Indonesia Energy Discovers Oil in the First New Well at Kruh Block

 

Drilling Rig Has Moved to New Location to Drill Second New Well

JAKARTA, INDONESIA and DANVILLE, CA / ACCESSWIRE / July 20, 2021 / IndonesiaEnergy Corporation (NYSE American:INDO) (“IEC”), an oil and gas exploration and production company focused on Indonesia, today announced that it has discovered oil in its “Kruh 25” well and the drilling rig has now moved to the second well location and will commence the drilling of its second new well (called “Kruh 26”) in the next few weeks. This activity is a continuation of IEC’s previously announced plan to drill three new wells at Kruh Block this year, with more wells anticipated to follow over the next several years.

The Kruh 25 well is still in the stage of a “cleaning up” process where the well is flowing crude oil with decreasing amount of drilling fluids daily. IEC also plans to conduct its planned stimulation operations on all three new wells and will announce production rates after such stimulation is completed on all three wells.

IEC also announced that the oil-bearing interval (meaning the top of the oil zone to the bottom of the oil zone) in the Kruh 25 well was thicker and therefore larger than anticipated.

The Kruh 25 well was drilled to a depth of 3,368 feet. Completion of the well took longer than anticipated because of new restrictions that were initiated by the Government of Indonesia because of the significant increase in cases of Covid-19 which delayed operations.

Mr. Frank Ingriselli, IEC’s President, commented “This is a significant milestone for IEC as we begin to deliver on the potential for new production at Kruh Block per our announced plans. We are very excited that our first of our three anticipated back-to-back wells at the Kruh Block has discovered oil and the producing zone was bigger than anticipated. We accomplished this notwithstanding delays we had to overcome, first because of permitting and then because of new government Covid restrictions that affected logistical operations. We look forward to drilling the final two wells in this three well campaign for 2021 and then maximizing new production with a planned stimulation program that we expect will significantly grow our cash flow and will 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 (1,000,000 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 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, when used in the preceding discussion, the words “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 other than those of historical fact, about an action, event or development, are forward-looking statements. 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 risks, uncertainties, and other factors, many of which are outside of the IEC’s control, that could cause actual results (including the results of IEC’s drilling activities at Kruh Block as described herein) 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, 2020 filed on May 17, 2021 with the Securities and Exchange Commission (SEC). Copies are of such documents are available on the SEC’s website, www.sec.gov. 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

SOURCE: Indonesia Energy Corporation Limited

 

Capstone Green Energy To Provide Hydrogen Blend Microturbines For Industrial Application In Europe

 

Austrian Power System will rely on Rooftop Solar to Generate Green Hydrogen

VAN NUYS, CA / ACCESSWIRE / July 19, 2021 / Capstone Green Energy Corporation (www.CapstoneGreenEnergy.com) (NASDAQ:CGRN), formerly Capstone Turbine Corporation (www.capstoneturbine.com) (NASDAQ:CPST) (“Capstone” or the “Company”), a global leader in carbon reduction and on-site resilient green energy solutions, announced today that it will be providing two C65 microturbines to Austrian company Innovametall Stahl- und Metallbau for use in an ultra-low emissions Combined Heat & Power (CHP) system. The contract was secured by Wels Strom GmbH, Capstone’s distributor in Austria and Germany.

This will be the first hydrogen-fueled microturbine system in Europe. The system will initially run on 10% hydrogen blended with natural gas, with the amount of hydrogen expected to increase as Capstone approves higher blend levels in the future.

Capstone Green Energy is continuing to expand and develop its new Hydrogen Solutions business line. The Company recently released its first commercially available hydrogen-based CHP product, which can safely run on a 10% hydrogen – 90% natural gas mix, and the Company is targeting a commercial release of 30% hydrogen – 70% natural gas mix product by March 31, 2022, the end of Capstone’s current fiscal year.

The system to be provided to Innovametall Stahl- und Metallbau, which will provide efficient, on-site power to a powder coating production facility in Freistadt, will be designed in a hybrid configuration in which solar panels installed on the roof of the Innovametall industrial hall will provide renewable electricity. The excess electricity not required for production will be used to generate hydrogen, which will be used to fuel the microturbines. From there, the exhaust from the turbines will be captured and used in the facility’s powder coating furnace.

In addition to the microturbine system, which is expected to be commissioned in October 2021, Innovametall has purchased a 10-year Factory Protection Plan, which fixes maintenance costs and provides both planned and unplanned repairs, among other benefits for the duration of the contract.

