Indonesia Energy Corporation (INDO) investor relations material

Operational update and drilling progress

• K-29 well reached total depth with high-quality oil observed; pump jack installation underway, with production results expected in two weeks.

• WK-5 well drilling to commence within two to four weeks, aiming to replicate K-29's success and further double production and cash flow.

• Road reconstruction and weather challenges have been managed to enable ongoing drilling operations in Sumatra.

• Citarum Block drilling to proceed without seismic work, leveraging recent geochemical survey results.

• Company plans to self-fund upcoming wells, maintaining a debt-free position and considering partners only after initial drilling.

Financial outlook and production economics

• At 125 bpd and $80/bbl, K-29 well is projected to generate $2 million net cash flow, exceeding its $1.8 million drilling cost.

• Achieving targeted production rates from K-29 and WK-5 could make the company cash flow positive and profitable.

• Cash flow from new wells and access to an ATM facility are expected to fund 16 additional wells over the next three years.

• Oil is sold to Pertamina at Brent price minus a small discount, with payments in USD and a 60-day cash cycle from production.

• Updated Kruh development plan projects $222 million in future net revenue, with significant upside from ongoing drilling.

Strategic plans and resource potential

• 16 more wells planned in the next three years, with environmental permits applied for 30 additional wells.

• Citarum Block holds an estimated 7.4 Tcf of prospective gas resources, with eight priority prospects totaling 3.5 Tcf.

• Natural gas prices in Indonesia are three times higher than in the U.S., enhancing project economics.

• Company aims to drill the first Citarum well independently, with potential for future partnerships.

• Continuous drilling program and asset development are expected to drive significant cash flow and value creation.