Indonesia Energy Confirms Hydrocarbon Potential, Reports 60% Oil Reserves Growth

Indonesia Energy Corporation (IEC) has confirmed significant hydrocarbon potential at its Citarum Block through a regional geochemical survey conducted between September 2024 and March 2025, analyzing 135 soil samples which detected hydrocarbons in key areas including Pasundan-1, Jatayu-1 wells, and the Jonggol area. These findings reduce exploration risk and may allow IEC to proceed directly to drilling without further seismic work. Concurrently, IEC announced a more than 60% increase in proved gross reserves at its Kruh Block to approximately 3.3 million barrels, attributed to 2024 seismic work and a recent five-year contract extension with the Indonesian government. IEC plans to commence drilling at the Kruh Block in the second half of 2025 as part of an 18-well multi-year development program, aiming to enhance production and reserves further. The next well at Citarum will be considered an exploitation well, enabling immediate production and commercialization of any discoveries. IEC's President expressed confidence that these developments and data-driven approaches will maximize returns and support long-term asset development.