EMP produces 6,369 bpd of oil in 2010

Indonesia-listed oil, gas firm PT Energi Mega Persada Tbk. (EMP) reported Thursday that its sales and EBITDA jumped by 50% and 175% respectively in the 4th quarter of 2010 due to increased oil and gas prices toward the end of 2010

EMP?s CEO Imam Agustino said,? The increasing trend in the world oil price has positive impact on our 2010 financial results. Additionally, we will continue our successful effort to secure the new gas sales and purchase agreements at higher than US$4 /mmbtu.?

Agustino further explained, ?Year 2011 will be our company?s turnaround story. We have completed our rights offerings in 2010 which enabled us to de-leverage our balance sheet and to fund our operations. Our company?s debt to equity ratio is still very strong at 0.6x.?

Despite increase in sales and EBITDA, the company still recorded net loss. Its net loss reached Rp 62.32 billion (1US$ = Rp 8,709) during 2010, much lower compared to previous year?s net loss of 1.73 trillion.

The company said that oil and gas production during 2010 reached 6,369 barrel per day and 40.3 million cubic feet (mcfd) per day with average oil and gas price US$ 81.4 per barrel and $2.9 per mcf, respectively. The company did not give comparison figures of the previous year. (denny)