Announcement • Jul 06
Indonesia Energy Corporation Commences Operations on K-29 Well At Kruh Block Indonesia Energy Corporation announced the commencement of operations on IEC’s “K-29” well during a recent visit by IEC President, Chief Operations Officer, and Chief Technology Officer. Following completion of the K-29 well, IEC plans to commence drilling operations at the WK-5 wellsite as part of its ongoing Kruh Block drilling program. Preparatory operations for drilling at the WK-5 wellsite are progressing as planned. Under IEC’s contract for Kruh Block with Pertamina, the Indonesian state-owned oil and gas company, Pertamina will purchase all the crude oil produced and pay IEC in USD at the price of Brent after subtracting a small transportation cost. Fuel has been delivered, the water and mud pits have been filled up, computer systems have been commissioned. All drilling equipment and related services are in place. Environmental clearances to drill an additional 30 wells on the Kruh Block before 2035 have been submitted. Announcement • Jun 12
Indonesia Energy Corporation Reports Rig Is Successfully Lifted And Safety Check Completed And Is Still On Schedule For The Drilling Of The First Of Two Planned Wells At Kruh Block In 2026 Indonesia Energy Corporation announced that, following the completion of the previously reported rig mobilization, the rig was successfully lifted and the safety check has been completed, and IEC is still on schedule for the drilling of the first of two planned wells at Kruh Block. The setup of the rig has been completed and is currently undergoing internal testing. The following is an up-to-date timeline on the K-29 well. Installation and rig setup - this was previously projected for early June 2026 and has now been completed, with the rig now under internal function testing. Rig-up and crew readiness - projected for mid-June 2026: hired 98 of 102 personnel and final 4 being selected. All final hiring expected to be completed by the week of June 15, 2026. Function testing – projected for mid to late June 2026: functional testing is underway and expected to be completed by the week of June 15, 2026. Government inspection - projected late June 2026: After function testing is completed as noted above, the government company (Pertamina EP) will inspect the rig, and this is expected to be completed on schedule. Spud date (start of drilling) – projected for late June 2026: Still projected as scheduled. Following completion of the K-29 well, IEC plans to commence drilling activities at the WK-5 as part of a Kruh Block drilling program. This drilling campaign comes at a favorable time for IEC as global oil prices still remain high amid ongoing geopolitical tensions in the Middle East. Announcement • May 30
Indonesia Energy Corporation Limited Reports Rig Mobilization Complete For K-29 Well At Kruh Block Indonesia Energy Corporation Limited announced that rig mobilization is complete on the K-29 well, the first of two planned wells during 2026 at its 64,000 acre Kruh Block. The rig has been successfully set up at the wellsite and centered on the hole. Indonesia's oil industry has recently faced significant operational challenges, including flooding due to anomalous weather and diesel fuel shortages related to the conflict in the Middle East. These conditions, combined with increased competition for qualified and fully certified rig personnel, have contributed to delays across the sector. IEC has successfully advanced preparations for drilling operations during 2026. IEC is currently estimating the following near term drilling timeline for the K-29 well: 1. Installation and rig setup completed - early June 2026 2. Rig-up and crew readiness completed - mid-June 2026 3. Function testing completed - mid to late June 2026 4. Government inspection completed - late June 2026 5. Spud date (start of drilling) - late June 2026. Following completion of the K-29 well, IEC plans to commence drilling activities at the WK-5 as part of a Kruh Block drilling program. This drilling campaign comes at a favorable time for IEC as global oil prices have strengthened amid ongoing geopolitical tensions in the Middle East. Reported Earnings • May 05
Full year 2025 earnings released: US$0.35 loss per share (vs US$0.55 loss in FY 2024) Full year 2025 results: US$0.35 loss per share (improved from US$0.55 loss in FY 2024). Revenue: US$2.01m (down 25% from FY 2024). Net loss: US$5.10m (loss narrowed 20% from FY 2024). Over the last 3 years on average, earnings per share has fallen by 13% per year whereas the company’s share price has fallen by 12% per year. New Risk • Apr 19
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (19% average weekly change). Shareholders have been substantially diluted in the past year (45% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Revenue is less than US$5m (US$2.3m revenue). Market cap is less than US$100m (US$47.5m market cap). Announcement • Mar 23
