Indonesia Energy Reports Progress on its Next Two New Wells at Kruh Block, Where Pre-Drilling Operations Have Commenced

JAKARTA, INDONESIA AND DANVILLE, CA, March 23, 2026 (GLOBE NEWSWIRE) -- Indonesia Energy Corporation (NYSE American: INDO) (“IEC”), an oil and gas exploration and production company focused on Indonesia, today announced pre-drilling progress on its planned next two (2) wells at IEC’s Kruh Block.

IEC expects to commence drilling at the first of these new wells within approximately the next 60 days. The wells are expected to be drilled on a back-to-back basis.

This progress comes at an auspicious time for IEC as oil prices worldwide have risen in light of the current conflict in the Middle East.

Drilling pads for the next 2 wells (called the “K-29” and the “WK-5” wells) have been constructed and all the long lead items such as drilling pipe and drill bits and wellheads have been delivered. The drilling rig has been selected and inspection has been successfully completed. IEC has appointed PT Bina Mitra Artha (“BMA”) with drilling rig BMA #9 which is on its way to the first drilling pad. Commencement of drilling operations has been delayed by several weeks because of severe flooding in Sumatra which destroyed the road planned to be used by IEC. However, IEC has secured permits to use the main road for the BMA #9 rig which is on its way to the first well location (well K-29).

Mr. Frank Ingriselli, IEC’s President, stated “We are excited to be moving forward with our plans to commence drilling at the next 2 wells planned on our 64,000 acre Kruh Block. Our operating team is moving quickly pivot and secure new road access permits so that we will lose just a few weeks off our schedule. We will keep the marketplace updated as we embark on this exciting period. We believe we have world class assets in Indonesia that, together with the current market price for oil, should contribute to our strategic plan to maximize returns on our investments and grow shareholder value.”

About Indonesia Energy Corporation Limited

Indonesia Energy Corporation Limited (NYSE American: INDO) is a publicly traded energy company engaged in the acquisition and development of strategic, high growth energy projects in Indonesia. IEC’s principal assets are its Kruh Block (63,000 acres) located onshore on the Island of Sumatra in Indonesia and its Citarum Block (195,000 acres) located onshore on the Island of Java in Indonesia. IEC is headquartered in Jakarta, Indonesia and has a representative office in Danville, California. For more information on IEC, please visit www.indo-energy.com.

Cautionary Statement Regarding Forward-Looking Statements

All statements in this press release, the conference presentation described herein, and related statements of Indonesia Energy Corporation Limited (“IEC”) and its representatives and partners that are not based on historical fact are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Acts”). In particular, the words “explore,” “could,” “estimates,” “seek,” “believes,” “hopes,” “understand,” “expects,” “intends,” “on-track”, “plans,” “anticipates,” or “may,” and similar conditional expressions are intended to identify forward-looking statements within the meaning of the Acts and are subject to the safe harbor created by the Acts. Any statements made in this news release and at the conference described herein, other than those of historical fact, about an action, event or development, are forward-looking statements. In this press release, forward-looking statements include, without limitation those related to the timing for and results of IEC’s development, drilling and exploration plans at its Kruh Block as well as the price of oil, which changes daily and could lower over time. While management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of significant risks, uncertainties, and other factors, many of which are outside of the IEC’s control, that could cause actual results to materially and adversely differ from such statements. Such risks, uncertainties, and other factors include, but are not necessarily limited to, those set forth in the Risk Factors section of the Company’s annual report on Form 20-F for the fiscal year ended December 31, 2024, filed on April 29, 2025, and other filings with the Securities and Exchange Commission (SEC). Copies are of such documents are available on the SEC’s website, www.sec.gov and IEC’s website at https://ir.indo-energy.com/sec-filings/. IEC undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Company Contact:
Frank C. Ingriselli
President, Indonesia Energy Corporation Limited
Frank.Ingriselli@Indo-Energy.com

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