INDONESIA ENERGY CORPORATION LIMITED

(INDO)
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Delayed Nyse  -  05/27 04:00:00 pm EDT
15.72 USD   +6.07%
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Indonesia Energy : Recognized as Top 3 Performer in 2020

02/26/2021 | 08:09am EDT

JAKARTA, INDONESIA and DANVILLE, CA / ACCESSWIRE / February 26, 2021 / Indonesia Energy Corporation Limited (NYSE:INDO) ('IEC'), an oil and gas exploration and production company focused on Indonesia, today announced that IEC's operating company has been recognized by the state oil and gas company, Pertamina, as the top three performer in 2020 among 19 oil and gas producing companies in Indonesia under Cooperation Agreement Contract after comprehensive evaluation on the work commitment, financial, operations and safety records. This recognition is especially significant as IEC plans to begin this calendar quarter its new drilling campaign to drill a total of 5 wells in 2021, 6 wells in 2022 and 7 wells in 2023, for a total of 18 new wells on the Kruh Block.

Mr. Frank Ingriselli, IEC's President, commented: 'Indonesia, with a more than 100-year history of welcoming international energy companies from around the world, has selected Indonesia Energy Corporation as the 3rd best energy production company in Indonesia. This recognition highlights our commitment to the highest standards of safety and economic efficiency. There are over 200 oil and gas companies operating in Indonesia, and we have risen to the top. We are proud of our entire corporate team's dedication and leadership.'

About Indonesia Energy Corporation Limited
Indonesia Energy Corporation Limited (NYSE:INDO) is a publicly traded energy company engaged in the acquisition and development of strategic, high growth energy projects in Indonesia. IEC's principal assets are its Kruh Block (63,000 acres), located onshore on the Island of Sumatra in Indonesia and its Citarum Block (1,000,000 acres), located onshore on the Island of Java in Indonesia. IEC is headquartered in Jakarta, Indonesia and has a representative office in Danville, California. For more information on IEC, please visit www.indo-energy.com.

Cautionary Statement Regarding Forward-Looking Statements
All statements in this press release of Indonesia Energy Corporation Limited ('IEC') and its representatives and partners that are not based on historical fact are 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the 'Acts'). In particular, when used in the preceding discussion, the words 'estimates,' 'believes,' 'hopes,' 'expects,' 'intends,' 'on-track', 'plans,' 'anticipates,' or 'may,' and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Acts, and are subject to the safe harbor created by the Acts. Any statements made in this news release other than those of historical fact, about an action, event or development, are forward-looking statements. While management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of risks, uncertainties, and other factors, many of which are outside of the IEC's control, that could cause actual results (including, without limitation, the anticipated results of IEC's 2020 exploration and production activities and the impact of global oil prices and the novel coronavirus outbreak as described herein) to materially and adversely differ from such statements. Such risks, uncertainties, and other factors include, but are not necessarily limited to, those set forth in the Risk Factors section of the Company's registration statement and related prospectus for the IEC's initial public offering filed with the Securities and Exchange Commission (SEC). Copies are of such documents are available on the SEC's website, www.sec.gov. IEC undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Company Contact:
Frank C. Ingriselli
President, Indonesia Energy Corporation Limited
Frank.Ingriselli@Indo-Energy.com

SOURCE: Indonesia Energy Corporation Limited



View source version on accesswire.com:
https://www.accesswire.com/632315/Indonesia-Energy-Recognized-as-Top-3-Performer-in-2020

Disclaimer

Indonesia Energy Corporation Ltd. published this content on 26 February 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 February 2021 13:08:05 UTC.


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Financials (USD)
Sales 2022 18,6 M - -
Net income 2022 - - -
Net Debt 2022 - - -
P/E ratio 2022 -143x
Yield 2022 -
Capitalization 117 M 117 M -
Capi. / Sales 2022 6,31x
EV / Sales 2023
Nbr of Employees 28
Free-Float 25,3%
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Wirawan Jusuf Chairman & Chief Executive Officer
Frank C. Ingriselli President
Gregory L. Overholtzer Chief Financial Officer
Chia Hsin Wu Chief Operating Officer
James J. Huang Director & Chief Investment Officer
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