Indonesia Energy Corporation Limited Reports Progress On Next Two New Wells At Kruh Block Indonesia Energy Corporation announced pre-drilling progress on its planned next two wells at IEC’s Kruh Block. IEC expects to commence drilling at the first of these new wells within approximately the next 60 days. The wells are expected to be drilled on a back-to-back basis. Drilling pads for the next 2 wells (called the “K-29” and the “WK-5” wells) have been constructed and all the long lead items such as drilling pipe and drill bits and wellheads have been delivered. The drilling rig has been selected and inspection has been successfully completed. IEC has appointed PT Bina Mitra Artha (“BMA”) with drilling rig BMA #9 which is on its way to the first drilling pad. Commencement of drilling operations has been delayed by several weeks because of severe flooding in Sumatra which destroyed the road planned to be used by IEC. However, IEC has secured permits to use the main road for the BMA #9 rig which is on its way to the first well location (well K-29). New Risk • Mar 01
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 16% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (16% average weekly change). Shareholders have been substantially diluted in the past year (45% increase in shares outstanding). Minor Risks Revenue is less than US$5m (US$2.3m revenue). Market cap is less than US$100m (US$88.1m market cap). New Risk • Jan 26
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (45% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Revenue is less than US$5m (US$2.3m revenue). Market cap is less than US$100m (US$68.3m market cap). Announcement • Jan 09
Indonesia Energy Corporation Moves Forward with Two New Wells At Kruh Block Indonesia Energy Corporation announced pre-drilling progress on its planned next two wells at IEC's Kruh Block. IEC remains on target to commence drilling at the first of these new wells before the end of this first quarter of 2026. The wells are expected to be drilled on a back-to-back basis. Drilling pads for the next 2 wells (called the K-29 and the WK-5) wells) have been constructed for the K-29 well and delivered for the WK-5 well. Drilling pipe and drill bits and wellheads have been delivered. The drilling rig has been selected and is currently under inspection. In addition, procurement of the critical drilling explosives, tightly controlled by the Indonesian government, has been approved and the explosives have been transported to the designated warehouse. Reported Earnings • Oct 06
First half 2025 earnings released: US$0.19 loss per share (vs US$0.21 loss in 1H 2024) First half 2025 results: US$0.19 loss per share. Revenue: US$1.07m (down 26% from 1H 2024). Net loss: US$2.82m (loss widened 35% from 1H 2024). Announcement • Sep 10
Indonesia Energy Corporation Announces Operations on the First of Two New Wells to Be Drilled at Kruh Block Have Commenced Indonesia Energy Corporation announced its President, Frank Ingriselli, during his presentation at the H.C. Wainwright 27th Annual Global Investment Conference on September 9, 2025 at 12:00 p.m. EST confirmed that operations on the first of its planned next two wells at IEC's Kruh Block have commenced. A drilling pad for the next well (called the "K-29" well) has been constructed and drilling pipe has been delivered. Announcement • Jul 23
Indonesia Energy Corporation Plans to Commence Drilling Two Wells At Kruh Block During the Remainder of 2025 Indonesia Energy Corporation announced that it plans to drill two 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. New Risk • Jun 13
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 17% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$5.9m free cash flow). Shareholders have been substantially diluted in the past year (36% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (17% average weekly change). Revenue is less than US$5m (US$2.7m revenue). Market cap is less than US$100m (US$49.2m market cap). Announcement • May 29
Indonesia Energy Corporation Provides Update on Recently Completed Operations on the Citarum Block Indonesia Energy Corporation announced encouraging results from a regional geochemical survey conducted between September 2024 and March 2025 at IEC's 195,000 acre Citarum Block which confirms the prospectivity of the key areas of this important asset. A detailed analysis of 135 soil samples taken from Citarum Block pursuant to an export license granted by the Indonesian government was performed by the Geochemical Exploration Services Company of Denver, Colorado. The conclusion of this detailed analysis confirmed the presence of hydrocarbons in the Pasundan-1 well, the Jatayu-1 well and the Jonggol area. IEC believes that these results significantly reduces the risk of hydrocarbon exploration and positively confirms the ultimate development and exploitation at the Citarum Block. This valuable analysis, when combined with all the previous data that IEC has on the Citarum Block, will potentially allow IEC to bypass the need to do any more seismic work on the block and allow IEC to move directly to the drilling phase. The Citarum Block operates under a "gross split" regime pursuant to IEC's contract with the Indonesian government for this asset. The effect of this is that once Citarum commences production, IEC will be entitled to at least 65% of the natural gas produced. Another benefit for IEC is that the next well it drills at Citarum (which would represent IEC's initial drilling at Citarum) will be considered an "exploitation" well, meaning IEC will have the right to produce and commercialize any oil and gas discovered from this well without delays which were previously anticipated. New Risk • May 06
