FACT-MASTER
2 weeks ago
Indonesia Energy to Hold Investor Conference Call to Provide Update on Future Drilling and Development Plans, Including a Planned New Reserve Report and its New Corporate Logo and Investor Relations Outreach
Indonesia Energy Corporation Limited
Estimated Ultimate Recovery (EUR) increase of 30% in Kruh Field
Webinar Media Interactive Call will be Held on
Tuesday, January 21 at 10AM Eastern Time
JAKARTA, INDONESIA AND DANVILLE, CA, Jan. 14, 2025 (GLOBE NEWSWIRE) -- Indonesia Energy Corporation (NYSE American: INDO) ("IEC"), an oil and gas exploration and production company focused on Indonesia, today announced that IEC senior management will hold an investor update conference call on Tuesday, January 21 at 10:00 a.m. Eastern Time to provide an update on future drilling and development plans, including a new planned reserve report and the unveiling of IEC’s new corporate logo and investor relations outreach program.
As a result of the 3-D seismic program and the 5-year extension of IEC’s government contract for Kruh Block, the estimated ultimate recovery (EUR) from the Kruh field alone is expected to increase by over 30% and reserves by over 40%. Additional fields increased EUR will be in the final updated reserve report.
Participating on the call from IEC will be President Frank Ingriselli and other members of IEC’s management team.
As part of its presentation, IEC will provide an update on its recently completed 3D seismic program and its current drilling program plans for its Kruh Block, as well as IEC’s plans for a new reserve report for Kruh Block. IEC will also provide an update on planned development operations for its Citarum Block which has prospective oil-equivalent resources of over one billion barrels.
The call will be a media and video interactive Zoom webinar and will include a question-and-answer session. The following are the details on how to join the conference call:
When: January 21, 2025 10:00 a.m. Eastern Time
Register in advance for this webinar:
https://us06web.zoom.us/webinar/register/WN_qTpd6yclThqu8nCjbn9puA
A replay of the call will also be available on IEC’s website at https://ir.indo-energy.com/.
Mr. Frank Ingriselli, IEC's President, commented "We look forward to updating our shareholders and the investment community on our latest activities in the Kruh Block including the completion of our 3-D seismic program our plans to commence drilling and the significant improvements in our economics and reserves resulting from the 2023 contract extension with the Indonesian government which increases our after-tax profit split from the current 15% to 35%, an increase of more than 100%. In addition, given the 5-year extended term of our Kruh contract, we are expecting an increase in proved reserves at the Kruh Block by over 40%.
“Additionally, we are moving forward in 2025 with activities at our potential billion-barrel equivalent natural gas 650,000-acre Citarum Block, where the previous operator drilled several gas discoveries. In short, we’ve never been more excited about IEC’s potential, and we look forward to continuing our efforts as we seek to drive shareholder value," concluded Mr. Ingriselli.
About Indonesia Energy Corporation Limited
Indonesia Energy Corporation Limited (NYSE American: INDO) is a publicly traded energy company engaged in the acquisition and development of strategic, high growth energy projects in Indonesia. IEC’s principal assets are its Kruh Block (63,000 acres) located onshore on the Island of Sumatra in Indonesia and its Citarum Block (650,000 acres) located onshore on the Island of Java in Indonesia. IEC is headquartered in Jakarta, Indonesia and has a representative office in Danville, California. For more information on IEC, please visit www.indo-energy.com.
Cautionary Statement Regarding Forward-Looking Statements
All statements in this press release, the investor webinar referenced herein and related statements of Indonesia Energy Corporation Limited (“IEC”) and its representatives and partners that are not based on historical fact are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Acts”). In particular, the words “could,” "estimates," "believes," "hopes," "expects," "intends," “on-track”, "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Acts and are subject to the safe harbor created by the Acts. Any statements made in this news release and the investor webinar referenced herein other than those of historical fact, about an action, event or development, are forward-looking statements. In this press release, forward-looking statements include, without imitation those related to IEC’s future drilling plans at Kruh Block (including the potential for a new reserve report and estimates for ultimate recovery and proved reserves for such asset) and development plans at Citarum Block. While management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of significant risks, uncertainties, and other factors, many of which are outside of the IEC's control, that could cause actual results to materially and adversely differ from such statements. Such risks, uncertainties, and other factors include, but are not necessarily limited to, those set forth in the Risk Factors section of the Company’s annual report on Form 20-F for the fiscal year ended December 31, 2023, filed on April 26, 2024, and other filings with the Securities and Exchange Commission (SEC). Copies are of such documents are available on the SEC's website, www.sec.gov and IEC’s website at https://ir.indo-energy.com/sec-filings/. IEC undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.
