Release: Energi Mega Persada reports lift in H1 2005 earnings of 369% on strong prices and growing production
Friday, September 30 2005 - 02:18 AM WIB
| Net Production Data | H1 2005 | ?????H1 2004 |
??????????% Ch |
| Oil Production (mmbls) | 1.2 | 1.1 | 9% |
| Gas Production (Bcf) | 20.4 | 5.4 | 278% |
| Barrels of Oil Equivalent (mmboe) | 4.6 | 2.0 | 130% |
| Barrels of Oil Equivalent per day (BOEPD) | 25,556 | 11,111 | 130% |
| Average Realized Liquids Price (US$/bbl) | 49.16 | 32.96 | 49% |
| Average Realized Gas Price (US$/mmcf)* | 2.14 | 2.62 | -18% |
| Average Price per BOE* | 16.87 | 17.97 | -6% |
| Summary Profit and Loss (Rp Bns) | H1 2005 | H1 2004 |
%Ch |
| Net Sales | 719.8 | 300.4 | 140% |
| Gross Profit | 333.6 | 118.7 | 181% |
| Operating Income | 280.9 | 91.9 | 206% |
| Net Profit after Current Tax | 199.3 | 91.7 | 117% |
| Deferred Tax | -51.3 | -59.9 | -14% |
| Net Profit** | 147.4 | 31.4 | 369% |
| EBITDA | 403.2 | 161.6 | 150% |
*Stable average prices per BOE are due to an increased wighting in productionfrom Kangean Gas which is priced on long term contracts at US$1.66 per mbtu
**These results were subject to a full audit by Moores Rowland International and they reflect the full adoption of Deferred Tax-Accounting
Mr. Chris Newton, the President Director of ENRG, said that " production in the first half was up 132% on a BOE basis driven primarily by the Kangen acquisition ". Mr. Newton further commented that " the resultant economies of scale are positively impacting unit costs and gross margins. We continue be very excitied about bringing new oil and gas fields into production in 2005 and 2006 as we drive to increase oil and gas production rates in an attractive oil and gas pricing environment. ENRG continues to stay focused on growing organically the existing portfolio with an aggressive 2005 and 2006 development, appraisal and exploration program. In June we secured financing for the Kangen PSC with a US$ 275m facility arranged by CS First Boston".
" Rig availability continues to be a problem in the global oil and gas industry and Energi Mega Persada has experienced delays in mobilizing rigs to the field at Kangen which has, in the short term, impacted the timing of enhanced production at Kangen ". Mr Newton ewnt on to say however taht" at Kangen, the first ring to exploit proven shallow reserves close to the Pagerungan is commencing next week and ENRG will have three rigs working Kangen alone by the end of October. EMP Kangen Ltd, the operator of the Kangen PSC, recently executed agreements and subsequents gas production increases. Development plants for Terang Sirasun Batur Gas fields remain on track."
Kondur Petroleum S.A. , a 100% subsidiary of ENRG and the operator of the Malacca Starits PSC, successfully tested the BY gas condensate discovery and internal estimates indicate an increase in the resource from 313 Bcf to 380 Bcf".
PT. Energi Mega Persada TBk, through various subsidiaries, operators 3 producing blocks with proven oil and gas reserves. KOndur Petroleum S.A operators the Malacca Strait PSC in offshore Sumatra and combined with another subsidiary, ITA, the Company controls a 60.49% working interest. The Brantas Block, which is located in East Java, is operator by 100% subsidiary Lapindo Brantas, Inc, which owns a 50% working interest. The company is the operator and it si the owner of 100% working interest in the Kangen PSC in East Java. As of January 2005, the company had independently certifified 2p reserves of 319.2MMBOE.(end of release)
For any questions relating to this release please call Thomas Soulsby or Herwin Hidayat on
021 - 5290 -6250