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 36% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$5.9m free cash flow). Shareholders have been substantially diluted in the past year (36% increase in shares outstanding). Minor Risks Revenue is less than US$5m (US$2.7m revenue). Market cap is less than US$100m (US$32.7m market cap). Reported Earnings • May 01
Full year 2024 earnings released: US$0.55 loss per share (vs US$0.26 loss in FY 2023) Full year 2024 results: US$0.55 loss per share (further deteriorated from US$0.26 loss in FY 2023). Revenue: US$2.67m (down 24% from FY 2023). Net loss: US$6.34m (loss widened 140% from FY 2023). Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 50% per year, which means it is significantly lagging earnings. Reported Earnings • Oct 29
First half 2024 earnings released: US$0.21 loss per share (vs US$0.16 loss in 1H 2023) First half 2024 results: US$0.21 loss per share (further deteriorated from US$0.16 loss in 1H 2023). Revenue: US$1.44m (down 22% from 1H 2023). Net loss: US$2.10m (loss widened 30% from 1H 2023). Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. New Risk • Oct 29
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.0% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$3.6m free cash flow). Share price has been highly volatile over the past 3 months (32% average weekly change). Minor Risks Shareholders have been diluted in the past year (2.0% increase in shares outstanding). Revenue is less than US$5m (US$3.1m revenue). Market cap is less than US$100m (US$41.3m market cap). Announcement • Jul 16
IndonesiaEnergy Corporation Completes Recording of New 3D Seismic Operations at its Kruh Block and Expects to Drill New Production Wells by End of 2024 IndonesiaEnergy Corporation provided an operational update and announced that it has completed the recording of 29 square kilometers of new 3D seismic at its 63,000 acre Kruh Block. IEC will now commence processing and detailed interpretation of the seismic data to optimize the selection of drilling locations in its Kruh, North Kruh and West Kruh fields. Importantly, IEC anticipates that the results of this seismic work may allow IEC to drill new production wells at Kruh Block by the end of 2024. Additionally, IEC announced that it expects to commence operations before the end of the year at its 650,000 acre Citarum Block where reserves could potentially exceed a billion barrels of oil equivalent. As the operator of the Kruh block, IEC’s 3-D seismic program is strategically focused on existing proved reservoirs in the Talangakar and Lemat formations, as well as the very large and promising shallow oil/gas zones in the K-28 well discovered by IEC in 2022. The newly-acquired high quality three-dimensional seismic data will enable the identification of additional locations of proved undeveloped reserves and resources. This, in turn, will pave the way to prioritize the sequence of upcoming drilling locations as IEC recommences drilling operations at Kruh Block. Preparations for the new drilling operation are underway, with plans to drill the first well in the fourth quarter of 2024 after the evaluation of the new three-dimensional seismic data is completed. 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%; and 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. At Citarum Block, IEC’s recent receipt of government environmental permits paves the way to expeditiously commence seismic operations, with plans to commence drilling next year. As previously reported, IEC’s estimates are that the Citarum Block has prospective oil-equivalent resources of over 1 billion barrels of oil. Announcement • Jun 24
Indonesia Energy Corporation Commences New 3D Seismic Operations at its Kruh Block and Expects to Drill New Production Wells by End of Year Indonesia Energy Corporation (IEC) provided an operational update and announced that new 3D seismic exploratory operations at its 63,000 acre Kruh Block have commenced. Importantly, IEC anticipates that the results of this seismic work will allow IEC to drill new production wells at Kruh Block the by the end of 2024. Additionally, IEC announced that key environmental permits have been granted at IEC’s 650,000 acre Citarum Block where reserves could potentially exceed a billion barrels of oil equivalent. IEC’s receipt of these permits represents an important milestone for IEC as the permits will allow for meaningful exploratory work by IEC at Citarum for the first time. As the operator of the Kruh block, IEC’s 3-D seismic program will cover the Kruh, North Kruh and West Kruh Fields. This 29 square km high-quality seismic program is strategically focused on existing proved reservoirs of the Talangakar and Lemat formations, as well as the very large and promising shallow oil/gas