Indonesia Energy Corporation, an oil and gas exploration and production company focused on Indonesia, has announced, that its President Frank Ingriselli led a delegation in early October to IEC’s Kruh Block in Sumatra, Indonesia to celebrate oil production from the recently drilled K-29 well.
The delegation also visited the nearby WK-5 well location, where site setup and rig assembly (using the same rig that drilled the K-29 well) are actively underway. Preparations are also ongoing for the anticipated spudding of the WK-5 well by the end of this month.
The WK-5 well is planned to be drilled to a depth of approximately 5,200 feet, significantly deeper than the K-29 well, which was drilled to approximately 3,400 feet. WK-5 is designed to test additional formations identified through IEC’s extensive 3-D seismic program, including a potential natural gas-bearing formation. K-29 and WK-5 are each located within IEC’s 63,000-acre Kruh Block on the island of Sumatra.
A video showing oil production from K-29 and the delegation’s visit to the WK-5 site can be viewed at the following link: https://www.youtube.com/watch?v=uW2igiI9p4U
In addition, IEC announced that Mr. Ingriselli and IEC were recently featured in a CNBC interview as part of a segment highlighting innovative microcap companies. The CNBC interview can be viewed here: https://youtu.be/uYdi3KfvFNs
These videos, along with an interview with Frank Ingriselli from the recent EnerCom conference, in Denver, Colorado are also available on IEC’s website at: https://ir.indo-energy.com
Mr. Ingriselli commented 'I was extremely pleased to lead our delegation to the Kruh Block to celebrate production from K-29 and to visit the WK-5 location as we prepare to spud this exciting new well. WK-5 will be drilled significantly deeper than K-29 and is designed to test additional formations identified by our 3-D seismic program. We believe these formations have the potential to add significant value to IEC.
'With the drilling equipment and crews already mobilized at the Kruh Block, we are also taking advantage of this opportunity to conduct a hydraulic fracturing operation on K-29 with the goal of maximizing production. K-29 is currently producing with a jack-pump and dewatering, with production currently consisting of approximately 60% oil and a 40% water cut and separated into our storage tanks and is being combined with our other producing wells and sold to Pertamina, the Indonesian state oil and gas company.
'We are excited by the progress at Kruh and look forward to the upcoming drilling of WK-5 as we continue working to increase production and unlock the potential of our assets in Indonesia,' concluded Mr. Ingriselli.
Source: Indonesia Energy
