Public Expose Insidentil 1H 2008 Kinerja Produksi dan Keuangan 13 Oktober 2008
Notices and Disclaimers 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.
2
Blok-blok migas yang dioperasikan oleh ENRG di Indonesia Gebang PSC / JOB Oil & Gas Production
Korinci PSC Gas Production
Tonga PSC
Gas Development
Oil & Gas Production AT M SU
Bentu PSC
Semberah TAC
KALIMANTAN
RA
Malacca Straits PSC
SULAWESI
Oil Production
Gelam TAC Oil Production Jakarta JAVA
Legend : : ENRG Operated
SUCI
Kangean PSC Oil & Gas Production
: MJ Strategic Alliance : Joint Operated with Pertamina : Potential Future Operation
3
Kinerja Keuangan : Neraca Konsolidasi 1H 2007
1H 2008
(In IDR billions) ASSETS Cash Related Oil & Gas Properties* Other Assets Total LIABILITIES Long-Term Debt Other Liabilities Total
1,146 3,858 2,859 7,863
2,141 5,036 3,040 10,217
2,867 1,727 4,594
4,498 2,308 6,806
MINORITY INTEREST
-
EQUITY Capital Stock Add paid In Capital Difference due to equity change in subs Other equities Total
37
1,440 3,355 1,292
1,440 3,355 1,263
(2,818) 3,269
(2,684) 3,374
*Posisi kas meningkat sebesar 87% ke Rp2.1Trilyun pada 1H 2008.
*Pada Sept 08, ENRG mendapatkan $450juta pinjaman yang digunakan untuk melunasi kewajibannya yang jatuh tempo dan untuk mempercepat kegiatan produksi secara komersial
*Dengan pinjaman baru tersebut Net Debt to Equity ratio meningkat dari 69% (pada 1H 2008) menjadi 88% yang mana masih bisa diatasi dengan baik oleh ENRG
4
Kinerja Keuangan : Laporan Laba Rugi Konsolidasi
1H 2007
1H 2008
444
890
Change
(in IDR billions) Net Sales EBITDA
132
393
Profit (Loss) before Tax
(21)
135
Current Tax
(22)
(37)
Deferred Tax
174
(22)
100% 198%
*Penjualan Bersih, EBITDA meningkat dikarenakan realisasi harga jual minyak yang lebih tinggi dan kenaikan produksi gas
5
\\csng14p20101\CovSEA$\IBDUSER\INDONESIA\Energi Mega Persada\02 Project Millennium\Presentations\04 Ratings Presentation\EMP Presentation to Moody's (06 July 2005)v19.ppt - Jul 05 2005 - 22:21 /6
Kinerja Operasional 1H 2008 Produksi Harian (Gross)
Realisasi Harga Jual
Minyak
Minyak
MBOPD
MBOPD
Cadangan Migas 2P (Gross) 362 MMBOE Proved Oil Proved Oil Probable Oil Probable Oil 8 %
9%
Proved Gas
8% 10%
10.9
104.3
10.2
42 %
Probable Gas Probable
63.2
41 % 44%
38%
Proved Gas
Gas
1H 2007
1H 2007
1H 2008
Jan-May 2008 Minyak
Minyak
Gas
Aktifitas Pemboran
Gas
US$/mcf
BBTUD
30
86
2.7
36
20 14
81
2.5 5
1H 2007
1H 2008 Gas
1H 2007
Jan-May 2008 Gas
2004
5 2005 Development
Finding, Development and Acquisition Cost (5-yr running average) = US$ 1.6/ boe Production Cost in 2007 = US$6.7/ boe
8 2006
3 2007 Exploration
6
\\csng14p20101\CovSEA$\IBDUSER\INDONESIA\Energi Mega Persada\02 Project Millennium\Presentations\04 Ratings Presentation\EMP Presentation to Moody's (06 July 2005)v19.ppt - Jul 05 2005 - 22:21 /7
Pencapaian Produksi dan Target Produksi Perusahaan mboepd
Rata-rata Produksi Harian Migas di tahun 2007 and 2008
35
Minyak
32.0
Gas
30
24.2
25
24.5
20
15
10
5
0
2007
2007 1H 2008 2008 (E)
1H 2008
2008 (E)
: Rata-rata Produksi Harian Migas Tercapai 10.9 mbopd dan 80 bbtud. : Rata-rata Produksi Harian Migas Tercapai 10.2 mbopd dan 86 bbtud. : Target Pencapaian Produksi Harian Migas 17.4 mbopd dan 88 bbtud.
