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1H 2011 Productions & Financial Results
8 August 2011
PT Energi Mega Persada Tbk.
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Energi Mega Persada
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 redistributedin 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. TheCompany 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.
Forward Looking Statements
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Energi Mega Persada3
Company Overview
531 millions boe of net proved and
probable reserves.
97 millions boe of net contingent
resources (2C) and 152 millions boe net
best estimate prospective resources.
1H 2011 production of 7,059 barrel/day of
oil and 47.9 millions cubic ft/day of
natural gas on a working interest basis.
1H 2011 revenues of Rp 865 bio ($ 99 mio)
(1)and EBITDA of Rp 380 bio ($ 44 mio).(1)
Net 2P Reserves Breakdown
Source: Company presentation .
Note: As of 31 December 2010.
Total Net 2P Reserves: 531 millions boe
(41 millions bbl Oil; 2,943 billion cubic ft Gas)
Note:
(1) Based on Bank Indonesia exchange rates of IDR 8,747
(2) boe = barrel of oil equivalent
Proved Gas
1,507 billion cubic feet(47%)
Probable Gas
1,436 billion cubic feet(45%)
Probable Oil
19 millions boe (4%)
Proved Oil
22 millions boe (4%)
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Energi Mega Persada
Stake : 10%
2P Reserves: 33 mmbbl(2), 1,846.8 bcf
LNG and Condensate production expected
to start in 2018
Operator: Inpex
Partner: Inpex (60%), Shell (30%)(3)
INDONESIA
Medan
KALIMANTAN
JAKARTA
Banda Aceh
Java
Sea
Molucca Sea
South China Sea
Celebes Sea
Gresik
Duri
Semberah TAC
Korinci Baru PSC
Sungai Gelam TACGebang JOB PSC Malacca Straits PSC
Banda SeaBanda Sea
Tabulako CBM
PSC
Bentu PSC
Singapore
Kangean PSC Masela PSC
Net 1P Reserves 273 mmboe
Net 2P Reserves 531 mmboe
Tonga PSC Sangatta-2 CBM PSC
Assets Overview
4
Energi Mega Persada
Stake: 50%
2P Reserves: 19.2 bcf
1H 11 Prod: 20 bbl/day; 0.7 mmcf/day
Operator: JOB Pertamina Costa
Partner: Pertamina (50%)
Stake : 60.5%
2P Reserves: 22.7 mmbbl, 13.2 bcf
1H 11 Prod: 4,284 bbl/day; 5.7 mmcf/day
Operator: EMP
Partner: CNOOC (39.5%)
Stake : 100%
2P Reserves: 3.0 mmbbl
1H 11 Prod: 476 bbl/day, 0.8 mmcf/day
Operator: EMP
Stake : 100%
2P Reserves: 10.5 mmbbl, 43.2 bcf
1H 11 Prod: 848 bbl/day, 7.9 mmcf/day
Operator: EMP
Stake : 100%
2P Reserves: 58.2 bcf
1H 11 Prod: 4.8 mmcf/day
Operator: EMP
Stake : 50%
2P Reserves: 4.8 mmbbl, 672.6 bcf
1H 11 Prod : 1,431 bbl/day, 15.4 mmcf/day
Operator: KEI
Partners: Mitsubishi (25%)(1), Japex (25%)(1)
Stake : 100%
2P Reserves: 289.8 bcf
1H 11 Prod: 12.6 mmcf/day
Operator: EMP
4
Note:
bcf = billion cubic feet
mmbbl = million barrels
bbl/day = barrel oil/day
mmcf/day = million cubic feet/day
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Energi Mega Persada5
Board of Directors
Imam P. Agustino, President Director - CEO
23 years of experience in upstream and downstream oil and gas industry. He spent his career from explorationto production, with special expertise in Project Management and Business Development.
In the last 10 years as top executive positions in local and international oil and gas companies, including few
years with Trafalgar House UK ( Kvaerner ), and other oil and gas companies.
