PT Energi Mega Persada Tbk was able to increase the company’s EBITDA to IDR 135 billion in September 2010 from IDR 109 billion in the same period of last year, and improve the company’s debt to equity ratio (DER) by 68 percent to 0.6 compared to DER of 1.89 during the same period a year before.
Throughout January to September 2010, Energi’s oil production has reached 6,400 barrels per day and gas production of 41 million cubic feet per day (mcfd).
Energi Mega President Director Imam Agustino stated, "The EBITDA growth of 23.85 percent to Rp 135 billion in 2010 compared to IDR 109 billion is a great achievement. The pleasing financial performance has been supported by our operational achievements."
Energi operational and financial achievements will continue to increase in 2011 and 2012 based on projecting increase in gas price from $2.70 mcf in 2010 to $3.54 and $5.69 in 2011 and 2012 respectively, as well as projecting increase in oil and gas productions by 277 percent from 13,300 barrels equivalents per day (boepd) in 2010 to 50,200 boepd in 2012.
Imam added, "The recently acquired 10 percent ownership of Masela Block has significantly increased Energi’s oil and gas current reserve of 226 million barrel to 532 million barrel. The increase in Energi’s oil and gas reserve has brought the company to set a new benchmark among independent Indonesian-focused oil and gas companies."
Imam added, "The recently acquired 10 percent ownership of Masela Block has significantly increased Energi’s oil and gas current reserve of 226 million barrel to 532 million barrel. The increase in Energi’s oil and gas reserve has brought the company to set a new benchmark among independent Indonesian-focused oil and gas companies."
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