The Indonesia Energy Corporation (IEC) has announced the formal commencement of its contract extension with the Indonesian government for its production asset Kruh Block. Under this extended contract, IEC will be able to operate the Kruh block until May 2030. The Kruh block is located onshore Sumatra Island and covers an area of 63,753 acres. IEC owns a 100 per cent interest in the Kruh block, which on an average produced 7,582 barrels of oil per month in 2019. IEC is on track with its previously announced plans to drill six new oil wells on the Kruh block over time, commencing before the end of the third quarter of 2020.
