In 2024, Indonesia Energy Corporation (INDO, Financial) reduced its drilling activities at Kruh Block, focusing instead on seismic and exploration efforts to enhance future drilling success. With these tasks now completed, the company is set to resume drilling in the latter half of 2025. This year, IEC plans to drill at least one new well as part of its long-term strategy to establish 18 wells at the site.
IEC's latest Annual Report on Form 20-F reveals a significant enhancement in its proved gross reserves at Kruh Block, which have surged by over 60% to approximately 3.3 million barrels. This increase is attributed to the seismic work completed in 2024 and a five-year contract extension approved by the Indonesian government in late 2023.
IEC is currently refining its drilling strategies for the upcoming operations, bolstered by meetings with technical and operational teams in Jakarta and Sumatra. The company anticipates further reserve growth contingent on the success of upcoming wells, leveraging its advanced seismic data to optimize drilling efficiency and maximize asset value.
