Indonesia Energy Corp Ltd (INDO)

[FACT-MASTER]

INDO: CEO's vested stock accelerated

https://www.sec.gov/Archives/edgar/data/1757840/000149315224042536/ex99-1.htm

NOTE 10 – SHARE BASED COMPENSATION EXPENSES

On January 30, 2024, the Company issued 60,000 of the Company’s restricted ordinary shares to Frank Ingriselli, the Company’s President, pursuant to his employment agreement with the Company, with 30,000 shares vesting on July 1, 2024 and 30,000 shares vesting on January 1, 2025. Such ordinary shares were valued at $2.70 per share, which was based on the closing price of the shares traded on the NYSE American exchange on January 30, 2024.

NOTE 14 – SUBSEQUENT EVENTS

The Company evaluated all events that occurred up to October 24, 2024 and determined that no events that would have required adjustment or disclosure in the condensed consolidated financial statements except the following.

On August 22, 2024, 60,000 restricted ordinary shares that were issued to Frank Ingriselli, the Company’s President, as compensation became unrestricted.

As of the date of these interim condensed financial statements, a total of 2,981,253 ordinary shares have been issued through ATM and the Company has received aggregate net proceeds of $7,794,843 from January to September 2024 through issuance of ordinary shares through the ATM offering. A significant majority of these ordinary shares were issued subsequent to June 30, 2024. As such, as of October 24, 2024, the Company has approximately $5.61 million in cash and cash equivalents.

(more going on with INDO then war, imo.)

[Bountiful_Harvest]

middle east tensions fade and Oil futures getting crushed

[FACT-MASTER]

Five things to know about Israel’s attack on Iran

https://apnews.com/article/iran-attack-israel-strikes-mideast-war-tehran-35a2b1474e5feedbb200c3aaa557fe60

[FACT-MASTER]

What we know about Israel’s attack on Iran

https://www.bbc.com/news/articles/cgr0yvrx4qpo

[FACT-MASTER]

Iran says it has right to defend itself after Israeli strike kills two soldiers

https://www.bbc.com/news/live/cn4v67j88e0t

[FACT-MASTER]

Israel attacks Iran military targets, Tehran says damage 'limited'

https://www.reuters.com/world/middle-east/explosions-heard-iran-syria-middle-east-braces-israeli-retaliation-2024-10-25/

[Bountiful_Harvest]

Israel attacked Iran but claims they will leave oil and nuclear infrastructure alone. Could still see a spike in oil and silver...

[FACT-MASTER]

AH on FIRE!

Traded almost as much ah as during regular trading hours today

AH Volume 974,528
Nasdaq showing $6.27 ah close!

[tw0122]

Watch for a pullback

[FACT-MASTER]

INDO: Article of interest - Chevron to Sell Key Assets Worth $6.5 Billion to Canadian Natural
( Nice move by Chevron, imo, nice cash reserve to invest in a more business motivated country like Indonesia - INDO/Citarum block = natural gas)

Chevron Corporation CVX, a global leader in the energy sector, is taking significant steps to optimize its asset portfolio. Recently, its subsidiary, Chevron Canada Limited, announced a definitive agreement to divest critical assets to Canadian Natural Resources Limited CNQ, an oil and gas exploration and production company of Canada. This transaction, valued at $6.5 billion, marks a pivotal moment in CVX's strategy to streamline the company’s operations and focus on high-potential areas within its global portfolio.

Overview of the Transaction
Under this agreement, CVX’s subsidiary will sell its 20% non-operated interest in the Athabasca Oil Sands Project and 70% operated interest in the Duvernay shale, along with other related interests situated in Alberta, Canada. This sale aligns with CVX’s goal to divest between $10 billion and $15 billion in assets by 2028, aiming to enhance its operational efficiency and financial health.

Details of the Asset Sale
Assets being sold have been significant contributors to CVX's production. In 2023, these generated approximately 84 thousand barrels of oil equivalent per day net of royalties. This impressive output highlights the value of these assets not only for CVX but also for CNQ, which will inherit the operational complexities and potential of these projects.

Effective Date and Closing Timeline
The effective date for this transaction was set for Sept. 1, 2024. The agreement is anticipated to close during the fourth quarter of 2024, contingent upon regulatory approvals and other customary closing conditions. This timeline reflects CVX's commitment to a smooth transition, ensuring that all regulatory requirements are met efficiently.