zones in the K-28 well discovered by IEC’s work in 2022. The new, high quality three-dimensional seismic data will enable the identification of additional locations of proved undeveloped reserves and resources. This in turn will pave the way to prioritize the sequence of upcoming drilling locations as IEC recommences drilling operations at Kruh Block. Preparations for the new drilling operation are underway, with plans to drill the first well in the fourth quarter of 2024 after the evaluation of the new three-dimensional seismic data is completed. IEC announced in September 2023 that its joint operation contract with Pertamina, 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. At Citarum Block, IEC’s receipt of government environmental permits to commence seismic operations which are planned for late this year or early next year, with plans to also commence drilling next year. As required by government regulations, IEC relinquished approximately 35% of its original Citarum acreage but has retained approximately 97% of the original prospective resources and now has approximately 650,000 acres on which drilling could take place. As previously reported, IEC’s estimates are that the Citarum Block has prospective oil-equivalent resources of over one billion barrels of oil. Reported Earnings • Apr 28
Full year 2023 earnings released: US$0.26 loss per share (vs US$0.35 loss in FY 2022) Full year 2023 results: US$0.26 loss per share (improved from US$0.35 loss in FY 2022). Revenue: US$3.53m (down 14% from FY 2022). Net loss: US$2.64m (loss narrowed 15% from FY 2022). Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. New Risk • Apr 15
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (26% average weekly change). Earnings have declined by 25% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported June 2023 fiscal period end). Revenue is less than US$5m (US$3.6m revenue). Market cap is less than US$100m (US$50.1m market cap). New Risk • Apr 01
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 25% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Revenue is less than US$5m (US$3.6m revenue). Market cap is less than US$100m (US$21.9m market cap). Announcement • Jan 17
Indonesiaenergy Corporation Announces Management Appointments IndonesiaEnergy Corporation 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. Dr. Charlie Wu has been appointed as Chief Technology Officer of the Company. He previously served as IEC's Chief Operating Officer. 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 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 assets and implementing the right technology to do so. As such, the role of Chief Technology Officer is a great fit for him and company. In addition, IEC announced 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. These appointments are all effective as of January 16, 2024. New Risk • Oct 10
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 10% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$5.5m free cash flow). Earnings have declined by 25% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (10% average weekly change). Shareholders have been diluted in the past year (9.1% increase in shares outstanding). Revenue is less than US$5m (US$3.6m revenue). Market cap is less than US$100m (US$41.3m market cap). Reported Earnings • Oct 02
First half 2023 earnings released: US$0.16 loss per share (vs US$0.14 loss in 1H 2022) First half 2023 results: US$0.16 loss per share (further deteriorated from US$0.14 loss in 1H 2022). Revenue: US$1.84m (down 21% from 1H 2022). Net loss: US$1.62m (loss widened 53% from 1H 2022). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has fallen by 7% per year, which means it is significantly lagging earnings. New Risk • Jul 02
New major risk - Financial position The company has less than a year of cash runway based on its current free cash flow trend. Free cash flow: -US$8.6m This is considered a major risk. With less than a year's worth of cash, the company will need to raise capital or take on debt unless its cash flows improve. This would dilute existing shareholders or increase balance sheet risk. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-US$8.6m free cash flow). Earnings have declined by 33% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Shareholders have been diluted in the past year (36% increase in shares outstanding). Revenue is less than US$5m (US$4.1m revenue). Market cap is less than US$100m (US$44.8m market cap). Reported Earnings • May 07
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: US$0.35 loss per share (improved from US$0.82 loss in FY 2021). Revenue: US$4.10m (up 67% from FY 2021). Net loss: US$3.12m (loss narrowed 49% from FY 2021). Revenue missed analyst estimates by 73%. Earnings per share (EPS) also missed analyst estimates by 150%. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has remained flat. Announcement • Dec 14
