Indonesia Energy Corp Ltd (INDO)

[FACT-MASTER]

Plenty of Middle East problems to keep oil prices high for some time, imo.

https://www.timesofisrael.com/war-cabinet-said-to-favor-hitting-back-at-iran-but-divided-over-when-and-how/?utm_source=article_hpsidebar&utm_medium=desktop_site&utm_campaign=with-its-aerial-attack-iran-could-break-israels-isolation-and-reframe-the-gaza-war

INDO assets - Kruh for oil, Citarum for gas - huge field could attract a major, imo.

Long term hold, imo.

[da_stock_analyst]

#INDO 🔥 will run monday and this week! $indo

[FACT-MASTER]

Concur, appears that something has awakened INDO.

Discussion continues on Citarum field and could hold substantial potential, imo

https://ir.indo-energy.com

Click on Speech video at Microcap Conference and Corporate Presentation

[Monksdream]

More upside who knows came up off the mat a few days ago to make a new 52=hi

[FACT-MASTER]

Price/Volume a sizzz'lin

[FACT-MASTER]

INDO: Informative company video

[FACT-MASTER]

INDO: Article of interest April 1/24:

https://finance.yahoo.com/news/oil-near-five-month-high-002900824.html

[FACT-MASTER]

Oil cuts from Mexico - USA:

https://finance.yahoo.com/news/mexico-halt-oil-exports-further-181654260.html

(Bloomberg) -- Mexico’s state-controlled oil company plans to halt some crude exports over the next few months, a move that would cut supply from a tightening global market.

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Petroleos Mexicanos, also called Pemex, canceled contracts to supply its flagship Maya crude oil to refiners in the US, Europe and Asia, according to people with knowledge of the situation, who asked not to be named because the information is private.

The export cut, coming at a time when OPEC and its allies are already curbing production, threatens to drive up oil prices that are at a six-month high. Physical supplies — especially heavier, sour grades such as Maya — are tightening even further with Venezuelan exports set to fall after the reinstatement of US sanctions on its oil industry. JPMorgan Chase & Co. last week warned that global benchmark Brent could reach $100 a barrel this year.

READ: Mexico oil Exports Slump as Domestic Refining Cranks Up

Pemex’s plan to suspend some exports is part of an effort to produce more domestic gasoline and diesel ahead of the June 2 presidential election, the people said. President Andres Manuel Lopez Obrador, whose term is coming to an end, won office with the promise of weaning the country off of costly fuel imports. His multi-year effort to revamp Mexico’s refining sector is finally paying off.

In February the country’s six refineries operated near the highest rates seen in more than six years. Oil use should keep rising as Pemex works to start commercial operations of the new Olmeca refinery, also known as Dos Bocas, with capacity to process 340,000 barrels of crude oil a day.

Pemex didn’t immediately return call and messages seeking comment.

The halt affects primarily exports of Maya while shipments of other grades including medium sour Isthmus should continue at reduced volumes, the people said. It’s unclear if Pemex’s trading arm PMI will be able to follow through on the export cut. In 2021 and later in 2023 the company had to shelve plans to halt oil exports after it failed to increase domestic fuelmaking.

The prospect of lower supplies from Mexico, the top supplier of crude oil to the US Gulf Coast, is supporting prices of medium sour Mars Blend produced in the Gulf of Mexico. Mars traded at a premium of $1.60 a barrel above futures Monday, according to preliminary data from pricing agency General Index. That would be the strongest since November.

US refiners are likely to bear the brunt of the cut in Maya exports. Fuelmakers including Valero Energy Corp, Chevron Corp and Marathon Petroleum Corp import 420,000 barrels of the heavy sour variety per day. In 2023, Maya exports reached 612,000 barrels a day.

[FACT-MASTER]

Article of interest:

https://www.barrons.com/livecoverage/stock-market-today-032724/card/oil-falls-but-j-p-morgan-says-price-heading-for-100-a-barrel-amid-russia-turmoil-ypKXptcXFnhfZ9PpsaBt?siteid=yhoof2

[FACT-MASTER]

PHE - doing a nice job in Indonesia:

https://www.fitchratings.com/research/corporate-finance/fitch-assigns-pertamina-hulu-energi-first-time-bbb-rating-outlook-stable-21-06-2023

INDO - doing a whole lotta nuthing burger

[FACT-MASTER]

PHE knows how to get things done in Indonesia.

https://www.pertamina.com/en/news-room/news-release/supporting-energy-resilience-phe-records-optimal-performance-in-2023

INDO - nothing but crickets

[FACT-MASTER]

INDO: February /24 Presentation:

https://ir.indo-energy.com/wp-content/uploads/2024/03/Indonesia-Energy-Presentation.pdf

[FACT-MASTER]

INDO: Press Release January 23/24 re: presentation microcap conference

https://www.globenewswire.com/news-release/2024/01/23/2813988/0/en/Indonesia-Energy-to-Present-at-The-Microcap-Conference-in-Atlantic-City-on-January-31-and-again-on-February-1-2024.html

President Frank Ingriselli Will Present an Update on IEC’s Development Plans and
the Positive Impact of the Recent Kruh Contract Extension

JAKARTA, INDONESIA AND DANVILLE, CA, Jan. 23, 2024 (GLOBE NEWSWIRE) -- Indonesia Energy Corporation (NYSE American: INDO) ("IEC"), an oil and gas exploration and production company based in Indonesia, today announced its President, Frank Ingriselli, will be presenting at The Microcap Conference in Atlantic City on January 31, 2024 at 3:40PM EST and again on February 1, 2024 at 10:25AM EST.

