Energi Mega swings to profit in Q1

Jakarta-listed oil and gas concern PT Energi Mega Persada (ENRG) reported on Tuesday a net profit of Rp 14.3 billion in the first quarter of this year from a net loss of Rp 21.7 billion in the same period of last year.

It also said that EBITDA jumped by 374 percent to Rp 194 billion during the same period. ?Our company?s improved financial results are mostly due to aour increased pricing and production rate,? said CEO Imam Agustino in a press statement.

He said that the company?s Kangean PSC block?s Pagerungan oil field in East Java and Bentu PSC gas block in Riau have commenced first production late in the first quarter of 2011.

?The increasing trend of the world?s oil price and our team?s ability to negotiate for more competitive gas price also contribute to ENRG?s sales performance.,? Imam added. (godang)

?	Q1 2010	Q1 2011
Net Sales ('000)	Rp. 257,080,197	Rp. 421,562,968
EBITDA ('000)	Rp. 75,200,000	Rp. 194,680,000
Net Profit (Loss) ('000)	Rp. (21,730,172)	Rp. 14,311,954
Oil Price	US$ 78/ bbl	US$ 108.1/ bbl
Gas Price	US$ 2.5/ mcf	US$ 3.5/ mcf
Oil Production	6,733 barrel/ day	7,056 barrel/ day
Gas Production	41 million cubic feet/ day	43.2 million cubic feet/ day