Indonesia Energy provides update on planned drilling activity for 2H25

During 2024, IEC scaled back drilling activity at its Kruh Block asset and invested in seismic and other exploration work intended to maximize the prospects for new drilling. With that work now completed, new drilling is expected to commence at Kruh Block in the second half of 2025, as IEC plans to drill at least one new well this year as part of its multi-year program to drill 18 new wells at Kruh Block. In its recently filed Annual Report on Form 20-F, IEC updated its proved gross reserves at Kruh Block, noting that IEC’s proved reserves increased over 60% to approximately 3.3 million barrels as a result of the additional seismic and other work conducted in 2024 and the 5-year contract extension granted in late 2023 by the Indonesian government. Frank Ingriselli, IEC’s President, commented “We are pleased that our investments in Kruh Block and the 3D seismic work we have now completed resulted in a 60% increase in our proved gross reserves. After attending meetings with the technical and operating teams in Jakarta and meetings with the drilling and operating teams in Sumatra, we are finalizing the drilling plans for later this year. With a successful result from our next well, we are hopeful that a further increase in reserves will be forthcoming. We believe our seismic data in hand will make our drilling even more effective and help us maximize the returns from this important asset”