EMP reports 87% increase in 9mo net sales

IDX-listed oil and gas company, PT Energi Mega Persada Tbk (EMP) reported 87% increase in net sales to Rp 1.4 trillion (US$= RP.11,150) for the 9 Months period ended September 30th, 2008.

The company also reported 370% increase in EBITDA to Rp.542 trillion.

?The significant increase was driven mainly by 3 main factors. First, the company?s oil realized price went up by 70% to US$ 112 per barrel. Second, EMP?s gas price also improved by 12% to $ 2.8 per Mcf. And third, the company recorded higher oil and gas production increase by 5% to 25,000 BOEPD in the 9 Months 2008, ? EMP?s President Director Christian Ponto said on Wednesday in a statement.

The company?s production cost lower by 19% from $ 6.7 per barrel of oil equivalent in 2007 to only $ 5.4 per barrels of oil equivalent in the 9 Months 2008, he said.

EMP has interest ins everal producing oil, gas blocks in Sumatra and Java including Gelam TAC, Gebang PSC, Malacca Straits PSC in Sumatra and Kangean PSC offshore East Java. (denny)