Indonesia Energy Corporation Limited (INDO): History, Ownership, Mission, How It Works & Makes Money

When you look at an independent energy player like Indonesia Energy Corporation Limited (INDO), how do you reconcile its strategic focus on key Indonesian assets with a trailing twelve-month revenue of just $2.29 million?

It's a classic exploration and production story: a small-cap company drilling for growth, like the recently commenced operations on the K-29 well in the Kruh Block, even while reporting a net loss of $7.07 million for the period ending June 30, 2025. This dynamic-low current production, around 580 net barrels of oil per day, versus significant exploration upside-is the core tension for investors and strategists; so, understanding their history, mission, and how they actually make money is defintely your next step to sizing up the risk.

Indonesia Energy Corporation Limited (INDO) History

You're looking for the foundation of Indonesia Energy Corporation Limited, and the real story starts not with the holding company, but with its core asset. This is a classic exploration and production (E&P) story: securing a valuable asset first, then building the corporate structure around it to raise capital and fund development. The company's trajectory is a clear map of asset consolidation and leveraging the US public market to fund Indonesian drilling operations.

Given Company's Founding Timeline

Year established

The parent holding company, Indonesia Energy Corporation Limited, was formally incorporated on April 24, 2014. However, its operational roots go back to 2010, when its key operating subsidiary, PT Green World Nusantara (GWN), secured the rights to the producing Kruh Block. This dual start is defintely important.

Original location

The holding company was incorporated in the British Virgin Islands, a common practice for international capital raising, but its primary operations and headquarters are in Jakarta, Indonesia. The company's entire focus is on onshore oil and gas assets in Indonesia, specifically the Kruh Block in Sumatra and the exploration-stage Citarum Block in West Java.

Founding team members

The company's strategic direction has been consistently led by its co-founders. The central figures are Dr. Wirawan Jusuf, who has served as Co-Founder, Chairman, and Chief Executive Officer, and James J. Huang, CFA, Co-Founder and Chief Investment Officer. They built the structure to manage the assets and attract international investment.

Initial capital/funding

While the initial seed capital for the 2014 incorporation is typical of private formations and not publicly detailed, the company's first major capital infusion came from its Initial Public Offering (IPO) on the NYSE American exchange in December 2019. This event raised net proceeds of approximately $13.8 million, which was critical capital for funding the multi-year drilling program. That's where the money really started to flow.

Given Company's Evolution Milestones

Given Company's Transformative Moments

The company's most transformative decisions centered on two things: securing long-term asset control and aggressively pursuing capital for development. The 2019 IPO was a game-changer, moving the company from a private entity reliant on private finance to a publicly-funded vehicle with access to deeper capital pools. This allowed them to execute the planned 18-well drilling program at Kruh Block.

The most recent transformative moment, as of November 2025, was the May 2025 announcement of the five-year Kruh Block contract extension. This extension was immediately followed by a reported 60% increase in reserves, fundamentally changing the long-term valuation model. Here's the quick math: more reserves mean a longer production life for the asset, which directly increases the discounted cash flow (DCF) valuation.

Still, the company is in a heavy investment phase. For the half-year ended June 30, 2025, the company reported sales of only $1.07 million against a net loss of $2.82 million. This shows the current reality: they are spending capital-drilling the K-29 well commenced in September 2025-to unlock the future value of those increased reserves. This is a classic E&P trade-off: short-term losses for long-term production growth.

• Listing on the NYSE American: Enabled the $13.8 million IPO funding to fuel growth.
• Securing the Kruh Block extension: Added five years of production, boosting reserves by 60%.
• Focusing on Citarum Block: Diversifies the portfolio with a high-potential natural gas exploration asset near Jakarta.

If you want to understand the strategic thinking behind these moves, you should read their stated goals: Mission Statement, Vision, & Core Values of Indonesia Energy Corporation Limited (INDO).

Indonesia Energy Corporation Limited (INDO) Ownership Structure

Indonesia Energy Corporation Limited (INDO) is a publicly traded company on the NYSE American, but its control is concentrated in a private holding company, Maderic Holding Limited. This structure means that while the stock trades freely, strategic decisions are largely governed by the interests of the controlling shareholder, which is led by the company's Chairman and CEO, Dr. Wirawan Jusuf.

