Earnings ·
Indonesia Energy reports $1.88M net loss, raises $2.3M via ATM offering amid rising oil prices
INDOIndonesia Energy Corp Ltd
Indonesia Energy Corporation Limited filed its unaudited condensed consolidated financial statements for the six months ended June 30, 2026. The company reported a net loss of $1,882,881 and revenue of $1,779,453, driven by a 23.64% increase in oil production to 24,869 barrels and a 26.77% rise in the Indonesian Crude Price to an average of $86.09 per barrel. The company raised approximately $2.3 million through its At-the-Market offering program during the period. Operations at the Kruh Block included spudding well K-29 on July 25, 2026, with production expected in late September 2026, while drilling for well WK-5 is scheduled to conclude by year-end. The filing includes a going concern warning due to accumulated deficits and liquidity constraints. Indonesia Energy Corporation Limited operates as an oil and gas exploration and production company focused on the Indonesian market.