Energi Mega posts net profit of Rp 130.38 billion

Publicly listed oil and gas firm PT Energi Mega Persada Tbk (EMP) posted a net profit of Rp 130.38 billion in the first nine months of 2004 or 64 percent higher compared with last year?s same period net profit of Rp 79.48 billion, according to company?s report to the Jakarta Stock Exchange.

EMP reported that net sales increased by 20 percent to Rp 475.29 billion in the first nine months of 2004 compared to the same period of 2003. The company?s net sales were mainly to Japanese firm Itochu Petroleum Co. (60.5 percent) and state-owned gas transmission company PT Perusahaan Gas Negara (38.4 percent).

EMP operates two upstream producing assets, the Malacca Strait PSC (60.49 percent) onshore/offshore Riau Province and the Brantas PSC (50 percent) in East Java Province.

EMP also reported that from January-September this year, oil production from the Malacca Strait reached 2.69 million barrels, while the Brantas block produced 17,783 billion British thermal unit (bbtu). In the same period last year, the production figures were 2.97 million barrels and 13,042 bbtu.

EMP is to buy entire stake in Energi Mega Pratama Inc, which is currently controlled by Oceanpro Resources Ltd. Energi Mega Pratama holds a 100 percent working interest in Kangean PSC, a major gas supplier in East Java Province.

EMP also has signed a memorandum of understanding to sell entire gas reserves in the Malacca Strait to PGN. (Robert)