Indonesia Energy Corporation Reports Rig was Successfully Lifted and Safety Check Completed and is Still on Schedule for the Drilling of the First of Two Planned Wells at Kruh Block in 2026

JAKARTA, INDONESIA AND DANVILLE, CA — Indonesia Energy Corporation (NYSE American: INDO) (“IEC”), an oil and gas exploration and production company focused on Indonesia, today announced that, following the completion of the previously reported rig mobilization, the rig was successfully lifted and the safety check has been completed, and IEC is still on schedule for the drilling of the first of two planned wells at Kruh Block. Additionally, the setup of the rig has been completed and is currently undergoing internal testing. The additional steps as outlined in IEC’s press release on May 26^th is on schedule and that checklist has been updated below.

New pictures and videos can be viewed on the IEC website: https://ir.indo-energy.com

The following is an up-to-date timeline on the K-29 well.

1. Installation and rig setup – this was previously projected for early June 2026 and has now been completed , with the rig now under internal function testing.
2. Rig-up and crew readiness – projected for mid-June 2026: hired 98 of 102 personnel and final 4 being selected. All final hiring expected to be completed by the week of June 15, 2026.
3. Function testing – projected for mid to late June 2026: functional testing is underway and expected to be completed by the week of June 15, 2026.
4. Government inspection – projected late June 2026: After function testing is completed as noted above, the government company (Pertamina EP) will inspect the rig, and this is expected to be completed on schedule.
5. Spud date (start of drilling) – projected for late June 2026: Still projected as scheduled.

Following completion of the K-29 well, IEC plans to commence drilling activities at the WK-5 as part of a Kruh Block drilling program.

This drilling campaign comes at a favorable time for IEC as global oil prices still remain high amid ongoing geopolitical tensions in the Middle East.

Mr. Frank Ingriselli, IEC’s President, commented “We are very pleased with our operational team’s ability to successfully navigate the previously reported and unexpected logistical and industry-wide challenges affecting Indonesia and global markets. We are pleased that our operational team has been able to keep on the schedule as reported two weeks ago. We will continue to keep the market informed as we move through this important operational phase. We encourage our investors to view the new pictures and videos of the new work completed at the wellsite. We believe our Indonesia assets, combined with the current oil price environment, position IEC favorably to advance our strategy of maximizing investment returns and enhancing shareholder value.”

About Indonesia Energy Corporation Limited

Indonesia Energy Corporation Limited (NYSE American: INDO) is a publicly traded energy company engaged in the acquisition and development of strategic, high growth energy projects in Indonesia. IEC’s principal assets are its Kruh Block (63,000 acres) located onshore on the Island of Sumatra in Indonesia and its Citarum Block (195,000 acres) located onshore on the Island of Java in Indonesia. IEC is headquartered in Jakarta, Indonesia and has a representative office in Danville, California. For more information on IEC, please visit www.indo-energy.com.

Cautionary Statement Regarding Forward-Looking Statements

All statements in this press release and related statements of Indonesia Energy Corporation Limited (“IEC”) and its representatives and partners that are not based on historical fact are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 and the provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Acts”). In particular, the words “explore,” “could,” “estimates,” “seek,” “believes,” “hopes,” “understand,” “expects,” “intends,” “on-track”, “plans,” “anticipates,” “aim,” “goal,” “may” and similar conditional expressions related to the future are intended to identify forward-looking statements within the meaning of the Acts and are subject to the safe harbor created by the Acts. Any statements made in this news release, other than those of historical fact, about an action, event or development, are forward-looking statements. In this press release, forward-looking statements include, without limitation those related to the timing for, and results of, 2026 and other drilling activities at its Kruh Block as well as the price of oil, which changes daily and could lower over time. While management has based any forward-looking statements contained herein on its current expectations, the information on which such expectations were based may change. These forward-looking statements rely on a number of assumptions concerning future events and are subject to a number of significant risks, uncertainties, and other factors, many of which are outside of the IEC’s control, that could cause actual results to materially and adversely differ from such statements. Such risks, uncertainties, and other factors include, but are not necessarily limited to, those set forth in the Risk Factors section of IEC’s annual report on Form 20-F for the fiscal year ended December 31, 2025, filed on April 29, 2026, and other filings with the Securities and Exchange Commission (SEC). Copies are of such documents are available on the SEC’s website, www.sec.gov and IEC’s website at https://ir.indo-energy.com/sec-filings/. IEC undertakes no obligation to update these statements for revisions or changes after the date of this release, except as required by law.

Company Contact:
Frank C. Ingriselli
President, Indonesia Energy Corporation Limited
Frank.Ingriselli@Indo-Energy.com