London, July 17th (The Energy Circle) - Indonesia Energy Corporation (IEC) announced the completion of seismic scans at its Kruh Block, which covered 29 square kilometres. The 3D seismic data will now be processed and subjected to detailed analysis to guide site selection for drilling across the Kruh, North Kruh, and West Kruh fields. New production wells at Kruh Block are set for drilling by the end of 2024.

With the Kruh fields showing positive signs for extraction, the IEC has also extended its joint operation contract with Pertamina, Indonesia's state-owned oil and gas company, for the Kruh Block until September 2035. This extension raises the IEC's after-tax profit share from 15% to 35%, increases its share of proven reserves by above 40%, and a projected net cash flow increase of more than 200%.

The company has also secured environmental permits for the Citarum Block, prompting seismic operations with drilling planned for next year. The IEC also aims to achieve operational capacity at the Citarum Block by year-end. Situated 24 kilometres south of Jakarta, the Citarum Block covers some 3,925 square kilometres containing reserves potentially exceeding one billion barrels of oil equivalent. With gas reserves sitting at between 1,000 and 6,000ft, easing extraction efforts, the commercial value of operations across the Citarum Block looks set be a boon for the Indonesian energy sector.