Indonesia Energy Plans to Commence Drilling of Two New Wells Within 30 Days and a Third by Mid – Year | Financial Buzz

Indonesia Energy Plans to Commence Drilling of Two New Wells Within 30 Days and a Third by Mid – Year

Indonesia Energy Corporation Limited (NYSE: INDO) has provided an update on its 2022 drilling plans by announcing that it expects to commence drilling of its next two new wells at IEC’s 63,000 acre Kruh Block within 30 days.  IEC plans to commence drilling of a third new well at Kruh Block before the end of the second quarter.  Drilling operations for the three new wells will be funded from the net proceeds of IEC’s recently announced new institutional investor financing.  Previously last month, IEC reported its recently completed “Kruh 26” well has increased its daily oil production rate by over 50%. 

IEC’s production target is to produce 450 barrels of oils per day after the completion of Kruh 27 and Kruh 28.  The new wells will cost USD 1.5 Million each to drill and complete. 

Mr. Frank Ingriselli, IEC’s President, commented “We are excited that our recent financing enables us to commence drilling next month and to aggressively move our company towards a potential cash flow positive position, setting the stage for further drilling and growth for our company in 2022 and beyond. We believe Kruh Block is a world class asset that should significantly grow our cash flow as we drill additional wells and seek to maximize returns on our investments and grow shareholder value.”

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