Indonesia Energy Announces Production Updates on Kruh Wells 27 and 28, the Two Back-to Back Discovery Wells Drilled in 2022 Indonesia Energy Corporation announced production updates on its Kruh 27 and Kruh 28 wells. These two back-to-back discovery wells were drilled by IEC during 2022 at its 63,000-acre Kruh Block. Fracture stimulation of the already oil producing Kruh 27 well has been completed, with 80 thousand pounds of proppants having been injected into the sand producing reservoir with the goal of increasing production productivity. A previous fracturing program conducted in IEC's Kruh 26 well brought the original production of 18 barrels of oil per day (BOPD) to a post-fracturing rate of 75 BOPD. IEC anticipates that the stimulation work at Kruh 27 could provide similar production enhancement after the well begins production again expected in January 2023. For Kruh 28, IEC plans to conduct a drill stem test in the new oil and gas bearing sand at a depth of 1,000 feet depth in January 2023. During drilling of Kruh 28, more than 28% hydrocarbon gas was recorded with composition up to C5 (an indication of the presence of liquid hydrocarbons), suggesting a potential new oil and gas bearing formation. Production from the Kruh 28 well is expected in the first quarter of 2023. 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. Further, IEC announced that it is currently in negotiations with Pertamina (the Indonesian state-owned oil and gas company) for a five year extension of IEC's contract for Kruh Block. Instead of the current May 2030 expiration of this contract, this extension would move the expiration date to May 2035. This extension would effectively give IEC 13 years to fully develop the existing 3 oil fields, and 5 other undeveloped oil and gas bearing structures at Kruh Block. In order to maximize the potential of Kruh Block after several encouraging new oil discoveries made by IEC during 2021 and 2022, IEC is planning to conduct significant new seismic operations across the entire Kruh Block. IEC believes that this new work, together with what has been learned from recent oil and gas discoveries, will greatly assist IEC in ascertaining the best locations conduct a continuous drilling campaign at Kruh Block that will look to develop not only the one formation currently being targeted, but to look to develop what appears to be at least three additional oil formations that could contain significant commercial quantites of oil and natural gas. Completion and full interpretation of this seismic operations will take approximately 12 months, after which IEC plans to re-start its continuous drilling campaign at Kruh Block. IEC still plans on drilling a total of 18 new wells at Kruh Block, four of which have already been completed, by the end of 2025. IEC can conduct this new, potential maximizing seismic work based on its fundraising efforts during 2022, where IEC raised approximately $12 million (net of fees and expenses) from investors. Announcement • Nov 24
Indonesia Energy Corporation Limited, Annual General Meeting, Dec 28, 2022 Indonesia Energy Corporation Limited, Annual General Meeting, Dec 28, 2022, at 09:00 US Eastern Standard Time. Location: GIESMART PLAZA 7th Floor, Jl. Raya Pasar Minggu No. 17A, Pancoran Jakarta Indonesia Agenda: To elect our existing directors for one-year term concluding at the 2023 Annual Meeting of Shareholders or until each successor is duly elected and qualified; to ratify the selection by our audit committee of Marcum Bernstein & Pinchuk LLP to serve as our independent registered public accounting firm for the year ending December 31, 2022; and to transact any other business that is properly brought before the Annual Meeting or any adjournment or postponement thereof. Price Target Changed • Nov 16
Price target increased to US$15.00 Up from US$8.00, the current price target is provided by 1 analyst. New target price is 113% above last closing price of US$7.03. Stock is up 77% over the past year. The company is forecast to post a net loss per share of US$0.14 next year compared to a net loss per share of US$0.82 last year. Announcement • Oct 21
Indonesia Energy Corporation Limited Discovers Oil At Kruh 28, the Second of Two Back-To-Back New Wells At Kruh Block in 2022 IndonesiaEnergy Corporation announced that it has discovered oil in its “Kruh 28” well. Kruh 28 is the second of two back-to-back wells being drilled by IEC during 2022 at its 63,000-acre Kruh Block. The Kruh 28 well reached the final total depth at 3,475 feet depth on September 16, 2022. Approximately 135 feet of oil sands were encountered at Kruh 28 between the depths of 3,165 and 3,300 feet. This oil-bearing interval (meaning the top of the oil zone to the bottom of the oil zone) in the Kruh 28 well was 6 feet thicker and therefore larger than anticipated, meaning that the total reserve potential for Kruh 28 could be larger than anticipated. Based on these drilling results and testing, IEC expects production could begin at Kruh 28 by the end of November 2022. In addition, 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. Moreover, in an effort to maximize the potential of Kruh Block after several encouraging new oil discoveries made by IEC during 2021 and 2022, after production begins at Kruh 27 and Kruh 28, but before continuing with additional production drilling operations, IEC is planning