On March 04, Indonesia Energy Corp. Ltd. (INDO) gained a mammoth 101.83% during the regular session amid the energy price surge. Following this, the stock succumbed to corrections in the after-hours session. The reason for the humungous gain is the Russia-Ukraine conflict’s inflationary pressure on energy prices.
During the regular session, INDO marked its 52-week high of $49.00 while 66.37 million shares traded hands. The day’s volume remained super active at 957% of its average. The stock closed the session with a record gain of $20.57 at $40.77. Following this huge gain, the stock fell under corrections in the after-hours to shed its gains. Hence, INDO declined by 6.08% in the after-hours to reach a value of $38.29 per share.
The oil and gas explorer and producer, Indonesia Energy Corp. Ltd. has a market capitalization of $303.65 million.
What Happened with INDO?
The Russian invasion of Ukraine has caused numerous supply-chain concerns in the energy industry. With Russia being one of the largest natural gas producers globally, the sanctions against the company have shot the energy prices up. Due to the ongoing conflict and supply-chain constraints, prices of oil have spiked with energy prices reaching near-record highs. The energy prices are expected to increase further as the conflict continues.
Consequently, the energy stocks have been on a bullish path as of recently, including INDO. In just a matter of a single session, the stock increased over double-fold to reach its all-time high of $49.00. It was only near the end of February that INDO was trading around $4 per share and has now reached $40. The unbelievable gains were ultimate to cause the stock to fall under corrections. Thus, the stock did succumb to corrections in the after-hours on Friday.
In the past five days alone, INDO has added 240.32% while increasing by a huge 1,356.07% year to date. The stock had gone up by 409.63% last year.
Company News
On January 26, the company provided updates on its drilling plans for 2022. INDO announced to initiate the drilling of its next two new wells at IEC’s Kruh Block within a month. Moreover, the company also shares its plan for the initiation of a third new well drilling at Kruh Block before the second quarter ends.
On January 10, the company announced IEC’s operating company’s recognition as the top three performers in 2021 by Pertamina (state oil & gas company). The company received the title among 11 other companies in Indonesia after a comprehensive assessment.
