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Indonesia Energy Corp (INDO) – Well Performance Update Has Both Good And Bad News

Energy
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Tuesday, December 21, 2021

Indonesia Energy Corp (INDO)
Well Performance Update Has Both Good And Bad News

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.

    Indo released production updates following the completion of Kruh Well 26. On the positive side, the company reports that production has increased 50% with the completion of the well and an earlier well. Production is expected to increase further as the well de-waters. The well came in on budget, and management expects the well to pay for itself within twelve months at current oil prices.

    But there is also bad news.  Unfortunately, management also announced that its Kruh 25 well is currently shut-in as a result of significant damage due to flooding during monsoon rains. The well will be reworked, and we have full expectations it will return to a production level similar to Kruh 26. However, the delay is yet another in a series of issues facing operations. The initial two wells faced …



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. 

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