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INDO

Indonesia Energy

$8.30 /

-0.06 (-0.72%)

08:57
01/16/20
01/16
08:57
01/16/20
08:57

Indonesia Energy announces 2020 development plans

Indonesia Energy announced that, following the completion of its initial public offering on December 19, 2019, the company is moving forward with its exploration, development and commercialization plans on its two oil and gas assets. Regarding IEC's 63,000-acre Kruh Block, IEC plans to commence additional drilling operations starting in Q2. IEC plans to drill and complete between six and nine new wells within the Kruh Block over the next 12 months. In 2019, IEC produced a total of approximately 91,000 barrels of oil from Kruh Block with an average of approximately 250 barrels of oil per day, or BOPD, from the Kruh Block. Pursuant to contracts with the Government of Indonesia, IEC sells all of its oil to the government. The expected profile for each of the new wells on the Kruh Block is based on historical results already achieved. Accordingly, initial production rates of approximately 190 BOPD is expected from each new well. The decline rate for production on each of these wells should be approximately 20% per year. Such an expected low decline rate is because IEC intends to drill conventional vertical wells with no fracking or horizontal drilling that do not depend on expensive enhancement activities. The total completion costs to drill each of these wells is anticipated be approximately $1.5M. The depth of each well will be approximately 4,500 feet. The average production cost for IEC's existing wells at Kruh Block was only $21.34 per barrel in 2018. IEC expects this number to decline even more as production increases. Pricing will be at an approximate 10% discount to the benchmark Brent price for oil. Assuming a $66 realized price per barrel the net revenues in the first year to be received for each well is anticipated to be $ 3.5M. IEC's second asset is the 1M acre onshore Citarum Block located on the island of Java located just 16 miles from Jakarta, the capital and largest city in Indonesia. During 2020 IEC plans to commence appraisal and development operations, including seismic operations, to determine the location of the first well to be drilled. The initial expectation is that this well will be parallel to one of the 4 gas discoveries already made by the prior operator of Citarum Block. Regarding its plans to operate as a U.S.-listed public company, IEC plans to actively attend industry conferences in the United States and Asia during 2020 to increase its profile. Likewise, IEC plans to hold a live webcast presentation in February to discuss ongoing developments. A separate press release will be issued providing details on this webcast. IEC also plans to initiate regular investor conference calls, providing opportunities for live question and answer sessions between investors, analysts and management. Finally, IEC has opened a representative office in Danville, California where Frank Ingriselli and Gregory Overholtzer, IEC's president and the CFO, respectively, are located. This office is in addition to IEC's corporate headquarters in Jakarta, Indonesia.

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