Indonesia Energy (INDO) has released an update.
Indonesia Energy Corporation has initiated new 3D seismic operations at its Kruh Block, with expectations to drill new wells by the end of 2024, following the recent extension of their joint operation contract which significantly increases their profit share and proved reserves. The company has also received environmental permits for exploratory work at its Citarum Block, which is estimated to contain over a billion barrels of oil equivalent. These developments mark significant progress for IEC, as they aim to expand drilling operations and enhance shareholder value.
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