Movers and SHAKERS
Indonesia Energy Corp (INDO)
Research Initiation — Positioned To Weather The Storm
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.
Near-term growth visibility. INDO has a diversified portfolio of properties that provides steady cash flow (Kruh), near-term growth (Citarum), and long-term upside potential (Rangka). INDO plans to use the proceeds from its December 2019 IPO to accelerate drilling in the Kruh Block where it expects production levels to quadruple in 2020.
Company is positioned to weather the down cycle. We believe the company is well positioned to weather the current downcycle given its clean balance sheet ($15 million in cash and only $3 million in debt), large insider ownership position (insiders own 80%) and low operating costs ($21 per barrel). When INDO begins drilling for gas in the Citarum Block, it will do so in an area with an existing pipeline infrastructure and...
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.