ENRG reports production up in Q1
Tuesday, May 7 2013 - 09:48 AM WIB
ENRG, which has an interest of 18.73 percent in the ONWJ production sharing contract (PSC), said on Tuesday that the block?s gas output also went up from 37.2 million cubic feet per day in 2012 to 39.7 million cubic feet per day in the first quarter 2013.
Last month, ENRG also disclosed that it increased its stake from 53.4 percent to 94.2 percent in the Tonga PSC Block (North Sumatera). The Company currently drills 2 wells in the effort to monetize the block?s 3.5 million barrels of oil resources and up to 61 million barrels of oil prospective resources. Tonga PSC Block is expected to produce more than 1,000 barrels oil per day in the 2H 2013.
ENRG also announced significant gas price increase from its 50 percent operated Gebang JOB PSC Block (North Sumatera) from US$ 6.18 per MMBTU to US$ 7.5 per MMBTU in May 2013. The gas output is sold to PGN. The current production rate is still relatively low at 0.5 million cubic feet per day, but is expected to increase gradually.
In addition, ENRG explores opportunity to possibly increase the gas price from some of its assets. Another prospective gas asset within the Company?s portfolio is the Bentu PSC Block in Riau, Sumatera. Bentu PSC which is operated by ENRG has successfully increased its production from 16.3 million cubic feet per day in 2012 to 25.6 million cubic feet per day in the first quarter 2013.
Imam Agustino, CEO of ENRG, said, ?We are happy to report these positive achievements from our assets. The higher production rate and the increased gas price surely have positive impact on our financial results. Our company is expected to book more than 50,000 barrels of oil equivalent per day throughout year 2013, which is a significant increase from last year.?
Editing by Benget Besalicto Tnb.