to conduct significant new seismic operations across the entire Kruh Block. IEC believes that this new work, together with what has been learned from recent oil and gas discoveries, will greatly assist IEC in ascertaining the best locations to re-start a continuous drilling campaign at Kruh Block that will look to develop not only the one formation currently being targeted, but to look to develop what appears to be at least two potential additional oil formations that could contain significant commercial quantites of oil and natural gas. Completion and full interpretation of this seismic operations will take approximately 12 months, after which IEC plans to re-start its continuous drilling campaign at Kruh Block. IEC still plans on drilling a total of 18 new wells at Kruh Block, four of which have already been completed, but now by the end of 2025 rather than 2024 as previously announced. This change in the Kruh Block drilling program was previously disclosed in IEC’s mid-year Form 6-K report filed with the SEC on September 29, 2022. IEC can conduct this new, potential maximizing seismic work based on its fundraising efforts during 2022, where the Company has raised approximately $12 million (net of fees and expenses) from investors. As previously disclosed, wells drilled that average production of 100 barrels of oil per day over the first year of production and based on the terms of IEC’s contract with the Indonesian government and an oil price of $80.00/barrel (which is approximately 15% below closing price for Brent crude), each well is expected to generate $2.1 million in net revenue in its first twelve months, which is more than enough to recover the cost of drilling the well in only the first year of production. The Kruh Block is located on Sumatra Island, where IEC is already producing oil from 5 existing wells. Reported Earnings • Sep 30
First half 2022 earnings released: US$0.14 loss per share (vs US$0.39 loss in 1H 2021) First half 2022 results: US$0.14 loss per share (improved from US$0.39 loss in 1H 2021). Revenue: US$2.33m (up 121% from 1H 2021). Net loss: US$1.06m (loss narrowed 64% from 1H 2021). Revenue is forecast to grow 114% p.a. on average during the next 2 years, compared to a 6.8% decline forecast for the Oil and Gas industry in the US. Announcement • Jul 13
Indonesia Energy Corporation Discovers Potential Natural Gas Reservoir During Current Drilling of Kruh-28 Oil Production Well Indonesia Energy Corporation Limited announced that while drilling the Kruh 28 well on IEC’s Kruh block, IEC unexpectedly found evidence of a potential natural gas bearing reservoir between 976 and 1,006 feet interval with 25 feet net thickness. This initial evidence was supported by both wireline logging and geologic logging data. This gas zone was not encountered in previous oil wells where IEC announced only oil discoveries. As previously announced, IEC commenced drilling for oil at Kruh 28 on June 22, 2022. If this zone turns out to be a natural gas discovery, it could add significant value to the expected oil discoveries anticipated at Kruh 28. IEC is continuing to drill the well towards the expected oil zone at 2,836 to 2,964 feet (subsea TVD depth) and expects to report final results when the well is anticipated to be completed in the coming weeks. Separately, IEC announced that with the current rate of production from its existing 5 production wells at Kruh Block and with the current realized price of oil, it is now operating at positive cash flow operations. Announcement • Jul 06
Indonesia Energy Commences Drilling of Second of Two Back-To-Back Production Wells At Kruh Block Indonesia Energy Corporation Limited announced that the company commenced drilling operations at the second of its two back-to-back producing wells. This well is named the K-28 well. The first of these two back-to-back wells, the K-27 well was completed as a discovery well in May 2022. first well is named the K-27 well). These wells are being drilled on the company’s 63,000-acre Kruh Block located on Sumatra Island. Drilling at K-28 commenced on Wednesday, June 22, 2022. K-28 has a target total depth of 3,400 feet, and it is expected to take approximately 45 days to complete all drilling operations. As an update to the drilling plan timing for 2022, IEC plans to drill a third new well at Kruh Block which is anticipated to commence drilling in the in September 2022 timeframe, and likely a fourth new well sometime before the end of 2022. These wells are the continuation of IEC’s previously announced drilling campaign to complete a total of 18 new production wells in Kruh Block by the end of 2024. If drilling is successful, in the K-28 well, is expected to average production of over 100 barrels of oil per day over the first year of production and will cost approximately $1.5 million to drill and complete. Based on the terms of IEC’s contract with the Indonesian government and an oil price of $90.00/barrel (which is approximately 20% below the most recent closing price for Brent), the well is expected to generate $2.4 million in net revenue in its first twelve months, which would be enough to recover more than the cost of drilling the well in the first year of production. The Kruh Block is located on Sumatra Island where IEC is already producing oil from 5 existing wells. Recent Insider Transactions Derivative • May 21
