Indonesia Energy (NYSEMKT:INDO) stock is climbing higher on Thursday after the company announced the discovery of oil in one of its new wells.
The big news here is the oil found at Kruh 28 was more than expected. According to the company, it encountered 135 feet of oil sands, which is six feet thicker than it was expecting. That means it might see more oil out of that well than it anticipated.
The total depth of 3,475 feet for the well was reached on Sept. 16, 2022. Since then, the company has been preparing to start pulling oil from it. If all goes well, it expects to start producing oil at Kruh 28 by the end of November 2022.
INDO Plans to Explore More Wells
Indonesia Energy has seen positive data so far from wells in the Kruh Block, which totals 63,000 acres. This has the company planning for additional new seismic operations in that area. It believes this will help it find the best places to set up additional wells.
It’s worth noting that Indonesia Energy will have to delay some of its well plans to conduct the seismic operations. As such, it’s delaying the planned completion of its 18 wells in the area to the end of 2025 instead of the end of 2024.
Today’s news has INDO stock seeing 2.9 million shares change hands. That’s heavy trading compared to its daily average volume of about 2.8 million shares.
INDO stock is up 5.8% as of Thursday morning.
Investors can learn more about this stock market news below!
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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.