The in-person event will take place at the Caesar's Atlantic City Hotel and Casino. IEC will provide an update on its previously announced exploratory work done in 2023 with a view towards renewing and maximizing drilling activities in 2024 and beyond as well as its drive towards early commercialization of IEC’s Citarum Block, a potential billion-barrel equivalent structure. IEC will also discuss the positive impact resulting from the recent contract extension to its Kruh Block as discussed further below.

To register to attend The Microcap Conference, follow this link.

The presentation will also be available for replay at IEC’s website for 30 days at:
https://ir.indo-energy.com/events-and-presentations/

Recent Updates

IEC announced in September 2023 that its joint operation contract with Pertamina, the Indonesian state-owned oil and gas company, covering the Kruh Block was extended by 5 years from May 2030 to September 2035. Kruh Block covers approximately 63,000 acres and is located onshore on the Island of South Sumatra in Indonesia.

The amended joint operation contract has the following key terms:

The amended contract increases IEC’s after-tax profit split from the current 15% to 35%, for an increase of more than 100%.
In addition, given the 5-year extended term of the contract, the amended contract is expected to increase IEC’s proved reserves at Kruh Block by over 40%.
Furthermore, given the increased profit split, IEC’s anticipated net cash flow calculations based on its Kruh Block development plan are expected to increase by over 200% versus IEC’s anticipations under the prior contract.
Mr. Frank Ingriselli, IEC's President, commented "We look forward to participating at the Microcap Conference so that we can discuss our Kruh Block contract extension and the significantly improved terms for our Kruh Block along with our future operational plans for both the Kruh Block and the Citarum Block. We believe we have world class assets that should contribute our strategic plan to maximize returns on our investments and grow 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.

[FACT-MASTER]

INDO: https://www.sec.gov/Archives/edgar/data/1757840/000149315224002818/form6-k.htm

[FACT-MASTER]

Hi There,

I don't post on Stocktweets, only post on ihub.

[Genya90]

Hi,
What’s your user name on Stocktweets?
Thank you,

[FACT-MASTER]

INDO: Press Release January 17/24

https://finance.yahoo.com/news/senior-executives-indonesia-energy-roles-123000108.html

Indonesia Energy Corporation Limited
Changes come as IEC looks to leverage the exploratory work undertaken in 2023 with a view towards renewing and maximimizing drilling activities in 2024 and beyond

JAKARTA, INDONESIA AND DANVILLE, CA, Jan. 17, 2024 (GLOBE NEWSWIRE) -- Indonesia Energy Corporation (NYSE American: INDO) ("IEC"), an oil and gas exploration and production company focused on Indonesia, today announced that it has made changes and enhanced the effectiveness of its management team and Board of Directors.

These changes come as IEC is laser focused on delivering a new and enhanced development program at its currently producing Kruh Block leveraging the previously announced exploratory work done in 2023 as well as to drive towards early commercialization of IEC’s Citarum Block, a potential billion barrel equivalent structure.

Mr. Mirza Said has been appointed as Chief Operating Officer of the Company. Mr. Said previously was the Chief Business Development Officer. Commenting on Mr. Said’s new role, Dr. Wirawan Jusuf, IEC’s Chairman and Chief Executive Officer, stated “Mirza is perfectly suited for the role of Chief Operating Officer. Over the past several years, he has been involved with and helped guide all aspects of our operations and business and has been an invaluable C-suite team member. Mirza’s mandate will now formally cover many of the items he already has significant input on, from government relations and licensing, to procurement, staffing and the execution of our exploratory and drilling operations.”

Dr. Charlie Wu has been appointed as Chief Technology Officer of the Company. He previously served as IEC's Chief Operating Officer. Dr. Jusuf commented, “Charlie’s background of over 40 years in the oil and gas industry and his global experience in oil and gas technology will help drive our development programs for both the Kruh Block and the Citarum Block. His efforts over the last several years have been focused on understanding and maximing the potential for our assets and implementing the right technology to do so. As such, the role of Chief Technology Officer is a great fit for him and our company.”

In addition, IEC is pleased to announce the appointment of Mr Ahmad Fathurachman, age 33, as a new independent member of the Company’s board of directors. Mr. Fathurachman replaces Mr. Tamba Hutapea, who is retiring as a member of IEC’s board of directors.

Mr. Fathurachman’s experience in the energy industry and also on marketing and social media will help guide a new focus for IEC on developing a comprehensive market awareness program and frequent communications with shareholders on current activities for IEC. In this regard, it is expected that Mr. Fathurachman will work closely with Frank Ingriselli, IEC’s President. An electrical and power engineer by training, Mr, Fathurachman presently works in project management, project development and product sales at Weatherford International plc in Indonesia.

Dr. Jusuf stated “Amhad brings an independent perspective, experience and new energy to our board as we look to drive our drilling programs ahead. We look forward to working with him. Our entire board also wants to express our sincere appreciation to Tamba Hutapea for his years of service as an IEC board member, and we wish him great success in his retirement.”

