IEC engaging in preparatory work aimed at commencement of new well drilling during the third quarter of 2020
JAKARTA, INDONESIA & DANVILLE, CA / ACCESSWIRE / June 10, 2020 / Indonesia Energy Corporation Limited (NYSE American:INDO) ("IEC"), an oil and gas exploration and production company focused on Indonesia, today announced the formal commencement of its contract extension with the Indonesian government for its production asset Kruh Block. Under this extended contract, IEC will be able to operate Kruh Block until May 2030.
Kruh Block is located onshore Sumatra Island. IEC owns a 100% interest in Kruh Block which covers an area of 63,753 acres and produced an average of 7,582 barrels of oil per month in 2019.
As previously announced, IEC remains on-track with its previously announced plans to drill a total of 6 new oil wells on the Kruh Block over time, commencing before the end of the third quarter of 2020. This activity is expected to significantly increase oil production for the company this year. Currently, IEC is engaging in the necessary preparatory work (including tendering for vendor contracts) aimed at starting this new drilling in IEC's anticipated timeframe.
Mr. Frank Ingriselli, IEC's President commented "This extension by the Indonesian Government not only confirms its confidence in IEC to operate the Kruh Block, but also paves the way to commence our drilling of new production wells starting by the end of the third quarter which should significantly increase our current production. As new drilling operations continue to ramp up, we expect that production operating costs will improve to below $21.00 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 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 timing for and results of IEC's new drilling program for Kruh Block 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 and other filings 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.
CONTACT:
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 protected]
SOURCE: Indonesia Energy Corporation Limited