Senior Executives of Indonesia Energy Take on New Roles and New Board Member Added
17 January 2024 - 11:30PM
Indonesia
Energy Corporation (NYSE American: INDO)
("IEC"), an oil and gas exploration and production company focused
on Indonesia, today announced that it has made changes and enhanced
the effectiveness of its management team and Board of Directors.
These changes come as IEC is laser focused on
delivering a new and enhanced development program at its currently
producing Kruh Block leveraging the previously announced
exploratory work done in 2023 as well as to drive towards early
commercialization of IEC’s Citarum Block, a potential billion
barrel equivalent structure.
Mr. Mirza Said has been appointed as Chief
Operating Officer of the Company. Mr. Said previously was the Chief
Business Development Officer. Commenting on Mr. Said’s new role,
Dr. Wirawan Jusuf, IEC’s Chairman and Chief Executive Officer,
stated “Mirza is perfectly suited for the role of Chief Operating
Officer. Over the past several years, he has been involved with and
helped guide all aspects of our operations and business and has
been an invaluable C-suite team member. Mirza’s mandate will now
formally cover many of the items he already has significant input
on, from government relations and licensing, to procurement,
staffing and the execution of our exploratory and drilling
operations.”
Dr. Charlie Wu has been appointed as Chief
Technology Officer of the Company. He previously served as IEC's
Chief Operating Officer. Dr. Jusuf commented, “Charlie’s background
of over 40 years in the oil and gas industry and his global
experience in oil and gas technology will help drive our
development programs for both the Kruh Block and the Citarum Block.
His efforts over the last several years have been focused on
understanding and maximing the potential for our assets and
implementing the right technology to do so. As such, the role of
Chief Technology Officer is a great fit for him and our
company.”
In addition, IEC is pleased to announce the
appointment of Mr Ahmad Fathurachman, age 33, as a new independent
member of the Company’s board of directors. Mr. Fathurachman
replaces Mr. Tamba Hutapea, who is retiring as a member of IEC’s
board of directors.
Mr. Fathurachman’s experience in the energy
industry and also on marketing and social media will help guide a
new focus for IEC on developing a comprehensive market awareness
program and frequent communications with shareholders on current
activities for IEC. In this regard, it is expected that Mr.
Fathurachman will work closely with Frank Ingriselli, IEC’s
President. An electrical and power engineer by training, Mr,
Fathurachman presently works in project management, project
development and product sales at Weatherford International plc in
Indonesia.
Dr. Jusuf stated “Amhad brings an independent
perspective, experience and new energy to our board as we look to
drive our drilling programs ahead. We look forward to working with
him. Our entire board also wants to express our sincere
appreciation to Tamba Hutapea for his years of service as an IEC
board member, and we wish him great success in his retirement.”
These appointments are all effective as of
Tuesday, January 16, 2024.
IEC also reported that it plans on providing
further details regarding the company’s investments in critical
exploratory activities during 2023 and its planned ramp up in
drilling operations during 2024 in the coming weeks.
About Indonesia Energy Corporation
LimitedIndonesia 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 StatementsAll 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, without limitation, the timing for and results of IEC’s
exploration, drilling and production activities and the impact of
the management and board of director changes 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, 2021, filed on May 2, 2022, 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. IngriselliPresident, Indonesia Energy
Corporation LimitedFrank.Ingriselli@Indo-Energy.com
Indonesia Energy (AMEX:INDO)
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