Indonesia Energy Corporation to begin production at K-29 well with live update on September 3, 2026.
Quiver AI Summary
Indonesia Energy Corporation (IEC) has announced the successful testing of high-quality oil at its newly drilled K-29 well in the Kruh Block, located on Sumatra, with production operations expected to start within a few weeks. The well reached a depth of 3,378 feet and has shown promising signs, including natural oil seepage, which is uncommon in previous wells at the site. IEC will also hold a YouTube Live presentation on September 3, 2026, featuring President Frank Ingriselli, who will update viewers on operations and take questions. The company has emphasized its commitment to safety, as the drilling was completed without any incidents. The drilling rig is now moving to the WK-5 wellsite as part of IEC's planned drilling activities for the year.
Potential Positives
- Indonesia Energy Corporation has discovered good quality oil during testing at the K-29 well, which is a positive indicator for future production.
- Production operations at the K-29 well are expected to commence within the next couple of weeks, signaling a near-term revenue opportunity.
- The K-29 well demonstrated the potential for natural oil production without fracturing, which could reduce operational costs and enhance profitability.
- The company achieved a significant safety milestone by drilling the K-29 well with zero lost time injury or environmental incidents, reflecting robust operational management and commitment to safety.
Potential Negatives
- IEC's reliance on forward-looking statements presents uncertainty regarding the actual success of the K-29 well and future drilling operations, which may dissuade some investors.
- The cautionary note about risks and uncertainties in the press release highlights potential challenges that could adversely affect production and financial performance.
- IEC's emphasis on achieving zero lost time injuries and environmental incidents may indicate that the company's operations are traditionally seen as risky, which could raise concerns among stakeholders.
FAQ
When will production operations at K-29 begin?
Production operations at the K-29 well are expected to begin in the next couple of weeks.
What updates will be provided during the YouTube Live broadcast?
Frank Ingriselli will provide an update on operations and answer questions from viewers during the live broadcast.
Where is the Kruh Block located?
The Kruh Block is located onshore on the Island of Sumatra, Indonesia, covering approximately 63,000 acres.
Is there any environmental impact from the drilling operations?
The K-29 well was drilled with zero lost time injury or environmental health and safety incidents.
How can I access the YouTube Live presentation?
The YouTube Live presentation can be accessed at the link: https://youtube.com/live/o8CkQxnlKZw?feature=share.
Disclaimer: This is an AI-generated summary of a press release distributed by GlobeNewswire. The model used to summarize this release may make mistakes. See the full release here.
$INDO Hedge Fund Activity
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Here are some of the largest recent moves:
- UBS GROUP AG added 40,297 shares (+60.2%) to their portfolio in Q2 2026, for an estimated $110,413
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- XTX TOPCO LTD removed 30,574 shares (-100.0%) from their portfolio in Q1 2026, for an estimated $105,174
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- GOLDMAN SACHS GROUP INC removed 24,377 shares (-100.0%) from their portfolio in Q1 2026, for an estimated $83,856
- HRT FINANCIAL LP added 20,270 shares (+inf%) to their portfolio in Q2 2026, for an estimated $55,539
- THOMPSON DAVIS & CO., INC. removed 15,300 shares (-100.0%) from their portfolio in Q2 2026, for an estimated $41,922
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Full Release
Production Operations Will Commence in the Next Couple of Weeks
YouTube Live Broadcast Set for
Thursday, September 3, 2026 at 12:15 pm Eastern Time
JAKARTA, INDONESIA AND DANVILLE, CA, Sept. 02, 2026 (GLOBE NEWSWIRE) -- Indonesia Energy Corporation (NYSE American: INDO) ("IEC"), an oil and gas exploration and production company focused on Indonesia, today announced that IEC has discovered good quality oil during testing operations at the newly drilled K-29 well at Kruh Block. K-29 was spud on July 25, 2026 and recently reached a total depth of 3,378 feet.
IEC also announced that actual production operations at K-29 are expected to commence in the next couple of weeks. Of particular note to the K-29 well is that the perforation gun used pursuant to Pertamina’s (Indonesia’s state-owned oil and gas company) approved perforation targets was naturally bleeding/seeping oil, which is typically viewed as a very good result. This has not been the case in previous wells at the Kruh Block. and the well may begin natural production without a fracturing procedure. IEC expects to gain further data and information as production operations commence. Additionally, the well was drilled with zero lost time injury or other environmental, health and safety incidents.
The drilling rig used at the K-29 well has now been mobilized and is on its way to the WK-5 wellsite to drill that well in continuation of IEC’s planned drilling operations for 2026.
Both K-29 and WK-5 are located within IEC’s approximately 63,000-acre Kruh Block on the island of Sumatra, Indonesia.
As previously announced, IEC will host a YouTube Live presentation featuring its President, Frank Ingriselli, on Thursday, September 3, 2026, at 12:15 p.m. Eastern time/9:15 a.m. Pacific Time.
The live presentation will be accessible at the following YouTube Live link: https://youtube.com/live/o8CkQxnlKZw?feature=share .
During the live presentation, Mr. Ingriselli will provide an update on operations and will take questions live from viewers.
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 (195,000 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 live presentation described herein, and related statements 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, the words “explore,” “could,” "estimates," “seek,” "believes," "hopes," “understand,” "expects," "intends," “on-track”, "plans," "anticipates," “aim,” “goal,” "may" and similar conditional expressions related to the future 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. In this press release, forward-looking statements include, without limitation those related to the timing for, and results of, 2026 and other drilling and anticipated production activities at IEC’s Kruh Block as well as the price of oil, which changes daily and could lower over time. 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 significant risks, uncertainties, and other factors, many of which are outside of the IEC's control, that could cause actual results 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 IEC’s annual report on Form 20-F for the fiscal year ended December 31, 2025, filed on April 29, 2026, and other filings with the Securities and Exchange Commission (SEC). Copies are of such documents are available on the SEC's website, www.sec.gov and IEC’s website at https://ir.indo-energy.com/sec-filings/ . 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
[email protected]
