News

Indonesia Energy Corp (INDO) – Results for 2nd well surpass expectations

Energy
0 min read

Thursday, September 16, 2021

Indonesia Energy Corp (INDO)
Results for 2nd well surpass expectations

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.

    Indo announced that it has discovered oil in its Kruh 26 well. The discovery follows similar success at the initial Kruh 25 well and was largely expected. Drilling was done in only 18 days at a cost below initial expectations of $1.5 million. Drilling encountered a larger-than-expected pay zone implying that reserves may be higher than expected. Production for the first two wells is expected in the fourth quarter, in line with expectations.

    Drilling continues albeit with fewer wells to be drilled in 2021.  The company still plans to drill 18 wells in 2021-23 but will only do three in 2021 instead of five. The company has faced several drilling delays since it started its drilling program, mostly due to COVID issues. The most recent delay does not change our overall profile of valuation for the company, but we will be watching future …



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. 

Share

Inbox Intel from Channelchek.

Informed investors make more money. And it’s all about timing. Get it when it happens.

By clicking submit you are agreeing to the Terms of Use and Privacy Policy
© 2018-2024 Noble Financial Group, Inc. All Rights Reserved. Channelchek is provided at no cost to be used for information purposes only and not as investment advisement.