Energi Mega Persada reduced almost 40% of debt

PT Energi Mega Persada Tbk. (“EMP” or “the Company”) today reported that on the 30th of June, 2015, the Company has repaid more than $40 million of the loan facility from Mitsubishi & Japex. Overall, from December 2013 to June 2015, EMP has successfully reduced its debt by more than $279 million.

Mr. Imam Agustino, EMP’s CEO, said, “In the past 5 years, EMP has steadily increased its production rate and gas price. Our main focus now is to deleverage our balance sheet which is expected to reduce interest cost going forward.”

 

Mr. Didit Ratam, EMP’s Director, further added, “In the past 18 months, we have repaid more than $279 million of our outstanding debt. Additionally, we have successfully refinanced some of our loan with the new one at lower interest rate.  Consequently, as per 31 March 2015, EMP’s Debt to Equity ratio improved to 0.77x (from 0.82x in December 2013). Similarly, EMP’s Interest Coverage ratio (EBITDA to Interest Cost) also got better to 7.47x as per 31 March 2015 (from 4.76x in December 2013).”

 

EMP is an upstream oil & gas company which produced around 11,718 barrels oil per day and 218 million cubic feet gas per day throughout the first 3 months in year 2015. As per March 2015, the Company operates proved and probable reserves of 13.71 million barrels of oil and 867 billion cubic feet of gas.

Type of Loans

Loan Outstanding

Loan Outstanding

Loan Outstanding

Loan Outstanding

(in million US$)

31-Dec-13

31-Dec-14

31-Mar-15

30-Jun-15

Short term loans

*Pro Strategic + PST Finance (ONWJ & Buzi Projects)

$163.97

$141.91

$132.41

$131.91

long term loans

*syndicated loan arranged by BAML (ONWJ Project)

$203.00

$152.49

$143.42

$143.42

*capex carry loan from Mitsubishi & Japex (Kangean Project)

$339.98

$193.15

$192.68

$152.02

Total

$706.95

$487.55

$468.50

$427.34

 

Energi Mega Persada reduced almost 40 Percent of debt

 

For any questions relating to this disclosure, please contact Herwin W. Hidayat (Investor Relations) at +6221-2994 1500. ther related Company information can be found at www.energi-mp.com

 

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