Amir Balfas, Director - COO
A geologist by background and brings more than 28 years of upstream oil and gas experience to the Company.
Spent over 20 years at VICO Indonesia East Kalimantan Block, and joined EMP Malacca Straits in 2001.
Didit A. Ratam, Director - CFO
Has held finance positions within oil and gas upstream and services companies throughout his career.
Previous professional experience in such companies as Mobil Oil (Fairfax, VA), Gas Venture Advisers (Boston,
MA) and Federal JWR Pte.Ltd.
Over 10 years experience in the financial relateds sector, which includes merger & acquisition,
financial restructuring, and other capital market transactions.
Management positions with Capital Managers Asia and Bakrie Kalila Investments in the past 8 years.
Syailendra Surmansyah Bakrie, Director
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Management Team Improving the Production & Financial Results
Balance sheet De-Leveraging (Improved Debt to Equity Ratio)
Financial Results Turn Around (EBITDA Growth)
Projects Commisioning (Production Rate Increase)
Competitive Gas Price
Positive Reserve Replacement Ratio
Reserve Growth
Competitive EV/Reserve Value
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The right issue proceed is used for balance sheet de-leveraging and capitalexpenditures and working capital purpose in developing Companys
oil and gas operations.
*US$ exchange rate for Rights Issue proceeds = Rp 9,337 US$
** Inclusive of additional paid in capital, deficit, and other adjustments
(US$ mio) 2009 Adjustments 2010
Debt (credit suisse) 450 (250) 200Debt (others) 156 51 207
Total Equity 185 509* 623**
Debt to Equity 3.27x 0.6x
Balance Sheet De-leveraging
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Improved 1H 2011 Production & Financial Results
1H 2010* 1H 2011**Net Sales (000) US$ 59,112 Rp 543,415,355 US$ 98,955 Rp 865,557,760
EBITDA (000) US$ 14,641 Rp 134,597,303 US$ 43,520 Rp 380,668,625Net Profit (Loss) (000) (US$ 8,201) (Rp 75,389,017) US$ 3,967 Rp 34,701,813Oil Price US$ 79.4/bbl US$ 112.2/bblGas Price US$ 2.5/mcf US$ 3.6/mcfOil Production 6,500 barrel/day 7,059 barrel/dayGas Production 41 mmcf/day 47.9 mmcf/day
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* Based on USD-IDR exchange rate of 9,193
** Based on USD-IDR exchange rate of 8,747
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Source: Offering circular.
Note: Gas production is converted at 1,030 btu = 1 cf, 6 bcf = 1mmboe.
Visible plan to efficiently monetize existing reserves via established infrastructure and proximity to key oil /
gas markets
Net Oil / Gas Production Ramp Up
Bentu
Seng,
Segat -
RAAP
Q1 2011
Kangean
Terang
Q1 2012
Malacca
DC Gas
2012
9
Near term ramp up to be dominated by gas production
50.2
13.1
Bentu
Seng,
Segat
PLN
2012
Kangean
PUO
Q1 2011
Production Growth Outlook
000 boe/day
6.4
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2011 Gas from Bentu PSCs Seng + Segat Fields @ $4.08/mcf
2012 Gas from Kangean PSCs TSB fields @ $5.15/mcf (+ additional $0.84/mcf toll fee)
Gas from Malacca Strait PSC @ $4.94/mcf
Source: EMP
EMPs Gas Sales Agreements Under Negotiation and Pending Commencement
($/mcf)
Increasing Trend in Realized Gas Price
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Energi Mega Persada11
Stable O&G Reserves Replacement(1)
Competitive Reserve Replacement Costs(2)
Asiapac Average: US$13.1
Source: Herold (Global Upstream Performance Review 2010), Moodys Investors Service.
(1) Addition has been calculated as the difference between production and the change in the reserve balance.
(2) 2007 to 2009 3-year average reserve replacement costs.
(3)Talismans Asian operations.
