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) -- IndonesiaEnergy 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.
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.
All statements in this press release, the conference presentation referred to herein and related statements of of Indonesia Energy Corporation Limited (“IEC”) and its representatives and partners that are not based on historical fact are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Acts”). In particular, when used in the preceding discussion, the words "estimates," "believes," "hopes," "expects," "intends," “on-track”, "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Acts and are subject to the safe harbor created by the Acts. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. While management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of the IEC's control, that could cause actual results (including, without limitation, the anticipated benefits of the amended Kruh Block contract as well as the results of IEC’s exploration, drilling and production activities and the impact of such contract and activities on IEC’s results of operations) to materially and adversely differ from such statements. Such risks, uncertainties, and other factors include, but are not necessarily limited to, those set forth in the Risk Factors section of the Company’s annual report on Form 20-F for the fiscal year ended December 31, 2022, filed on May 1, 2023 and other SEC filings, with the Securities and Exchange Commission (SEC). Copies are of such documents are available on the SEC's website, www.sec.gov. IEC undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Company Contact:
Frank C. Ingriselli President, Indonesia Energy Corporation Limited [email protected]