Tuesday, March 01, 2022

Indonesia Energy Corp (INDO)
Price Target Raised On Higher Oil Price Estimates

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.

Refer to the full report for the price target, fundamental analysis, and rating.

We are raising our twelve-month price target on the shares of INDO. The shares have been extremely strong as of late rising more than 600% since the beginning of the year. The increase comes after a private placement of convertible debt in January that may have removed a financing overhang on the stock. However, there have been only limited operational developments. The stock has a history of being very volatile due to its small trading volumes and we have downgraded the stock in the past when it crossed our price objective. The recent strength has forced us to relook at our rating and price target, an action we had planned to take next month after the company reported financial results.

Our price objective increase comes due to higher oil price assumptions.  Oil prices continue to soar rising from the mid sixties at the beginning of the year to a current level in the mid nineties. In response, we are raising our 2022 WTI oil price estimate, our 2023 estimate and our 2024 estimate. More importantly, we are raising our long-term oil ...

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision.