ENRG books EBITDA at US$103m in Q1
Friday, August 2 2013 - 11:04 AM WIB
Based on its consolidated financial statement for the period of first quarter this year (2013), which was announced by ENRG on Friday, the company said that without the non-cash expenses, such as depreciation and deferred tax costs, it would have a total net profit of US$ 63 million during the first quarter of this year.
"This improvement was due to the increase of gas price and higher production rate. Our Q1 production went up by 68 percent to 48,500 barrels of oil equivalent per day (BOEPD). Most of the oil volume came from our operations in the Malacca Strait PSC, and the ONWJ PSC,? ENRG?s CEO Imam Agustino said.
The Q1 production consists of 12,370 barrels oil per day and gas at 216 million cubic feet gas per day (MMSCFD). The production at Malacca Strait PSC amounted to 3,960 barrels per day, while production from the ONWJ PSC at 7,100 barrels per day.
?Our gas output was still dominated by the Kangean PSC, at 134 MMSCFD, and the ONWJ PSC at 42 MMSCFD, and the Bentu PSC at 25 MMSCFD.,? he said.
?All these 4 assets continue to drive our Company's production growth story this year and next year. Our average realized gas price also rose by 37 percent from last year,? he added.
ONWJ stake
ENRG also reported that on 2nd August this year, it summarized rights offering plan in a newspaper (Suara Pembaruan newspaper) and submitted the plan to the Indonesia Stock Exchange and the OJK. The transaction includes a rights price of Rp 140/share and 20,981,989,426 of new shares issued, in the effort to raise Rp 2,937,478,519,640 fund.
The plan also states that the fund raised is intended to acquire an additional 17.9 percent stake in ONWJ oil & gas asset from the Owen Holdings Limited for an estimated price of US$ 225 million.
Agustino explained that since 2011, when his company first bought the asset, ONWJ PSC has been showing increasing trends of daily production and gas price. In addition, PT Pertamina Hulu Energi (PHE) as the operator has successfully completed exploration and development drillings in some of the ONWJ?s fields, which lead to increased oil and gas reserves. (*)
Editing by Benget Besalicto ST