Indonesia Energy Corp. Ltd. (INDO) is an energy company focused on the purchase and development of advanced and strategic energy projects in Indonesia. The company’s key assets include Kruh Block and Citarum Block.
The price of INDO stock during regular trading on February 23, 2022, with an increase of 16.3%, was $7.53. At last check in the premarket on February 24, 2022, the stock further inclined sharply by 85.26%.
INDO: Events and Happenings
On January 26, 2022, INDO updated about its drilling plans for 2022 as it expects the commencement of its two wells drilling at the Kruh Block within a month. The company also announced to start a third well drilling at the same block before the second quarter ends. The three wells are named Kruh 27, Kruh 28, and Kruh 29. Their drilling operations are funded via gross proceeds of the financing of the company’s institutional investor.
On January 10, 2022, INDO reported it had been recognized by Pertamina as one of the top three performers in 2021. The company was nominated among 11 oil and gas Indonesian companies after a thorough assessment of its commitment, financial, and safety records. On December 2021, INDO announced that its regular oil production rate had improved by 50% as an outcome of the completion of its Kruh 26 well.
INDO: Key Financials
On May 17, 2021, INDO released its financial outcomes for the year ended December 31, 2020. Some of the key points are discussed below.
Revenue
Revenue in the fiscal year 2020 was recorded to be $1.98 million against $4.18 million in the same period of 2019. The company observed a loss in its revenue over the year.
EPS
Basic and diluted net loss in the FY 2020 was $6.95 million or $0.94 per share versus $1.67 million or $0.28 per share in the same period in 2019. The company’s EPS decreased phenomenally over the year.
Conclusion
INDO Stock outpaced in the past six months as it is 49% up in the period. The current stock hike is the result of the Russian-Ukrainian conflict which resulted in the per-barrel prices of oil soaring as high as $100 per barrel. The company’s annual earnings release date is approaching and it expects revenue of $700 thousand against -$0.17 EPS. The analysts are stating the company’s stock to be volatile so the investors should think before investing.