Company Contact:
Frank C. Ingriselli
President, Indonesia Energy Corporation Limited
Frank.Ingriselli@Indo-Energy.com
https://finance.yahoo.com/news/indonesia-energy-hold-investor-conference-130000322.html
FACT-MASTER
3 months ago
INDO: CEO's vested stock accelerated
https://www.sec.gov/Archives/edgar/data/1757840/000149315224042536/ex99-1.htm
NOTE 10 – SHARE BASED COMPENSATION EXPENSES
On January 30, 2024, the Company issued 60,000 of the Company’s restricted ordinary shares to Frank Ingriselli, the Company’s President, pursuant to his employment agreement with the Company, with 30,000 shares vesting on July 1, 2024 and 30,000 shares vesting on January 1, 2025. Such ordinary shares were valued at $2.70 per share, which was based on the closing price of the shares traded on the NYSE American exchange on January 30, 2024.
NOTE 14 – SUBSEQUENT EVENTS
The Company evaluated all events that occurred up to October 24, 2024 and determined that no events that would have required adjustment or disclosure in the condensed consolidated financial statements except the following.
On August 22, 2024, 60,000 restricted ordinary shares that were issued to Frank Ingriselli, the Company’s President, as compensation became unrestricted.
As of the date of these interim condensed financial statements, a total of 2,981,253 ordinary shares have been issued through ATM and the Company has received aggregate net proceeds of $7,794,843 from January to September 2024 through issuance of ordinary shares through the ATM offering. A significant majority of these ordinary shares were issued subsequent to June 30, 2024. As such, as of October 24, 2024, the Company has approximately $5.61 million in cash and cash equivalents.
(more going on with INDO then war, imo.)
FACT-MASTER
4 months ago
INDO: Article of interest - Chevron to Sell Key Assets Worth $6.5 Billion to Canadian Natural
( Nice move by Chevron, imo, nice cash reserve to invest in a more business motivated country like Indonesia - INDO/Citarum block = natural gas)
Chevron Corporation CVX, a global leader in the energy sector, is taking significant steps to optimize its asset portfolio. Recently, its subsidiary, Chevron Canada Limited, announced a definitive agreement to divest critical assets to Canadian Natural Resources Limited CNQ, an oil and gas exploration and production company of Canada. This transaction, valued at $6.5 billion, marks a pivotal moment in CVX's strategy to streamline the company’s operations and focus on high-potential areas within its global portfolio.
Overview of the Transaction
Under this agreement, CVX’s subsidiary will sell its 20% non-operated interest in the Athabasca Oil Sands Project and 70% operated interest in the Duvernay shale, along with other related interests situated in Alberta, Canada. This sale aligns with CVX’s goal to divest between $10 billion and $15 billion in assets by 2028, aiming to enhance its operational efficiency and financial health.
Details of the Asset Sale
Assets being sold have been significant contributors to CVX's production. In 2023, these generated approximately 84 thousand barrels of oil equivalent per day net of royalties. This impressive output highlights the value of these assets not only for CVX but also for CNQ, which will inherit the operational complexities and potential of these projects.
Effective Date and Closing Timeline
The effective date for this transaction was set for Sept. 1, 2024. The agreement is anticipated to close during the fourth quarter of 2024, contingent upon regulatory approvals and other customary closing conditions. This timeline reflects CVX's commitment to a smooth transition, ensuring that all regulatory requirements are met efficiently.
CVX’s Strategic Divestment Goals
California-based integrated oil and gas company’s decision to divest assets in Canada is part of a broader strategic initiative aimed at reshaping its global portfolio. The company is focused on maximizing returns from its existing assets while strategically exiting lower-performing segments. By shedding non-core assets, CVX can concentrate on its most profitable operations and invest in innovative technologies and sustainable practices.
Market Implications
This move not only highlights CVX's proactive approach to asset management but also signals potential shifts in the energy landscape of North America. This acquisition allows CNQ to bolster its presence in Alberta’s rich oil sands and shale formations, positioning it for growth in a market that remains pivotal to global energy needs.
A Strategic Acquirer for CNQ
CNQ is well-positioned to integrate these assets into its operations. With a robust portfolio and experience in managing similar assets, CNQ stands to benefit significantly from this acquisition. The addition of CVX's interests will enhance CNQ's production capabilities and market competitiveness.
Impacts on Production and Revenues
For CNQ, acquiring Chevron's interests will contribute not just to immediate production levels but also to long-term revenue streams. The projected production increase from the acquired assets represents a crucial step toward achieving CNQ's growth targets and sustaining its status as one of Canada’s leading oil and gas producers.
Sustainability Considerations in Asset Management
In the context of increasing global emphasis on sustainability, CVX’s divestment strategy also reflects a growing trend among major oil companies to reassess its environmental impact. By optimizing the company’s asset base and focusing on sustainable energy solutions, Chevron is aligning itself with market demands and regulatory pressures aimed at reducing carbon footprints.
