Indonesia Energy to Present at The Microcap Conference in Atlantic City on January 31 and again on February 1, 2024

President Frank Ingriselli Will Present an Update on IEC’s Development Plans and
the Positive Impact of the Recent Kruh Contract Extension

JAKARTA, INDONESIA AND DANVILLE, CA, Jan. 23, 2024 (GLOBE NEWSWIRE) -- Indonesia Energy Corporation (NYSE American: INDO) ("IEC"), an oil and gas exploration and production company based in Indonesia, today announced its President, Frank Ingriselli, will be presenting at The Microcap Conference in Atlantic City on January 31, 2024 at 3:40PM EST and again on February 1, 2024 at 10:25AM EST.

The in-person event will take place at the Caesar's Atlantic City Hotel and Casino. IEC will provide an update on its previously announced exploratory work done in 2023 with a view towards renewing and maximizing drilling activities in 2024 and beyond as well as its drive towards early commercialization of IEC’s Citarum Block, a potential billion-barrel equivalent structure. IEC will also discuss the positive impact resulting from the recent contract extension to its Kruh Block as discussed further below. 

To register to attend The Microcap Conference, follow this link.

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 in September 2023 that its joint operation contract with Pertamina, the Indonesian state-owned oil and gas company, covering the Kruh Block was extended 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.