Business Context and Reporting Period
This Form 6-K filing by Indonesia Energy Corporation Limited, a Cayman Islands exempted company, covers corporate governance updates for the month of January 2024. The report details changes to the Board of Directors and amendments to executive employment agreements effective January 15 and January 16, 2024.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on personnel and governance matters rather than financial performance.
Material Changes
- Board Composition: Tamba P. Hutapea resigned as an independent director effective January 15, 2024. Ahmad Fathurachman was appointed as an independent director effective January 16, 2024. The total number of directors remains fixed at seven.
- Executive Role Changes:
- Mirza F. Said transitioned from Chief Business Development Officer to Chief Operating Officer (COO) effective January 16, 2024.
- Chia Hsin "Charlie" Wu transitioned from COO to Chief Technology Officer (CTO) effective January 16, 2024.
- Compensation: The pre-tax annual base salary for both Mr. Said and Dr. Wu remains at US$204,000 following the amendments.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or discussion of market risks. The resignation of Mr. Hutapea was explicitly stated as not being due to any disputes or disagreements with the Company or its Board. Mr. Fathurachman brings significant experience in electrical and instrumentation engineering and oilfield services, having previously worked with Weatherford International and Deleum Oilfield Services.
Investor Verification Checklist
- Verify the qualifications and background of the newly appointed independent director, Ahmad Fathurachman.
- Confirm the operational impact of the executive role swap between Mirza F. Said and Chia Hsin Wu.
- Review the full text of the employment agreement amendments (Exhibits 10.1 and 10.2) for any non-disclosed terms.
- Monitor future filings for the appointment of a new Chief Business Development Officer, as the position was vacated by Mr. Said.