7
Kecenderungan Peningkatan Harga Jual Gas di Indonesia Pre 2006
2006-2007
1H 2008
Kenaikan Harga Jual Gas oleh ENRG: 1. 2. 3. 4.
Kangean’s TSB gas supply to PLN, PKG, Pertagas @ $4.1/mmbtu (contracted: 855 Bcf / 2010–2028) Korinci’s gas supply to RAPP @ $4/mmbtu (contracted: 86 Bcf / 2007–2020) Gebang’s gas supply to Energasindo @ $4.8/mmbtu (contracted: 28 Bcf / 2008–2015) Semberah’s gas supply to VICO @ US$5.9/mmbtu (contracted: 3.65 Bcf / 2008-2009)
8
\\csng14p20101\CovSEA$\IBDUSER\INDONESIA\Energi Mega Persada\02 Project Millennium\Presentations\04 Ratings Presentation\EMP Presentation to Moody's (06 July 2005)v19.ppt - Jul 05 2005 - 22:21 /9
Gross Reserves & Resources (as per FYE 2007) Gas Reserves (mmboe) Cert
(1)
1P
2P
3P
Oil (mmboe) Cont. Res.
1P
2P
3P
Total 2P Cont. Res.
(mmboe)
(% )
EMP Kangean GCA / SPROULE Malacca Straits GCA
120 120
230 230
318 318
11 11 22
1 28 29
12 32 44
22 39 61
1 1
242 32 274
67% 9% 76%
24 2 3 29
48 12 9 1 70
76 17 29 6 128
67 20 87
1 3 4
5 13 18
50 33 1 84
1 1
48 12 5 22 1 88
13% 3% 1% 6% 0% 24%
149
300
446
109
33
62
145
2
362
100%
THP Bentu Korinci Gelam Semberah Gebang
MHA MHA GCA GCA GCA
Total (mmboe)
Notes: (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. (3) Reserves and Contingent Resources totals subject to rounding. (4) Contingent Resources are 2C.
9
Aksi Korporasi oleh ENRG dalam 4 tahun terakhir ENRG Right Issue (Rp770/share)
Dilluted ownership in KEL and PAN (direct owners of Lapindo Brantas)
Rp3.78 Trillion
ENRG IPO (Rp160/share)
Farmed out 50% of Kangean (US$3/boe – on 2P Reserves)
Rp455.59 Billion
US$360 Million
Jun-04
Aug-04
Dec-05
Acquired Kangean PSC (US$0.8/boe – on 2P Reserves) US$165 Million
Jan-06
May-07
Jun-07
Mar-08
Apr-08
Formed strategic alliance with PT IIP and Pertamina to cooperate a gas asset (East Java)
Acquired THP’s 5 Block (US$1.6/boe – on 2P + Contingent Resources) US$283 Million
PSC
Acquired controlling stake 54% in Tonga PSC US$11.8 Million
10
Ringkasan Kinerja Operasional dan Keuangan ENRG • ENRG tetap on track dalam usahanya untuk mencapai peningkatan produksi minyak dan gas secara organis yang ditargetkan di tahun 2008.
• ENRG terus merealisasikan harga jual gas yang lebih kompetitif dalam kontrak-kontrak barunya (US$4.5/ mmbtu atau lebih tinggi)
• ENRG tetap on track untuk merealisasikan produksi gas sebesar 300 mmcfd (50,000 bopd) dari lapangan gas TSB di Blok Kangean pada tahun 2010 11
