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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.
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)
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.
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
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
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
Positive announcement from OPEC,imo:
https://www.nytimes.com/2022/10/05/business/opec-russia-oil-output.html
Was that this morning?
I wasn't paying attention to the stock market this morning but i notice on today's chart it jumped up to over $9 at the open.
That likely triggered a 15 minute INDO "circuit breaker" halt as the price rose 7-13%
That happens at times and in this case, nothing to worry about - positive day here with INDO.
Why the halt??
Could be as early as this week:
https://www.nytimes.com/2022/10/02/business/opec-plus-production-cut.html
https://www.sec.gov/Archives/edgar/data/1757840/000149315222027161/ex99-1.htm
"Subsequent to June 30, 2022, the Company modified its drilling plan for Kruh Block. The Company’s most recently announced plan was to drill a total of 18 wells at Kruh Block (including those already drilled during 2021 and to date in 2022) through the end of 2024. These new wells are in addition to the pre-existing producing wells at Kruh Block. The Company completed the drilling of 2 wells at Kruh Block in 2021 and 2 wells in 2022. Starting in the fourth quarter of 2022, the Company plans to commence a new seismic program at Kruh Block, which includes data acquisition, processing and interpretation. The total program is expected to take approximately 10 to 12 months. The result of this seismic program is expected to help the Company estimate the size and potential of new oil and gas reservoirs recently discovered and upgrade some of its unproved reserves to the proved reserves category for Kruh Block. The Company plans to resume drilling at Kruh Block after the seismic program is completed. With this new schedule, the Company anticipates that its current Kruh Block drilling program (consisting of an additional 14 new wells) would be complete by the end of 2025 rather than the end of 2024."
VOLUME ALERT!!
Any idea what's going on?
June 28/22 INDO Power Point Presentation for review.
https://ir.indo-energy.com/wp-content/uploads/2022/06/INDONESIA_ENERGY_Investor_Presentation_June_8-2022.pdf
Always a good review and thank you Putzi for originally posting the link.
Uptick in volume the past few days.
AH looking good today as well.
Just passed the 2 month time frame since the news on the natural gas discovery at Kruh 28:
https://ih.advfn.com/stock-market/AMEX/indonesia-energy-INDO/stock-news/88573385/indonesia-energy-discovers-potential-natural-gas-r
Highly likely that additional well(s) besides Kruh 28, is needed to confirm natural gas discovery, imo. Additional seismic, imo, may also be beneficial.
Dependence on Oil and natural gas will be partially replaced by hydrogen powered hubs in the United States, led by Advent, but this stock is still a great stock after gap fill imo, although traditionally stocks fall below the gap fill to make the purpose of the drop (fixing the chart) seem less obvious
4.58 gap fill close when the 100 SMA crosses below the 200 SMA on the six month chart, watch lower bollinger band for a close below it, when the 200 SMA angles lower then it is an opportunity imo
Agree 100% - diamond opportunity here with excellent management.
Good reference for review. Thank you
--> Super low free float - around 3-4M.
--> Most of the float (+50%) belongs to MADERIC HOLDINGS, they will keep it unless share spikes as crazy
--> oil prices spiking.. INDO's cost per barrel less than 30$ -- imagine if oil hikes 150$
I don't think we find such diamond opportunities everyday
https://ir.indo-energy.com/wp-content/uploads/2022/06/INDONESIA_ENERGY_Investor_Presentation_June_8-2022.pdf
Your welcome friend,
imo, there could be a fundamental angle in play here with INDO and the discovery at Kruh 28/area. Today's stock activity including AH points to, a possibility at least, of more positive news.
Besides Kruh though, Citarum (1,000,000 acres) and Rangkas are also major INDO assets for development.
