Indonesia Energy to Present at The Microcap Conference in Atlantic City on January 31 and again on February 1, 2024
23 January 2024 - 11:30PM
Indonesia
Energy Corporation (NYSE American: INDO)
("IEC"), an oil and gas exploration and production company based in
Indonesia, today announced its President, Frank Ingriselli, will be
presenting at The Microcap Conference in Atlantic City on January
31, 2024 at 3:40PM EST and again on February 1, 2024 at 10:25AM
EST.
The in-person event will take place at the
Caesar's Atlantic City Hotel and Casino. IEC will provide an update
on its previously announced exploratory work done in 2023 with a
view towards renewing and maximizing drilling activities in 2024
and beyond as well as its drive towards early commercialization of
IEC’s Citarum Block, a potential billion-barrel equivalent
structure. IEC will also discuss the positive impact resulting from
the recent contract extension to its Kruh Block as discussed
further below.
To register to attend The Microcap Conference,
follow this link.
The presentation will also be available for
replay at IEC’s website for 30 days
at: https://ir.indo-energy.com/events-and-presentations/
Recent Updates
IEC announced in September 2023 that its joint
operation contract with Pertamina, the Indonesian state-owned oil
and gas company, covering the Kruh Block was extended by 5 years
from May 2030 to September 2035. Kruh Block covers approximately
63,000 acres and is located onshore on the Island of South Sumatra
in Indonesia.
The amended joint
operation contract has the following key terms:
- The amended
contract increases IEC’s after-tax profit split from
the current 15% to 35%, for an increase of more than
100%.
- In addition,
given the 5-year extended term of the contract, the amended
contract is expected to increase IEC’s proved reserves at
Kruh Block by over 40%.
- Furthermore,
given the increased profit split, IEC’s anticipated net cash flow
calculations based on its Kruh Block development plan are
expected to increase by over 200% versus IEC’s anticipations under
the prior contract.
Mr. Frank Ingriselli, IEC's President, commented
"We look forward to participating at the Microcap Conference so
that we can discuss our Kruh Block contract extension and the
significantly improved terms for our Kruh Block along with our
future operational plans for both the Kruh Block and the Citarum
Block. We believe we have world class assets that should contribute
our strategic plan to 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, the
conference presentation referred to herein and related statements
of 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 anticipated benefits of the
amended Kruh Block contract as well as the results of IEC’s
exploration, drilling and production activities and the impact of
such contract and activities on IEC’s results of operations) 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, 2022, filed on May 1, 2023 and other SEC filings, 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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