These appointments are all effective as of Tuesday, January 16, 2024.

IEC also reported that it plans on providing further details regarding the company’s investments in critical exploratory activities during 2023 and its planned ramp up in drilling operations during 2024 in the coming weeks.

[FACT-MASTER]

INDO: President (Frank Ingriselli) and CFO (Gregory Overholtzer) employment extended to December 31/25

https://www.sec.gov/Archives/edgar/data/1757840/000149315224000280/form6-k.htm

https://indo-energy.com/our-group/our-executive-team/

[Genya90]

Thank you!
Great Holidays to you as well

[FACT-MASTER]

I concur with your analysis, 2023 has been kind of a dry year for INDO.

Lack of seismic work activity, imo, has caused significant delays in the field development of the Kruh Block.

No word to date on Kruh 28 production re-start and/or on overall daily production.
It's difficult to find current information, to make a solid valuation analysis.
I'm referring to 2P/3P resources - which potentially are huge / daily production / and of course cash flow and EPS/ or loss.
Still hoping for a year end update.

Although a small cap oil stock, the reserves potential, coupled with prudent management who evidently have not engaged in reckless dilution, imo, still makes for a good case to hold INDO for the long term, imo.

Your welcome, and Have a Great Holiday!

[Genya90]

Thanks for posting it!
Looks like not a great news though
Good day!

[FACT-MASTER]

INDO: from 6-K filed Sept.28/23

https://www.sec.gov/ix?doc=/Archives/edgar/data/1757840/000149315223034617/form6-k.htm


NOTE 12 – LIQUIDITY



The Company reported a net loss of $1,621,164 and net cash used in operating activities of $1,331,575 for the six months ended June 30, 2023. In addition, the Company had an accumulated deficit of $38,561,917 and working capital of $5,456,158 as of June 30, 2023. The Company’s operating results for future periods are subject to numerous uncertainties and it is uncertain if the Company will be able to reduce or eliminate its net losses and achieve profitability for the foreseeable future. These conditions raise substantial doubt about the Company’s ability to continue as a going concern.



The Company has financed the operations primarily through cash flow from operations, loans from banks, and proceeds from equity instrument financing, where necessary. In 2022, the Company received an aggregated of $8,589,000 from issuance of convertible notes and warrants to L1 Capital, and $1,950,000 of proceeds from exercises of warrants by L1 Capital. On July 22, 2022, the Company entered into an At The Market Offering Agreement (the “ATM Agreement”) with H.C. Wainwright & Co., LLC (the “Sales Agent”), acting as its sales agent, pursuant to which the Company may offer and sell, from time to time, to or through the Sales Agent, ordinary shares having an aggregate gross offering price of up to $20,000,000. The Company received net proceeds of $4,366,642 through issuance of ordinary shares by such ATM offering in 2022.



As of September 27, 2023, the Company had approximately $3.27 million of cash and cash equivalents, which are unrestricted as to withdrawal or use and are placed with financial institutions. Management’s plan for mitigating the conditions of substantial doubt about the Company’s ability to continue as a going concern includes a combination of improving operational efficiency, cost reductions, debt and equity financing and financial support from the Chief Executive Officer and Chairman of the Board of the Company. There will be no new well drilling activity for the next 12 months till September 2024. The Company currently does not have any outstanding short-term or long-term bank borrowings balance. Management expects that it will be able to obtain new bank loans based on past experience and the Company’s good credit history. In addition, Mr. Wirawan Jusuf, the Chief Executive Officer and Chairman of the Board of the Company, has agreed to provide $3 million of financial support in the form of debt to the Company to enable the Company to meet its obligations and commitments as they become due for at least next 12 months. The Company intends to meet its cash requirements for the 12 months following the date of the issuance of the condensed consolidated financial statements through operations and the foregoing potential funding opportunities.



The Company believes that the current cash and anticipated cash flows from operating and financing activities will be sufficient to meet its anticipated working capital requirements and commitments for at least the next 12 months after the issuance of the Company’s accompanying unaudited condensed consolidated financial statements. Management believes that it is probable that the above plans can be effectively implemented, and it is probable that such plans will mitigate the conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern. The Company has prepared the condensed consolidated financial statements on a going concern basis. If the Company encounters unforeseen circumstances that place constraints on its capital resources, management will be required to take various measures to conserve liquidity. Management cannot provide any assurance that the Company will raise additional capital if needed.



NOTE 13 – SUBSEQUENT EVENTS



The Company evaluated all events that occurred up to September 28, 2023 and determined that no events that would have required adjustment or disclosure in the condensed consolidated financial statements except the following.



On July 21, 2023, the Company repaid $100,000 principal amount of the Notes to L1 Capital in cash. Following this repayment, there was no convertible note outstanding.



Effective August 9, 2023, PT Green World Nusantara, the Company’s indirect wholly-owned subsidiary, and Pertamina entered into an Amendment to the Operations Cooperation Agreement (the “Amended KSO”) covering the Kruh Block, pursuant to which the contract term was amended by 5 years from May 2030 to September 2035. This extension would effectively give the Company 13 years to fully develop the existing 3 oil fields, and 5 other undeveloped oil and gas bearing structures at Kruh Block. The Amended KSO increases the Company’s after-tax profit split from the current 15% to 35%, an increase of more than 100%.

