ENRG sees 105% profit growth

PT Energi Mega Persada Tbk. (ENRG) announced on Friday that its net profit during the first nine months of 2012 reached US$ 14 million, an increase of 105 percent from US$ 6.9 million in 2011.

The company, which is usually late in announcing its financial report, said that during the same period its net sales reached US$ 434 million, an increase of 187 percent from that in the same period of 2011, and its EBITDA amounted to US$ 152 million, an increase of 130 percent from that in the same period of 2011.

Imam Agustino, the CEO of ENRG, said that the improvement was due to the combination of increased selling price and higher production rate. ?Our newly acquired 18.73 percent stake in the Offshore North West Java PSC block (ONWJ) added another 12,000 barrels equivalent per day this year. Our newly commissioned Kangean PSC block?s Terang gas field also contributed some 7,140 barrels equivalent per day in the first 9 months of 2012,? he said.

Agustino further added that his company?s realized gas price also rose by 20 percent from that in 2011.

From July to September 2012 (3rd quarter 2012 only), the Kangean PSC block?s had been producing at the average rate of 253.8 million cubic feet gas per day on 100 percent basis. The block can produce gas up to maximum capacity of 300 million cubic feet per day (100 percent basis). Kangean PSC is 50 percent owned by ENRG?s subsidiary, 25 percent by Japex Co., Ltd. (Japan), and 25 percent by Mitsubishi Corporation (Japan). (*)

Editing by Benget Besalicto Tnb