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:
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.