PT Energi Mega Persada Tbk. (“EMP”) is an independent upstream oil and gas company headquartered in Jakarta, Indonesia. EMP has operations spanning the Indonesian archipelago from the northern part of Sumatera, east Kalimantan, east Java to Mozambique, Africa. EMP is committed to conducting its business in an ethically, socially and environmentally responsible manner. EMP’s shares are listed on the Indonesian Stock Exchange under the symbol ENRG.
We are committed to innovatively delivering petroleum resources to markets and maximizing shareholder value
To become the leading independent Oil & Gas Exploration & Production Company in Asia. To implement safety, health and environmental protection excellence, to uphold good corporate governance, and to contribute to the community development.
Company established: EMP is known today as an active producer, developer and explorer of upstream oil and gas sector.
Acquired RHI Corp (RHI), owner of Kondur Petroleum S.A. (Kondur), operator for the Malacca Strait PSC (production sharing contract) and carrying a 34.46% working interest.
Acquired PT Imbang Tata Alam (ITA) carrying a 26.03% working interest in the Malacca Strait PSC. Kondur and ITA together hold a 60.49% working interest in the Malacca Strait PSC
Listed on the Jakarta Stock Exchange, code: ENRG.
Acquired Energi Mega Pratama Inc. which in turn owned a 100% working interest in the Kangean PSC through EMP Exploration (Kangean) Ltd. and EMP Kangean Ltd. EMP Kangean Ltd is the operator of the PSC.
Completed rights issue raising Rp3.78 trillion to fund the purchase of assets of PT Tunas Harapan Perkasa (THP) including a Rp832 billion to support working capital requirements.
Acquired THP for a total consideration of US$ 308.6 million, owner of five separate PSCs via five wholly-owned subsidiaries. Total 2P oil and gas reserves acquired are 88 mmboe.
Closed transaction with Mitsubishi corporation and Japan Petroleum Exploration Co. Ltd. to introduce them as strategic partner via a share subscription into EMP’s subsidiaries, Energi Mega Pratama Inc. The closing of this deal resulted in Mitsubishi amp; JAPEX assuming in agregate an indirect 50% working interest in Kangean PSC. EMP still retains a 50% indirect interest in Kangean PSC and it receive US$ 360 million from the transaction.
Deconsolidation of Lapindo Brantas Inc, Kalila Energy Limited, and Pan Asia Enterprise from EMP’s consolidated financial statements (in line with the Indonesian Accounting Standards).
Converted a loan from Minarak Labuan Co. (L) Ltd’s (“MLC”) to Kalila Energy Limited (“KEL”) and Pan Asia Enterprise Limited (“PAN”) into shares in KEL and PAN by issuing new shares in KEL and PAN. KEL and PAN are the owners of Lapindo Brantas Inc. Consequently, ENRG’s stakes in KEL and PAN were diluted to 0.01 %.
Acquired the Tonga PSC for US$11,800,000. Tonga PSC is estimated to have up to 90 million barrels of Oil Equivalent in place. The block which is located in North Sumatera made discovery of 850 barrels of oil per day in Tonga – 1 well.
Was awarded 2 new Coal Bed Methane Contracts (Sangatta -2 and Tabulako) in Kalimantan with the combined estimated resources of 1.5 trillion cubic feet of gas (signature bonus paid: US$2.5 million).
EMP completed the 2nd Rights Issue, raising Rp4.84 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).
EMP completed the financial closing of the 10% acquisition of Masela PSC from Inpex. Consequently, EMP nett 2P reserves increased by 138% to 531 million barrels equivalent.
EMP’s 51% owned subsidiary acquired 36.72% stake in Offshore Nortwest Java (ONWJ) PSC from CNOOC for $212 million ($2.4/BOE (2P)). EMP effectively owns 18.73% equity stake in ONWJ PSC. The acquisition increased EMP’s net 2P reserves by 10% to 586 million barrels of oil equivalent.
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%).
Tonga PSC Block has commenced the first oil production at the rate of 500 barrel per day from Tonga-01 Oil Well.
EMP completed the financial closing of the 10% acquisition of Masela PSC from Inpex. Consequently, EMP net 2P reserves increased by 138% to 531 million barrels equivalent.
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%.
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.
EMP Gebang Limited signed a Contract Extension on the Gebang Block in North Sumatera for a 20-year period, with 100% participating interest in the block.