0 1H 2009 Results PT Energi Mega Persada Tbk October 2009.

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1H 2009 Results

PT Energi Mega Persada TbkOctober 2009

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This presentation has been prepared by PT Energi Mega Persada Tbk (the “Company”) and is only for the information of its investors. None of the information appearing in this presentation may be distributed to the press or other media or reproduced or redistributed in the whole or in part in any form at any time.

This presentation is not intended as or forms part of any offer to sell or subscription of or solicitation or invitation of any offer to buy or subscribe for any securities, and neither this presentation nor anything contained herein shall form the basis of or be relied on in connection with any contract or commitment whatsoever.

This presentation may contain forward-looking statements and estimates with respect to the future operations and performance of the Company and its affiliates.

Investors and security holders are cautioned that forward-looking statements are subject to various assumptions, risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company. Such assumptions, risks and uncertainties could cause actual results and developments to differ materially from those expressed in or implied by the forward-looking statements.

Accordingly, no representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained in this presentation, nor is it intended to be a complete statement or summary of the resources markets or developments referred to in this presentation. It should not be regarded by recipients as a substitute for the exercise of their own judgment.

Neither the Company or any other person assumes responsibility for the accuracy, reliability and completeness of the forward-looking statements contained in this presentation. The forward-looking statements are made only as of the date of this presentation. The Company is under no duty to update any of the forward-looking statements after this date to conform such statements to actual results or developments or to reflect the occurrence of anticipated results or otherwise.

Any opinions expressed in this presentation are subject to change without notice and may differ or be contrary to opinions expressed by other business areas or groups of the Company as a result of using different assumptions and criterion.

Notices and Disclaimers

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EMP’s Activities in Indonesia

Jakarta

Gelam TACOil Production

Oil Reserves: 3 mmbblOil Prod.: 0.65 mbopd

Gebang PSC / JOBOil & Gas Production

Gas Reserves: 7 mmboe Gas Prod.: 0.31 mboepd

Malacca Straits PSCOil Production

Oil Reserves: 35 mmbblOil Prod.: 9.82 mbopd

Kangean PSCOil & Gas Production

Oil Reserves 10 mmbblGas Reserves: 227 mmboe

Oil Prod.: 2.52 mbopdGas Prod.: 5.4 mboepd

Legend :

: ENRG Operated

: Mitsubishi/Japex Strategic Alliance

Semberah TACOil & Gas Production

Oil Reserves: 11 mmbblGas Reserves: 8 mmboe

Oil Prod.: 0.74 mbopdGas Prod.: 2.08 mboepd

SUMATRA

KALIMANTAN

SULAWESI

JAVA

Korinci PSCGas Production

Gas Reserves: 11 mmboeGas Prod.: 3.7 mboepd

: Joint Operated with Pertamina

Tonga PSC

CBM Sangatta-2

CBM Tabulako

* Reserves/production indicated above are gross to PSC

Bentu PSCGas Development

Gas Reserves: 48 mmboe

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99.99%

40% 60%

PSC

( Kangean)

Tunas HarapanPerkasa

(Indonesia)

PT SemberaniPersada

(Indonesia)

PT Insani Mitra Gelam(Indonesia)

Costa International Group Ltd.

(B.V.I.)

Kalila (Bentu) Ltd

(B.V.I.)

Kalila (KorinciBaru) Ltd (B.V.I.)

Semberah TAC

Sungai Gelam TAC

GebangJOB

BentuPSC

Korinci-Baru PSC

99.99%

WI - 50% WI - 100% WI - 100% WI - 100%

99.99% 100% 100% 100%

WI - 60.49%

100%

99.99%

34.46% 26.03%

100%

Kondur Petroleum

S.A(Panama)

PT Imbang Tata Alam

(Indonesia)

Malacca Strait PSC

Resources Holding Inc. (Delaware)

Kondur Petroleum

S.A(Panama)

PT Imbang

Tata Alam (Indonesia)

Malacca Strait PSC

Resources Holding Inc. (Delaware)

PT Tunas Harapan Perkasa

(Indonesia)

PT Semberani Persada

(Indonesia)

PT Insani Mitra Gelam(Indonesia)

Costa International Group Ltd.

(B.V.I.)

Kalila (Bentu ) Ltd

(B.V.I.)

Kalila (KorinciBaru ) Ltd

(B.V.I.)