“This is an important project, particularly as the Austrian government has instituted ambitious plans to integrate hydrogen into its climate and energy strategy,” said Leopold Berger, Head of Energy Systems at Wels Strom. “We aim to demonstrate, not just the successful application of renewable hydrogen as a fuel, but also the high efficiency and reliability benefits of this type of a CHP system.”

“As the world starts to take more aggressive steps to address climate change, innovative solutions like this renewable hydrogen-based system will become more commonplace,” said Darren Jamison, President and Chief Executive Officer of Capstone Green Energy. “We are thrilled to offer a renewable hydrogen-based solution to meet the clean energy goals of today’s progressive businesses.”

About Capstone Green Energy

Capstone Green Energy (www.CapstoneGreenEnergy.com) (NASDAQ:CGRN) is a leading provider of customized microgrid solutions and on-site energy technology systems focused on helping customers around the globe meet their environmental, energy savings, and resiliency goals. Capstone Green Energy focuses on four key business lines. Through its Energy as a Service (EaaS) business, it offers rental solutions utilizing its microturbine energy systems and battery storage systems, comprehensive Factory Protection Plan (FPP) service contracts that guarantee life-cycle costs, as well as aftermarket parts. Energy Conversion Products are driven by the Company’s industry-leading, highly efficient, low-emission, resilient microturbine energy systems offering scalable solutions in addition to a broad range of customer-tailored solutions, including hybrid energy systems and larger frame industrial turbines. The Energy Storage Products business line designs and installs microgrid storage systems creating customized solutions using a combination of battery technologies and monitoring software. Through Hydrogen Energy Solutions, Capstone Green Energy offers customers a variety of hydrogen products, including the Company’s microturbine energy systems.

For customers with limited capital or short-term needs, Capstone offers rental systems; for more information, contact: rentals@CGRNenergy.com. To date, Capstone has shipped over 10,000 units to 83 countries and estimates that, in FY21, it saved customers over $217 million in annual energy costs and approximately 397,000 tons of carbon. Total savings over the last three years are estimated at 1,115,100 tons of carbon and $698 million in annual energy savings.

For more information about the Company, please visit: www.CapstoneGreenEnergy.com. Follow Capstone Green Energy on Twitter, LinkedIn, Instagram, Facebook, and YouTube.

Cautionary Note Regarding Forward-Looking Statements

This release contains forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995, including statements regarding expectations for green initiatives and execution on the Company’s growth strategy and other statements regarding the Company’s expectations, beliefs, plans, intentions, and strategies. The Company has tried to identify these forward-looking statements by using words such as “expect,” “anticipate,” “believe,” “could,” “should,” “estimate,” “intend,” “may,” “will,” “plan,” “goal” and similar terms and phrases, but such words, terms and phrases are not the exclusive means of identifying such statements. Actual results, performance and achievements could differ materially from those expressed in, or implied by, these forward-looking statements due to a variety of risks, uncertainties and other factors, including, but not limited to, the following: the ongoing effects of the COVID-19 pandemic; the availability of credit and compliance with the agreements governing the Company’s indebtedness; the Company’s ability to develop new products and enhance existing products; product quality issues, including the adequacy of reserves therefor and warranty cost exposure; intense competition; financial performance of the oil and natural gas industry and other general business, industry and economic conditions; the Company’s ability to adequately protect its intellectual property rights; and the impact of pending or threatened litigation. For a detailed discussion of factors that could affect the Company’s future operating results, please see the Company’s filings with the Securities and Exchange Commission, including the disclosures under “Risk Factors” in those filings. Except as expressly required by the federal securities laws, the Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, changed circumstances or future events or for any other reason.

CONTACT:
Capstone Green Energy
Investor and investment media inquiries:
818-407-3628
ir@CGRNenergy.com

SOURCE: Capstone Green Energy Corporation

Raze Paradise to Put in a Biofuel Crop? No, There Are Far Better Ways to Tackle Climate Change

 

 

We all know action on climate change is urgently needed. But that doesn’t mean a forest should be razed to build a wind farm. Nor should vast fields of a single crop be grown year after year – reducing the number of other species that can live there – even if the plant is used to produce renewable biofuel.

Climate change and biodiversity loss are the two greatest challenges to humanity and our planet. But they’re often dealt with by separate laws and policies, which can lead to perverse, unwanted outcomes.

 

This article was republished with permission from The Conversation, a news site dedicated to sharing ideas from academic experts. It represents the research-based findings and opinions of Michelle Lim, Senior Lecturer, Macquarie Law School, Macquarie University. Michelle Lim was a co-author of the “IPBES-IPCC Co-sponsored Workshop Report on Biodiversity and Climate Change” discussed in the article.