Investments in Clean Energy
As part of its broader strategy, Chevron has committed to investing in renewable energy sources and technologies. The divestment from conventional oil and gas assets allows the company to reallocate capital toward these initiatives, fostering a more sustainable energy future.
A Strategic Path Forward for Chevron
Overall, the divestiture of CVX’s interests in the Athabasca Oil Sands Project and the Duvernay shale highlights a significant transition in its strategic focus. As CVX seeks to optimize its global energy portfolio, this transaction serves as a clear indicator of the company’s commitment to adapt to market dynamics while reinforcing its position within the energy sector. As CVX embarks on this new chapter, stakeholders will closely monitor the outcomes of this strategic decision, which may set a precedent for future transactions in the rapidly evolving energy landscape.
FACT-MASTER
5 months ago
INDO: Indonesia Energy to Present at H.C. Wainwright 26th Annual Global Investment Conference
Indonesia Energy Corporation Limited
President Frank Ingriselli Will Present Update on Development and Drilling Plans
JAKARTA, INDONESIA AND DANVILLE, CA, Sept. 03, 2024 (GLOBE NEWSWIRE) -- Indonesia Energy Corporation (NYSE American: INDO) ("IEC"), an oil and gas exploration and production company focused on Indonesia, today announced its President, Frank Ingriselli, will be presenting at the H.C. Wainwright 26th Annual Global Investment Conference on Tuesday, September 10 at 3:30PM EST. The in-person venue for the event is the Lotte New York Palace Hotel in New York City. IEC will provide an update on its recently completed 3D seismic program and its anticipated continuous drilling program for its Kruh Block and also an update on planned development operations for its Citarum Block which has prospective oil-equivalent resources of over one billion barrels.
H.C. Wainwright 26th Annual Global Investment Conference
Date: Tuesday, September 10, 2024
Time: 3:30PM EST
Place: Lotte New York Palace Hotel, 455 Madison Avenue, New York, NY
The presentation will also be available for replay at IEC’s website for 30 days at:
https://ir.indo-energy.com/events-and-presentations/
Mr. Frank Ingriselli, IEC's President, commented "We look forward to returning to the H.C. Wainwright Conference so that we can discuss our recently completed 3D seismic operations along with our future operational and development plans for both the Kruh Block and the Citarum Block. We believe we have world class assets that should contribute to the Company’s strategic plan to maximize returns on our investments and grow shareholder value.”
About Indonesia Energy Corporation Limited
Indonesia Energy Corporation Limited (NYSE American: INDO) is a publicly traded energy company engaged in the acquisition and development of strategic, high growth energy projects in Indonesia. IEC’s principal assets are its Kruh Block (63,000 acres) located onshore on the Island of Sumatra in Indonesia and its Citarum Block (650,000 acres) located onshore on the Island of Java in Indonesia. IEC is headquartered in Jakarta, Indonesia and has a representative office in Danville, California. For more information on IEC, please visit www.indo-energy.com.
FACT-MASTER
7 months ago
INDO: June 24/2024 Press Release:
https://finance.yahoo.com/news/indonesia-energy-commences-3d-seismic-113000670.html
Indonesia Energy Corporation Limited
Environmental permits granted at Citarum Block, where natural gas reserves could potentially exceed a billion barrels of oil equivalent
JAKARTA, INDONESIA AND DANVILLE, CA, June 24, 2024 (GLOBE NEWSWIRE) -- Indonesia Energy Corporation (NYSE American: INDO) ("IEC"), an oil and gas exploration and production company based in Indonesia, today provided an operational update and announced that new 3D seismic exploratory operations at its 63,000 acre Kruh Block have commenced. Importantly, IEC anticipates that the results of this seismic work will allow IEC to drill new production wells at Kruh Block the by the end of 2024.
Additionally, IEC announced that key environmental permits have been granted at IEC’s 650,000 acre Citarum Block where reserves could potentially exceed a billion barrels of oil equivalent. IEC’s receipt of these permits represents an important milestone for IEC as the permits will allow for meaningful exploratory work by IEC at Citarum for the first time.
As the operator of the Kruh block, IEC’s 3-D seismic program will cover the Kruh, North Kruh and West Kruh Fields. This 29 square km high-quality seismic program is strategically focused on existing proved reservoirs of the Talangakar and Lemat formations, as well as the very large and promising shallow oil/gas zones in the K-28 well discovered by IEC’s work in 2022.
The new, high quality three-dimensional seismic data will enable the identification of additional locations of proved undeveloped reserves and resources. This in turn will pave the way to prioritize the sequence of upcoming drilling locations as IEC recommences drilling operations at Kruh Block. Preparations for the new drilling operation are underway, with plans to drill the first well in the fourth quarter of 2024 after the evaluation of the new three-dimensional seismic data is completed.
