COMPANY Data
Movers and SHAKERS
Wednesday, January 26, 2022
Indonesia Energy Corp (INDO)
Indo closes on a $5 million private placement to support drilling
Indonesia Energy Corp Ltd is an oil and gas exploration and production company focused on Indonesia. It holds two oil and gas assets through its subsidiaries in Indonesia: one producing block (the Kruh Block) and one exploration block (the Citarum Block). The Kruh Block is located to the northwest of Pendopo, Pali, South Sumatra. The Citarum Block is located to the south of Jakarta.
Michael Heim, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Indonesia Energy announced the closing of the initial $5.0 million tranche of a total anticipated $7.0 million private placement. The sale of a senior convertible note with a 6.0% discount and an 18-month maturity includes a five year warrant to purchase shares at an exercise price of $6.00 per share. Proceeds to the company were $4.7 million after expenses.
Indo's cash position has slipped due to expenditures and production delays. Indo's cash position, which was as high as $16 million after its initial public offering, had fallen to $6 million at the end of June (latest reported financial numbers) due to normal operating costs and the drilling of two wells in the Kruh Block. The company had hoped to use cash flow from new wells to fund additional ...
This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.







