en.Wedoany.com Reported - Indonesia Energy Corporation (IEC) has officially commenced its two-well drilling project at the Kruh Block in Indonesia, with the first well, K-29, now in operation. Company President Frank Ingriselli, Chief Operating Officer Mirza Said, and Chief Technology Officer Charlie Wu recently inspected the K-29 well site, where operational milestones have been achieved and drilling preparations are nearing completion.

According to IEC, fuel has been delivered, water pits and mud pits have been completed, drilling equipment has been installed, and computer systems have been debugged. Drilling operations will commence immediately upon receiving final safety clearance from the Indonesian government. After the completion of the K-29 well, IEC plans to spud the next well at the WK-5 location as a follow-up to the Kruh Block development project. Preparations at the second well site are currently progressing as scheduled.

Under the production sharing contract signed between IEC and Indonesia's state-owned energy company Pertamina, all crude oil produced from the Kruh Block will be sold to Pertamina at Brent crude oil prices (net of transportation costs). IEC also announced that it has submitted environmental applications to support the drilling of up to 30 additional wells in the Kruh Block by 2035. The company stated that the additional drilling plan is part of its long-term strategy to expand production at the Kruh Block.

Frank Ingriselli, President of Indonesia Energy Corporation, expressed excitement over the significant progress observed at the K-29 well site and stated that the company looks forward to updating the market as key operational milestones are achieved.