Given Company's Current Status

Indonesia Energy Corporation Limited is a public energy company, trading on the NYSE American under the ticker symbol INDO. As of November 2025, the stock price was around $2.74 per share. The company's financial profile for the trailing twelve months ending in June 2025 showed revenue of approximately $2.67 million and a net loss of about $7.1 million, demonstrating the capital-intensive nature of its oil and gas exploration business. The enterprise value was approximately $45.5 million. You can dig deeper into the market's reaction to these numbers here: Exploring Indonesia Energy Corporation Limited (INDO) Investor Profile: Who's Buying and Why?

Given Company's Ownership Breakdown

The ownership structure is highly concentrated, with a single private entity holding a significant minority stake that translates to effective control. This is a crucial detail for any investor to understand, as the public float is relatively small. The low institutional ownership of around 1.12% suggests that the stock is primarily driven by retail investor sentiment and the actions of the controlling shareholder.

Given Company's Leadership

The executive team is a mix of seasoned energy industry veterans and financial experts, steering the company's strategy of balancing producing assets with high-potential exploration blocks. Dr. Jusuf's dual role as Chairman and CEO, plus his control over the largest shareholder, means he has defintely consolidated power over the company's direction.

• Dr. Wirawan Jusuf: Chairman and Chief Executive Officer (CEO). He is a co-founder and also serves as a Director of Maderic Holding Limited.
• Frank Ingriselli: President. He brings over 40 years of experience in the energy industry, including senior executive roles at Texaco.
• Mirza Said: Chief Operating Officer (COO). He was appointed to this role in January 2024, focusing on government relations, licensing, and execution of drilling operations.
• Gregory Overholtzer: Chief Financial Officer (CFO). An experienced CFO with a background in publicly traded oil and gas corporations.
• Dr. Chiahsin "Charlie" Wu: Chief Technology Officer (CTO). A recognized oil and gas veteran with over 40 years of experience, previously serving as COO.

Indonesia Energy Corporation Limited (INDO) Mission and Values

Indonesia Energy Corporation Limited's core purpose is shifting from a narrow focus on oil and gas extraction to a broader strategic vision that integrates sustainable energy and infrastructure investment, aiming to drive shareholder value while supporting Indonesia's economic growth.

Indonesia Energy Corporation Limited's Core Purpose

The company's cultural DNA is rooted in maximizing Indonesia's energy resources responsibly, a principle that has evolved to embrace the nation's 'Golden Indonesia 2045' vision for economic transformation. This evolution reflects a trend-aware realism, acknowledging that future value requires diversification beyond just hydrocarbons.

Official mission statement

Indonesia Energy Corporation Limited's formal mission centers on operational efficiency and profitability within its home market. It's a clear, action-oriented mandate for a focused energy explorer.

• Efficiently manage targeted profitable energy resources in Indonesia.
• Maximize hydrocarbon recovery with minimum environmental and social impact.

Here's the quick math: managing resources efficiently is critical when half-year 2025 sales were only $1.07 million, and the company reported a net loss of $2.82 million for the same period. You defintely need a tight focus to turn those figures around.

Vision statement

The company's vision has recently expanded beyond being a leading oil and gas player to a more diversified, strategic entity. This strategic update, announced in 2025, maps near-term risks to clear opportunities by looking past just the Kruh and Citarum Blocks.

• Position as the primary U.S. public company focused on Indonesia's energy sector.
• Continue developing core oil and gas assets like Kruh and Citarum.
• Explore new opportunities in sustainable energy solutions and infrastructure investment.

What this estimate hides is the capital required; the trailing twelve months (TTM) net income ending June 2025 was a loss of $7.07 million, so new ventures will require significant external funding or highly successful drilling campaigns. For a deeper look at the numbers, check out Breaking Down Indonesia Energy Corporation Limited (INDO) Financial Health: Key Insights for Investors.

Indonesia Energy Corporation Limited slogan/tagline

Indonesia Energy Corporation Limited does not currently use a widely publicized, formal slogan or tagline. Its focus is communicated directly through its strategic objectives and asset development. The company's actions speak louder than a catchy phrase.

• Focus on increasing proved reserves, like the 60% increase reported at the Kruh Block.
• Prioritize exploration, specifically advancing the Citarum Block, which has potential for billion-barrel equivalent resources.

The underlying message is simple: they are committed to extracting value from Indonesian energy assets and growing their footprint.

