INDO - Indonesia Energy discovers oil at Kruh Block well

Indonesia Energy (NYSE:INDO) +9.7% pre-market after saying on Wednesday that it discovered oil in its Kruh 27 well, the first of two back-to-back wells being drilled during H1 2022 at the Kruh Block on Sumatra Island, with plans to drill two additional wells later this year. Indonesia Energy (INDO) said 132 ft. of oil sands were encountered at Kruh 27 at depths between 3,058 and 3,190 ft.; the oil-bearing interval was thicker and therefore larger than anticipated, meaning the well's total reserve potential could be larger than anticipated. Based on the drilling results, the company expects to begin production at Kruh 27 by the end of May. Indonesia Energy (INDO) is "undervalued due to oil price increases and drilling in the Kruh Block," Qingshan Capital Management wrote in a bullish analysis posted earlier this year on Seeking Alpha.

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Indonesia Energy discovers oil at Kruh Block well