CVX’s Strategic Divestment Goals
California-based integrated oil and gas company’s decision to divest assets in Canada is part of a broader strategic initiative aimed at reshaping its global portfolio. The company is focused on maximizing returns from its existing assets while strategically exiting lower-performing segments. By shedding non-core assets, CVX can concentrate on its most profitable operations and invest in innovative technologies and sustainable practices.

Market Implications
This move not only highlights CVX's proactive approach to asset management but also signals potential shifts in the energy landscape of North America. This acquisition allows CNQ to bolster its presence in Alberta’s rich oil sands and shale formations, positioning it for growth in a market that remains pivotal to global energy needs.

A Strategic Acquirer for CNQ
CNQ is well-positioned to integrate these assets into its operations. With a robust portfolio and experience in managing similar assets, CNQ stands to benefit significantly from this acquisition. The addition of CVX's interests will enhance CNQ's production capabilities and market competitiveness.

Impacts on Production and Revenues
For CNQ, acquiring Chevron's interests will contribute not just to immediate production levels but also to long-term revenue streams. The projected production increase from the acquired assets represents a crucial step toward achieving CNQ's growth targets and sustaining its status as one of Canada’s leading oil and gas producers.

Sustainability Considerations in Asset Management
In the context of increasing global emphasis on sustainability, CVX’s divestment strategy also reflects a growing trend among major oil companies to reassess its environmental impact. By optimizing the company’s asset base and focusing on sustainable energy solutions, Chevron is aligning itself with market demands and regulatory pressures aimed at reducing carbon footprints.

Investments in Clean Energy
As part of its broader strategy, Chevron has committed to investing in renewable energy sources and technologies. The divestment from conventional oil and gas assets allows the company to reallocate capital toward these initiatives, fostering a more sustainable energy future.

A Strategic Path Forward for Chevron
Overall, the divestiture of CVX’s interests in the Athabasca Oil Sands Project and the Duvernay shale highlights a significant transition in its strategic focus. As CVX seeks to optimize its global energy portfolio, this transaction serves as a clear indicator of the company’s commitment to adapt to market dynamics while reinforcing its position within the energy sector. As CVX embarks on this new chapter, stakeholders will closely monitor the outcomes of this strategic decision, which may set a precedent for future transactions in the rapidly evolving energy landscape.

[Bountiful_Harvest]

Bought $3.55 and out at $5.55...don't want to get too greedy. Could potentially go over $10 but one never loses money by taking profits.

[tw0122]

Jump from 2.50s to 4.50s past few weeks nice one. More production coming online soon.

[Bountiful_Harvest]

[FACT-MASTER]

AH on fire!!!

https://www.nasdaq.com/market-activity/stocks/indo/after-hours

[FACT-MASTER]

INDO: Sizzzzzzling start to Oct/24

[FACT-MASTER]

INDO: September/24 Corporate presentation

https://ir.indo-energy.com/wp-content/uploads/2024/09/INDONESIA-ENERGY-presentation-Sep-4-2024-Final.pdf

[FACT-MASTER]

INDO: Indonesia Energy to Present at H.C. Wainwright 26th Annual Global Investment Conference

Indonesia Energy Corporation Limited
President Frank Ingriselli Will Present Update on Development and Drilling Plans

JAKARTA, INDONESIA AND DANVILLE, CA, Sept. 03, 2024 (GLOBE NEWSWIRE) -- Indonesia Energy Corporation (NYSE American: INDO) ("IEC"), an oil and gas exploration and production company focused on Indonesia, today announced its President, Frank Ingriselli, will be presenting at the H.C. Wainwright 26th Annual Global Investment Conference on Tuesday, September 10 at 3:30PM EST. The in-person venue for the event is the Lotte New York Palace Hotel in New York City. IEC will provide an update on its recently completed 3D seismic program and its anticipated continuous drilling program for its Kruh Block and also an update on planned development operations for its Citarum Block which has prospective oil-equivalent resources of over one billion barrels.

