Good morning. I'm Blanca Andrus with EnerCom, and at this time I'd like to introduce our next presenting company, which is Indonesia Energy Corporation. Presenting for the company is Frank Ingriselli, the CEO. Indonesia Energy Corporation is a publicly traded company, and it's engaged in high energy growth energy projects in Indonesia. Better to tell you about that is Frank himself, and please give him a warm welcome. Thank you. Thank you, Blanca, and it's wonderful to be here. Good morning to everyone, and I'll start the slide off with this beautiful picture of a morning in Indonesia. I'm going to tell you that Indonesia is not just Bali and a place to go to vacation, but it also contains a heck of a lot of oil. I'll show that historically and the great opportunity it offers here now. I do have to point out, I don't see many companies here presenting with foreign assets, but the previous company, Dune, has assets in Turkey. I remember back in my Texaco days visiting Turkey and looking at getting an exploration interest there. We didn't do it, but I'm glad to see it's successful now. Our cautionary statement. Now let me just tell you a little about Indonesia and our company. We went public in December of 2019 on the New York Stock Exchange. Actually, which is interesting, Indonesia is the fourth largest country in the world. India, China, United States, and then Indonesia. However, we were the first Indonesian company to ever do an IPO on the New York Stock Exchange, which is amazing to have a country, Indonesia, which is the biggest economy in Southeast Asia, the seventh largest economy in the world, and we were the first, this tiny little micro-cap company to be the first. That's why we had the ambassador to the United Nations ringing the opening bell with us, the ambassador to Washington, D.C., the Secretary General of the country for our tiny little micro-cap company. We like to think of ourselves, especially in Indonesia, with its rich history in oil and gas production, that we're in the right place at the right time. We were hit right after going public, as everybody knows, with COVID, and so that kind of delayed operations for about a year and a half. Indonesia was hit pretty hard. Indonesia is made up of islands, and they didn't allow flights between island to island, and so we just couldn't do any work. But starting in 2022, we drilled four successful oil wells, but we were not that happy with the results, and I'll talk about that just a little more. We're striving to be, as everybody I'm sure at this conference, to be a low-cost producer. Right now, I think we're at about $28 a barrel in production cost. We think that with the next two wells we're drilling right now, we'll drive that number down to $20 a barrel. We've got another block, another asset that we're not drilling on yet called our Citarum Block, and I'll talk about that a little more as we go on. Let me just go past this first page here. What we've got going on right now, and the marketplace has been waiting for this, it took a little bit of time, but we've got our K-29 well starting to drill right now. We're down at about 2,900 ft with a TD of about 3,500 ft, and we're drilling away. This is in the jungles of Sumatra. As you can see in the pictures here, the top left picture, you can kind of see the, I'll call it the countryside, but the jungle's nearby. Quite a challenge to get there. I was just there several weeks ago and a very difficult spot to get to. We've got that well currently drilling, and that rig will then move to another location a couple of kilometers away, and we'll be drilling that next well. Those two wells, if they get the production rates we're expecting, and we have a slide on the production rates we do expect, should bring the company cash flow positive exiting this year. We're excited for that, excited to finally do that as a company. Here's a little snapshot. I won't go through the details on here, but it shows you some of the islands of Sumatra. The island with the green notation on it is the island of Sumatra. The one with the red notation on it is the island of Java, the biggest island where the city of Jakarta, the capital city, is located. Let me tell you a little about with Sumatra and a little bit of history there on how I got involved in Indonesia Energy. I've been 45 years in this industry. I started at Texaco Inc., spent 23 years there. Rose up the corporate ladder pretty aggressively. I became president of Texaco Technology Ventures, and then president of Texaco International Operations. Fortunately, I'll say, Chevron took over Texaco in the year 2001. I exited, and I did four startup companies where I was the founder. This last one, Indonesia Energy, is one where I wasn't the founder, but I am the president. When I exited Texaco, and this is very interesting, in Indonesia, 2001, the biggest producing asset in the world for Texaco was Indonesia. Number one in the world. Chevron, which took over Texaco, the second biggest producing asset for Chevron in the world was Indonesia. Together, we were producing 1 million barrels a day. If you look at Chevron's website today, they'll tell you they've produced that asset 13 billion barrels of oil, and almost all of that is on that island right there where you see the green spot on the island of Sumatra. It was kind of a no-brainer when the investment banks contacted me and said, "Hey, we're doing an IPO for an Indonesia company. Would you like to join them?" What a great way in my career, I'm 72 years old. What a great way to go back to what was the biggest producing asset in my portfolio when I left Texaco. I'm never looking back, and we're just looking forward on the development of this company and these assets. Indonesia, as I mentioned before, largest economy in Southeast Asia, growing by leaps and bounds. Their GDP has been going at a clip, except for the year or two years during COVID, at over 6% a year. It is rich in its terms of its history in the oil and gas industry. It started about 100 years ago with Shell, and now they have got every major company in the world operating there. The demand for energy in Indonesia, of course, when you get a 6% GDP growth, everything is growing at about a 6% clip. The challenge for Indonesia, though, is that with that old Texaco Chevron asset, that production from 2001 declined to now only about 150,000 bpd. Chevron is no longer there after 50 years. The government now is running that contract. But Indonesia became an importer of oil. What they did is look for entrepreneurial companies, and we are blessed with being an indigenous Indonesia company, and provided some special terms for