Indonesia Energy Corporation (NYSE American: INDO) ("IEC"), an oil and gas exploration and production company focused on Indonesia, today announced that it plans to drill two (2) back-to-back wells on IEC’s 63,000 acre Kruh Block commencing in the fourth quarter of 2025.
The new drilling activities will be supported by the previously announced exploratory seismic work which was undertaken by IEC during 2024 and early 2025 that upgraded IEC’s wellsite prospects and drilling locations with a view towards maximizing production.
IEC’s planned drilling activities are expected to encompass:
- Two wells being drilled back-to-back to help minimize mobilization costs.
- A 750 horsepower drilling rig is planned to be used and is currently undergoing final inspection.
- The wells will be designated “Kruh-29” (Kruh Field, planned total depth: 3,400 ft) and “West Kruh-5” (West Kruh Field, planned total depth: 5,200 ft), representing IEC’s first new well drilling activity in West Kruh Field.
- Surface locations and subsurface geology for both wells have been approved by SKK Migas and Pertamina, the applicable Indonesian government entities.
- For Kruh-29, land acquisition, logistics, and tubular material procurement have been completed.
- For West Kruh-5, tender documents for required third party vendors are being prepared.
- Spudding of Kruh-29 is expected in the middle of the fourth quarter of 2025, with production anticipated to begin by year-end.
Mr. Frank Ingriselli, IEC's President, commented “We are excited that government permits and necessary contractors are lining up to provide us with the ability to commence drilling our next well at the Kruh Block before year end and hopefully the drilling of a second well before year end or soon thereafter. This comes after our heavy investment in critical seismic work in 2024 and early 2025 which will guide our efforts going forward. If results from these next wells are positive, we are hopeful that a significant increase in our reserves will be forthcoming as we continue to work towards drilling a total of 18 new wells at Kruh in the coming years as we seek to maximize the potential for this asset and drive shareholder value.”
In May 2025, IEC reported that investments in Kruh Block and the 3D seismic work completed earlier this year resulted in a 60% increase in proved gross reserves. More information regarding IEC’s planned drilling activities and reserve details for the Kruh Block and the Citarum Block can be found in IEC’s annual report on Form 20-F which was filed on April 29, 2025.