H.C. Wainwright 26th Annual Global Investment Conference

Date: Tuesday, September 10, 2024

Time: 3:30PM EST

Place: Lotte New York Palace Hotel, 455 Madison Avenue, New York, NY

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

Mr. Frank Ingriselli, IEC's President, commented "We look forward to returning to the H.C. Wainwright Conference so that we can discuss our recently completed 3D seismic operations along with our future operational and development plans for both the Kruh Block and the Citarum Block. We believe we have world class assets that should contribute to the Company’s 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 (650,000 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.

[Moonboy1]

I sold this morning at $4.07. I just didn't like the way it was trading. Got lucky

[Awl416]

Halt down

[Moonboy1]

This company must be diluting shares. No other reason for the price action today

[FACT-MASTER]

Sizzzzzllinng

[FACT-MASTER]

$3.67 at the close!!

Nice - hope to hear some details on the results of the Kruh Block seismic.

[FACT-MASTER]

INDO: Pre-market on FIRE!!

[FACT-MASTER]

INDO: Articles of interest

https://in.marketscreener.com/quote/stock/INDONESIA-ENERGY-CORPORAT-87994352/news/Indonesia-Energy-Corporation-Commences-New-3D-Seismic-Operations-at-its-Kruh-Block-and-Expects-to-Dr-47028912/

https://pdfs.semanticscholar.org/d7ee/e5ac261aaa1fd38001c552d2683b8863cd7f.pdf

https://www.researchgate.net/publication/357586323_Shale_Plays_Characterization_of_the_Talang_Akar_Formation_in_the_Jambi_Sub-Basin_South_Sumatra_Basin

[FACT-MASTER]

INDO: June 24/2024 Press Release:

https://finance.yahoo.com/news/indonesia-energy-commences-3d-seismic-113000670.html

Indonesia Energy Corporation Limited
Environmental permits granted at Citarum Block, where natural gas reserves could potentially exceed a billion barrels of oil equivalent

JAKARTA, INDONESIA AND DANVILLE, CA, June 24, 2024 (GLOBE NEWSWIRE) -- Indonesia Energy Corporation (NYSE American: INDO) ("IEC"), an oil and gas exploration and production company based in Indonesia, today provided an operational update and announced that new 3D seismic exploratory operations at its 63,000 acre Kruh Block have commenced. Importantly, IEC anticipates that the results of this seismic work will allow IEC to drill new production wells at Kruh Block the by the end of 2024.

Additionally, IEC announced that key environmental permits have been granted at IEC’s 650,000 acre Citarum Block where reserves could potentially exceed a billion barrels of oil equivalent. IEC’s receipt of these permits represents an important milestone for IEC as the permits will allow for meaningful exploratory work by IEC at Citarum for the first time.

As the operator of the Kruh block, IEC’s 3-D seismic program will cover the Kruh, North Kruh and West Kruh Fields. This 29 square km high-quality seismic program is strategically focused on existing proved reservoirs of the Talangakar and Lemat formations, as well as the very large and promising shallow oil/gas zones in the K-28 well discovered by IEC’s work in 2022.

The new, high quality three-dimensional seismic data will enable the identification of additional locations of proved undeveloped reserves and resources. This in turn will pave the way to prioritize the sequence of upcoming drilling locations as IEC recommences drilling operations at Kruh Block. Preparations for the new drilling operation are underway, with plans to drill the first well in the fourth quarter of 2024 after the evaluation of the new three-dimensional seismic data is completed.

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.

At Citarum Block, IEC’s receipt of government environmental permits to commence seismic operations which are planned for late this year or early next year, with plans to also commence drilling next year. As required by government regulations, IEC relinquished approximately 35% of its original Citarum acreage but has retained approximately 97% of the original prospective resources and now has approximately 650,000 acres on which drilling could take place. As previously reported, IEC’s estimates are that the Citarum Block has prospective oil-equivalent resources of over one (1) billion barrels of oil.

Mr. Frank Ingriselli, IEC's President, commented "We are very excited about the commencement of new seismic operations on our Kruh Block enhanced by the significant improvements in our economics from the 2023 contract extension with the Indonesian government. All of this bodes well for our company as we look to recommence drilling at Kruh Block in late 2024. We continue to believe that Kruh Block is a world class asset and, in order to maximize future production capability, the seismic operations planned across the entire Kruh Block should positively leverage what we have learned from our previous discoveries, including our 2022 gas discovery, and determine the best locations to re-start our continuous drilling campaign.”

