Indonesia Energy Provides Insights on Citarum Block Operations
Indonesia Energy Corporation (NYSE American: INDO) is thrilled to announce positive findings from a recent geochemical survey that confirms the presence of oil and gas in its Citarum Block. This survey, conducted on an exciting area of approximately 195,000 acres, took place from September 2024 to March 2025 and demonstrates significant promise for future drilling operations.
Survey Highlights and Findings
The detailed geochemical study involved the analysis of 135 soil samples collected from strategic locations within the Citarum Block. Conducted by the Geochemical Exploration Services Company based in Denver, Colorado, the survey indicates a robust presence of hydrocarbons across key sites such as the Pasundan-1 and Jatayu-1 wells as well as the Jonggol area. These findings are particularly encouraging as they lower the risk associated with hydrocarbon extraction and cement the development potential of this important asset.
Next Steps in Development
With these promising results, Indonesia Energy believes it can bypass further seismic work and transition directly into the drilling phase. The immediate advantage of this approach includes accelerating production timelines at the Citarum Block, where under a gross split contract with the Indonesian government, IEC is entitled to a substantial share of the natural gas output, estimated to be at least 65%.
Excitement for Future Production
During a recent statement, Frank Ingriselli, the President of Indonesia Energy Corporation, expressed enthusiasm for the results of the geochemical survey. He highlighted how these findings could significantly expedite the drilling of IEC's first well on the Citarum Block, providing a direct pathway to production without the delay of conducting additional exploration activities. The presence of prospective oil-equivalent resources exceeding one billion barrels makes this discovery even more significant, reinforcing IEC's commitment to operational efficiency and resource development.
About Indonesia Energy Corporation Limited
Indonesia Energy Corporation Limited (NYSE American: INDO) is positioned as a leading entity in energy exploration and production, dedicated to acquiring and developing high-growth energy projects within the Indonesian territory. The company’s primary assets include the Kruh Block, positioned onshore in Sumatra, and the extensive Citarum Block located onshore in Java. To learn more about Indonesia Energy Corporation and its operations, visit www.indo-energy.com.
Frequently Asked Questions
1. What is the significance of the geochemical survey conducted by IEC?
The geochemical survey confirmed the presence of hydrocarbons in the Citarum Block, which reduces exploration risks and supports future drilling operations.
2. How does the gross split regime benefit Indonesia Energy?
The gross split regime allows Indonesia Energy to claim at least 65% of the natural gas produced from the Citarum Block, enhancing their potential revenue.
3. What are the anticipated next steps following the survey results?
Following the encouraging results, Indonesia Energy plans to move directly into the drilling phase, bypassing additional seismic work.
4. Who is the President of Indonesia Energy Corporation?
Frank Ingriselli serves as the President of Indonesia Energy Corporation and has expressed excitement over the recent survey findings.
5. Where are Indonesia Energy's operations primarily located?
Indonesia Energy operates mainly in Indonesia, focusing on energy projects in regions like Sumatra and Java.
