INDO management held their first ever conference call with the investment community. The company brought the full slate of its management team located both in Jakarta and California, including the Founder & CEO, President, Chief Investment Officer, COO and Chief Development Officer. The call mainly outlined its previously-announced drilling plans, but there were a few new items of interest.Drilling plans on track. The company is moving "full steam ahead" with its drilling plans despite lower oil prices. The company is finalizing bidding the drilling process and expects to drill the first of six oil wells in the Kruh Block in September. Each well will take 30 (or less) days to drill and work will be begun on the next well immediately after completion. This will mean the bulk of the six wells will be completed in 2020. Production cost are low at $21 per BBL and have the potential to drop into the teens according to management.The Citarum Block could be a $1 billion project. The company is commencing seismic work on the gas project near Jakarta and expects to drill its first well in 2021. Each well costs about $6 million. If successful, the company would seek to bring in a major energy company to partner in the project. Management referred to Citarum as the Great Elephant that could transform the company into a major player. Management remains open to acquiring other assets if an opportunity presents itself, but has an immediate focus on drilling in the Kruh and Citarum Blocks.The company is committed to an active investor relations program. INDO will be releasing financial data shortly. It is committed to holding quarterly investor calls and to releasing drilling results as completed. Management is very proud of being the first Indonesian company to become listed on the New York Stock Exchange and recognizes that if it is successful in the Citarum Block, it may need additional financing.We are reiterating our outperform rating and our $8 price target. We raised our price target last month to reflect that fact that oil prices had rebounded at a faster rate than anticipated since we initiated coverage of the company in April. Today's conference call with investors confirms our confidence in our rating and price target.Read More >>