Indonesia Energy Corp Ltd (INDO)

[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.