EMP reports 100% increase in first half revenues

Publicly listed oil, gas firm PT Energi Mega Persada Tbk (EMP) booked sales revenues of about Rp 899 billion (US$1=Rp 9,146) during the first half of this year, an increase of about 100 percent from the same period, last year.

The company reported Friday that the increase was largely driven by the company?s higher oil realized price which rose by 65 percent to US$ 104 per barrel during the January-June period, and recorded high oil and gas production, which increased from 24,400 barrels of oil equivalent per day in the first half of last year to 24,600 bpd in the first half of this year.

During the first half, EMP focused more on the less risky and more efficient development drilling activities (rather than exploration activities) to quickly monetize its reserves, the company said in a statement.

EMP booked a net profit of Rp 77 billion in the first half 2008, down from Rp 130 billion last year. (denny)