EMP Announced Significant Gas Production Increase from Bentu PSC Block

 

Jakarta, 11 March 2015

2 weeks after reporting additional oil volume from Malacca Strait PSC, PT Energi Mega persada Tbk. (EMP or the Company) today announced significant gas output increase from its operated Bentu PSC block. Throughout year 2014, Bentu PSC block produced an average of 38 million cubic feet gas per day. After the increase, from the 1st of January to the 8th of March 2015, Bentu PSC has been producing an average of 46 million cubic feet gas per day. This translates into 21% higher output. Such production increase is due to higher consumption as a result of the commissioning of PLN’s 11 gas engine units.

Mr. Imam Agustino, EMP’s CEO, said, “Such gas output increase from Bentu PSC, coupled with the previous higher oil volume from Malacca Strait PSC, is expected to have positive impact on EMP’s financial results. Bentu PSC reached its production peak of 52 million cubic feet gas per day on the 8th of March 2015.”

Bentu PSC block is located in Riau, Sumatera. It currently supplies most of its gas output to PT PLN (Persero) at $ 5.59 / mmbtu (with 3% escalation p.a.), while the remaining volumes are sold to PT Riau Andalan Pulp & Paper and PD Tuah Sekata. Bentu PSC has around 300 billion cubic feet of proved and probable gas reserves, and is currently 100% owned and operated by EMP. EMP presently operates 12 oil, gas, and coal bed methane blocks in Indonesia and in Mozambique (Africa). Throughout year 2014, the Company produced 12,800 barrels oil per day and 226 million cubic feet gas per day based on its shares. The Company also operates 15 million barrels oil and 875 billion cubic feet gas of proved and probable reserves based on its shares from its operated blocks.

EMP Announced Significant Gas Production Increase from Bentu PSC Block

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