[FACT-MASTER]

Yes it is. ( as a subsidiary of INDO)

Relationship is :
PT Green World Nusantara ( as INDO subsidiary) to PT Pertamina EP ( as Pertamina subsidiary)

https://www.sec.gov/Archives/edgar/data/1757840/000110465920073026/R8.htm

[Genya90]

PT GREEN WORLD NUSANTARA/ a partner of Pertamina, is not INDO though, what do i miss here?
How PT Green World Nusantare and INDO related to each other

[Genya90]

Thank you, good info.
they still have two weeks to report an update on seismic work, but i have a feeling there will be a delay

[FACT-MASTER]

Currently Pertamina is an Indonesian state - owned company which INDO has their current arrangements with for the Kruh, Citarum block, and Rangkas area.
It's actually a subsidiary of Pertamina called Pertamina EP and is INDO's "partner" as per agreement here:

https://www.sec.gov/Archives/edgar/data/1757840/000149315223034617/ex10-1.htm

Here are some details on Pertamina and their subsidairies:

https://www-pertamina-com.translate.goog/id/hulu?_x_tr_sl=id&_x_tr_tl=en&_x_tr_hl=en&_x_tr_pto=sc

The logic would be that if Pertamina is trading on the IDX, that establishes a valuation parameter for a possible merger with INDO.
Yes, INDO could theoretically be bought out by any oil company, however, would the Indonesian government allow it? - unknown.

In any case, an update on seismic work and re-start of Kruh 28 / work overs, is overdue from INDO management, imo.

[Genya90]

Thanks,
What it has to do with INDO this new IPO?
I need to dig deeper that is for sure
I’m concerned that they may raise cash at some point, it’s kind of tight with falling oil prices and their expansion

[FACT-MASTER]

I disagree with the analysis in the article and sense that BUMN is too focused on world oil market gyrations.
World oil pricing is always moving around, nothing stable about it.

Upstream operations are really not all about the price of a barrel of oil, imo

They have been floundering around with this PHE - IPO idea for some time. The delays cause "credibility" questions to arise, imo.

[FACT-MASTER]

Yes.

Still watching developments re: PHE - IPO

Here is a recent article from October/23

https://voi.id/en/economy/321483



The initial public offering (IPO) of PT Pupuk Kaltim and PT Pertamina Hulu Energi (PHE) has not been realized.

In fact, initially the target for listing the shares of the two BUMN subsidiaries was carried out this year.


Special Staff to the Minister of SOEs Arya Sinulingga revealed that Pupuk Kaltim has not yet implemented the IPO because it will carry out reorganization first.

"Later, after that, we will see if it really has to be an IPO or cooperated to look for investors, right," he said, quoted by reporters on Thursday, October 19.

According to Arya, the development of Pupuk Kaltim can also be done with several options, not only through an IPO.

One of them is cooperation with the Indonesia Investment Authority (INA) or the Investment Management Institution (LPI).

"We could cooperate, for example with INA, or we'll see more IPO. But this is after reorganization first, then we can find out about the process," said Arya.


Meanwhile, continued Arya, PHE's IPO has not been running because it is related to world oil prices. According to Arya, the current market condition is still unstable

"PHE is related to world oil prices, the current situation we see is still unstable in the market, we will calculate the stable market later," he explained.

Initially, the PHE IPO plan appeared in conjunction with the Pertamina Geothermal Energy (PGE) IPO.

However, PGE itself has listed its shares on February 25, 2023. Arya admitted that the condition of PHE and Pertamina Geothermal Energy (PGE) was quite different.

Furthermore, Arya explained, the difference is because PGE manages a business related to renewable energy whose market is indeed developing well, while PHE is engaged in the fossil energy sector.

"So regarding PHE we are still waiting, it's a bit different from PGE. PGE is indeed renewable energy so it's quite interesting, don't be surprised he's good," he explained.


Even though the PHE IPO has been confirmed to be canceled this year, Arya ensures that PHE continues to prepare for the IPO.

"But the technical preparations of PHE's friends have been carried out, but we'll see how the market is," he said.

Previously reported, Deputy Minister of State-Owned Enterprises (BUMN) I, Kartika Wirjoatmodjo said, the IP or initial share offering of Pertamina's Upstream Subholding, PT Pertamina Hulu Energi (PHE) was not carried out this year.

For your information, previously the listing of the initial shares of PT Pertamina (Persero) subsidiary on the Indonesia Stock Exchange (IDX) was targeted to be held this year.


Tiko, Kartika Wirjoatmodjo's nickname, said that the decision to postpone the PHE IPO was after his party conducted an assessment or review.

According to Tiko, now is not the right time for PHE to be listed on the IDX.

[Genya90]

You still have them?

[FACT-MASTER]

INDO: Pertamina EP/ South Sumatra

https://www.pertamina.com/id/news-room/news-release/proyek-pertamina-paku-gajah-penuhi-kebutuhan-gas-di-sumbagsel

English version:

The Paku Gajah development project or Paku Gajah Development Project (PGDP), implemented by PT Pertamina EP, as a cooperation contract contractor (KKKS) under the supervision and coordination of SKK Migas

JAKARTA – The Paku Gajah Development Project (PGDP), which is being implemented by PT Pertamina EP, as a cooperation contract contractor (KKKS) under the supervision and coordination of SKK Migas, will meet the huge demand for gas in southern Sumatra (Sumbagsel). tall.