President notifies of intention to sell stock Frank Ingriselli intends to sell 17k shares in the next 90 days after lodging an Intent To Sell Form on the 16th of May. If the sale is conducted around the recent share price of US$17.54, it would amount to US$300k. Since December 2021, Frank has owned 37.08k shares directly. There have been no trades via on-market transactions or options from company insiders in the last 12 months. Announcement • May 12
Indonesia Energy Discovers Oil at Kruh 27, the First of Two Back-to-Back New Wells at Kruh Block in 2022 IndonesiaEnergy Corporation announced that it has discovered oil in its “Kruh 27” well. Kruh 27 is the first of two back-to-back wells being drilled by IEC during the first half of 2022 at its 63,000-acre Kruh Block. The Kruh 27 well was spudded on April 7, 2022. On May 9, 2022, the drilling reached the final total depth at 3,359 feet depth. It took only 32 days to drill to total depth, less than the 45 days previously budgeted. Approximately 132 feet of oil sands were encountered at Kruh 27 between the depths of 3,058 and 3,190 feet. This oil-bearing interval (meaning the top of the oil zone to the bottom of the oil zone) in the Kruh 27 well was 14 feet thicker and therefore larger than anticipated, meaning that the total reserve potential for Kruh 27 could be larger than anticipated. Based on these drilling results, IEC expects production to begin at Kruh 27 by the end of May 2022. The drilling rig that drilled the Kruh 27 well will move to the next location to commence drilling the Kruh 28 well. A third new well at Kruh Block is anticipated to commence drilling in the July-August 2022 timeframe, and likely a fourth new well sometime before the end of 2022. These wells are the continuation of IEC’s previously announced drilling campaign to complete a total of 18 new production wells in Kruh Block by the end of 2024. Each of these new wells are expected to average production of over 100 barrels of oil per day over the first year of production, and each well will cost approximately $1.5 million to drill and complete. Based on the terms of IEC’s contract with the Indonesian government and an oil price of $90.00/barrel (which is 20% below yesterday’s closing price for Brent crude), each well is expected to generate $2.4 million in net revenue in its first twelve months, which would be enough to recover the cost of drilling the wells in only the first year of production. Reported Earnings • May 03
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: US$0.82 loss per share (up from US$0.94 loss in FY 2020). Revenue: US$2.45m (up 24% from FY 2020). Net loss: US$6.08m (loss narrowed 13% from FY 2020). Revenue missed analyst estimates by 48%. Earnings per share (EPS) also missed analyst estimates by 19%. Over the next year, revenue is forecast to grow 658%, compared to a 25% growth forecast for the oil industry in the US. Price Target Changed • Apr 27
Price target increased to US$15.00 Up from US$8.00, the current price target is provided by 1 analyst. New target price is 17% below last closing price of US$18.07. Stock is up 234% over the past year. The company is forecast to post a net loss per share of US$0.69 next year compared to a net loss per share of US$0.94 last year. Announcement • Apr 09
Indonesia Energy Commences Drilling of First of Two Back-to-Back Production Wells at Kruh Block Indonesia Energy Corporation Limited announced that the company has commenced drilling operations at the first of its two back-to-back producing wells (this first well is named the K-27 well) at its 63,000-acre Kruh Block. Drilling at K-27 commenced on April 7, 2022. K-27 has a target total depth of 3,400 feet, and it is expected to take approximately 45 days to complete all drilling operations. The commencement of drilling represents a milestone in IEC’s previously announced plan to drill two new wells at Kruh Block. As an update to the drilling plan timing for 2002, IEC plans to commence drilling of the second new well (called K-28) immediately following the completion of the K-27 well. A third new well new well at Kruh Block is anticipated to commence drilling in the June-July 2022 timeframe, and likely a fourth new well sometime before the end of 2022. These wells are the continuation of IEC’s previously announced drilling campaign to complete a total of 18 new production wells in Kruh Block by the end of 2024. Announcement • Sep 24