INTERESTING INFO THX
Message in reply to:
Update COP Indonesia:
COP sold their Indonesian assets this past March, therefore they are an unlikely suitor, imo, to buyout /joint venture with INDO.
https://www.offshore-energy.biz/conocophillips-exits-indonesia-assets-to-focus-on-low-cost-supply-options/
The company that bought the COP Indonesian assets was MedcoEnergi.
https://www.medcoenergi.com/en/home/index
Looks like they are active in production in the South Sumatra area.
Depending on the discovery size (Kruh 28 area) there could be various majors interested, including the above. - speculating.
Update COP Indonesia:
COP sold their Indonesian assets this past March, therefore they are an unlikely suitor, imo, to buyout /joint venture with INDO.
https://www.offshore-energy.biz/conocophillips-exits-indonesia-assets-to-focus-on-low-cost-supply-options/
The company that bought the COP Indonesian assets was MedcoEnergi.
https://www.medcoenergi.com/en/home/index
Looks like they are active in production in the South Sumatra area.
Depending on the discovery size (Kruh 28 area) there could be various majors interested, including the above. - speculating.
#INDO?? With OIL price rising can you make 2-3x profit? today 45% up! Price targets #HUSA
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until ve meet agin for the next play :0
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Should of could have rode houses money..lol ….Happy for you! Make some loot..
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$11 now chee chee cheeee
Thanks bought $8s yesterday sold high $9s this morning Good luck to those holding for the bigger run.
$9.50 chee chee cheee, black gold!!!
$9 chee chee cheee follow the $$$$$, here since $7
INDO @ 8.76 > NAT GAS > recent news > while drilling the Kruh 28 well on IEC’s Kruh block, IEC unexpectedly found evidence of a potential natural gas bearing reservoir between 976 and 1,006 feet interval with 25 feet net thickness. This initial evidence was supported by both wireline logging and geologic logging data.
Rookin Good~!
Nice activity here this week.
Hopefully we get a business update soon.
In 2019 Repsol claimed to discover 2T cubic feet of gas at their Kali Berau Dalam-2 (KBD-2) well.
This was recently reduced by approx. 75% to 500 billion cubic feet due to further appraisal work - KBD-3X appraisal well.
Read more on this topic here:
https://www.upstreamonline.com/field-development/indonesian-giant-gas-project-and-ccs-scheme-hang-in-the-balance/2-1-1247606
I'm sure that this sequence of information release by Repsol, is not the scenario that INDO mgmt. want, with their recent discovery at Kruh 28.
Therefore, imo, considerable further appraisal work will have to be done by INDO before we get substantive updates on exactly what has/is being discovered at Kruh 28.
There is no doubt, imo, that the recent capital raise was, largely for further and expedited appraisal work in the Kruh 28 area.
Kruh 27
"Approximately 132 feet of oil sands were encountered at Kruh 27 between the depths of 3,058 and 3,190 feet."
Kruh 28
"today announced that while drilling the Kruh 28 well on IEC’s Kruh block, IEC unexpectedly found evidence of a potential natural gas bearing reservoir between 976 and 1,006 feet interval with 25 feet net thickness."
Speculating - Kruh 28 may contain a wet natural gas cap on top of a larger and longer oil bearing reservoir. Production could possibly be well over the expected 100 BOPD.
Could be separate from Kruh 27 or could be adjoining to Kruh 27.
With INDO mgmt. expecting to encounter oil at lower levels it is likely the natural gas discovery is considered "wet gas"
Natural gas discovery may be significant and could add some value to Kruh 28, however it may also be insignificant.
All, imo.
Possible explanation:
https://www.britannica.com/science/natural-gas
Natural gas is often found dissolved in oil at the high pressures existing in a reservoir, and it can be present as a gas cap above the oil. In many instances it is the pressure of natural gas exerted upon the subterranean oil reservoir that provides the drive to force oil up to the surface. Such natural gas is known as associated gas; it is often considered to be the gaseous phase of the crude oil and usually contains some light liquids such as propane and butane. For this reason, associated gas is sometimes called “wet gas.” There are also reservoirs that contain gas and no oil. This gas is termed nonassociated gas. Nonassociated gas, coming from reservoirs that are not connected with any known source of liquid petroleum, is “dry gas.”