Apart from that, it is also believed that the operation of PGDP will accelerate the monetization of Pertamina EP's assets, so that exploration potential in the Pagardewa, Karangdewa, Prabumenang, Tasim, Pemaat, Kuang Selatan, Lavatera and Pyrethrium structures can be produced economically.

Upstream Director of PT Pertamina (Persero) Syamsu Alam said that Pertamina is always committed to providing maximum contributions to countries and regional governments that have oil and gas potential.

"With full support from all stakeholders, the company's operational activities in searching for and producing oil and gas can run smoothly and energy needs in Indonesia can be met," he said at the inauguration of the PGDP in Pagar Dewa, Muara Enim, South Sumatra, Wednesday (6/12 ).

Present at the inauguration of the PGDP included Head of SKK Migas Amien Sunaryadi, President Director of PT Pertamina EP Nanang Abdul Manaf, Regent of Muara Enim Muzakir Sai Kohar, and Regent of Ogan Komering Ulu Kuryana Azis.

Head of SKK Migas Amien Sunaryadi, representing the Minister of Energy and Mineral Resources (ESDM) in his speech, said the Paku Gajah project was important to guarantee gas supplies for domestic needs.

According to him, the operation of PGDP is expected to encourage economic growth in South Sumatra and create a larger multiplier effect whose benefits can be felt by the community.

"The upstream oil and gas industry is committed to continuing to meet domestic gas needs for the welfare of the people," said Amien.

Meanwhile, President Director of PT Pertamina EP Nanang Abdul Manaf added that PGDP is an integration of existing production facilities, namely Metering Pagardewa, Gas Collecting Station (SPG) Merbau, SP Kuang Existing, and SP PT Perusahaan Gas Negara Tbk (PGN).

PDGP's total production capacity is 70 million cubic feet of gas per day (MMSCFD), consisting of 45 MMSCFD from SPG Paku Gajah and 25 MMSCFD from SPG Kuang.

PGDP project investment reached US$ 145.10 million from the initial projection of US$ 147.53 million. "PGDP has two production facilities, namely SPG Paku Gajah and SPG Kuang, as well as a 12 inch diameter truckline pipeline 23 kilometers long from SPG Paku Gajah to CO2 Removal Existing SPG Merbau," he said.

Nanang also said that gas demand in Southern Sumatra is quite high. Based on data from the Downstream Oil and Gas Regulatory Agency (BPH Migas), the total gas demand in South Sumatra in 2017 reached 1,013.9 MMSCFD. However, the new committed demand is 353.2 MMSCD. Meanwhile, allocated demand was recorded at 330.7 MMSCD.

Apart from that, there is potential demand of around 330 MMSCFD for the needs of power plants managed by PT PLN (Persero) and power plants managed by private companies (independent power producers/IPPs) as well as gas supplies for the city gas network.

"To meet the large gas market needs in South Sumatra and extend the production period (plateau), we are developing oil and gas fields in an integrated manner around the Paku Gajah area by carrying out exploration drilling and PGDP development," he said.

PGDP, which is located in two districts, namely Muara Enim and Ogan Komering Ulu, is managed by PT Pertamina EP Asset II, an operational unit of Pertamina EP. Gas produced from SPG Paku Gajah and SPG Kuang is distributed to PGN consumers and other gas consumers in South Sumatra .

PGDP uses complete production facilities starting from producing natural gas from exploration wells and from PGDP development wells which have been drilled since 2010.

"Several development well drilling has been carried out since 2010 through the put on production (POP) stage and in 2013 continued with development drilling through the plan of development (POD) stage which was approved by SKK Migas in January 2013," said Nanang.

Realized PGDP production is 52.4 MMSCFD (year to date) and condensate is 861 barrels per day (BCPD). Meanwhile, the target in the 2017 RKAP is 45.10 MMSCFD and condensate 806 BCPD.

"We would like to thank all stakeholders such as SKK Migas, South Sumatra Provincial Government, Muara Enim Regency Government and Ogan Komering Ulu Regency Government and work partners who have supported the implementation of this project so that PGPD can be achieved according to targets following the HSSE aspects (health, safety, security, environment)," said Nanang.

[FACT-MASTER]

INDO: PT Pertamina EP/INDO Partnership

https://www.sec.gov/Archives/edgar/data/1757840/000149315223034617/ex10-1.htm

Pertamina EP profile:

https://www.linkedin.com/company/pertamina-ep

About us
PT Pertamina EP (PEP) is engaged in managing the upstream oil and gas production through a more manageable exploration and exploitation activities. Adding to that, PEP has been undertaking other supporting businesses, which have been intended to back up the main business directly or indirectly.

Presently, Pertamina EP production level for oil is around 100,000 throusand barrel oil per day (BOPD) and around 1,016 million standard cubic feet per day (MMSCFD) for gas.

Pertamina EP Working Areas of 113.613,90 km2 were once largely PT Pertamina (Persero)’s Oil and Gas Mining Authority Zone. The working areas are managed through own operation and partnership cooperation.

