EMP?s 2009 oil, gas output slightly up

IDX listed oil, gas firm PT Energi Mega Persada Tbk (EMP) announced on Tuesday that its full year 2009 oil, gas production reached 17,813 barrel of oil equivalent per day on the Working Interest basis (26,900 boepd on gross basis), 5 percent higher compared to the previous year.

Imam Agustino, EMP?s CEO said that ?despite some minor set backs against our internal targets, EMP delivered production growth in a significantly improving operating environment for the Company. We actually exceeded our latest market guidance, We are now targeting to grow by a further 15% in 2010 driven by material and low risk new gas developments in Sumatra and East Kalimantan, off a stronger balance sheet and funding position.?

?We are also excited by the increased portion of our gas sales moving onto later vintage and higher value gas contracts. Revenue growth in 2010 will be driven by the combination of higher already contracted gas prices and sales volumes,? he added.

EMP has interest in several producing oil, gas blocks in Sumatra and Java including Gelam TAC, Gebang PSC, Malacca Straits PSC in Sumatra and Kangean PSC. (godang)