Indonesia Energy’s Stock Soars On Plans To Drill Two New Wells In 2022

Indonesia Energy’s stock market has been unstable over the past week. However, this month the price enormously skyrocketed to $8.60 by over 229% in one day. Currently, it is showing a negative tends of 7% at $5.15. The news sending INDO stock higher this month has to do with its drilling projects in 2022. The company’s most important announcement is that it intends to begin drilling two new wells. They are in the Kruh block and are known as Kruh 27, Kruh 28, and Kruh 29. According to the business, drilling is expected to commence within the next 30 days. The company plans to begin drilling its third well in the same area by the end of the second quarter.

Consequently, as long as the wells produce oil, at that time the company expects its production to reach about 450 barrels. Also, the creation of each of the wells will cost $1.5 million. Indonesia Energy informed that under the current agreements, it is expected that each well will generate revenue of $1.5 million during the first year. Its main assets are the 63,000-acre Kruh block and the one million-acre Citarum block.