IEC announced in September 2023 that its joint operation contract with Pertamina, the Indonesian state-owned oil and gas company, covering the Kruh Block was extended by 5 years from May 2030 to September 2035. Kruh Block covers approximately 63,000 acres and is located onshore on the Island of South Sumatra in Indonesia.
The amended joint operation contract has the following key terms:
The amended contract increases IEC’s after-tax profit split from the current 15% to 35%, for an increase of more than 100%.
In addition, given the 5-year extended term of the contract, the amended contract is expected to increase IEC’s proved reserves at Kruh Block by over 40%.
Furthermore, given the increased profit split, IEC’s anticipated net cash flow calculations based on its Kruh Block development plan are expected to increase by over 200% versus IEC’s anticipations under the prior contract.
At Citarum Block, IEC’s receipt of government environmental permits to commence seismic operations which are planned for late this year or early next year, with plans to also commence drilling next year. As required by government regulations, IEC relinquished approximately 35% of its original Citarum acreage but has retained approximately 97% of the original prospective resources and now has approximately 650,000 acres on which drilling could take place. As previously reported, IEC’s estimates are that the Citarum Block has prospective oil-equivalent resources of over one (1) billion barrels of oil.
Mr. Frank Ingriselli, IEC's President, commented "We are very excited about the commencement of new seismic operations on our Kruh Block enhanced by the significant improvements in our economics from the 2023 contract extension with the Indonesian government. All of this bodes well for our company as we look to recommence drilling at Kruh Block in late 2024. We continue to believe that Kruh Block is a world class asset and, in order to maximize future production capability, the seismic operations planned across the entire Kruh Block should positively leverage what we have learned from our previous discoveries, including our 2022 gas discovery, and determine the best locations to re-start our continuous drilling campaign.”
“Additionally, we have now also moved forward with activities at our potential billion-barrel equivalent natural gas 650,000-acre Citarum Block, where the previous operator drilled several gas discoveries. In short, we’ve never been more excited about IEC’s potential, and we look forward to continuing our efforts as we seek to drive positive shareholder value," concluded Mr. Ingriselli
About Indonesia Energy Corporation Limited
Indonesia Energy Corporation Limited (NYSE American: INDO) is a publicly traded energy company engaged in the acquisition and development of strategic, high growth energy projects in Indonesia. IEC’s principal assets are its Kruh Block (63,000 acres) located onshore on the Island of Sumatra in Indonesia and its Citarum Block (650,000 acres) located onshore on the Island of Java in Indonesia. IEC is headquartered in Jakarta, Indonesia and has a representative office in Danville, California. For more information on IEC, please visit www.indo-energy.com.
FACT-MASTER
9 months ago
https://www.cnbcindonesia.com/market/20240112095133-17-505077/ipo-bumn-update-terbaru-dari-phe-pkt-dan-palmco
Jakarta, CNBC Indonesia - The Financial Services Authority (OJK) confirmed that there has been no submission of documents for the Initial Public Offering (IPO) of BUMN entities in early 2024.
Inarno Djajadi, Chief Executive of Capital Market, Derivative Financial and Carbon Exchange Supervision, said that the Minister of BUMN, Mr. Erick Thohir, had said that he wanted BUMN companies to carry out an IPO in 2024. However, until now no application documents had been received by the OJK.
"Until now, there has been no registration statement to the OJK regarding the BUMN IPO," said Inarno in a written answer to the OJK RDKB, quoted Friday, (12/1/2024).
Read: Ganjar: BUMN Can't Have Grandchildren!
However, he is optimistic that the Ministry of BUMN will continue to encourage state-owned companies to go public while monitoring developments in capital market conditions.
"We can say that the OJK will officially convey the names of prospective issuers when all documents are sufficient by granting publication permits," he said.
Previously, Special Staff to the Minister of BUMN, Arya Sinulingga, revealed that during Erick Thohir's leadership as Minister of BUMN, only two BUMN companies had carried out an initial public offering (IPO).
"There are only two (issuers) Mitratel and Pertamina Geothermal Energy. Because we want to IPO, the market conditions are not good, so why not?" he said.
They don't want future BUMN IPOs to end like Waskita. Arya revealed that one of the reasons for PT Waskita Karya (Persero) Tbk's finances. (WSKT) unhealthy is unpreparedness in carrying out corporate actions in the capital market, including initial public offering (IPO).
Read: OJK Boss Says About Potential Delisting of Waskita and WIKA
According to him, there were errors in the management of the use of funds from the IPO of the state-owned construction company.
In fact, the BUMN Ministry is predicted to carry out an IPO for PT Pertamina Hulu Energy (PHE), PT Pupuk Kalimantan Timur (PKT), and Palm Co in 2023. However, until now, there has been no latest news regarding this plan.
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