Semberah TAC

Sungai Gelam TAC

Gebang BentuPSC

99.99%

WI -100%

49,99 %

100%

Kangean PSC

EMP Exploration (Kangean)

Ltd. (England)

100%

Kangean Energy Ltd. (Delaware)

WI-100%

Energi Mega Pratama Inc.

(B.V.I)

PT Mosesa Petroleum

75 %

Tonga PSC

WI-71.25%

Energy Mega Persada

PTE. LTD (Singapore)

100%0.00002%

PT Visi Multi Artha

(Indonesia)

PT Artha Widya

Persada (Indonesia)

70 %70 %

GMB Tabulako

GMB Sangatta-2

WI-100%

WI-60%

MitsubishiJapex

MJ / EMPStrategic Alliance

JointEMP EMP EMP EMP

CNOOC

EMP EMPEMP/ BUMI

EMP/ BUMI

PertaminaPertamina

Consolidated Corporate Structure

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Daily Gross Production

Oil

Gas

MBOPD

BBTUD

Realized Prices

US$/bbl

US$/mmbtu

80 88 92

0

25

50

75

100

2007 2008 6M 2009

0

1

2

3

4Production Price

10.9 10.513.8

0

4

8

12

16

2007 2008 6M 2009

0

30

60

90

120Production Price

$5.0

$4.1$4.0

$5.9 $5.8

0

2

4

6

8US$/mmbtu

Kor

inci

’s g

as

to R

AP

P

(8

6 b

cf/

200

7-2

020

)

Con

tra

ct s

ign

ed

in 2

007

Kan

ge

an’

s T

SB

ga

s to

P

LN,

PK

G,

PE

RT

AG

AS

(8

55 b

cf/

201

0-2

02

8)

Con

tra

ct s

ign

ed

in 2

007

*Sem

be

rah

’s g

as t

o V

ICO

(3

.65

bcf

/ 20

08

-20

09

)

Con

tra

ct s

ign

ed

in 2

008

Geb

an

g’s

ga

s to

E

nerg

asi

ndo

(28

bcf

/ 2

008

-201

5)

Ho

A a

gre

ed

in 2

008

Kor

inci

/ B

en

tu’s

Ga

s to

PL

N

(128

.62

bcf

)

•Jul-Dec 09 Gas Price=(5%xICP)+1

Production & Pricing Profiles

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6M 2008 : Average Daily Production Achieved 10.2 mbopd and 86 bbtud. 2008 : Average Daily Production Achieved 10.5 mbopd and 88 bbtud. 6M 2009 : Average Daily Production Achieved 13.8 mbopd and 92 bbtud.

Average Daily Production rate in 2008 and 2009

-

5

10

15

20

25

30

35

6M 2008 2008 6M 2009 2009 (E)

mboepd

Oil Gas Estimate

24.5

29.1

25.1

30

Es

tim

ate

: 2

0%

Pro

du

cti

on

Ra

te G

row

th

Production Achievement and Forecast

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*Oil & Gas Properties went up due to higher investments in development activities in Q2 – Q4 2008. Their associated capex were capitalized

*In Sep 08, ENRG obtained US$450 Mln loan which was required to retire the maturing obligations and to monetize our major reserves.

(In IDR billions) 6M 2008 6M 2009

ASSETSCash Related 2,192 2,006Oil & Gas Properties* 5,036 6,500Other Assets 2,984 3,321

Total 10,212 LIABILITIES

Long-Term Debt 4,442 6,073Other Liabilities 2,359 2,420

Total 6,801 8,493

EQUITYCapital StockAdd paid In CapitalDifference due to equity change in subsOther equities

1,440 1,440 3,355 3,355

Total 3,374

3,298

11,827

1,263 1,263

(2,684) (2,760)

MINORITY INTEREST 37 36

6M 2009 Financial Results

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80(22)Deferred Tax

(17)(37)Current Tax

79393EBITDA

701890Net Sales

(in IDR billions) 6M 2008 6M 2009

Sales and EBITDA were reduced due to falling prices and higher COGS from the non-routine well work activities in 1Q 2009

The higher deferred tax in Q1 2009 n due to higher investment activities in the past and a consequence of translation from PSC to GAAP accounting

-80%

-21%

Change

(245)77Net Profit (Loss)

6M 2009 Financial Results

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Jun-04 Aug-04 Dec-05 Jan-06 May-07 Jun-07 Mar-08 Apr-08 May-09

