{"success":true,"data":{"pressRelease":{"id":"80758","rtpr_id":"nGNX7Mp62Q","ticker":"INDO","exchange":"NYSE American","all_tickers":["INDO"],"title":"Indonesia Energy Corporation Celebrates Commencement of Operations on the First of Two Planned Wells at Kruh Block","author":"Globe Newswire","published_at":"2026-07-06T12:00:00.851Z","article_body":"President Frank Ingriselli Visits K-29 Wellsite to Mark Operational Milestone\n\nJAKARTA, INDONESIA AND DANVILLE, CA, July 06, 2026 (GLOBE NEWSWIRE) --\nIndonesia Energy Corporation (NYSE American: INDO) (\"IEC\"), an oil and gas\nexploration and production company focused on Indonesia, today announced the\ncommencement of operations on IEC’s “K-29” well during a recent visit by\nIEC President Frank Ingriselli, Chief Operations Officer Mirza Said, and Chief\nTechnology Officer Charlie Wu.\n\nThe following video captures executive visit and start of operations at the\nnew well: https://youtu.be/oYC0VRhmchg.\n\nPhotographs from the executive visit can be viewed on the IEC website:\nhttps://ir.indo-energy.com\n\nFollowing completion of the K-29 well, IEC plans to commence drilling\noperations at the WK-5 wellsite as part of its ongoing Kruh Block drilling\nprogram. Preparatory operations for drilling at the WK-5 wellsite are\nprogressing as planned. Under IEC’s contract for Kruh Block with Pertamina,\nthe Indonesian state-owned oil and gas company, Pertamina will purchase all\nthe crude oil produced and pay IEC in US dollars at the price of Brent after\nsubtracting a small transportation cost.\n\nMr. Frank Ingriselli, IEC’s President, commented “It was exciting to see\nthe significant progress that has been made at the K-29 wellsite with drilling\nsoon to begin. Fuel has been delivered, the water and mud pits have been\nfilled up, computer systems have been commissioned. All drilling equipment and\nrelated services are in place. I was particularly impressed by the\nprofessionalism, experience and preparedness of the team that will oversee\noperations as we move into the drilling phase after final safety clearances\nfrom the government.”\n\n“I was also pleased to confirm that we have submitted environmental\nclearances to drill an additional 30 wells on the Kruh Block before 2035,”\ncontinued Mr. Ingriselli. “This represents another important step in\nexecuting our long-term development strategy. We look forward to updating the\nmarketplace as we achieve key operational milestones. Further, we continue to\nbelieve our Indonesia assets position IEC favorably to maximize investment\nreturns and enhance long-term shareholder value.”\n\nAbout Indonesia Energy Corporation Limited\n\nIndonesia Energy Corporation Limited (NYSE American: INDO) is a publicly\ntraded energy company engaged in the acquisition and development of strategic,\nhigh growth energy projects in Indonesia. IEC’s principal assets are its\nKruh Block (63,000 acres) located onshore on the Island of Sumatra in\nIndonesia and its Citarum Block (195,000 acres) located onshore on the Island\nof Java in Indonesia. IEC is headquartered in Jakarta, Indonesia and has a\nrepresentative office in Danville, California. For more information on IEC,\nplease visit www.indo-energy.com.\n\nCautionary Statement Regarding Forward-Looking Statements\n\nAll statements in this press release and related statements of Indonesia\nEnergy Corporation Limited (“IEC”) and its representatives and partners\nthat are not based on historical fact are \"forward-looking statements\" within\nthe meaning of the Private Securities Litigation Reform Act of 1995 and the\nprovisions of Section 27A of the Securities Act of 1933, as amended, and\nSection 21E of the Securities Exchange Act of 1934, as amended (the\n“Acts”). In particular, the words “explore,” “could,” \"estimates,\"\n“seek,” \"believes,\" \"hopes,\" “understand,” \"expects,\" \"intends,\"\n“on-track”, \"plans,\" \"anticipates,\" “aim,” “goal,” \"may\" and\nsimilar conditional expressions related to the future are intended to identify\nforward-looking statements within the meaning of the Acts and are subject to\nthe safe harbor created by the Acts. Any statements made in this news release,\nother than those of historical fact, about an action, event or development,\nare forward-looking statements. In this press release, forward-looking\nstatements include, without limitation those related to the timing for, and\nresults of, 2026 and other drilling activities at IEC’s Kruh Block as well\nas the price of oil, which changes daily and could lower over time. While\nmanagement has based any forward-looking statements contained herein on its\ncurrent expectations, the information on which such expectations were based\nmay change. These forward-looking statements rely on a number of assumptions\nconcerning future events and are subject to a number of significant risks,\nuncertainties, and other factors, many of which are outside of the IEC's\ncontrol, that could cause actual results to materially and adversely differ\nfrom such statements. Such risks, uncertainties, and other factors include,\nbut are not necessarily limited to, those set forth in the Risk Factors\nsection of IEC’s annual report on Form 20-F for the fiscal year ended\nDecember 31, 2025, filed on April 29, 2026, and other filings with the\nSecurities and Exchange Commission (SEC). Copies are of such documents are\navailable on the SEC's website, www.sec.gov and IEC’s website at\nhttps://ir.indo-energy.com/sec-filings/. IEC undertakes no obligation to\nupdate these statements for revisions or changes after the date of this\nrelease, except as required by law.