EMP records growth in Q1 sales, EBITDA

IDX-listed PT Energi Mega Persada (EMP) reported an increase in net sales in the first quarter on higher selling prices and production rate, supported by the acquisition of 18.73 percent of Offshore North West Java PSC block.

Net sales and EBITDA reached US$113 millions and US$37 millions respectively, representing 139 percent and 73 percent increase from the same period last year.

The newly acquired 18.73 percent stake in the ONWJ block added another 12,000 barrels equivalent per day in period, which made up around 40 percent of the company?s average daily production rate, a company statement said.

EMP's average realized oil & gas prices also increased by 14 percent in the first quarter from a year earlier.

?We will continue to boost our production rate towards the second half of 2012 with the commencement of gas output from Kangean PSC block's Terang field in June 2012. The additional gas flow from the Terang gas field will be reflected in the Q3 Financial Results," said CEO Imam Agustino in the statement.

Editing by Dadan Wijaksana