Indonesia Energy Corp Ltd

24 June 2024regulatory community update▲ GoodMajor

The company said on June 24, 2024 that new 3D seismic work has started at its 63,000-acre Kruh Block in South Sumatra, with the first new production well planned for the fourth quarter of 2024 once the data is evaluated. It also said environmental permits were granted for its 650,000-acre Citarum Block on Java, with seismic planned for late 2024 or early 2025 and drilling planned for next year. This continues the Kruh story after the September 2023 contract extension with Pertamina (to September 2035, raising the company's after-tax profit split from 15% to 35%) and the 2022 gas discovery, and starts exploration work at Citarum. All plans and the Citarum resource estimate (over one billion barrels of oil equivalent) are management's forward-looking statements, not results.

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25 Jan 2022capital raising announcement● NeutralMajor

On January 21, 2022 the company closed a first $5.0 million tranche of a planned $7.0 million private placement with L1 Capital Global Opportunities Master Fund, issuing a 6% original-issue-discount senior convertible note (principal up to $7.0 million, 18-month maturity, $6.00 conversion price) and a five-year warrant for 383,620 shares at $6.00. Proceeds before expenses on the first tranche are about $4.7 million. A second $2.0 million tranche (about $1.88 million after discount, plus a warrant for 153,450 shares) depends on an SEC registration becoming effective and on conditions, and could be reduced or not funded. For shareholders, the note can be repaid in cash or in shares from 120 days after closing, with a $1.20 floor price on share-based payments, and its conversion price carries full-ratchet anti-dilution protection, so repayment in shares could dilute existing holders (inference).

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