IEC Continues Operations to Implement
Drilling and Exploration Programs at Kruh and Citarum Blocks
JAKARTA, INDONESIA and DANVILLE, CA / ACCESSWIRE / November 23, 2020 / Indonesia Energy Corporation (NYSE American:INDO) ("IEC"), an oil and gas exploration and production company focused on Indonesia, today announced that it has commenced pre-drilling operations and other exploration operations on both its current production asset (Kruh Block) and its exploration asset (Citarum Block).
IEC plans to hold an investor conference call in early December when IEC's operational experts will provide details on the planned drilling activities, and all other exploration and development activities. These experts will also answer investor questions. Details including timing of this investor call are expected to be released the first week of December.
As previously announced, IEC's plan is to drill new oil wells on its currently producing Kruh Block over time. Since mid-year, IEC has commenced pre-drilling operations, with drilling locations for the first 3 wells having been selected and the tender for the drilling rig and supporting services likewise having been completed. While the commencement of new drilling has been slightly delayed, IEC is hopeful that drilling of the first new well can commence next month. As previously announced, an additional 4 wells are planned in 2021, 6 wells in 2022 and 7 wells in 2023, for a total of 18 new wells on Kruh Block expected over four years.
IEC has also completed and provided to the Government of Indonesia two (2) Geological & Geophysical studies covering both the Kruh Block and the million-acre Citarum Block.
IEC also announced that by optimizing its production equipment and service activities, IEC has managed to maintain its production level at Kruh Block at above its production forecast.
Commenting on IEC's update on operations, Mr. Frank Ingriselli, IEC's President commented "An important milestone for our development plans was achieved with the commencement of our pre-drilling operations. This will pave the way to drill our planned 18 new wells over the next four years on the Kruh Block. These wells are expected to significantly increase our production and cash flow. Likewise, we anticipate that these operations will drive down our production costs to below $20 per barrel. We will continue to implement our plans with the goal of maximizing 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," "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 future exploration and production activities 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 Form 20-F for the fiscal year ended December 31, 2019 filed with the Securities and Exchange Commission (SEC). Copies of the Company's SEC reports are available on the SEC's website, www.sec.gov, as well as the Company's website, www.indo-energy.com. 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
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