Indonesia Energy Corporation Limited (INDO) How It Works

Indonesia Energy Corporation Limited (INDO) operates as an oil and gas exploration and production (E&P) company, primarily focused on developing its two key blocks in Indonesia to extract and sell crude oil and natural gas. The company makes money by monetizing its proved reserves, especially from the Kruh Block, while simultaneously investing in exploration to convert potential resources into future production assets.

Indonesia Energy Corporation Limited's Product/Service Portfolio

The company's value proposition centers on two distinct asset types: a producing block that generates immediate revenue and an exploration block that holds significant long-term growth potential for both oil and natural gas. For the 2025 fiscal year, the company's revenue was around $2.67 million, almost entirely from oil sales.

Indonesia Energy Corporation Limited's Operational Framework

The operational strategy for Indonesia Energy Corporation Limited (IEC) is a calculated shift from immediate drilling to a data-driven development approach, designed to maximize long-term asset value. Here's the quick math: invest upfront in better data, and your drilling success rate defintely rises.

During 2024, the company scaled back drilling to focus on extensive seismic and exploration work, an investment that paid off in 2025. This work directly led to a massive increase in proved reserves. The operational framework now centers on executing the multi-year drilling program, which resumed in the second half of 2025.

• Reserve Maximization: Seismic work increased Kruh Block's proved gross reserves by over 60% to approximately 3.3 million barrels as of May 2025.
• Drilling Execution: Resumed drilling operations in H2 2025, with plans to drill at least one new well this year, and operations on the first of two new wells commenced in September 2025.
• Long-Term Development: The immediate drilling is part of a larger, multi-year program targeting 18 new wells at the Kruh Block to systematically exploit the newly confirmed reserves.
• Exploration Focus: Continued geological and geophysical studies at the Citarum Block to delineate its natural gas potential, a critical step before full-scale drilling commences.

Indonesia Energy Corporation Limited's Strategic Advantages

Indonesia Energy Corporation Limited's market position is anchored in its concentrated, high-impact asset base and strong governmental relationships, which provide a competitive moat (a sustainable competitive advantage). Honestly, in the E&P world, having a contract extension is gold.

• Proven Reserve Growth: The over 60% increase in proved gross reserves at Kruh Block to 3.3 million barrels provides a clear, de-risked production roadmap and materially enhances the company's enterprise value, which was around $45.5 million in June 2025.
• Contract Security: Securing a 5-year contract extension for the Kruh Block from the Indonesian government in late 2023 ensures long-term operational stability and revenue visibility until at least 2030.
• Strategic Location: The Citarum Block's location onshore West Java, near the massive energy demand center of Jakarta, positions the company to potentially supply a premium-priced domestic natural gas market once the block is developed.
• Operational Efficiency: The strategic decision to pause drilling for seismic work in 2024 now translates into a more efficient, higher-probability drilling campaign for the 18-well program, reducing the risk of dry holes and maximizing capital returns.

For a deeper dive into the company's long-term vision, you can review their Mission Statement, Vision, & Core Values of Indonesia Energy Corporation Limited (INDO).

Indonesia Energy Corporation Limited (INDO) How It Makes Money

Indonesia Energy Corporation Limited generates nearly all its revenue by extracting and selling crude oil from its onshore production asset, the Kruh Block, in South Sumatra. The company's income is directly tied to the volume of oil it successfully lifts (produces) and the prevailing Indonesian Crude Price (ICP) at the time of sale, which operates under a government-backed Joint Operation Contract (JOC).

Indonesia Energy Corporation Limited's Revenue Breakdown

As a focused oil and gas exploration and production (E&P) company, Indonesia Energy Corporation Limited's revenue streams are highly concentrated. The company's sales are almost entirely dependent on the production from the Kruh Block, which is currently their only producing asset.

The current short-term trend is Decreasing; for the half-year ended June 30, 2025, the company reported sales of just $1.07 million, down from $1.44 million in the same period a year prior. Still, with new drilling planned for the second half of 2025, the long-term outlook is for production to increase.

Business Economics

Indonesia Energy Corporation Limited operates under a Joint Operation Contract (JOC) with the Indonesian state-owned entity, Pertamina. This structure dictates the economic fundamentals, including cost recovery and profit sharing, making the government a key partner in the economics of the Kruh Block.

