Interview highlights that IEC remains on-track with its drilling plans to significantly increase production this year and activities aimed at expanding its production base
JAKARTA, INDONESIA & DANVILLE, CA / ACCESSWIRE / May 28, 2020 / Indonesia Energy Corporation Limited (NYSE American:INDO) ("IEC"), an oil and gas exploration and production company focused on Indonesia, today announced that its President, Frank C. Ingriselli, was interviewed by StockNewsNow.com, a microcap financial news portal that features news and insights from the microcap and emerging growth financial community.
Key takeaways from Mr. Ingriselli's interview include the following:
- IEC remains on-track with its previously announced plans to significantly increase production this year, notwithstanding current oil prices and COVID-19 concerns.
- IEC plans to drill 6 new oil wells at the Kruh Block (IEC's producing asset) in 2020, with the first well expected to be drilled in early third quarter 2020.
- Assuming successful completion of the sixth well, IEC expects production output from Kruh Block to more than quadruple over current production from the Kruh Block.
- IEC's current production operating costs are below $21.00 per barrel.
- IEC plans to commence appraisal activities during 2020 on IEC's one-million acre Citarum natural gas block. In Indonesia, current natural gas prices are approximately 300% higher than in the U.S.
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 in the presentation referred and linked 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 this press release and such presentation, the words "estimates," "believes," "hopes," "expects," "intends," "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 significant 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) 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
Public Relations Contact:
Phone: +1 (212) 389-9782 x 101
SOURCE: Indonesia Energy Corporation Limited
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