of global oil prices and the novel coronavirus outbreak 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 registration statement and related prospectus for the IEC's initial public offering filed 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