Indonesia Energy Discovers Oil at Kruh 28, the Second of

Kruh 28 also has a potentially significant new gas reservoir

Two potential additional new oil formations also discovered at Kruh Block

Additional new seismic operations seek to maximize returns from the Kruh Block drilling program

JAKARTA, INDONESIA AND DANVILLE, CA, Oct. 20, 2022 (GLOBE NEWSWIRE) — Indonesia Energy Corporation (NYSE American: INDO) (“IEC”), an oil and gas exploration and production company focused on Indonesia, today announced that it has discovered oil in its “Kruh 28” well. Kruh 28 is the second of two back-to-back wells being drilled by IEC during 2022 at its 63,000-acre Kruh Block.

The Kruh 28 well reached the final total depth at 3,475 feet depth on September 16, 2022. Approximately 135 feet of oil sands were encountered at Kruh 28 between the depths of 3,165 and 3,300 feet. This oil-bearing interval (meaning the top of the oil zone to the bottom of the oil zone) in the Kruh 28 well was 6 feet thicker and therefore larger than anticipated, meaning that the total reserve potential for Kruh 28 could be larger than anticipated. Based on these drilling results and testing, IEC expects production could begin at Kruh 28 by the end of November 2022.

In addition, as previously announced, IEC unexpectedly found evidence of a potential natural gas bearing reservoir between the 976 and 1,006 feet interval with 30 feet net thickness. This initial evidence was supported by both wireline logging and geologic logging data, and subsequent gas flaring.

Moreover, in an effort to maximize the potential of Kruh Block after several encouraging new oil discoveries made by IEC during 2021 and 2022, after production begins at Kruh 27 and Kruh 28, but before continuing with additional production drilling operations, IEC is planning to conduct significant new seismic operations across the entire Kruh Block. IEC believes that this new work, together with what has been learned from recent oil and gas discoveries, will greatly assist IEC in…