Indonesia Energy Completes Recording Of 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) is set to commence operations at its Citarum Block, which has potential reserves exceeding one billion barrels of oil equivalent, by the end of the year [1][2][4] - The company has acquired new high-quality three-dimensional seismic data that will aid in identifying additional proved undeveloped reserves and resources, with plans to drill the first well in the Kruh Block in the fourth quarter of 2024 [3][10] Citarum Block Operations - IEC expects to begin operations at the Citarum Block, covering 650,000 acres, where reserves could exceed one billion barrels of oil equivalent [2][5] - The company has received government environmental permits, allowing for expedited seismic operations and drilling plans for the following year [4][5] Kruh Block Developments - IEC has completed recording 29 square kilometers of new 3D seismic data at its Kruh Block, which covers approximately 63,000 acres [6][8] - The company anticipates that the new seismic data will optimize drilling locations and potentially allow for new production wells by the end of 2024 [6][10] Contractual Amendments - The joint operation contract with Pertamina has been extended by five years, increasing IEC's after-tax profit split from 15% to 35%, representing an increase of over 100% [8][9] - The amended contract is expected to boost IEC's proved reserves at Kruh Block by over 40% and increase anticipated net cash flow calculations by over 200% compared to previous expectations [9][10]