IEC Discovers Oil in Kruh 27 Well

Summary

Indonesia Energy Corporation (IEC) announced that it had discovered oil in its Kruh 27 well. The Kruh 27 well was spudded on April 7, 2022. On May 9, the drilling reached the final total depth of 3,359 feet depth. It took only 32 days to drill to total depth, less than the 45 days previously budgeted.

Approximately 132 feet of oil sands were encountered at Kruh 27 between the depths of 3,058 and 3,190 feet. This oil-bearing interval (meaning the top of the oil zone to the bottom of the oil zone) in the Kruh 27 well was 14 feet thicker and therefore larger than anticipated, meaning that the total reserve potential for Kruh 27 could be larger than expected. Based on these drilling results, IEC expects production to begin at Kruh 27 by May 2022.

"The Kruh 27 well continues our string of successful discovery wells and is another significant achievement for our company. Our results at Kruh 27 reinforce our belief that Kruh Block is a world-class asset that should significantly grow our cash flow as we drill additional wells and seek to maximize returns on our investments and grow shareholder value," said Frank Ingriselli, IEC's President, in a press release, Wednesday.

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