Pertamina EP Working Areas consist of five assets. The operation of those assets comprise 21 Field Areas, namely Rantau, Pangkalan Susu, Lirik, Jambi and Ramba in Asset 1, Prabumulih, Adera, Limau and Pendopo in Asset 2, Tanjung, Subang and Jatibarang in Asset 3, Cepu, Poleng, Donggi Matindok and Papua in Asset 4 as well as Sangatta, Sangasanga, Bunyu, Tarakan and Tanjung in Asset 5.

Beside the management of working areas as stated earlier, other business pattern is management through projects, such as Pondok Makmur Development Project in West Java, Paku Gajah Development Project in South Sumatera, Jawa Gas Development Project in Central Java, and Matindok Gas Development Project in Central Sulawesi.

Website

https://pep.pertamina.com/Default

[FACT-MASTER]

INDO: Outstanding Shares

Balance as of January 1, 2023 10,142,694

Balance as of June 30, 2023 10,142,694

https://www.sec.gov/ix?doc=/Archives/edgar/data/0001757840/000149315223034617/ex99-1.htm

[FACT-MASTER]

INDO: " The K-28 well was spudded on June 22, 2022 and full production are expected to begin in last quarter of 2023 after hydraulic fracturing."

https://www.sec.gov/Archives/edgar/data/1757840/000149315223034617/ex99-2.htm

I'm looking forward to an update from management on the above along with production numbers from K-28.

[FACT-MASTER]

INDO: Sept.12/23 H.C. Wainwright Presentation:

https://ir.indo-energy.com/wp-content/uploads/2022/09/INDONESIA_ENERGY_Investor_Presentation_September_8-2022.pdf

[FACT-MASTER]

INDO: Indonesia Energy to Present at H.C. Wainwright 25th Annual Global Investment Conference On Tuesday, September 12, 2023

https://finance.yahoo.com/news/indonesia-energy-present-h-c-120000249.html

Recent News:

https://finance.yahoo.com/news/indonesia-energy-announces-five-extension-131100051.html

[FACT-MASTER]

OIL & GAS INDONESIA 2023 - Sept. 13-16/23

https://www.pamerindo.com/events/oil-and-gas-indonesia/

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Pertamina and Petronas buying Shell's 35% stake in the Masela Gas field

https://asia.nikkei.com/Business/Markets/Commodities/Asian-majors-Pertamina-Petronas-to-pay-650m-for-Shell-gas-stake

https://www.reuters.com/markets/deals/pertamina-petronas-sign-deal-with-shell-indonesias-masela-gas-block-stake-2023-07-25/

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Indonesia Petroleum Association 47th Conference and Exhibition July 25-27/23

https://convex.ipa.or.id

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INDO: PHE IPO planned for August/September

https://www.reuters.com/markets/deals/indonesia-launch-much-awaited-ipos-palmco-phe-coming-months-2023-07-14/

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Bisnis.com, JAKARTA -- The initial public offering or IPO of Pertamina's subsidiary, PT Pertamina Hulu Energi (PHE), is predicted to gain massive funding and become one of the largest IPOs. However, it turns out that it will not have a big impact on the JCI. As previously reported by Bisnis, SOE Deputy Minister I Pahala Nugraha Mansury said, for the implementation of the PHE IPO, it was still in process with the Financial Services Authority, including confirming the first and second registration documents, and waiting for the next registration. In this case, the Ministry of SOEs also admits that they still need to discuss with the OJK and the Indonesia Stock Exchange (IDX) regarding the potential for releasing PHE shares to the public below 7.5 percent. This is because the market capitalization of Pertamina's subsidiary is quite large, with an estimate of US$17-20 billion. "Especially because there is a current limit for a public company to be 7.5 percent. So later we will talk to the IDX and the OJK about this rule, maybe not, if for example it's not 7.5 percent," Pahala explained. In addition, BUMN has partnered with 5 foreign and local joint lead underwriters, namely Citibank, J.P Morgan, Credit Suisse, Mandiri Sekuritas, and BRI Danareksa as the main adviser for the IPO. Previously, Pahala also said that PHE was said to be releasing a 5 to 10 percent portion of shares to the public in an initial public offering on the IDX which was targeted to be completed by the end of the first half of 2023. Also Read Palmco IPO Targeted End of This Year, Progress Still Waiting for Subsidiary Merger IPO Activities Indonesia is Most Bustling, Securities Business Takes Part in Pertamina Hulu's IPO Opportunity Still Under Review by OJK, When Will It Take Off? The planned share of shares to be offered to the public is lower than the portion of shares that was conveyed by PHE President Director Wiko Migantoro during a hearing with Commission VII DPR RI on April 10 2023 with a target of releasing up to 15 percent of its shares in an initial public offering to the public. With a large market capitalization, PHE's IPO plan is also predicted to be the biggest capital market event with an estimated fundraising of up to IDR 30 trillion. This fundraising will beat the largest IPO currently held by PT Bukalapak.com Tbk. (BUKA) which raised IDR 21.9 trillion in funds. Panin Asset Management Director Rudiyanto in his analysis revealed that PHE's weight on the Jakarta Composite Index (IHSG) would not be large. "Even though PHE's IPO is large, if the free float is only 10 percent, the weight on the JCI will also be small. It's different from GOTO, where the portion of public shares can reach more than 60 percent," he told Bisnis, quoted on Wednesday (5/7/2023). In addition "If PHE ends up going IPO before the political year, according to Rudiyanto, it will not have much effect on both the company's performance and the capital market's performance. "Political year or not, there should be no business, if IPO just returns to valuation. If it is too expensive, the upside potential is limited. But if the price is too cheap, it can be canceled because the issuer doesn't want it," he explained. Chief Executive of the Capital Market Supervision of the Financial Services Authority Inarno Djajadi also reported that so far PHE's IPO has not been included in the list of companies lining up for an IPO in semester II/2023. However, it is hoped that it will still be able to enter the stock exchange floor this year."So at this time we also cannot provide details for the PHE IPO because it is still in the review process at us and it is not yet pre-effective, just wait, hopefully it will enter this year," he said in a presentation of the results OJK Board of Commissioners Meeting, Tuesday (4/7/2023) Check other news and articles on Google News Check out other news on the topic of this article, here: ipo pertamina geothermal energy BUMN OJK bei Editor : Pandu Gumilar

