MOU furthers IEC’s efforts with Aquila Energia to explore the promotion of sustainable off grid energy solutions for the growing digital economy in Brazil

JAKARTA, INDONESIA AND DANVILLE, CA, Oct. 24, 2025 (GLOBE NEWSWIRE) -- Indonesia Energy Corporation (NYSE American: INDO) ("IEC"), an oil and gas exploration and production company focused on energy assets in Indonesia, today announced that it signed a Memorandum of Understanding (MOU) with Aguila Energia e Participações Ltda. (“AEP”), an affiliate of Rio de Janeiro–based investment firm Aguila Capital, as part of the official signing ceremonies during the summit meetings between President Prabowo Subianto of Indonesia and President Luiz Inácio Lula da Silva of Brazil.The MOU establishes a cooperative, non-binding framework between IEC and AEP to jointly identify, evaluate, and pursue potential opportunities using state funded and other sources of capital to cooperate in the development of two hybrid energy pilot projects integrating solar power and natural gas from AEP’s assets in the Northeast region of Brazil. The aim of this effort would be to provide autonomous energy infrastructure for data centers in Brazil, with each project being potentially capable of initial generation capacity of 10 MW, with the potential for progressive expansion up to 400 MW.

The recently signed MOU follows an initial non-binding memorandum of understanding signed by IEC and AEP in August 2025 under which the parties agreed more generally to explore acquisitions or participations in oil and gas or other energy-related assets and projects located in Brazil, a major global energy market. The cooperation combines IEC’s oil and gas and capital market experience with AEP’s capabilities in local Brazilian transactions, regulatory engagement, and asset development.

Mr. Frank Ingriselli, IEC's President, commented “This summit between the Presidents of Indonesia and Brazil created this unique setting to get pledges by both countries to collaborate in pathfinding ventures in energy including mutual cooperation for potential state financing. This can help accelerate not only our development of our potential billion dollar Citarum natural gas asset on the Island of Java but also to acquire or participate in a strategic opportunity to develop a new generation of hybrid, off-grid power systems supporting data centers, AI computation and high-density digital processing in the northeast region of Brazil. The intent is to use AEP’s potential stranded gas resources in Brazil that may be suitable for integration into hybrid gas-to-wire renewable power systems.”

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 also presently exploring joint project development opportunities in Brazil.

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, 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," 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. In this press release, forward-looking statements include, without limitation those related to the anticipated benefits of IEC’s recently signed MOU with AEP, and its future plans to develop oil and gas assets in Brazil and Indonesia. 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 the Company’s annual report on Form 20-F for the fiscal year ended December 31, 2024, filed on April 29, 2025, 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]