Indonesia Energy Corporation (INDO) investor relations material

Strategic overview and operational progress

• Achieved four oil and one gas discovery at Kruh Block post-IPO, aiming to reduce production costs to $20 per barrel from the current $30.

• Government incentives in 2023 increased the company's share of oil, improving project economics.

• 3D seismic surveys led to selection of two new drilling locations, with K-29 well drilling to commence by end of June and WK-5 well in mid-August.

• K-29 well expected to be completed in 30 days, with production ramp-up and cash flow positive status anticipated after the second well.

• Each new well projected to cost $1.8 million, with first-year net revenue of $3.3 million and net cash flow of $2 million at $80 oil price.

Asset portfolio and growth plans

• Kruh Block on Sumatra Island is the current production focus, while Citarum Block on Java Island is positioned as a long-term growth asset.

• Citarum Block, a 195,000-acre de-risked natural gas asset, benefits from existing infrastructure and proximity to Jakarta.

• Full development of Citarum could require $500 million to $1 billion, with plans to partner with major industry players to fund capital needs.

• First well at Citarum targeted for drilling by year-end, leveraging prior discoveries and existing gas pipelines.

• Indonesia's robust 5%+ GDP growth and high energy demand support long-term asset value.

Financial position and management

• Founders invested $40 million and retain 40% ownership, signaling strong alignment with shareholders.

• Management team includes experienced industry veterans and financial experts, with no company debt and strong liquidity.

• Average daily trading volume is 800,000 shares, and the company maintains a healthy cash position.

• Production from new wells expected to self-fund future drilling, with additional capital sought for large-scale Citarum development.

• Access to an ATM facility provides financial flexibility for ongoing operations.