“Additionally, we have now also moved forward with activities at our potential billion-barrel equivalent natural gas 650,000-acre Citarum Block, where the previous operator drilled several 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 positive shareholder value," concluded Mr. Ingriselli

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 (650,000 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]

Indonesia - open for business:

https://www.reuters.com/technology/apple-ceo-says-looking-into-possibility-building-manufacturing-facility-2024-04-17/

[FACT-MASTER]

INDO:Good level to close the week +$5

[FACT-MASTER]

Level II Ask looking thin - at the moment

[Invest-in-America]

INDO: Indeed!! (And, the ONLY thing Israel has EVER been "good for"!!! What a REPROBATE nation that is!! Where the JEWS themselves, ironically, have become Hitler & the Nazis --- hell bent on destroying an entire Arabic race of Humans!!!)

[tw0122]

Israel news good for this one also .. Israel strikes Iran with a missile, U.S. officials say, as Tehran downplays Netanyahu's apparent retaliation - CBS News
38 minutes ago - Iranians did report hearing the ... explosions were heard in Isfahan and elsewhere in the country, and U.S. officials said Israel had struck Iran with a missile, April 19, 2024....

[FACT-MASTER]

https://www.cnbcindonesia.com/market/20240112095133-17-505077/ipo-bumn-update-terbaru-dari-phe-pkt-dan-palmco

Jakarta, CNBC Indonesia - The Financial Services Authority (OJK) confirmed that there has been no submission of documents for the Initial Public Offering (IPO) of BUMN entities in early 2024.
Inarno Djajadi, Chief Executive of Capital Market, Derivative Financial and Carbon Exchange Supervision, said that the Minister of BUMN, Mr. Erick Thohir, had said that he wanted BUMN companies to carry out an IPO in 2024. However, until now no application documents had been received by the OJK.

"Until now, there has been no registration statement to the OJK regarding the BUMN IPO," said Inarno in a written answer to the OJK RDKB, quoted Friday, (12/1/2024).

Read: Ganjar: BUMN Can't Have Grandchildren!
However, he is optimistic that the Ministry of BUMN will continue to encourage state-owned companies to go public while monitoring developments in capital market conditions.

"We can say that the OJK will officially convey the names of prospective issuers when all documents are sufficient by granting publication permits," he said.

Previously, Special Staff to the Minister of BUMN, Arya Sinulingga, revealed that during Erick Thohir's leadership as Minister of BUMN, only two BUMN companies had carried out an initial public offering (IPO).

"There are only two (issuers) Mitratel and Pertamina Geothermal Energy. Because we want to IPO, the market conditions are not good, so why not?" he said.

They don't want future BUMN IPOs to end like Waskita. Arya revealed that one of the reasons for PT Waskita Karya (Persero) Tbk's finances. (WSKT) unhealthy is unpreparedness in carrying out corporate actions in the capital market, including initial public offering (IPO).

Read: OJK Boss Says About Potential Delisting of Waskita and WIKA
According to him, there were errors in the management of the use of funds from the IPO of the state-owned construction company.

In fact, the BUMN Ministry is predicted to carry out an IPO for PT Pertamina Hulu Energy (PHE), PT Pupuk Kalimantan Timur (PKT), and Palm Co in 2023. However, until now, there has been no latest news regarding this plan.

[FACT-MASTER]

INDO: Article of interest

https://www.yahoo.com/news/indonesia-calls-china-help-cool-044636349.html

[FACT-MASTER]

Willkommen,

Higher volatility here with INDO for sure.

imo, they have strategic holdings, particularly Citarum - 1 million acres in the backyard of Jakarta

Please share any info you come across with regards to INDO/Indonesia - information/news from Indonesia is often limited and difficult to find.

[PonkenPlonken]

last time it rallied on 2 big bars, it went to 80s shortly after

[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.

Most Read from Bloomberg

Erdogan Suffers Historic Loss in Turkey Municipal Elections

Trump’s Net Worth Drops $1 Billion as Social Media Firm Sinks

Tesla Has Wall Street Worried About How Many Cars It Just Sold

Caribbean Golden Passport Cost Soars to $200,000 on EU Crackdown

Gold Pares Gains From Record as US Factory Data Spurs Fed Debate

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,