IEC granted 10-year contract extension for Kruh block

Indonesia Energy Corp. Ltd. (IEC) is advancing preparatory work aimed at drilling a new well in the Kruh block onshore Sumatra Island in this year’s third quarter after completing a contract extension with the Indonesian government. Under the extended contract, IEC will be able to operate Kruh block until May 2030.

The company plans to drill a total of 6 new oil wells on the block over time. Currently, IEC is engaging in preparatory work including tendering for vendor contracts.

IEC owns a 100% interest in the 63,753-acre block. Production in 2019 averaged 7,582 bbl/month of oil.