This article has been published on Bisnis.com with the title "Targeting Jumbo Fund Raises, How Does PHE's IPO Affect the JCI?" achievement-jumbo-funds-how-influence-ipo-phe-to-ihsg.
Author: Mutiara Nabila
Editor : Pandu Gumilar

https://market.bisnis.com/read/20230705/7/1672016/targetkan-raihan-dana-jumbo-bagaimana-pengaruh-ipo-phe-ke-ihsg

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Article of Interest - PHE

https://www.idnfinancials.com/news/46224/pertamina-hulu-energi-prepares-debut-channeling-proceeds-oil-gas-field

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Interesting IPO to watch for in Indonesia (PHE)

https://fraksi.pks.id/2023/05/11/kritisi-ipo-pertamina-hulu-energi-aleg-pks-jangan-sampai-hilangkan-kendali-negara/

in English:

Jakarta (11/05) — Member of Commission VI DPR RI from the PKS faction, Amin Ak criticized the planned initial public offering (IPO) of Pertamina Hulu Energi (PHE) which will be held in June 2023.

PT Pertamina's subholding, said Amin, targets to raise funds of at least Rp 20 trillion or the equivalent of US$ 1.36 billion.

According to Amin, PHE's IPO must be able to guarantee that the control of the state or company that has a strategic role and value for the nation's energy security will not be lost or reduced.

According to Amin, the release of PHE share ownership to the private sector, especially foreigners, is feared to affect the main and strategic control by the state over PHE which will ultimately have an impact on fulfilling people's interests in the energy sector.

PHE, continued Amin, is currently a subsidiary of Pertamina which is responsible for managing and managing upstream assets (exploration to production), with oil and gas production of around 50% of national oil and gas production.

So, continued Amin, its existence is very important for the fulfillment of the livelihood of many people in the energy sector. PHE is also important and strategic for efforts to build national energy security.
PHE is also a subsidiary of Pertamina which has been carrying out public service obligations borne by the government, such as the provision of subsidized fuel oil and LPG to remote parts of the Republic of Indonesia.

"With this strategic position for the fulfillment of energy for the people, the state must be the main controller for all PHE policies and business orientations," said Amin.

The PKS politician is also worried that the loss or reduction of state control over PHE will have an impact on energy tariff policies. Removing subsidies or increasing energy tariffs will add to the people's burden and can create new poverty groups due to the multiplier effect arising from the increase in energy tariffs.

“This also contradicts the 1945 Constitution, specifically Article 33 paragraph 3; "Earth, water and natural wealth contained therein are controlled by the state and used for the greatest prosperity of the people," said Amin.

On the other hand, said Amin, the IPO plan by offering 10% to 15% shares is estimated to be insufficient to cover Rp 70 trillion in debt and sufficient capital expenditure of around US$ 4 billion to US$ 6 billion or the equivalent of Rp. 60 trillion to Rp. 90 trillion. per year. Losses of Rp.70 trillion suffered by PHE should be thoroughly evaluated, because they may have been caused by problematic business governance.

"Meanwhile, regarding PHE's efforts to increase business scale both in exploring new sources of oil and gas, developing oil and gas exploitation, and oil and gas processing technology can be carried out through cooperation in terms of expertise and technology with domestic and foreign private parties it is still possible as long as the main control and strategic on the part of the Indonesian government," he concluded.

[Invest-in-America]

INDO: To dah MOON!!

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Drill Stem Test

https://ih.advfn.com/stock-market/AMEX/indonesia-energy-INDO/stock-news/89771489/indonesia-energy-announces-production-updates-on-k

"For Kruh 28, IEC plans to conduct a drill stem test in the new oil and gas bearing sand at a depth of 1,000 feet depth in January 2023. During drilling of Kruh 28, more than 28% hydrocarbon gas was recorded with composition up to C5 (an indication of the presence of liquid hydrocarbons), suggesting a potential new oil and gas bearing formation. Production from the Kruh 28 well is expected in the first quarter of 2023. As previously announced, IEC unexpectedly found evidence of a potential natural gas bearing reservoir between the 976 and 1,006 feet interval with 30 feet net thickness. This initial evidence was supported by both wireline logging and geologic logging data, and subsequent gas flaring."


Very informative articles and videos on Drill Stem Test (DST)

https://production-technology.org/drill-stem-test-dst-data-attainable/

https://en.wikipedia.org/wiki/Drill_stem_test

INDO mgmt, imo, is employing tactical and strategic methods for oil reservoir analysis, DST coupled with seismic should provide a good base of information. Not sure exactly on how this will effect 2P (and 3P) calculations.

