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Indonesia Energy Corporation Celebrates Commencement of Operations on the First of Two Planned Wells at Kruh Block

  • Indonesia Energy Corporation (NYSE: INDO) announced the commencement of operations at its K-29 wellsite in Indonesia.
  • IEC President Frank Ingriselli, Chief Operations Officer Mirza Said, & Chief Technology Officer Charlie Wu visited the site to mark the milestone.
  • Preparations at K-29 included fuel delivery, filling water & mud pits, commissioning computer systems, & positioning drilling equipment.
  • IEC plans to begin drilling at the WK-5 wellsite following the completion of K-29 as part of its ongoing Kruh Block program.
  • Under the contract with Pertamina, the Indonesian state-owned oil company, all crude oil produced will be purchased by Pertamina & paid in US dollars at Brent price minus transportation costs.
  • The company submitted environmental clearances to drill an additional 30 wells on the Kruh Block before 2035.
  • IEC holds the Kruh Block (63,000 acres) on Sumatra & the Citarum Block (195,000 acres) on Java.
  • The press release includes forward-looking statements regarding future drilling activities & oil prices subject to risks & uncertainties.