Indonesia Energy Corp Ltd. Stock Analysis INDO

Indonesia Energy Corp. Ltd. operates as an oil and gas, exploration, and production company. The company is headquartered in Jakarta Selatan, Dki Jakarta. The company went IPO on 2019-12-19. The firm holds two oil and gas assets through its subsidiaries in Indonesia: The Kruh Block and the Citarum Block. The company has also identified a potential third exploration block known as the Rangkas area. The Kruh Block is a producing block covering approximately 258 square kilometers and is located 16 miles northwest of Pendopo, Pali, South Sumatra. Of the eight identified oil-bearing structures, three structures (North Kruh, Kruh, and West Kruh fields) have combined proved developed and undeveloped gross crude oil reserves of approximately 2.06 million barrels (with net crude oil proved reserves of over 1.18 million barrels) and probable undeveloped gross crude oil reserves of over 2.44 million barrels. The block has drilled over four oil discoveries and one gas discovery. The Citarum Block, an exploration block, spans an area of approximately 3,924.67 square kilometers.