\n\nCompany Contact:\nFrank C. Ingriselli\nPresident, Indonesia Energy Corporation Limited\nFrank.Ingriselli@Indo-Energy.com\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/bcca52ad-38b1-4d5c-a244-aa57dd4cc891)\n\n\n\nGlobeNewswire, Inc. 2026","article_body_html":"","raw_payload":{"data":{"id":"nGNX7Mp62Q","title":"Indonesia Energy Corporation Celebrates Commencement of Operations on the First of Two Planned Wells at Kruh Block","author":"Globe Newswire","ticker":"INDO","created":"2026-07-06T12:00:00.851Z","tickers":["INDO"],"exchange":"NYSE American","article_body":"President Frank Ingriselli Visits K-29 Wellsite to Mark Operational Milestone\n\nJAKARTA, INDONESIA AND DANVILLE, CA, July 06, 2026 (GLOBE NEWSWIRE) --\nIndonesia Energy Corporation (NYSE American: INDO) (\"IEC\"), an oil and gas\nexploration and production company focused on Indonesia, today announced the\ncommencement of operations on IEC’s “K-29” well during a recent visit by\nIEC President Frank Ingriselli, Chief Operations Officer Mirza Said, and Chief\nTechnology Officer Charlie Wu.\n\nThe following video captures executive visit and start of operations at the\nnew well: https://youtu.be/oYC0VRhmchg.\n\nPhotographs from the executive visit can be viewed on the IEC website:\nhttps://ir.indo-energy.com\n\nFollowing completion of the K-29 well, IEC plans to commence drilling\noperations at the WK-5 wellsite as part of its ongoing Kruh Block drilling\nprogram. Preparatory operations for drilling at the WK-5 wellsite are\nprogressing as planned. Under IEC’s contract for Kruh Block with Pertamina,\nthe Indonesian state-owned oil and gas company, Pertamina will purchase all\nthe crude oil produced and pay IEC in US dollars at the price of Brent after\nsubtracting a small transportation cost.\n\nMr. Frank Ingriselli, IEC’s President, commented “It was exciting to see\nthe significant progress that has been made at the K-29 wellsite with drilling\nsoon to begin. Fuel has been delivered, the water and mud pits have been\nfilled up, computer systems have been commissioned. All drilling equipment and\nrelated services are in place. I was particularly impressed by the\nprofessionalism, experience and preparedness of the team that will oversee\noperations as we move into the drilling phase after final safety clearances\nfrom the government.”\n\n“I was also pleased to confirm that we have submitted environmental\nclearances to drill an additional 30 wells on the Kruh Block before 2035,”\ncontinued Mr. Ingriselli. “This represents another important step in\nexecuting our long-term development strategy. We look forward to updating the\nmarketplace as we achieve key operational milestones. Further, we continue to\nbelieve our Indonesia assets position IEC favorably to maximize investment\nreturns and enhance long-term shareholder value.”\n\nAbout Indonesia Energy Corporation Limited\n\nIndonesia Energy Corporation Limited (NYSE American: INDO) is a publicly\ntraded energy company engaged in the acquisition and development of strategic,\nhigh growth energy projects in Indonesia. IEC’s principal assets are its\nKruh Block (63,000 acres) located onshore on the Island of Sumatra in\nIndonesia and its Citarum Block (195,000 acres) located onshore on the Island\nof Java in Indonesia. IEC is headquartered in Jakarta, Indonesia and has a\nrepresentative office in Danville, California. For more information on IEC,\nplease visit www.indo-energy.com.\n\nCautionary Statement Regarding Forward-Looking Statements\n\nAll statements in this press release and related statements of Indonesia\nEnergy Corporation Limited (“IEC”) and its representatives and partners\nthat are not based on historical fact are \"forward-looking statements\" within\nthe meaning of the Private Securities Litigation Reform Act of 1995 and the\nprovisions of Section 27A of the Securities Act of 1933, as amended, and\nSection 21E of the Securities Exchange Act of 1934, as amended (the\n“Acts”). In particular, the words “explore,” “could,” \"estimates,\"\n“seek,” \"believes,\" \"hopes,\" “understand,” \"expects,\" \"intends,\"\n“on-track”, \"plans,\" \"anticipates,\" “aim,” “goal,” \"may\" and\nsimilar conditional expressions related to the future are intended to identify\nforward-looking statements within the meaning of the Acts and are subject to\nthe safe harbor created by the Acts. Any statements made in this news release,\nother than those of historical fact, about an action, event or development,\nare forward-looking statements. In this press