 

Clearly, this siloed approach must change. This was recognized in a draft plan by the Convention on Biological Diversity, released overnight, which stated that biodiversity should not be harmed by efforts to tackle climate change.

But how do we ensure solutions to one of these wicked problems does not worsen the other? Some 50 of the world’s leading researchers on biodiversity and climate have released a report which sought to answer this question. Below, I outline the conundrums we tackled and the solutions we came up with.

 

A World-First
Collaboration

Our report, released last month, represents the first-ever collaboration between the world’s largest research and policy communities on biodiversity and climate – the Intergovernmental Science-Policy Platform on Biodiversity and Ecosystem Services (IPBES) and the Intergovernmental Panel on Climate Change (IPCC).

IPBES is an independent intergovernmental body that synthesises evidence on the state of biodiversity, ecosystems and natures’ contributions to people. The IPCC is the United Nations body for assessing climate science.

The word “biodiversity” refers to the variety of living things: all the animals, plants and tiny micro-organisms on Earth, including the genetic information they contain and the ecosystems they form.

 

 

Biodiversity loss, then, is a reduction in the variety of species in an ecosystem, a geographic area or the planet as a whole. Biodiversity, including extinctions, is currently declining at rates unprecedented in human history.

There’s a growing recognition that climate, biodiversity and human well-being are inextricably linked.

To date, biodiversity loss has largely been caused by human actions which harm land, rivers and oceans. However, research suggests worsening climate change will be the main cause of global biodiversity loss this century.

For example, climate change is causing marine heatwaves which threaten the existence of the Great Barrier Reef. Climate change also makes bushfires more intense and frequent, pushing species closer to extinction.

Biodiversity loss can also make climate change worse. For example, forests store large amounts of carbon, and their destruction is a key source of greenhouse gas emissions.

Robbing
Peter to Pay Paul

Bioenergy crops such as corn, canola and soybeans can be processed and used as a fuel for heat or energy. This can provide an alternative energy source to fossil fuels. And forest plantations storing carbon dioxide can be an effective way to reduce atmospheric carbon levels.

But these climate solutions can be bad for nature. Crop or forest monocultures greatly diminish the diversity of other plant and animal species the land can support. Such practices can also degrade ecosystems and damage native species.

Similarly, renewable energy technologies can harm biodiversity. For example, large-scale solar plants across vast areas of land can destroy animal habitats and disrupt wildlife movement.

Crucially, climate and biodiversity interventions can also be harmful to human well-being. Many communities in developing countries rely directly on nature for their everyday needs. Efforts to protect biodiversity by locking up natural areas in forest reserves can deprive local people of their lands and erode their food security.

What Must
Be Done?

Our report sets out key steps to protecting the climate, biodiversity and human well-being in unison. I outline these below.

 

Protect
and Restore Carbon-Rich Ecosystems

This is the number one priority for joint action on climate and biodiversity. It is critical, however, that such processes involve – and consider the needs of – local communities. They must also take future climate conditions into account.

Slash Carbon
Emissions

By storing carbon in forests, wetlands and other ecosystems, nature can do a lot to tackle climate change. But it can’t do everything. Ambitious reductions in greenhouse gas emissions are needed across multiple sectors of the global economy. Without this, it will be virtually impossible to restore and protect natural ecosystems.

Increase Sustainable
Agricultural and Forestry Practices

Food systems contribute up to one-third of total human-caused greenhouse gas emissions. The agricultural sector must urgently reduce waste. And if humans, particularly those in rich countries, eat less meat this will also help address emissions and biodiversity loss. In the forestry sector, careful species selection and management can mitigate climate while being good for biodiversity.

 

Eliminate
Harmful Subsidies

Government subsidies for activities that harm the environment, such as burning fossil fuels, should be removed.

Delivering
a Revolution

The above measures will not be easily achieved. And they are each contingent on revolutionary economic and societal shifts.

Unsustainable consumption and production are key causes of climate change and biodiversity loss. Our report calls for a shift in individual and societal values away from materialism. We must also challenge the dominant worldview which equates continuous economic growth with human well-being.

Justice and equity must be at the centre of our new ways of being. Indigenous and local communities should lead the stewardship of forest, lands and seas. And system-wide change should not disproportionately impact the already disadvantaged.

And all this will require coordinated action at local, national and global scales. This must integrate multiple knowledge systems and worldviews.

A bright future for people and nature is possible. But achieving win-wins across climate, biodiversity and society requires urgent, transformative and just action which addresses not only the symptoms, but the causes of our greatest problems.

 

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