President Frank Ingriselli will Provide Update on Two New Wells at Kruh Block, Where Pre-Drilling Operations Have Commenced JAKARTA, INDONESIA AND DANVILLE, CA, Jan. 26, 2026 (GLOBE NEWSWIRE) -- Indonesia Energy Corporation (NYSE American: INDO) ("IEC"), an oil and gas exploration and production company focused on Indonesia, today announced that IEC’s President Frank Ingriselli will be making a presentation on January 28, 2026 at the upcoming DealFlow Discovery Conference taking place in Atlantic City, New ...

Core Viewpoint - Indonesia Energy Corporation (IEC) is progressing with its drilling plans for two new wells in the Kruh Block, aiming to commence drilling by the end of Q1 2026, which is expected to enhance its operational capabilities and shareholder value [1][2][4]. Group 1: Drilling Operations - IEC has constructed drilling pads for the K-29 and WK-5 wells, with the K-29 well's pad completed and the WK-5 pad delivered [3]. - The necessary drilling equipment, including pipes, drill bits, and wellheads, has been delivered, and the drilling rig is currently under inspection [3]. - Approval for the procurement of critical drilling explosives has been obtained, and these explosives have been transported to a designated warehouse [3]. Group 2: Corporate Communication - Mr. Frank Ingriselli, President of IEC, expressed enthusiasm about the upcoming drilling operations and plans to visit the Kruh Block during the drilling phase [4]. - IEC will present updates on its drilling operations at the DealFlow Discovery Conference on January 28, 2026, in Atlantic City, New Jersey [4]. - Additional details regarding the conference presentation and an updated corporate presentation will be made available on the company's website prior to the event [4][5]. Group 3: Company Overview - Indonesia Energy Corporation Limited (NYSE American: INDO) focuses on acquiring and developing high-growth energy projects in Indonesia, with principal assets including the Kruh Block (64,000 acres) and the Citarum Block (195,000 acres) [5]. - The company is headquartered in Jakarta, Indonesia, and has a representative office in Danville, California [5].

Core Insights - Indonesia Energy Corporation (IEC) has signed a Memorandum of Understanding (MOU) with Aquila Energia e Participações Ltda. (AEP) to explore sustainable off-grid energy solutions in Brazil, particularly for data centers [1][2] - The MOU aims to develop two hybrid energy pilot projects that integrate solar power and natural gas, with an initial generation capacity of 10 MW and potential expansion up to 400 MW [1] - This collaboration is part of a broader strategy to leverage state funding and other capital sources for energy projects in Brazil, combining IEC's expertise in oil and gas with AEP's local market knowledge [2][3] Company Overview - Indonesia Energy Corporation Limited (NYSE American: INDO) focuses on acquiring and developing high-growth energy projects in Indonesia, with significant assets in the Kruh Block and Citarum Block [4] - The company is also exploring joint project development opportunities in Brazil, indicating a strategic expansion into international markets [4] Strategic Context - The MOU was signed during a summit between the Presidents of Indonesia and Brazil, highlighting the commitment of both countries to collaborate on energy ventures [3] - IEC's President emphasized the potential for state financing to accelerate the development of significant assets, including a billion-dollar natural gas project in Indonesia [3]

