ENRG maintains H-1 profit at US$1.2M

PT Energi Mega Persada Tbk (ENRG) reported that it managed to maintain its net profit during the first half of this year at the same level of US$1.2 million achieved during the same period last year.

The company said in a press statement on Monday that during the first half of this year its net sales increased by 144 percent to US$242 million, while its EBITDA increased by 88 percent to US$81 million.

ENRG Chief Executive Officer (CEO) Imam Agustino said that the improvement was due to a combination of higher selling prices and higher production rate. ?Our newly acquired 18.7 percent stake in the Offshore North West Java (ONWJ) added another 11,719 barrels equivalent per day in the first half of 2012. Our realized oil and gas prices also rose by 5 percent and 17 percent respectively from last year.

?We also anticipate additional gas coming from Kangean Block?s Terang field in East Java, that will be reflected in this year?s third quarter financal resport,? added Agustino.

From June to August this year, the Kangean?s gas production averaged at 221 mmscfd on 100 percent basis. It can reach a maximum of 300 mmscfd. Kangean Block is 50 percent owned by ENRG?s subsidiaries, 25 percent by Japex Co. Ltd, and another 25 percent by Mitsubishi Corporation.

Editing by Benget Besalicto Tnb.