Indonesia Energy Corp Ltd (INDO)

[FACT-MASTER]

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.