Senior Executives of Indonesia Energy Take on New Roles and New Board Member Added

Changes come as IEC looks to leverage the exploratory work undertaken in 2023 with a view towards renewing and maximimizing drilling activities in 2024 and beyond

JAKARTA, INDONESIA AND DANVILLE, CA, Jan. 17, 2024 (GLOBE NEWSWIRE) -- Indonesia Energy Corporation (NYSE American: INDO) ("IEC"), an oil and gas exploration and production company focused on Indonesia, today announced that it has made changes and enhanced the effectiveness of its management team and Board of Directors.

These changes come as IEC is laser focused on delivering a new and enhanced development program at its currently producing Kruh Block leveraging the previously announced exploratory work done in 2023 as well as to drive towards early commercialization of IEC’s Citarum Block, a potential billion barrel equivalent structure.

Mr. Mirza Said has been appointed as Chief Operating Officer of the Company. Mr. Said previously was the Chief Business Development Officer. Commenting on Mr. Said’s new role, Dr. Wirawan Jusuf, IEC’s Chairman and Chief Executive Officer, stated “Mirza is perfectly suited for the role of Chief Operating Officer. Over the past several years, he has been involved with and helped guide all aspects of our operations and business and has been an invaluable C-suite team member. Mirza’s mandate will now formally cover many of the items he already has significant input on, from government relations and licensing, to procurement, staffing and the execution of our exploratory and drilling operations.”

Dr. Charlie Wu has been appointed as Chief Technology Officer of the Company. He previously served as IEC's Chief Operating Officer. Dr. Jusuf commented, “Charlie’s background of over 40 years in the oil and gas industry and his global experience in oil and gas technology will help drive our development programs for both the Kruh Block and the Citarum Block. His efforts over the last several years have been focused on understanding and maximing the potential for our assets and implementing the right technology to do so. As such, the role of Chief Technology Officer is a great fit for him and our company.”

In addition, IEC is pleased to announce the appointment of Mr Ahmad Fathurachman, age 33, as a new independent member of the Company’s board of directors. Mr. Fathurachman replaces Mr. Tamba Hutapea, who is retiring as a member of IEC’s board of directors.

Mr. Fathurachman’s experience in the energy industry and also on marketing and social media will help guide a new focus for IEC on developing a comprehensive market awareness program and frequent communications with shareholders on current activities for IEC. In this regard, it is expected that Mr. Fathurachman will work closely with Frank Ingriselli, IEC’s President. An electrical and power engineer by training, Mr, Fathurachman presently works in project management, project development and product sales at Weatherford International plc in Indonesia.