Extraordinary General Meeting of Shareholders Rapat Umum Pemegang Saham Luar Biasa 15 September 2004
Energy from Nature. For Nature
Agenda 1. Penjualan, pengalihan, atau 1. pemberian hak opsi untuk membeli interests yang dimiliki Perseroan melalui anak perusahaannya, Novus Petroleum Limited (“Novus”), dalam blok-blok minyak dan gas yang terletak di Indonesia, Australia, Pakistan, Timur Tengah, dan Amerika Serikat masing-masing kepada kepada Santos Limited (“Santos”) dan Silk Route Investment (“Silk Route”).
To sell, transfer, or provide option to purchase the working interests of Novus Petroleum Limited (“Novus”), the Company’s wholly owned subsidiaries, at the oil and gas blocks in Indonesia, Australia, Pakistan, Middle East, and United States to Santos Limited (“Santos”) and Silk Route Investments (“Silk Route”).
2. Perubahan susunan Direksi Perseroan.
The resignation and appointment of the Company’s Board of Director.
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anggota
2.
15 September 2004
Penjualan, pengalihan, atau pemberian hak opsi untuk membeli interests Novus di blok-blok minyak dan gas di Indonesia, Australia, Pakistan, Timur Tengah, dan Amerika Serikat (“Transaksi”). The sale, transferring, or granting option to purchase the working interests of Novus at the oil and gas blocks in Indonesia, Australia, Pakistan, Middle East, and United States (“Transaksi”). Page 3
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Latar Belakang Back Ground 1.
23 Januari 2004, RUPSLB menyetujui akuisisi 100% saham Novus.
2.
25 Mei 2004, menaikkan penawaran harga pembelian saham menjadi A$ 1,90.
1.
January 23, 2004, EGM approved the acquisition of 100% shares of Novus.
2.
May 25, 2004, increased the offering price of shares to A$ 1.90.
3.
4 Juni 2004, menandatangani Head of Agreement dengan Santos.
3.
June 4, 2004, entered into Head Of Agreement with Santos.
4.
7 Juni 2004, menandatangani Procurement Agreement dengan Silk Route.
4.
June 7, 2004, entered into Procurement Agreement Silk with Route.
5.
25 Juni 2004, membeli 92,93% saham
5.
6.
1 July 2004, efektif perubahan Direksi di Novus
June 25, 2004, acquired 92.93% of shares.
6.
20 Agustus 2004, menyelesaikan pembembelian 100% saham.
July 1, 2004, effective date of change of Directorship.
7.
August 20, 2004, completed the acquisition of 100% shares.
7.
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Pertimbangan dan Alasan Consideration and Reason
• Membagi resiko dalam kepemilikan wilayah kerja di luar negeri. Sharing the ownerships’ risks with other companies for the blocks outside Indonesia. • Untuk efisiensi biaya, lebih mementingkan pengembangan dan peningkatan kegiatan di wilayah kerja di Indonesia. For cost efficiency, prefer to develop and enhance the activities of the Indonesian blocks.
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Calon Pembeli The Prospect Buyers Dalam Jutaan In Million A$
SANTOS LIMITED
Uraian Description
31.12.03 Audited* A$
•Berkedudukan di Australia dan tercatat di Bursa Efek Australia (ASX). Established in Australia and listed at Australian Stock Exchange
Pendapatan Revenue
1,465
•Operator dari blok S.A. Cooper Basin dan Patchawarra East.
Laba Bersih Net Income
327.0
•Dimiliki oleh beberapa Nominee asing.
Jumlah Aktiva Totak Assets
5,218.3
Jumlah Kewajiban Total Liabilities
2,130.4
Ekuitas Equity
3,087.9
•Direksi: S. Gerlach, J.C. ElliceFlint, P.C. Barnett, F.J. Conroy, R.M. Harding, G.W. McGregor, M.A. O’Leary, J. Sloan.
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*oleh by Ernst & Young
15 September 2004
Calon Pembeli The Prospect Buyers
SILK ROUTE INVESTMENTS •Berkedudukan di Cayman Island, bertujuan untuk investasi di suatu perusahaan. •Direksi: Shahsad Ashfaq, Jose Roy Hernandez Borromeo, Nasir Ali Shah Bukhari.
Pemegang Saham Shareholders
Jumlah Numbers
SR Asset Mgmt Co. Ltd
1
Tek Capital Ltd.
