Recent Updates — INDO

Indonesia Energy celebrated oil production from its recently drilled K-29 well at the Kruh Block in Sumatra, Indonesia. The company is also preparing to spud the deeper WK-5 well by the end of October to test additional formations identified through a 3-D seismic program, including potential natural gas-bearing zones. K-29 is currently producing with approximately 60% oil and 40% water cut, which is being sold to Pertamina. Indonesia Energy Corporation Limited is an oil and gas exploration and production company focused on energy projects in Indonesia.

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.

Indonesia Energy Corporation announced on September 2, 2026, that it discovered good quality oil during testing operations at the newly drilled K-29 well within its Kruh Block in Indonesia. The well was spud on July 25, 2026, and reached a total depth of 3,378 feet. Testing revealed natural bleeding or seeping of oil from perforation targets approved by Pertamina, suggesting the well may begin production without hydraulic fracturing. Actual production operations are expected to commence within two weeks. The drilling rig has since mobilized to the WK-5 wellsite for continued exploration. Additionally, President Frank Ingriselli hosted a YouTube Live presentation on September 3, 2026, to provide operational updates and answer viewer questions. Indonesia Energy Corporation Limited is an oil and gas exploration and production company focused on acquiring and developing energy projects in Indonesia.