Indonesia Energy K-29 Well Hits 2,500 Feet, Nears Target Zone

Indonesia Energy Corporation (NYSE American: INDO) said its K-29 well on Sumatra has drilled past 2,500 feet since spudding on July 25 and is running on schedule. The planned total depth is roughly 3,400 feet.

At around 3,000 feet, the company expects to enter the target reservoir zone. It plans to core that section to study the rock's natural fractures and determine the best stimulation method for maintaining initial production. Drilling will then continue to the target depth, followed by wireline logging, casing, cementing, and perforation. The final phase should take several more weeks, IEC said, with an update coming once all operations are complete.

After K-29 finishes, IEC plans to move the rig to the WK-5 wellsite within the same 63,000-acre Kruh Block on Sumatra. Preparatory work at WK-5 is underway, the company said.

IEC also announced that President Frank Ingriselli will present at the 31st Annual EnerCom Energy Investment Conference on Aug. 19 at 11:25 a.m. MDT at the Westin Denver Downtown. An interview with Ingriselli will be posted on the company's website after the conference.

Ingriselli said the company is "very pleased that drilling at K-29 remains on schedule as we approach the targeted reservoir zone." He added that IEC looks forward to completing the well, moving to WK-5, and meeting investors at EnerCom. "We believe our Indonesian assets offer significant development potential, and our focus remains on disciplined execution and creating long-term value for our shareholders," he said.

IEC's Kruh Block covers 63,000 acres onshore Sumatra. The company also holds the 195,000-acre Citarum Block on Java.