1
Nasir Ali Shah Bukhari
1
Jumlah Total
3
Modal ditempatkan* Paid Up Capital
US$ 3.00
*Modal dasar US$ 50,000 untuk 50,000 lembar saham
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Wilayah Kerja Novus Novus’ Blocks
Northern Arabian Gas Condensate Play1 WI: 100.00%
Bukha1
Philippines WI: 34.88%
Greater WI: 40.00%
Pakistan WI: 7.89-47.50% Kakap PSC WI: 25.00%
Padre Island2 WI: 31.25-70.00%
Main Pass1 WI: 79.38%
Sorrento Dome1 WI: 63.00-100.00%
East Cameron1 WI: 50.00-100.00% Stratton WI: 30.00%
Brantas PSC WI: 50.00% Cooper Basin WI: 2.97-4.75%
NOTES: 1. Novus as the operator 2. Novus as the operator in Deep onshore field
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Wilayah Kerja Yang Akan Dijual The Releasing Blocks
Wilayah Kerja Blocks AUSTRALIA
Status
Interest % Sebelum Before
Sesudah After
S.A. Cooper Basin
Produksi
4.75
-
Patchawarra East
Produksi
2.97
-
Kakap
E&P
25.00
16.00
Brantas
E&P
50.00
32.00
OMAN
Bukha (Block 8)
Produksi
40.00
20.40
PAKISTAN
Badar
Eksplorasi
7.89
-
Bolan
Eksplorasi
47.50
-
UAE
Northern
E&P
100.00
51.00
AS
Padre Island: La Playa
Produksi
31.25
-
41.17
-
INDONESIA
West Bird Page 9
15 September 2004
Wilayah Kerja Yang Akan Dijual The Releasing Blocks
Wilayah Kerja Blocks AS
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Padre Island Deep
Interest Status
Sebelum Before
Sesudah After
Eksplorasi
70.00
-
Padre Island Ultra Deep Eksplorasi
40.00
-
Stratton
Produksi
30.00
-
Sorrento Dome
Produksi
70.50
-
East Cameron
Produksi
100.00
-
Main Pass
Produksi
79.38
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15 September 2004
Nilai Transaksi Transaction’s Value JUMLAH TOTAL (US$)
DIBAYARKAN OLEH PAID BY US$ 110.00 juta (million)*
Santos Limited
US$ 31.85 juta (million) UAE +US$ 120 juta (million)** AS
Silk Route Investments
261.85 juta (million)
*Tambahan US$ 3.5 juta akan dibayarkan apabila ladang Wunut terbukti dapat menjual gas sebesar 100 bcf gas. Additional US$ 3.5 million would be paid if Wunut field could prove to sell more than 100 bcf gas. ** Nilai yang terdapat dalam Procurement Agreement, dapat berubah sewaktu-waktu tergantung penawaran tertinggi. The value stated in the Procurement Agreement, subject to the highest offer. Page 11
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Dampak Keuangan Financial Impact
Melunasi bridging loan dari UOB dan OCBC sejumlah US$200 juta. Mengurangi hutang jangka pendek.
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Transaksi Transactions
Cadangan 2P 1 Januari 2004 2P Reserves January 1, 2004 (mmboe) Sebelum Before
Sesudah After
Santos
131.1
103.3
27.8
Silk Route
131.1
76.2
54.9
Jumlah Total
131.1
48.4
82.7
15 September 2004
Pendapat Penilai Independen Independent Evaluator Opinion PT Madani Securities Perbandingan Nilai Nilai
Santos
Comparison Value Value Harga Akuisisi Cadangan (US$) Acquisition Reserves* Price 113.5 juta (mio) 5% premium 42% lebih tinggi
Silk Route
185 juta (mio)** 0%
Transaksi Transactions
17% lebih tinggi
*Nilai seluruh cadangan Novus (131.1 mmboe) berdasarkan penilaian Perseroan pada saat akuisisi = US$ 2.90/mmboe **Nilai seluruh interest di AS, UAE, dan Oman yang akan dijual(100%).
