Movers and SHAKERS
Indonesia Energy Corp (INDO)
Virtual Roadshow Highlights
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.
Noble and Channelchek recently hosted a virtual roadshow featuring Frank Ingriselli, President of Indonesia Energy. In the presentation, Mr. Ingriselli gave an update on recent drilling activity and plans, updated expected well investment returns in light of higher oil prices, and discussed the firm's financial position and financing options.
First well result are in line with expectations. INDO completed its first well in the Kruh block on June 4 and has begun perforation and flow measurement. Mr. Ingriselli indicated that the company expects to announce flow results in the next week or two but that the well is operating in line with expectations. Management has described a type curve for the field with an initial flow of around ...
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*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.