• Pricing Mechanism: Revenue is benchmarked against the Indonesian Crude Price (ICP), which for March 2025 was set at $71.11 per barrel.
• Cost Structure: The company is focused on being a low-cost producer, with a stated goal to drive down production costs to below $20 per barrel. This is the critical margin lever.
• Government Take: A royalty payment of 12.5% of production revenues is paid to the Indonesian government. The recent 5-year contract extension for the Kruh Block, secured in late 2023, notably included terms that increased the company's Profit Oil by 100%.
• Growth Capital: The company is executing a multi-year drilling program to drill 18 new wells by 2027, with at least one new well planned to commence in the second half of 2025. Each new well is estimated to cost around $1.5 million.

Here's the quick math: if the company hits its cost target of below $20 per barrel and the ICP holds near $71 per barrel, the gross profit margin per barrel is substantial, before royalties and corporate overhead. That's why the drilling program is so important.

Indonesia Energy Corporation Limited's Financial Performance

The company's financial health in 2025 reflects a business in an aggressive, capital-intensive exploration and development phase, not a mature, free cash flow-generating one. You're seeing investment costs hit the bottom line while production is temporarily curtailed to prepare for the new drilling program.

• Revenue (H1 2025): Sales for the half-year ended June 30, 2025, were $1.07 million.
• Net Loss (H1 2025): The company reported a net loss of $2.82 million for the half-year ended June 30, 2025.
• Trailing Twelve Months (TTM) Revenue: As of a recent period ending June 30, 2025, the TTM revenue stood at $2.29 million.
• Earnings Per Share (TTM): The Diluted EPS for the TTM period ending in mid-2025 was -$0.52.
• Reserve Increase: Strategic investment in 3D seismic work and the contract extension led to a 60% increase in proved gross reserves at the Kruh Block to approximately 3.3 million barrels as of May 2025. This is a defintely a key asset value indicator, even if it doesn't show up in current revenue.

What this estimate hides is the potential from the Citarum Block, a large exploration asset near Jakarta which has commenced operations and could offer a significant natural gas revenue stream down the road. For a deeper dive into the company's capital structure and risk profile, you should read Breaking Down Indonesia Energy Corporation Limited (INDO) Financial Health: Key Insights for Investors. Your next step should be to monitor the Q4 2025 production updates to see if the new drilling has started to reverse the current revenue decline.

Indonesia Energy Corporation Limited (INDO) Market Position & Future Outlook

Indonesia Energy Corporation Limited (INDO) is positioned as a high-risk, high-reward micro-cap player in the Indonesian upstream oil and gas sector, with its future trajectory hinging on the successful execution of its drilling program at the Kruh Block. The company's immediate outlook is tied to translating a 60% increase in proved gross reserves to actual production and capitalizing on a potentially more favorable profit split under its extended contract. Exploring Indonesia Energy Corporation Limited (INDO) Investor Profile: Who's Buying and Why?

Competitive Landscape

In the vast Indonesian oil and gas market, Indonesia Energy Corporation is a tiny explorer, competing against state-owned giants and multinational majors. Its market share is minuscule, but its focus on maximizing value from its core Kruh Block and exploring the high-potential Citarum Block gives it a specific, concentrated advantage.

Opportunities & Challenges

You need to look past the small current revenue-which was approximately $2.29 million for the trailing twelve months ending June 30, 2025-and focus on the operational leverage from its recent wins. The potential upside is substantial, but so are the execution risks inherent to small-cap exploration and production (E&P) companies.

Industry Position

Indonesia Energy Corporation is a micro-cap player in a market dominated by state and international giants. Its position is best described as a high-beta, pure-play on its two primary assets: the producing Kruh Block and the exploration-stage Citarum Block.

• Micro-Cap Status: With a market capitalization of roughly $41.1 million as of late 2025, the company is tiny, which makes its stock highly sensitive to operational news and crude oil price swings.
• Asset Concentration: The business is almost entirely concentrated on the Kruh Block, which is now the source of a 60% reserve increase and a 5-year contract extension, securing its core revenue stream for the near-term.
• Financial Constraint: The company is defintely still in the growth-at-a-loss phase, reporting a net loss of -$2.53 million in 2024, which means it relies heavily on successful drilling and capital raises to fund its ambitious 18-well plan.
• Upstream Focus: It operates solely in the upstream (exploration and production) segment, which is the most capital-intensive and highest-risk part of the oil and gas value chain, but also the one with the highest potential return on a successful discovery.

Here's the quick math: The entire Indonesian upstream market is valued at about $10.1 billion in 2025. INDO's revenue is a fraction of that, so its success won't move the national needle, but a successful drilling campaign could easily multiply its own revenue many times over.