Jakarta, 30 December 2015
PT Energi Mega Persada Tbk. (“EMP” or “the Company”) today reported that yesterday, on the 29th of December 2015, its 51% owned subsidiary, EMP ONWJ Ltd, signed a Production Sharing Contract (“PSC”) extension for the Offshore North West Java (“ONWJ”) block in West Java.
The new PSC is good for 20 years starting effectively on 19th of January 2017. Under the new contract, PT Pertamina Hulu Energi ONWJ remains as the block’s operator and will increase its interest (from currently 58.28%) to 73.5%. Consequently, the other joint partners, EMP ONWJ Ltd and KUFPEC (ONWJ) BV will own 24% interest (from 36.72%) and 2.5% interest (from 5%) respectively.
As EMP owns 51% of EMP ONWJ Ltd, its effective share in the ONWJ block will be 12.24% (from 18.72%). Mr. Imam Agustino, EMP’s CEO, said,”ONWJ block remains as the major contributor to our portfolio’s production. Despite our reduced share, the block’s abundant reserves and production plan will still add value to our shareholders.”
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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