Kesimpulan (Conclusion): “Transaksi Santos dan Transaksi Silk Route mencerminkan nilai pasar yang wajar (fair market value) dan merupakan transaksi yang arms-length.” Page 13
15 September 2004
Pendapat Hukum Legal Opinion Hadiputranto, Hadinoto & Partners Nilai Value (US$)
Transaksi Transactions
Perbandingan Comparison Pendapatan Revenue 31.12.03
Ekuitas Equity 31.12.03
Santos
113.50 juta (mio)
24.49%
23.29%
Silk Route
151.85 juta (mio)
32.77%
31.17%
57.27%
54.47%
Jumlah Total 265.35 juta (mio) Kesimpulan (Conclusion):
“Transaksi tersebut merupakan Transaksi Material sebagaimana diatur dalam Peraturan Bapepam No. IX.E.2, dan baru dapat dilaksanakan apabila telah memenuh persyaratan yang antara lain (1) Mendapat persetujuan pemegang saham melalui RUPS; (2) Mendapat persetujuan kreditor; dan (3) Memenuhi persyaratan dan prosedur Peraturan IX.E.2. Page 14
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Usulan dan Keputusan Proposal and Resolution
Penjualan, pengalihan, atau pemberian hak opsi untuk membeli interests Novus di blok-blok minyak dan gas di Indonesia, Australia Pakistan, Timur Tengah, dan Amerika Serikat masing-masing kepada Santos dan Silk Route. To sell, transfer, or provide the option to buy the interests of Novus at blocks in Indonesia, Australian, Pakistan, Middle East, USA to Santos and Silk Route, respectively. Memberikan wewenang penuh kepada Direksi Perseroan untuk melakukan tindakan-tindakan sehubungan Transaksi ini. To grant full authorities to the Directors to act on behalf of the Company in relation to such Transaction.
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Perubahan Susunan Anggota Direksi Perseroan The Resignation and Appointment of Director
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Pengunduran Diri Anggota Direksi Resignation of BOD’s Member
Tanggal Surat Pengunduran Diri Resignation Letter Date: 15 Agustus 2004 Dari From: Bapak Peerachat Pinprayong
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Usulan Anggota Direksi Proposal of BOD’s Member Bapak YONGYOS KRONGPHANICH Tempat dan Tanggal Lahir: Bangkok, 29 Pebruari 1960 Pendidikan: 1987–1989, MBA, Thammasat University 1979 – 1983, BSc Akuntansi, Chulalongkorn University Pengalaman: PTTEP – 1997 - sekarang 2003–sekarang, Senior Manager Dep. Investment Business Development 2002–sekarang, Direktur, Independent Power (Thailand) co. Ltd. Page 18
Place and Date of Birth: Bangkok, February 29 1960 Education: 1987–1989, MBA, Thammasat University 1979 – 1983, BSc Akuntansi, Chulalongkorn University Experience: PTTEP – 1997 to present 2003–present, Senior Manager Investment Business Development Dept. 2002–present, Director, Independent Power (Thailand) Co. Ltd. 15 September 2004
Usulan Anggota Direksi Proposal of BOD’s Member Pengalaman: 2002–2003, Senior Manager, Dep. New Business 1999-2002, Dep. Accounting (Manager s/d Senior Manager) 1997-1998, Dep. Finance (Deputy Manager s/d Manager) TOTAL, Thailand - 1990-1997 Dep. Finance &Accounting, Deputy Finance Manager (terakhir) CALTEX, Thailand - 1983-1990 Dep. Accounting, Supervisor GL
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Experience: 2002-2003, Senior Manager, New Business Department 1999-2002, Accounting Dept. (Manager to Senior Manager) 1997-1998, Finance Dept. (Deputy Manager to Manager) TOTAL Thailand – 1990 - 1997 Dept. Finance & Accounting, Deputy Finance Manager (latest) CALTEX, Thailand – 1983 - 1990 Accounting Dept., GL Supervisor
15 September 2004
Usulan dan Keputusan Proposal and Resolution Pengunduran Diri Resignation of : Bapak Peerachat Pinprayong Pengangkatan Appointment of : Bapak Yongyos Krongphanich Pengangkatan ini untuk sisa masa jabatan yang digantikannya This appointment would be for the remaining period of the replacement Director Page 20
15 September 2004
Susunan Direksi Baru New BOD Composition
- Bapak Hilmi Panigoro - Bapak Sugiharto - Bapak Rashid I. Mangunkusumo
- Bapak Yongyong Krongphanich
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Direktur Utama President Director (CEO) Direktur Keuangan Finance Director (CFO) Direktur Operasi Operation Director (COO) Direktur Perencanaan & Pengembangan Planning & Business Development Director (CPO) 15 September 2004
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