Indonesia Energy Corporation, an oil and gas exploration and production company focused on Indonesia, today announced the commencement of operations on IEC’s “K-29” well during a recent visit by IEC President Frank Ingriselli, Chief Operations Officer Mirza Said, and Chief Technology Officer Charlie Wu.

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 US dollars at the price of Brent after subtracting a small transportation cost.

Mr. Frank Ingriselli, IEC’s President, commented:
“It was exciting to see the significant progress that has been made at the K-29 wellsite with drilling soon to begin. 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. I was particularly impressed by the professionalism, experience and preparedness of the team that will oversee operations as we move into the drilling phase after final safety clearances from the government.”

“I was also pleased to confirm that we have submitted environmental clearances to drill an additional 30 wells on the Kruh Block before 2035,” continued Mr. Ingriselli. “This represents another important step in executing our long-term development strategy. We look forward to updating the marketplace as we achieve key operational milestones. Further, we continue to believe our Indonesia assets position IEC favorably to maximize investment returns and enhance long-term shareholder value.”

KeyFacts Energy: Indonesia Energy Indonesia country profile