us to develop oil and gas assets in that country. So we are blessed with that, and the opportunity is there because when you have a demand for oil, the pricing is strong. We are getting paid in Brent, and the natural gas asset, which I will talk about, is twice the price of gas as in the United States. Here is a cool little diagram that shows all the different companies around the world who are operating in Indonesia. Everybody is there. Our Kruh Block, and this is the block on Sumatra, where we are drilling our current well. We have drilled four successful wells. But I am going to just jump right to the next slide here, as we did. This is kind of interesting. We had a lot of people in the marketplace saying, "When are you going to drill your next wells? When are you going to drill your next wells? You drilled those four wells." We were not very satisfied with the results from those first four wells. We were hoping for higher production rates and less of a decline in those production rates. So we said, "You know what? We are going to step back. We are going to do something smart," and we did some 3D seismic. 29 km of 3D seismic, interpreted it, and we said, "You know what? We are going to now drill at the most economically efficient, best locations to get that production rates where we expected it to be and to get that decline rate where we expected it to be." And so it took some time, and the marketplace was sending me nasty emails of, "When are you going to drill? When are you going to drill?" We are drilling now, but I think we are doing it smartly and in the right way. So we have got our well drilling. I encourage you, go into our website. You will get this presentation there. But this is a great slide for anybody who wants to do some economic analysis on the company, is we call this our single well economic slide. It is very detailed in here, but what is important takeaway here is the bottom left side corner tells you that at $70 and $80 a barrel at Brent. Right now Brent is a little over $90, but at $80 a barrel in Brent, we drilling this well, K-29. This well will cost us $1.8 million to drill. That is it. The expectation is that we will get about 125 bbl of oil per day. At $80 a barrel, the net cash flow coming out of that will be north of $2 million. So $1.8 million to drill year one after every bit of cost, every bit of government take, every bit of tax, everything in our pocket, net cash flow will be $2 million. An over 100% rate of return on that one well. If you look at the company's burn rate, we are about $4 million a year all in. You just take these two wells that we are drilling right now at a $2 million net cash, and you can see where the company is going to be. Then add onto it what our current production and what our current cash flow is in the company. On the bottom right, we give a month-by-month decline rate for this well. So you can plot it. You can figure out, put your own economic model together, figure out. We are not going to give forecasts of quarterly. First of all, we only do six-month earning statements. But we are not going to issue guidance on that, but you can do your own mathematics and figure it out there. Now let me talk about our other asset, our Citarum asset. This one is more of the bigger long-term growth opportunity for the company. It is sitting there on the island of Java. You can see on the right-hand side, that greenish-blue is the offshore. We have got outlined in kind of a reddish color what our block is, 200,000 acres, approximately 200,000, which by the way, is about 15 times the size of Manhattan Island. We are sitting only about 15 miles from the capital city of Jakarta. This is a natural gas play. Natural gas, since Indonesia is importing LNG right now, producers in that area where we are, and there is infrastructure there, are getting paid about $6 an MMBtu. More than double what it is here in the United States for a very good, great opportunity for natural gas. But we are not calling this an exploration play because a Canadian company, about eight years ago, had this asset, same asset we have now, drilled four natural gas discoveries. They spent $40 million on this asset. The company, because of the global industry taking a big decline, they went bankrupt, and this asset became available again. We won it in a competitive bid, and so now we have got four big discoveries there that will be a target for the first wells we drill, which will be in 2027, is when we anticipate to drill our first well there. On the bottom left, again, look at our website. There is a lot of infrastructure there, pipelines moving all around. Of course, you can imagine being 15 miles from the city of Jakarta. You have got big customers, industrial customers there. That is who we will be targeting. That is who we will be selling to. We probably got to spend only $1 million to tie into the existing pipeline structure on that well number one we will be drilling. As I've said in the past, we may just go ahead and drill that ourselves 100%. This is a 30-year contract. Or we might bring in a partner. We're still working on that. We're discussing with potential partners. But whether we bring a partner or not, we're drilling this next well because this is the huge upside for the company. We estimate about 7 trillion cubic feet of gas in this asset. Our executive team, besides myself, the two founders are there, Dr. Wirawan Jusuf and James Huang. I brought in our Chief Financial Officer, Greg Overholtzer. He was the CFO. There's a company here that was presenting yesterday. I'll do a shout-out to them, PEDEVCO. I was the founder of PEDEVCO. and Greg Overholtzer was a CFO there at PEDEVCO. He's with us here now. And in our board of directors with Mike Peterson. Mike Peterson briefly replaced me as the CEO of PEDEVCO, and now he's our financial expert on the board, a former Goldman Sachs, Merrill Lynch guy. We've got a great board of directors. As I mentioned, we're committed to driving results. We've got these wells drilling right now. I'm hopeful to get back out to Indonesia in the next 30 days to see and fill up some buckets of oil and watch that rig move over to the next location and start drilling that next well, which will drive this company to cash flow positive position. I'm going to end it right there, and I thank everybody for listening here today. As you can tell, I'm enthusiastic about the company, enthusiastic about where Indonesia is going. Have a good rest of your conference. I guess there'll be a breakout room here if people have questions for me to answer. Thank you very much, everybody.
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