Indonesia Energy Commences New 3D Seismic Operations at its Kruh Block and Expects to Drill New Production Wells By End of Year

Core Insights - Indonesia Energy Corporation (IEC) has received key environmental permits for its Citarum Block, which has potential natural gas reserves exceeding one billion barrels of oil equivalent [1][4] - The company is set to commence new 3D seismic operations at its Kruh Block, with drilling planned to start in late 2024 [2][9] - IEC anticipates a significant increase in net cash flow from its Kruh Block development plan, projected to rise over 200% due to an amended profit-sharing agreement [3][12] Citarum Block Developments - IEC has been granted government environmental permits to begin seismic operations at the Citarum Block, with drilling expected to start next year [4][5] - The company relinquished approximately 35% of its original Citarum acreage but retains about 97% of the prospective resources, totaling around 650,000 acres [4][5] Kruh Block Operations - The new 3D seismic data will help identify additional drilling locations and prioritize upcoming drilling sequences at Kruh Block [2][10] - The amended joint operation contract with Pertamina has extended the contract term by five years and increased IEC's after-tax profit split from 15% to 35% [11][12] - The contract extension is expected to boost IEC's proved reserves at Kruh Block by over 40% [12] Company Overview - IEC is an oil and gas exploration and production company based in Indonesia, focusing on high-growth energy projects [6]