Summary of Assets
PT. Energi Mega Persada Tbk (“EMP”) is an active upstream oil and gas producing company operating within the Indonesian region. EMP went public in June 2004 with an IPO price of Rp.160 per share.
In August 2004, EMP indirectly acquired 100 working interests in the Kangean PSC at US$0.8 per boe based on the 2P reserves. The acquisition added another 238 mmboe to EMP’s 2P reserves.
In January 2006, EMP acquired PT. Tunas Harapan Perkasa (THP) which consisted of 5 operating oil and gas assets (Semberah TAC, Gelam TAC, Korinci PSC, Bentu PSC, Gebang JOB/PSC) at US$3.5 per boe (based on 2P reserves). The acquisition added another 88 mmboe to EMP’s 2P reserves.
In May 2007, EMP farmed out 50% of Kangean PSC to JAPEX and Mitsubishi. EMP remains as a single majority owner of Kangean PSC with 50% interest and received US$360 million proceed from the transaction. EMP used the proceed to improve its gearing position and to support its working capital requirements.
In March 2008, EMP obtained approval from its shareholders during the E-GM to dilute its stake in Lapindo Brantas Inc from previously 100 % to 0.01%.
In April 2008, EMP acquired Tonga PSC for US$11,800,000.-. The block which is located in North Sumatera is estimated to have up to 90 mmboe resources and had made discovery of 850 barrels of oil per day in Tonga-1 well.
In May 2009, EMP’s subsidiaries were awarded 2 new Coal Bed Methane Contracts ( Sangatta-2 and Tabulako ) in Kalimantan with the combined resource estimate of 1.5 trillion cubic feet of gas ( signature bonus paid : US$ 2.5 million)
In November 2009, Signed an agreement with Inpex Masela Ltd to acquire 10% participating interest in Masela PSC in the Arafura Sea, Indonesia. Masela PSC is certified to have over 18 trillion cubic feet of 2P gas reserves.
In February 2010, Completed the 2nd Rights Issue, raising Rp 4.84 trillion (US$ 519 million) proceed. The rights proceed was used to partly repay the outstanding loan (US$ 250 million) and to secure the acquisition of 10% stake in Masela PSC from Inpex Masela Ltd. Post the loan repayment, ENRG’s consolidated Debt to Equity ratio improved from 3.2x (FYE 2009) to 0.5x (1Q 2010).
Today, EMP operates 11 oil, gas assets, and coal bed methane assets with net 2P reserves of 531 mmboe, following the completion of the 10% stake acquisition of Masela PSC from Inpex in November 2010 which increased EMP’s net 2P reserves by 138%.
In December 2011, EMP acquired 18.73% effective stake in ONWJ PSC for US$2.4/BOE (Net 2P reserve increase of 10% and net production increase of 72%). The acquisition done by its subsidiary EMP International (BVI) Limited from CNOOC ONWJ Ltd., company which holds a 36.7205% stake ONWJ PSC for approximately US$ 212 million.
In May 2012, Tonga PSC Block has commenced the first oil production at the rate of 500 barrel per day from Tonga-01 Oil Well. This initial output rate is expected to ramp up to over 1,000 barrels oil per day as production will soon come from 2 wells, Tonga-01 and Tonga-03 wells by the third Quarter 2012. The Tonga field’s certified gross reserves (3P or Proved, Probable, and Possible) are 7 million barrels as per January 2012.
In May 2012, Kangean PSC block’s Terang field has successfully increased the gas production rate to 300 million cubic feet per day. The volume of the gas output has been 100% contracted at the US$5.15/ mmbtu with 3% escalation per year. Kangean PSC is located in East Java, and is currently operated by Kangean Energy Indonesia Limited, ENRG owned 50% participating interest indirectly.
In April 2013, ENRG required an additional 41% stake in Tonga PSC from PT Capitalinc Investment Tbk and PT Capital Petroline. Consequently, ENRG’s stake in Tonga PSC increases from previously 53.4375% to 94,2875%. Tonga PSC is a producing oil block located in North Sumatera. It has proved and probable oil reserves of 3.54 million barrels and prospective oil resources of up to 61 million barrels.
In June 2013, PT EMP Energi Indonesia, the subsidiary of PT Energi Mega Persada Tbk, has concluded the sale of its 10% participating interest in the Masela PSC to INPEX Masela Ltd and Shell Upstream Overseas Services (I) Limited. The sale price of the 10% stake in the Masela PSC is US$ 313,000,000 which reflect the market value of the Masela’s Abadi LNG project.
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