Indonesia Energy to Present at H.C. Wainwright 25th Annual Global Investment Conference On Tuesday, September 12, 2023 - Seite 2

Additionally, a 3D seismic program at Kruh Block, including data acquisition, processing and interpretation will be conducted in early 2024. The result of this seismic program is expected to help IEC estimate the size and potential of new oil and gas reservoirs and upgrade some of the unproved reserves to the proved category.

IEC believes that this new work at Kruh Block, together with what has been learned from the 2022 oil and gas discoveries, is greatly assisting IEC in ascertaining the best locations to conduct its continuous drilling campaign at Kruh Block that will look to develop not only the one formation currently being targeted, but also look to develop what appears to be at least three additional oil formations that could contain significant commercial quantities of oil and natural gas. After completion and full interpretation of this seismic operations, IEC plans to re-start its continuous drilling campaign at Kruh Block in 2024. IEC still plans on drilling a total of 18 new wells at Kruh Block (4 of which have already been completed), by the end of 2026.

At the same time, on IEC’s million-acre Citarum Block, IEC expects to receive the environmental permit for two-dimensional seismic data acquisition in the fourth quarter of 2023, which would allow IEC to begin the data acquisition work in the first quarter of 2024.

Mr. Frank Ingriselli, IEC's President, commented "We look forward to returning to the H.C. Wainwright Conference so that we can discuss our recent contract extension and the significantly improved terms for our Kruh Block along with our future operational plans for both the Kruh Block and the Citarum Block. We believe we have world class assets that should contribute to the Company’s strategic plan to maximize returns on our investments and grow shareholder value.”

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 (1,000,000 acres) located onshore on the Island of Java in Indonesia. 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.