[FACT-MASTER]

Annual Meeting voting results:

https://fintel.io/doc/sec-indonesia-energy-corp-ltd-1757840-6k-2022-december-28-19354-6847

Interesting and talented Board of Directors here at INDO. My votes were for all.

[FACT-MASTER]

https://ca.finance.yahoo.com/news/indonesia-energy-announces-production-updates-214600995.html

[FACT-MASTER]

Base stock price, imo should be in the double digits ( $10 min.)

Considering what we have here:

Kruh Block - 63,753 acres - ongoing seismic work - possible upgrade in 2P resources.
Production - not sure, maybe 500 BOPD

Citarum Block - 969,807 acres - potential billion barrel equivalent oil field - natural gas.

Rangkas - potential additional 981,008 acres adjacent to Citarum.

https://ir.indo-energy.com/wp-content/uploads/2022/06/INDONESIA_ENERGY_Investor_Presentation_June_8-2022.pdf

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Presentation next Wednesday October 26/22 in Los Angeles:

https://ih.advfn.com/stock-market/AMEX/indonesia-energy-INDO/stock-news/89352071/indonesia-energy-to-present-at-ld-micro-xv-annual

[FACT-MASTER]

Kruh 28 also has a potentially significant new gas reservoir

Two potential additional new oil formations also discovered at Kruh Block

Additional new seismic operations seek to maximize returns from the Kruh Block drilling program

JAKARTA, INDONESIA AND DANVILLE, CA, Oct. 20, 2022 (GLOBE NEWSWIRE) -- Indonesia Energy Corporation (NYSE American: INDO) ("IEC"), an oil and gas exploration and production company focused on Indonesia, today announced that it has discovered oil in its “Kruh 28” well. Kruh 28 is the second of two back-to-back wells being drilled by IEC during 2022 at its 63,000-acre Kruh Block.

The Kruh 28 well reached the final total depth at 3,475 feet depth on September 16, 2022. Approximately 135 feet of oil sands were encountered at Kruh 28 between the depths of 3,165 and 3,300 feet. This oil-bearing interval (meaning the top of the oil zone to the bottom of the oil zone) in the Kruh 28 well was 6 feet thicker and therefore larger than anticipated, meaning that the total reserve potential for Kruh 28 could be larger than anticipated. Based on these drilling results and testing, IEC expects production could begin at Kruh 28 by the end of November 2022.

In addition, as previously announced, IEC unexpectedly found evidence of a potential natural gas bearing reservoir between the 976 and 1,006 feet interval with 30 feet net thickness. This initial evidence was supported by both wireline logging and geologic logging data, and subsequent gas flaring.

Moreover, in an effort to maximize the potential of Kruh Block after several encouraging new oil discoveries made by IEC during 2021 and 2022, after production begins at Kruh 27 and Kruh 28, but before continuing with additional production drilling operations, IEC is planning to conduct significant new seismic operations across the entire Kruh Block. IEC believes that this new work, together with what has been learned from recent oil and gas discoveries, will greatly assist IEC in ascertaining the best locations to re-start a continuous drilling campaign at Kruh Block that will look to develop not only the one formation currently being targeted, but to look to develop what appears to be at least two potential additional oil formations that could contain significant commercial quantites of oil and natural gas. Completion and full interpretation of this seismic operations will take approximately 12 months, after which IEC plans to re-start its continuous drilling campaign at Kruh Block. IEC still plans on drilling a total of 18 new wells at Kruh Block, four of which have already been completed, but now by the end of 2025 rather than 2024 as previously announced. This change in the Kruh Block drilling program was previously disclosed in IEC’s mid-year Form 6-K report filed with the SEC on September 29, 2022.

IEC can conduct this new, potential maximizing seismic work based on its fundraising efforts during 2022, where the Company has raised approximately $12 million (net of fees and expenses) from investors.

As previously disclosed, wells drilled that average production of 100 barrels of oil per day over the first year of production and based on the terms of IEC’s contract with the Indonesian government and an oil price of $80.00/barrel (which is approximately 15% below yesterday’s closing price for Brent crude), each well is expected to generate $2.1 million in net revenue in its first twelve months, which is more than enough to recover the cost of drilling the well in only the first year of production.

The Kruh Block is located on Sumatra Island, where IEC is already producing oil from 5 existing wells.

Mr. Frank Ingriselli, IEC's President, commented "The Kruh 28 well continues our string of successful discovery wells and is another a significant achievement for our company. Our results at Kruh 28 reinforce our belief that Kruh Block is a world class asset and, in order to maximize shareholder returns, we are planning on conducting significant seismic operations across the entire Kruh Block so that based on what we have learned from our recent discoveries, including our gas discovery, we can determine the best locations to re-start our continuous drilling campaign. Additionally, we will also be moving forward during 2023 with developmental activities at our potential billion-barrel equivalent natural gas 1,000,000-acre Citarum Block, where the previous operator drilled a few gas discoveries. In short, we’ve never been more excited about IEC’s potential, and we look forward to continuing our efforts as we seek to drive shareholder value."

https://ca.finance.yahoo.com/news/indonesia-energy-discovers-oil-kruh-123000127.html