release, forward-looking\nstatements include, without limitation those related to the timing for, and\nresults of, 2026 and other drilling activities at IEC’s Kruh Block as well\nas the price of oil, which changes daily and could lower over time. While\nmanagement has based any forward-looking statements contained herein on its\ncurrent expectations, the information on which such expectations were based\nmay change. These forward-looking statements rely on a number of assumptions\nconcerning future events and are subject to a number of significant risks,\nuncertainties, and other factors, many of which are outside of the IEC's\ncontrol, that could cause actual results to materially and adversely differ\nfrom such statements. Such risks, uncertainties, and other factors include,\nbut are not necessarily limited to, those set forth in the Risk Factors\nsection of IEC’s annual report on Form 20-F for the fiscal year ended\nDecember 31, 2025, filed on April 29, 2026, and other filings with the\nSecurities and Exchange Commission (SEC). Copies are of such documents are\navailable on the SEC's website, www.sec.gov and IEC’s website at\nhttps://ir.indo-energy.com/sec-filings/. IEC undertakes no obligation to\nupdate these statements for revisions or changes after the date of this\nrelease, except as required by law.\n\nCompany Contact:\nFrank C. Ingriselli\nPresident, Indonesia Energy Corporation Limited\nFrank.Ingriselli@Indo-Energy.com\n\n(https://www.globenewswire.com/NewsRoom/AttachmentNg/bcca52ad-38b1-4d5c-a244-aa57dd4cc891)\n\n\n\nGlobeNewswire, Inc. 2026"},"type":"article","timestamp":"2026-07-06T12:00:00.957690419Z","server_sent_at_ms":1783339200957},"received_at":"2026-07-06T12:00:01.023Z","source_url":"https://www.globenewswire.com/news-release/2026/07/06/3322385/0/en/Indonesia-Energy-Corporation-Celebrates-Commencement-of-Operations-on-the-First-of-Two-Planned-Wells-at-Kruh-Block.html"},"analysis":{"id":"69868","press_release_id":"80758","analysis_json":{"industry":{"label":"Oil, Gas & Consumable Fuels","sector":"Energy"},"redFlags":[],"eventType":"operations_update","narrative":"Indonesia Energy Corporation commenced operations at its K-29 well in the Kruh Block, marking the start of drilling activities for this project.\n\nThe company plans to move drilling operations to the WK-5 wellsite next, with preparatory work currently progressing as planned.\n\nManagement confirmed the submission of environmental clearances to drill an additional 30 wells on the Kruh Block before 2035, extending the long-term development strategy.","sentiment":"bullish","agentHooks":{"shouldPost":false,"suggestedAngle":"Drilling start at K-29 and permitting for 30 future wells support multi-year production growth."},"keyFigures":{"customDimensions":{"kruh_block_acres":63000,"citarum_block_acres":195000,"planned_additional_wells":30}},"quotedText":"This represents another important step in executing our long-term development strategy.","namedEntities":{"people":[{"name":"Frank Ingriselli","role":"President"},{"name":"Mirza Said","role":"Chief Operations Officer"},{"name":"Charlie Wu","role":"Chief Technology Officer"}],"products":["K-29 well","WK-5 well","Kruh Block","Citarum Block"],"companies":[{"name":"Pertamina","relationship":"partner"}],"dollarAmounts":[]},"materialImpact":{"score":2,"reasoning":"Operational milestone with commencement of drilling at K-29 and clearance for 30 future wells, though revenue impact remains future and event is routine for an E&P company."},"tickerRelevance":{"others":[],"primary":"INDO"},"globalImportance":15,"audienceRelevance":15,"eventTypeSecondary":[],"importanceComponents":{"tickerTier":"micro-cap","eventGravity":"operational_milestone"}},"event_type":"operations_update","event_type_secondary":null,"sentiment":"bullish","material_impact_score":2,"narrative":"Indonesia Energy Corporation commenced operations at its K-29 well in the Kruh Block, marking the start of drilling activities for this project.\n\nThe company plans to move drilling operations to the WK-5 wellsite next, with preparatory work currently progressing as planned.\n\nManagement confirmed the submission of environmental clearances to drill an additional 30 wells on the Kruh Block before 2035, extending the long-term development strategy.","key_figures":{"customDimensions":{"kruh_block_acres":63000,"citarum_block_acres":195000,"planned_additional_wells":30}},"named_entities":{"people":[{"name":"Frank Ingriselli","role":"President"},{"name":"Mirza Said","role":"Chief Operations Officer"},{"name":"Charlie Wu","role":"Chief Technology Officer"}],"products":["K-29 well","WK-5 well","Kruh Block","Citarum Block"],"companies":[{"name":"Pertamina","relationship":"partner"}],"dollarAmounts":[]},"model_name":"qwen3_6_27b_awq","prompt_hash":"sha256:727b4b9429a443af","schema_hash":"sha256:05005c02d9cffac9","created_at":"2026-07-06T12:14:57.110Z","global_importance":15,"audience_relevance":15,"importance_components":{"tickerTier":"micro-cap","eventGravity":"operational_milestone"}},"durationMs":122355,"modelName":"george-droid-qwen-72b"}}