EMP reported US$465 million Sales and US$236 million EBITDA during its first 9 months 2015 financial results

Jakarta, 26 November 2015

PT Energi Mega Persada Tbk. (“EMP” or “the Company”) today reported US$465 million Sales and US$236 million EBITDA during its first 9 months 2015 financial results.

Mr. Imam Agustino, EMP’s CEO, said, “On the quarterly basis, our Sales, EBITDA, and production volume are relatively consistent. The main reason for the net loss of US$40 million remain the large depreciation, depletion, and amortization costs as a result of EMP having to apply the new Indonesian GAAP accounting method. This was thoroughly explained in our press release issued on the 5th of June 2015.”

Mr. Didit Ratam, EMP’s Director, further explained, “We manage to cut our financing charges as a result of past debt repayment and refinancing. This led to improved financial multiples on the quarterly basis. We recorded strong debt to equity ratio of 0.69x and interest coverage ratio of 6.2x.”

EMP is an upstream oil and gas, operating 12 oil and gas assets in Indonesia and Mozambique (Africa). In the first 9 months 2015, EMP produced 11,138 barrels of oil per day and 214 million cubic feet gas per day from its 12.6 million barrels of oil and 851 billion cubic feet gas of proved and probable reserves, based on its net working interests.

Financial Highlights (‘000 US$) Jan – Jun 2015

(six months)

Jan-Sep 2015

(nine months)

Net Sales* 323,092 465,145
Gross Profit 9,763 332
EBITDA* 168,636 235,721
Financing Charges* (27,295) (38,057)
Net Profit (Loss) (33,413) (40,764)
  Jun 2015 Sep 2015
Cash, Restricted Cash 149,876 153,217
Debt (Bank Loans) 446,734 431,105
Equity 619,055 628,323
Financial Ratios Jun 2015 Sep 2015
Debt To Equity 0.72x 0.69x
Net Debt To Equity 0.48x 0.44x
Interest Coverage Ratio 6.18x 6.19x
Price & Production Highlights Jan – Jun 2015

(six months)

Jan-Sep 2015

(nine months)

Average Oil Price US$49.74/bbl US$50/bbl
Average Gas Price US$6.10/mcf US$6.5/mcf
Average Oil Production 11,454 barrel/day 11,138 barrel/day
Average Gas Production 218.2 million cubic feet/day 214.7 million cubic feet/day

*) Includes ONWJ revenues, financing charges & EBITDA based on 36.7205% WI.

EMP reported US$465 million Sales and US$236 million EBITDA during its first 9 months 2015 financial results.

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

 

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