PT Energi Mega Persada Tbk. (“EMP” or “the Company”) today reported that it has submitted its 1Q 2018 financial results to the Indonesia Stock Exchange and the Financial Services Authority (Otoritas Jasa Keuangan). EMP reported $66 million Sales, $14 million Operating Profit, and $1 million of Net Profit in the first quarter 2018. The Company also recorded cash, cash equivalent, and restricted cash balance of $147 million during the same period.
Mr. Imam Agustino, EMP’s President Director said, “We still manage to book positive results despite losing ONWJ asset in the 1H 2017. We also plan to do more drilling activities in the 2H 2018 to boost gas production from Kangean (East Java) and Bentu assets (Riau, Sumatera), and oil output from Malacca Strait (Riau, Sumatera) and Tonga assets (North Sumatera).
Mr. Edoardus Windoe, EMP’s CFO, added, “We still have some outstanding high cost debts in our balance sheet. We understand that many of our shareholders are concerned about this. We plan to resolve this issue and repay such debt by end of this year.
Mr. Syailendra Bakrie, The Company’s Director, further explained, ”EMP plans to do a few corporate actions toward the end of year 2018. Such corporate actions are expected to result in improved liquidity and production growth.”
EMP is an oil and gas company which is listed in the Indonesia Stock Exchange. The Company currently operates 7 oil, gas, and coal bed methane assets in Sumatera, East Java, and Kalimantan with daily production rate of 1,526 barrels of oil and 150.8 million cubic feet of gas. EMP’s proved, probable, and possible reserves amount to 8.8 million barrels of oil and 1,147 billion cubic feet of gas as per 31 December 2017.Press Release