Friday, April 23, 2021

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.

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

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 …

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.