Indonesia Energy to drill K-29 well at Kruh Block, then move to WK-5

Indonesia Energy Corp (NYSE American: INDO) is about to drill the first of two planned wells on its Kruh Block in South Sumatra, and says it will move to a second site, WK-5, once the first is finished.

What is coming

The company announced the start of operations at the K-29 well in a release dated July 6, 2026. It describes the sequence as:

• enter the target reservoir zone at about 3,000 feet and core it
• drill on to the target depth
• run wireline logging, then casing and cementing
• perforate the well and prepare it for production

After K-29 is drilled and completed, the company plans to start drilling at WK-5. It says preparations there are "progressing as planned." No dates are given for any step. Our tracking window runs from August 13 to November 11, 2026, but that is a placeholder, not a company schedule.

Why it matters

Kruh covers 63,000 acres. Under its contract with Pertamina, the state-owned oil company, Pertamina buys all the crude produced and pays in US dollars at the Brent price less a small transport cost. Our records show the contract runs to September 2035 and gives the company 35% of after-tax profit, up from 15%. If the wells produce, that arrangement means sales would track the oil price.

The company also says it has submitted environmental clearances to drill another 30 wells at Kruh before 2035. Submission is not approval, and no timetable is given.

What is uncertain

• The president said drilling would begin after final government safety clearances, so the start depends on that step.
• Timing has slipped before. In June 2024 the company said the first new Kruh production well was planned for the fourth quarter of 2024. The first of the two wells is only now being drilled.
• No reserve estimates or well results are included in the material we hold, so we cannot say what the wells could add. We have not built a valuation for the company.
• The company also holds the Citarum Block on Java. This release gives its size as 195,000 acres, while a 2024 announcement gave 650,000 acres. We have not reconciled the two figures.

All plans are management's forward-looking statements. The company notes that results could differ materially and that oil prices change daily.