ENRG IPO (Rp160/share)

Rp455.59 Billion

Acquired Kangean PSC (66% of 2P) (US$0.8/boe – on 2P Reserves)

US$165 Million

ENRG Right Issue (Rp770/share)

Rp3.78 Trillion

Acquired THP’s 5 Block (24% of 2P) (US$1.6/boe – on 2P + Contingent Resources)

US$283 Million

Farmed out 50% of Kangean PSC (US$3/boe – on 2P Reserves)

US$360 Million

Formed strategic alliance with PT IIP and Pertamina to cooperate a gas asset (East Java)

Dilluted ownership in KEL and PAN (direct owners of Lapindo Brantas)

Acquired 54% stake in Tonga PSC (estimated resources: 90 mmboe)

US$11.8 Million

2 new CBM contracts (Tabulako & Sangatta-2) (estimated resources: 1.5 TCF gas)

US$2.5 Million (Signature bonuses)

Key Corporate Actions that Add Value

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41%

42 %

Probable Oil

Probable Gas

Proved Gas

Proved Oil

7%

10 %

360 MMBOE

Gross 2P Reserves Breakdown (as per 30/06/2009)

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11


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Notes:

(3) Reserves and Contingent Resources totals subject to rounding.

(1) Gross reserves have been certified by independent certification agencies such as Gaffney, Cline and Associates, Sproule International and MHA Petroleum Consultants.

(2) The gross reserves stated in the above table reflect EMP's latest independent reserve appraisal. EMP has taken a conservative approach to reserves in setting depreciation,

depletion and amortization (DDA) policy as explained in the Audited Financial Statements. When an approved plan of development (POD) contains reserve estimates

lower than the independent certification, the POD estimate is used for DDA purposes.

Gas Reserves (mmboe) Oil (mmboe) Total 2P

Cert (1) 1P 2P 3PCont. Res. 1P 2P 3P

Cont. Res. (mmboe) (% )

EMP

Kangean GCA / SPROULE 121 227 315 11 1 10 21 - 237 66%Malacca Straits GCA - - - 11 28 35 45 1 35 10%

121 227 315 22 29 45 66 1 272 76%THP

Bentu MHA 24 48 76 - - - - - 48 13%Korinci MHA 1 11 16 - - - - - 11 3%Gelam GCA - - - 69 1 3 42 - 3 1%Semberah GCA 3 8 28 - 5 11 24 1 19 5%Gebang GCA 3 7 27 14 - - - - 7 2%

31 74 147 83 6 14 66 1 88 24%

Total (mmboe) 152 301 462 105 35 59 132 2 360 100%

(4) Contingent Resources are 2C.

Gross Reserves & Resources (as per 30/06/2009)

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* OHSAS 18001 standard** Indonesia Environmental Compliance Rating for Industry, also optional OHSAS 18001 certificate received

CSR and SHE Achievements in 2008 - 2009

EMP received awards from Government for CSR and SHE achievements

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Focus on achieving the 15 – 20% growth in the 2009 Production Rate

Continue the successful efforts to increase the existing Gas Prices

Focus on high success rate & acceptable cost projects (development drillings, work over activities etc.)

Work to bring the newly acquired assets (Tonga PSC, GMB Tabulako, GMB Sangatta-2) into commercial production

Geological and Engineering studies in GMB Tabulako and GMB Sangatta-2 are currently in progress

Ongoing tender process for 3-D Seismic works in Tonga PSC asset. The seismic work is to be applied by end of 2009

Plan to Improve Operational Performance

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EMP Malacca Lalang Production Platform

Ladinda Oil Storage Tanker

EMP Malacca Strait Platform Processing Plant

Malacca Straits PSC Production Facilities

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Storage Tanks for Condensate Pagerungan’s Gas Processing Facilities

LPG Mini Plant - 4 Jack up Rig & Drilling Facility

Kangean PSC Production Facilities

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Gelam TAC(On Shore Rig)

Gebang PSC/JOB(Gas processing facilities)

Semberah TAC(Binangat production facilities)

Korinci Baru/Bentu PSC(Production facilities)

THP Assets Production Facilities

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Thank You

0 1H 2009 Results PT Energi Mega Persada Tbk October 2009.

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Transcript of 0 1H 2009 Results PT Energi Mega Persada Tbk October 2009.