Energi Mega Persada?s H1 earnings soar on higher gas production
Thursday, September 29 2005 - 03:55 PM WIB
JSX-listed oil and gas firm PT.Energi Mega Persada (EMP) reported on Friday its first half earnings increased by 369 percent to Rp.147.4 billion (US$=10,350) from Rp.31.4 billion last year.
The company attributed the steep increase to higher gas production and strong prices.
According to the company?s release, gas production during the first half 2005 reached 20.4 BCF compared to 5.5 BCF last year. The increase was due to acquisition of Kangean PSC late last year. The company?s oil production also increased by 9 percent to 1.2 million barrels.
EMP, through various subsidiaries operates three producing oil, gas blocks. EMP controls 60.49 interest in Malacca Strait Block; 50 percent interest in Brantas PSc Block and 100 percent in Kangean Block. Both Brantas and Kangean are located in East Java. EMP is currently East Java?s top gas supplier. (alex)