Indonesia Energy (NYSEAMERICAN:INDO) stock is rocketing higher on Thursday after announcing plans for drilling projects in 2022.
Let’s dive into that news, as well as what else investors need to know about Indonesia Energy, below!
- The big news from the company are plans to commence drilling of two new wells.
- These are located at its Kruh Block.
- Drilling is expected to start within the next 30 days.
- In addition to that, the company intends to start drilling third well at this location before the end of Q2.
- The company is naming these wells Kruh 27, Kruh 28, and Kruh 29.
- So long as the wells produce oil, the company expects its production to reach 450 barrels per day after the first two’s completion.
- Each of the wells will cost $1.5 million to create.
- Indonesia Energy notes that current agreements have it expecting each well to generate $1.5 million in revenue during their first year.
- The Indonesia oil drilling company operates out of Jakarta, Indonesia.
- It also has a representative office in Danville, Calif.
- Its main assets are the 63,000-acre Kruh Block and the 1 million-acre Citarum Block.
- The company’s market capitalization is sitting at $39.634 shares.
- Also, it’s seeing heavy trading today with some 28 million shares on the move.
- For comparison, the company’s daily average trading volume is closer to 18,000 shares.
INDO stock is up 98.9% as of Thursday afternoon.
There’s more stock market news for traders to dive into below!
InvestorPlace has all the latest stock news that investors need to know about for Thursday. A few examples include what has LendingClub (NYSE:LC) stock falling, Apifiny planning a SPAC merger, as well as Tesla (NASDAQ:TSLA) earnings news. You can find all of that at the following links!
More Stock Market News for Thursday
- LC Stock Alert: 10 Reasons Why LendingClub Is Plunging Today
- Apifiny SPAC Merger: 13 Things to Know About Abri’s (ASPAU) Plans to Take the Crypto Exchange Public
- TSLA Stock: 3 Top Takeaways From the Tesla Earnings Event
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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