Indonesia Energy Corp. (IEC) will drill new production wells in Kruh block, onshore South Sumatra, and exploration wells in Citarum block, onshore on the Island of Java, in Indonesia.
In Kruh block, IEC will perform a 29-sq km 3D seismic program to cover Kruh, North Kruh, and West Kruh fields. The program will focus on existing proved reservoirs of the Talangakar and Lemat formations, as well as large and promising shallow oil-gas zones in the K-28 well discovered by IEC in 2022.
The new seismic data is aimed at identifying additional locations of proved undeveloped reserves and resources to prioritize drilling locations as IEC restarts drilling operations in the block. Preparations for drilling are under way, with plans to drill the first well in fourth-quarter 2024 after evaluation of the new 3D seismic data is complete.
IEC extended its joint operation contract for Kruh block with Indonesian state-owned Pertamina by 5 years to September 2035 from May 2030 . The amended contract is expected to increase IEC’s proved reserves at Kruh block by over 40%.
At the Citarum block, certain environmental permits have been granted, enabling exploratory work on the block by IEC for the first time. Drilling is expected in 2025.
As required by government regulations, IEC relinquished about 35% of its original Citarum acreage, but has retained about 97% of the original prospective resources and now has about 650,000 acres on which drilling could take place. IEC’s estimates the block to contain prospective oil-equivalent resources of over 1 billion bbl of oil.
