Indonesia Energy to Present at H.C. Wainwright 25th Annual Global Investment Conference On Tuesday, September 12, 2023

President Frank Ingriselli Will Present Update on Development Plans and 
Recent Kruh Contract Extension

JAKARTA, INDONESIA AND DANVILLE, CA, Sept. 08, 2023 (GLOBE NEWSWIRE) -- Indonesia Energy Corporation (NYSE American: INDO) ("IEC"), an oil and gas exploration and production company focused on Indonesia, today announced its President, Frank Ingriselli, will be presenting at the H.C. Wainwright 25th Annual Global Investment Conference on Tuesday, September 12 at 12:00PM EST. The in-person venue for the event is the Lotte New York Palace Hotel in New York City. IEC will provide an update on its development plans for its Kruh Block and its Citarum Block and also the recent contract extension to it its Kruh Block as discussed further below.

H.C. Wainwright 25^th Annual Global Investment Conference

Date: Tuesday, September 12, 2023

Time: 12:00PM EST

Place: Lotte New York Palace Hotel, 455 Madison Avenue, New York, NY

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 yesterday that its joint operation contract with Pertamina, the Indonesian state-owned oil and gas company, covering the Kruh Block has been amended to extend the contract term 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.
  

IEC also provided an update on its Kruh Block development plan. As previously announced, in order to maximize the production at Kruh Block, IEC is in the process of conducting a workover of the existing Kruh-21 well which was drilled in 2015. Regarding the Kruh-28 well, as previously announced, IEC unexpectedly found evidence of a potential natural gas bearing reservoir between the 976 and 1,006 feet interval with 30 feet net thickness. This initial evidence was supported by both wireline logging and geologic logging data, and subsequent gas flaring. At present, IEC is in the process of sourcing a suitable rig for the workover of K-21 and K-28 wells which is planned to be conducted in the later part this year. The production from these two wells is anticipated to begin in 2024.