Indonesia Energy Responds to Inquiries Regarding Potential Rokan Producing Asset Acquisition Indonesia Energy Corporation Limited (NYSEAM:INDO) (IEC) responded on September 22, 2021 to inquiries and internet postings regarding its discussions related a potential acquisition by IEC of a partial interest in the Rokan producing asset located on Sumatra Island that was recently relinquished by Chevron Corporation (NYSE:CVX) . During a previously announced participation at the Alliance Global Partners Energy Conference on Tuesday, September 21, 2021, IEC President Frank Ingriselli received inquiries regarding IEC's consideration of, and discussions related to, the potential acquisition of the recently relinquished Rokan asset by Chevron Corporation. In response, Mr. Ingriselli confirmed that IEC has had discussions with respect to this asset as it has had similar discussions regarding the acquisition of other assets to complement Kruh Block, IEC's producing asset. IEC is aware that there have been third party postings on social media and the internet regarding this matter. No further comments, details or confirmations were made at the presentations. IEC further notes that no assurances can be given that discussions will continue or that the acquisition of any new producing assets will be consummated. Price Target Changed • Jul 30
Price target decreased to US$8.00 Down from US$9.33, the current price target is provided by 1 analyst. New target price is 58% above last closing price of US$5.07. Stock is up 4.7% over the past year. Announcement • May 02
Indonesia Energy Corporation Limited announced delayed 20-F filing On 04/30/2021, Indonesia Energy Corporation Limited announced that they will be unable to file their next 20-F by the deadline required by the SEC. Is New 90 Day High Low • Feb 23
New 90-day high: US$8.92 The company is up 89% from its price of US$4.73 on 24 November 2020. The American market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 21% over the same period. Is New 90 Day High Low • Jan 29
New 90-day high: US$8.01 The company is up 83% from its price of US$4.38 on 30 October 2020. The American market is up 19% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 41% over the same period. Announcement • Jan 26
Indonesia Energy Corporation Limited Announces the Appointment of Michael L. Peterson to Board of Directors Indonesia Energy Corporation announced that the company's Board of Directors has appointed Michael L. Peterson to the Board. Mr. Peterson will serve as an independent Board member and will also serve as the Chairman of the Audit Committee of the Board of Directors. Mr. Peterson has over 30 years of experience in executive management positions in all aspects of the energy industry and finance industries, having served as a director and officer of several public companies, including Pedevco Corp., TRxADE Group Inc. and Aemetis Inc. Mr. Peterson also has financial industry experience including over 10 years at Goldman Sachs where he served as Vice President and subsequently serving as First Vice President at Merrill Lynch. Mr. Peterson joins the IEC Board of Directors following the voluntary resignation of Roderick de Greef from the Board of Directors for personal reasons. Is New 90 Day High Low • Dec 31
New 90-day high: US$6.80 The company is up 44% from its price of US$4.73 on 01 October 2020. The American market is up 14% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 24% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$1.27 per share. Is New 90 Day High Low • Dec 15
New 90-day low: US$4.22 The company is down 4.0% from its price of US$4.40 on 15 September 2020. The American market is up 10.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Oil and Gas industry, which is up 23% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$1.23 per share. Announcement • Nov 24
Indonesia Energy Corporation Limited, Annual General Meeting, Dec 20, 2020 Indonesia Energy Corporation Limited, Annual General Meeting, Dec 20, 2020, at 21:00 US Eastern Standard Time. Location: Dea Tower I, 11th Floor, Suite 1103, Jl. Mega Kuningan Barat Kav. E4.3 No.1-2 Jakarta Indonesia Agenda: To elect our existing directors for one year terms concluding at the 2021 Annual Meeting of Shareholders or until each successor is duly elected and qualified. To ratify the selection by our audit committee of Marcum Bernstein & Pinchuk LLP to serve as the independent registered public accounting firm for the year ending December 31, 2020; and to transact any other business that is properly brought before the Annual Meeting or any adjournment or postponement thereof. Is New 90 Day High Low • Oct 22
New 90-day high: US$5.40 The company is up 10.0% from its price of US$4.93 on 24 July 2020. The American market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is down 17% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is US$0.91 per share. Major Estimate Revision • Oct 06
Analysts lower revenue estimates to US$4.46m The 2020 consensus revenue estimate decreased from US$7.09m. Earnings per share (EPS) also decreased, with analysts lowering their estimates from -US$0.06 to -US$0.97 for the same period. The Oil and Gas industry in the US is expected to see a 4.4% decline in net income next year. The consensus price target of US$10.00 was unchanged from the last update. Share price is down by 4.5% to US$4.39 over the past week. Reported Earnings • Sep 30
First half earnings released Over the last 12 months the company has reported total losses of US$4.78m, with losses widening by US$4.33m from the prior year. Total revenue was US$3.01m over the last 12 months, down 40% from the prior year. 
