Interview Focuses on IEC's Development Plans and Project Advancements for 2020
JAKARTA, INDONESIA and DANVILLE, CA / ACCESSWIRE / January 22, 2020 / Indonesia Energy Corporation Limited (NYSE American:INDO) (IEC), an oil and gas exploration and production company focused on Indonesia, today announced that Frank C. Ingriselli, IEC's President, was interviewed by broadcast journalist Steve Darling of Proactive Investors, a leading multi-media news organization, investor portal and events management business with offices in New York, Sydney, Toronto, Frankfurt, and London.
Most recently, IEC outlined its development plans for 2020 after completing its initial public offering (IPO) on December 19, 2019. IEC holds the distinction of closing the last IPO of the decade on the NYSE. IEC's plans include progressing in its development, commercialization and exploration of IEC's two Indonesian oil and gas assets, in Sumatra and West Java.
Responding to Mr. Darling's questions during the Proactive Investors interview, Mr. Ingriselli relayed details concerning IEC's Kruh Block, a producing asset located on 63,000 acres on the island of Sumatra (considered the heart of Indonesia's oil production) and IEC's Citarum Block, a natural gas exploration asset located on 1,000,000 acres on the island of Java. Mr. Ingriselli discussed IEC's plans for an escalation of production and consequently an anticipated increase in resulting cash flow, over the next twelve months.
Key takeaways from Mr. Ingriselli's interview:
- IEC's Kruh Block oil project located in Sumatra is currently producing approximately 250 barrels a day, already enough to keep IEC essentially cash flow positive.
- IEC's Citarum Block natural gas asset is 1 million acres in size and located a mere 16 miles from Jakarta, the capital and largest city in Indonesia.
- IEC plans to drill between 6 to 9 producing wells on the Kruh Block over the next 12 months. with initial production from each well estimated at 190 barrels per day, providing (at today's oil price) approximately $3.5 million net cash flow per well.
- IEC is the only Indonesian company to do an IPO with one of the major, US-based Exchanges.
The interview can be found at the following link:
https://www.youtube.com/watch?v=nTzlL8WrX4w&feature=youtu.be
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 related video presentations of or relating to 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 2020 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 IEC'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.
Company Contact:
Frank C. Ingriselli
President, Indonesia Energy Corporation Limited
[email protected]
Public Relations Contact:
MJ Clyburn
TraDigital IR
Phone: +1 (212) 389-9782 x 101
Email: [email protected]
Investor Relations:
Scott Gordon
CORE IR
516 222 2560
Media Relations:
Jules Abraham
CORE IR
917 885 7378
SOURCE: Indonesia Energy Corporation Limited