Financial Performance - Revenue for the six months ended June 30, 2025, was $1.07 million, a decrease of 26% compared to $1.44 million for the same period in 2024[4] - Net loss for the six months ended June 30, 2025, was $2.82 million, compared to a net loss of $2.10 million for the same period in 2024, reflecting an increase in losses of approximately 34%[4] - The Company reported a basic and diluted loss per ordinary share of $0.19 for the six months ended June 30, 2025, compared to a loss of $0.26 for the same period in 2024[4] - The Company recorded a net loss of $2,822,774 for the six months ended June 30, 2025, with an accumulated deficit of $48,751,752[69] - Oil and gas revenues for the six months ended June 30, 2025, were $1,069,505, a decrease from $1,443,388 in the same period of 2024[76] - Lease operating expenses for the six months ended June 30, 2025, were $1,394,411, slightly lower than $1,405,429 in 2024[76] Assets and Liabilities - Total assets increased to $25.22 million as of June 30, 2025, up from $21.91 million at the end of 2024, representing a growth of approximately 15.5%[2] - Cash and cash equivalents, along with restricted cash, totaled $10.49 million at the end of June 2025, up from $6.49 million at the end of 2024, indicating a 61% increase[12] - Total current liabilities decreased to $1.57 million as of June 30, 2025, down from $1.91 million at the end of 2024, a reduction of approximately 17%[2] - Total shareholders' equity increased to $21.93 million as of June 30, 2025, up from $18.19 million at the end of 2024, reflecting a growth of approximately 20%[2] - Warrant liabilities, net of debt issuance costs, increased to $611,802 as of June 30, 2025, from $578,928 as of December 31, 2024[40] - The Company has no outstanding short-term or long-term bank borrowings as of the reporting date[71] Operational Plans and Developments - The company anticipates completing two new wells in the first quarter of 2026 as part of a continuous drilling program of 14 new wells over the next four years[14] - The Company has completed new 3D seismic exploratory operations at the Kruh Block, with interpretation and reservoir study ongoing until September 2025[71] - The Company is currently focused on the Indonesian market, holding two oil and gas assets and has identified a potential third exploration block[14] Shareholder Actions - The company issued 1,386,955 ordinary shares through an ATM offering, raising approximately $6.56 million during the first half of 2025[6] - As of June 30, 2025, the Company had 14,987,474 Ordinary Shares issued and outstanding, with net proceeds of approximately $6.56 million from the issuance of 1,386,955 shares through an at-the-market offering[59] Accounting and Compliance - The Company is currently evaluating the impact of recently issued accounting standards on its consolidated financial statements[21] - The effective tax rate for the six months ended June 30, 2025 and 2024 was 0%[57] - The Company has not recognized a "right of use" asset or lease liability for short-term leases, opting for the short-term lease exemption[52] Commitments and Expenses - Total commitments for the Citarum Block PSC amount to $39,100,000, while total commitments for the Kruh KSO are $149,948,500[65] - Total operating lease costs for the six months ended June 30, 2025, were $348,137, compared to $460,636 for the same period in 2024[54] - The Company incurred related party rental expenses totaling $78,540 for the six months ended June 30, 2025, compared to $76,922 for the same period in 2024[61] - Future lease payments included in the measurement of operating lease liabilities as of June 30, 2025, totaled $729,713[54] Other Financial Metrics - The Company recorded depletion of $315,657 for the six months ended June 30, 2025, compared to $258,850 for the same period in 2024[38] - For the six months ended June 30, 2025, the Company incurred capitalized development costs of $15,374 related to geological and geophysical studies[37] - As of June 30, 2025, the total allowance on other receivables for current assets was $613,066, compared to $103,433 for the year ended December 31, 2024[33] - The Company recorded an allowance for doubtful accounts of $609,604 related to uncollected amounts for rig equipment sales as of June 30, 2025[31]

Core Viewpoint - Indonesia Energy Corporation (IEC) has commenced operations for drilling the first of two planned wells at its Kruh Block, indicating a significant step in its exploration and production activities in Indonesia [1][2]. Company Operations - The drilling pad for the K-29 well has been constructed, and drilling pipe has been delivered, showcasing progress in IEC's operational capabilities [2]. - IEC is currently awaiting government approvals for its tender offers related to the drilling rig and other large components necessary to commence drilling [2]. Company Overview - Indonesia Energy Corporation Limited is engaged in the acquisition and development of strategic, high-growth energy projects in Indonesia, with principal assets including the Kruh Block (63,000 acres) and the Citarum Block (195,000 acres) [3]. - The company is headquartered in Jakarta, Indonesia, with a representative office in Danville, California [3]. Future Outlook - The company expresses confidence in its world-class assets in Indonesia, which are expected to contribute to its strategic plan aimed at maximizing returns on investments and enhancing shareholder value [2].

Core Insights - Indonesia Energy Corporation (IEC) will present at the H.C. Wainwright 27th Annual Global Investment Conference on September 9, 2025, focusing on its development, drilling, and exploration activities [1][3] - The presentation will include updates on IEC's Kruh Block drilling program and development operations for the Citarum Block, which has over one billion barrels of prospective oil-equivalent resources [2][3] - IEC is also expanding its exploration activities to Brazil, following a memorandum of understanding with Aguila Energia e Participações Ltd. [2][3] Company Overview - Indonesia Energy Corporation Limited (NYSE American: INDO) is engaged in acquiring and developing high-growth energy projects in Indonesia, with principal assets in the Kruh Block (63,000 acres) and Citarum Block (195,000 acres) [4] - The company is headquartered in Jakarta, Indonesia, and has a representative office in Danville, California [4]

