Business UpdateJul 8, 2026, 04:17 PM
Indonesia Energy Starts Operations at K-29 Well, Plans WK-5 Drilling
AI Summary
Indonesia Energy Corporation announced the commencement of operations at its K-29 well in the Kruh Block, with preparatory work for the WK-5 well also underway. While actual drilling at K-29 has been slightly delayed pending final government safety inspections, it is expected to begin very soon. The company also confirmed its contract with Pertamina for crude oil sales in USD at Brent prices and has submitted environmental clearances for 30 additional wells in the Kruh Block by 2035, signaling significant long-term development plans.
Key Highlights
- Indonesia Energy commenced operations at its K-29 well in the Kruh Block.
- Preparatory operations for drilling at the WK-5 wellsite are progressing as planned.
- Actual drilling at K-29 is anticipated to commence in the very near term, following government inspections.
- Pertamina will purchase all crude oil produced from Kruh Block, paying in USD at Brent crude price.
- Environmental clearances have been submitted to drill an additional 30 wells on the Kruh Block before 2035.
Price Impact
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