EMP?s acquired blocks contribute profit in H1

JSX-listed oil and gas company PT Energi Mega Persada Tbk (EMP) said PT Tunas Harapan Perkasa?s three blocks - Gebang PSC in North Sumatra, Semberah TAC (Semco) in East Kalimantan and Sungai Gelam (Gelam) TAC in Jambi - which the company acquired in January 2006 have started to contribute to its profit for the first semester of 2006.

EMP?s Investor Relations Herwin W. Hidayat said that Gebang PSC had a gas output of 4 million cubit feet per day. Two oil blocks ? Semberah TAC and Gelam TAC - produced 700 barrels per day and 300 barrels per day respectively, he said.

The company?s profit of Rp172 billion for the first semester of 2006 has been partly contributed by the three blocks, according to Herwin.

Meanwhile, it?s Mallaca Block in Riau and Kangean Block in East Java is expected to be major contributor to the company?s earning for the second semester of 2006.

Herwin said that Mallaca Block had an oil output of 10,000 barrels per day while; Kangean Block had a gas production capacity of 80 million cubic feet per day.

?The two blocks can contribute up to 50 percent of the company?s total earning,? he said.

Herwin also disclosed that up till now, the company had spent around US$30 million on efforts to deal with the leakage of Lapindo Brantas Inc?s exploration well and the mud problem.

Previously, EMP owned 50 percent shares in Lapindo Brantas Inc. PT Medco E&P holds 32 percent and the remainder are owned by Santos Brantas Pty Ltd. (18 percent). (*)