Release: EMP: EMP reports higher H1 oil, gas production by 19%

(30 September 2009)-- PT Energi Mega Persada Tbk (EMP) reported its 1H 2009 financial and production results. Operationally, in the 1H 2009, ENRG booked 19% daily production rate growth and maintained pretty much consistent production cost at below US$6 per barrel of oil equivalent from the same period of last year.

However, in line with the falling world?s oil price, EMP?s 1H 2009 oil realized price showed a significant 52% reduction from the same period of last year. Consequently, the lower world oil price resulted in a 20% decrease in Sales Revenue. In the 1H 2009, EMP also incurred higher financing cost which relates to the interest expense on the US$ 450 million loan obtained last year. The loan was effectively used to repay the maturing obligations at that time, to speed up commercial production (as reflected in the 19% production growth in 1H 2009), and to convert all of the short term loans into longer term one (the new loan will not mature until year 2013).

The Company?s President Director, Imam Agustino, said, it is unfortunate that the Company?s production increase takes place in the world?s bearish oil price condition, but despite the situation, EMP will continue to boost commercial production to meet its 20% production growth target in year 2009. The oil price has started to pick up, and, EMP is expected to turn around its financial performance significantly.?(end of release)

?	1H 2008	1H 2009
Realized Prices	?	?
Oil Price	US$110/bbl	US$52/bbl
Gas Price	US$2.7/mcf	US$2.7/mcf
?
Net Sales (in Rp Million)	889,774	701,648
EBITDA	393,200	79,390
Cash Related Balance	2,192,467	2,006,273
?
Daily Production Rate	?	?
Oil Production Rate	10,200 bopd	13,800 bopd
Gas Production Rate	86 bbtud	92 bbtud
Oil and Gas Production Rate	24,500 boepd	29,100 boepd