Movers and SHAKERS
Indonesia Energy Corp (INDO)
INDO Begins Drilling
Indonesia Energy Corp Ltd is an oil and gas exploration and production company focused on Indonesia. It holds two oil and gas assets through its subsidiaries in Indonesia: one producing block (the Kruh Block) and one exploration block (the Citarum Block). The Kruh Block is located to the northwest of Pendopo, Pali, South Sumatra. The Citarum Block is located to the south of Jakarta.
Michael Heim, Senior Research Analyst, Noble Capital Markets, Inc.
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INDO begins drilling in the Kruh Block. Well Kruh-25 is the first of three back-to-back wells. Management expects to drill 5 wells in 2021, 6 in 2022, and 7 in 2023. Other details regarding drilling depth, time to drill, and expected initial production were unchanged. The announcement has been long awaited, with the estimated start date being pushed back several times.
Drilling had been delayed by COVID and regulatory approval. INDO initially planned to drill 6 Kruh wells in 2020 with the first well beginning shortly after renewing an operating agreement in May 2020. In July 2020, management pushed back first well expectations to September 2020. In September, it pushed back expectations to "one well in 2020". In December, management cited a January 2021 start ...
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