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EMP Recorded Lower Sales YoY but Explains Plan for Growth in 2019

Jakarta, 31 October 2018

PT Energi Mega Persada Tbk. (“EMP” or “the Company”) today announced its 1H 2018 financial results. The Company recorded lower sales due to the lower gas utilization by the end users. However, such gas usage is expected to rise toward end of the year as the Gas Sales & Purchase Agreement are on the take-or-pay basis. EMP’s 1H 2018’s production cost remains similar from the same period of last year as a result of more frequent drilling activities to boost production in early 2019.

The Company’s CEO, Mr. Syailendra S. Bakrie, said, ”We are doing several development drillings and a few exploration drilling activities in our oil (Malacca Strait, Gebang in Sumatera) and gas assets (Bentu in Sumatera, and Kangean in East Java). We expect to increase production from these assets in the 1H 2019.”

Mr. Edoardus A. Windoe, the Company’s CFO, further explained, ”We hope to turn around the Company’s financial performance early next year which is supported by the production growth from our assets in Riau, North Sumatera, and East Java.”

EMP is an upstream oil and gas Company that operates 7 oil, gas, and coal bed methane assets in Indonesia. During the first half of 2018, the Company produced 1,600 barrels per day and 143 million cubic feet per day. As per 30 June 2018, EMP operates proved, probable, and possible reserve of 8.5 million barrels of oil and 1.2 trillion cubic feet of gas.

(in US$) JUNE 2017 JUNE 2018
NET SALES 167,623,669 135,532,470
COST OF GOODS SOLD (105,181,325) (109,394,290)
GROSS PROFIT 62,442,344 26,138,180
OPERATING EXPENSES (5,550,539) (3,926,654)
EBITDA 91,711,412 67,063,261
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