Speculating - Kruh 28 could possibly have a much thicker oil column/reservoir than expected. Could be a separate oil reservoir all together or could be adjoining to Kruh 27.
Looking forward to more detail on Kruh 28 in the next press release.
Thank you
Kruh 28
https://ih.advfn.com/stock-market/AMEX/indonesia-energy-INDO/stock-news/88573385/indonesia-energy-discovers-potential-natural-gas-r
Indonesia Energy Corporation Limited (NYSE American: INDO) (IEC), an oil and gas exploration and production company focused on Indonesia, today announced that while drilling the Kruh 28 well on IEC’s Kruh block, IEC unexpectedly found evidence of a potential natural gas bearing reservoir between 976 and 1,006 feet interval with 25 feet net thickness. This initial evidence was supported by both wireline logging and geologic logging data.
This gas zone was not encountered in previous oil wells where IEC announced only oil discoveries. As previously announced, IEC commenced drilling for oil at Kruh 28 on June 22, 2022. If this zone turns out to be a natural gas discovery, it could add significant value to the expected oil discoveries anticipated at Kruh 28. IEC is continuing to drill the well towards the expected oil zone at 2,836 to 2,964 feet (subsea TVD depth) and expects to report final results when the well is anticipated to be completed in the coming weeks.
Review Kruh 27
https://ih.advfn.com/stock-market/AMEX/indonesia-energy-INDO/stock-news/88076218/indonesia-energy-discovers-oil-at-kruh-27-the-fir
The Kruh 27 well was spudded on April 7, 2022. On May 9, 2022, the drilling reached the final total depth at 3,359 feet depth. It took only 32 days to drill to total depth, less than the 45 days previously budgeted. Approximately 132 feet of oil sands were encountered at Kruh 27 between the depths of 3,058 and 3,190 feet. This oil-bearing interval (meaning the top of the oil zone to the bottom of the oil zone) in the Kruh 27 well was 14 feet thicker and therefore larger than anticipated, meaning that the total reserve potential for Kruh 27 could be larger than anticipated. Based on these drilling results, IEC expects production to begin at Kruh 27 by the end of May 2022.
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COMPANY DESCRIPTION
REPORT-2022
http://stonegateinc.com/reports/INDO%20Feb2022.pdf
Indonesia Energy Corporation Limited (IEC), through its subsidiaries, operates as an oil and gas exploration and production company in Indonesia. It holds 100% interests in the Kruh Block, a producing block covering an area of 63,753 acres with net crude oil proved reserves of 1.98 million barrels located to the northwest of Pendopo, Pali, South Sumatra. The Company's. Citarum Block is an exploration block covering an area of 969,807 acres located onshore in West Java. The company was incorporated in 2018 and is headquartered in Jakarta, Indonesia and has a representative office in Danville, CA.
Stable cash flow generating property - The Company's Kruh Block is an onshore, producing block covering an area of 63,753 acres with net crude oil proved reserves of 1.98 million barrels. The block produced an average of 200 BOPD in 2020 with average production costs of $21.34 per barrel of oil.
Drilling program points to further growth - IEC's short-to-medium term objectives for the Kruh Block entails (1) optimizing the block's upside potential to increase reserve value, (2) increase production within the next 4 years with 18 new wells, and (3) generate free cash flow and increase IEC's value. To this end, IEC launched a reserve development plan that will see it drill 3 new wells in 2021 followed by 3 wells in 2022, 6 wells in 2023 and 3 wells in 2024. Each well is expected to cost ~ $1.5M and once all 18 wells are completed, IEC is targeting $264M in future net revenue.
ibox DD
credit MoneyMade
VIDEO
https://vimeo.com/405613079/3027b9f87d
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