Indonesia Energy Corporation (INDO) Q4 2025 earnings summary

Executive summary

• Focused on oil and gas exploration and production in Indonesia, with two main assets: Kruh Block (producing) and Citarum Block (exploration).

• Kruh Block contract extended to September 2035, increasing after-tax profit split from 15% to 35% and cost recovery cap from 80% to 100%.

• Citarum Block exploration ongoing, with encouraging geochemical survey results in 2025 confirming hydrocarbon presence in key areas.

• Company continues to face production declines due to natural reservoir depletion and delayed drilling programs.

Financial highlights

• Revenue for 2025 was $2.01 million, down 24.55% from $2.67 million in 2024, primarily due to lower oil prices and reduced production.

• Net loss for 2025 was $5.10 million, an improvement from $6.34 million in 2024.

• Average production cost per barrel increased to $66.14 in 2025 from $61.05 in 2024.

• Cash balance as of December 31, 2025 was $5.46 million, with working capital of $6.04 million.

• Accumulated deficit reached $51.03 million as of December 31, 2025.

Outlook and guidance

• Oil price volatility and geopolitical tensions expected to continue impacting results.

• Planned drilling of two new wells at Kruh Block in 2026, with a total of 18 new wells targeted by 2030.

• Citarum Block exploration to continue, with focus on confirming reserves and monetizing gas discoveries.

• Company expects oil prices to average around $96 per barrel in 2026, supporting improved cash flows.