Core Viewpoint - Indonesia Energy Corporation (IEC) has signed a Memorandum of Understanding (MOU) with Aguila Energia e Participações Ltda. (AEP) to explore energy opportunities in Brazil, marking its first steps towards expansion beyond Indonesia [1][2][3] Group 1: MOU and Collaboration - The MOU establishes a framework for IEC and AEP to jointly identify and pursue opportunities in oil and gas and other energy-related assets in Brazil [2] - The collaboration aims to leverage IEC's experience in oil and gas and capital markets alongside AEP's local expertise in Brazilian transactions and asset development [2][3] Group 2: Strategic Rationale for Brazil - IEC's President highlighted Brazil as an attractive market for upstream investment due to favorable market conditions [3] - Brazil's Oferta Permanente bid system allows for year-round acquisition of exploration and production blocks, potentially leading to quicker deal cycles [4] - Many junior operators in Brazil are divesting producing fields at attractive valuations, creating opportunities for cash flow optimization [4] - Royalties under Brazilian concession contracts typically range from 5-10%, which may result in higher after-tax cash flows compared to production-sharing contracts [5] Group 3: Future Plans and Developments - IEC plans to drill two back-to-back wells on its Kruh Block in Indonesia starting in Q4 2025, supported by recent seismic work that enhanced wellsite prospects [7][8] - In May 2025, IEC reported a 60% increase in proved gross reserves due to investments in the Kruh Block and seismic work [8]

Core Viewpoint - Indonesia Energy Corporation (IEC) plans to drill two back-to-back wells at the Kruh Block, part of a broader strategy to drill a total of 18 wells in the coming years, aiming to maximize production and shareholder value [1][2]. Group 1: Drilling Plans - IEC will commence drilling two wells, designated "Kruh-29" and "West Kruh-5," in the fourth quarter of 2025 [4]. - The planned total depth for Kruh-29 is 3,400 feet, while West Kruh-5 is set at 5,200 feet, marking the first new well drilling activity in the West Kruh Field [4]. - A 750 horsepower drilling rig is currently undergoing final inspection to support these activities [4]. Group 2: Seismic Work and Reserves - Previous exploratory seismic work conducted in 2024 and early 2025 has upgraded IEC's wellsite prospects, leading to a 60% increase in proved gross reserves at the Kruh Block [2]. - The company has invested heavily in seismic work to guide future drilling efforts, with expectations of significant reserve increases if the upcoming wells yield positive results [2]. Group 3: Regulatory and Logistical Preparations - Surface locations and subsurface geology for both wells have received approval from Indonesian government entities SKK Migas and Pertamina [4]. - For Kruh-29, all necessary land acquisition, logistics, and tubular material procurement have been completed, while tender documents for West Kruh-5's required third-party vendors are being prepared [4].

Core Viewpoint - Indonesia Energy Corporation (IEC) has confirmed the presence of hydrocarbons in its Citarum Block through a recent geochemical survey, which is expected to expedite the drilling of its first well and subsequent production [1][2][5]. Group 1: Geochemical Survey Results - A regional geochemical survey conducted from September 2024 to March 2025 confirmed the presence of gas and oil in key areas of the Citarum Block, which spans 195,000 acres [1]. - The analysis of 135 soil samples indicated hydrocarbons in the Pasundan-1 well, Jatayu-1 well, and Jonggol area, significantly reducing exploration risks [2]. Group 2: Drilling and Production Plans - The positive results from the geochemical survey may allow IEC to skip further seismic work and proceed directly to drilling [3]. - The next well drilled at Citarum will be classified as an "exploitation" well, enabling IEC to produce and commercialize any discovered oil and gas without anticipated delays [4]. Group 3: Resource Potential - IEC estimates that the Citarum Block has prospective oil-equivalent resources exceeding one billion barrels, which could enhance the company's value [5]. Group 4: Company Overview - Indonesia Energy Corporation Limited is engaged in the acquisition and development of high-growth energy projects in Indonesia, with principal assets including the Kruh Block and Citarum Block [6].

Core Insights - Indonesia Energy Corporation (IEC) has reported a significant increase in proved gross reserves at its Kruh Block, rising over 60% to approximately 3.3 million barrels due to investments in seismic and exploration work conducted in 2024 and a contract extension from the Indonesian government [3][4]. Group 1: Company Activities - In 2024, IEC scaled back drilling at Kruh Block to focus on seismic and exploration work, with plans to commence new drilling in the second half of 2025, targeting at least one new well as part of a multi-year program to drill 18 new wells [2][4]. - The company has completed 3D seismic work, which is expected to enhance the effectiveness of future drilling and maximize returns from the Kruh Block asset [4]. Group 2: Strategic Developments - IEC's Kruh Block covers 63,000 acres onshore in Sumatra, while its Citarum Block spans 195,000 acres onshore in Java, indicating a strong presence in Indonesia's energy sector [5]. - The company is headquartered in Jakarta, Indonesia, with a representative office in Danville, California, reflecting its operational and strategic reach [5].