Indonesia Energy Corporation (NYSE:INDO) ("IEC"), an oil and gas exploration and production company focused on Indonesia, today announced that IEC has discovered good quality oil during testing operations at the newly drilled K-29 well at Kruh Block. K-29 was spud on July 25, 2026 and recently reached a total depth of 3,378 feet.

IEC also announced that actual production operations at K-29 are expected to commence in the next couple of weeks. Of particular note to the K-29 well is that the perforation gun used pursuant to Pertamina’s (Indonesia’s state-owned oil and gas company) approved perforation targets was naturally bleeding/seeping oil, which is typically viewed as a very good result. This has not been the case in previous wells at the Kruh Block. and the well may begin natural production without a fracturing procedure. IEC expects to gain further data and information as production operations commence. Additionally, the well was drilled with zero lost time injury or other environmental, health and safety incidents.