We continue assessing exploration acreages with a view to increase reserves
(3)
Strong Organic Reserve Replacement
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Energi Mega Persada
Source : EMP.Note : WI = Working Interest. Reserves numbers as of 31 December 2010.
Acquisition of a 10% ownership interest in Masela block PSC has increased
EMPs 2P reserves to 531 million barrels.
2P Reserves (Net WI)
Acquisition of Masela PSC: Securing Long Term Growth
223
531
EMP EMP + M
millions boe
2.38x
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Benchmarking EMP with Independent Indonesian-focused O&G Companies(1) (2P millions boe)
(in millions boe)
223 millions boe of net proved and probable reserves(2) (2P), 531 millions boe including Masela PSC (2)
97 millions boe of net contingent resources(2) (2C) and 152 millions boe net best estimate prospective resources(2)
EMP has a diversified portfolio of fields with multiple oil and gas production horizons
105 reservoirs and 36 fields
Most producing assets are on-shore
Source: Company websites and data from Wood Mackenzie. Gas converted at 6 billion cubic feet = 1 million boe.
(1) O&G interests in Indonesia only, net of working interest.
(2) As of 31 December 2010.
(3) Excludes EMP estimate of 33 mmstb of condensate associated with the gas
(4) As of 31 December 2009 after adjusting for downward restatement of 7.5 millions boe 2P reserves for Kambuna field.
261
531 (3)
Large Reserves to be Monetized
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Energi Mega Persada
Assets 1P 2P 3P 2C
Malacca Straits PSC
Oil 16 23 30 1
Gas 2 2 2 12
Kangean PSC
Oil 0.4 5 10 -
Gas 59 112 156 6
Bentu PSC
Oil - - - -
Gas 24 48 76 -
Korinci Baru PSC
Oil - - - -
Gas 1 10 15 -
Gelam TAC
Oil 1 3 42 -
Gas - - - 69
Semberah TAC
Oil 4 11 23 1
Gas 2 7 27 -
Gebang JOB PSC
Oil - - - -
Gas 2 3 13 7
Tonga PSC
Oil - - - 2
Gas - - - -
Masela PSC
Oil - - - -
Gas 163 308 549 -
Total
Oil 22 41 105 4
Gas 251 490 838 93
Grand Total 273 531 943 97
Reserves Table (in million barrels of oil equivalent)
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Energi Mega Persada
Exploration history:
1999: 2D seismicsurvey
2000: Abadi-1
Exploratory well,
tested at 25 millions
cubic feet/day
2001: 3D seismic
survey
2002: Abadi-2 andAbadi 3 Appraisal
wells, tested around
15 millions cubic
feed/day/ well
2007: Abadi-
4/5/6/7 Appraisal
wells. All were
tested and
confirmed existence
of gas
Masela PSC Overview
Approved Development Concept
Subsea production system + Floating LNG
18 production wells (directional wells from 5
drilling center)
Floating LNG consists of loading LNG plant,
LNG storage tank and loading facility on
conventional FPSO
Masela PSC was granted on Nov 16, 1998 on
frontier fiscal terms
INPEX Masela Ltd. is the operator
PSC location in Arafura Sea, deep water in
Indonesian territorial waters
Plan of Development was approved in Dec
2010 for the Abadi Gas Field
Reserves:
Abadi Gas Reserves were certified by DeGolyer & MacNaughton (D&M) in Dec 2008: P1 - 9.76 trillion cubic feet, P2 - 8.7 trillion cubic feet
The Company anticipates that gross condensate recovery associated with 1P reserves will be 176 million bbls, and associated with 2P
reserves will be 333 millions bbls
Sunrise = 9 TCF
(potential FLNG)
Masela/ Abadi = 9 TCF(1P, pre-FEED)
Evans Shoal = 6 TCF
(under appraisal)
Bayu Undan = 3 TCF
(in production to LNG)
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Energi Mega Persada16
Competitive EV/ Reserves Value
USD/ Barrel
Source: Bloomberg, Annual Reports, Companys Presentations as of Dec, 2010
3.2
8.8
16.4
18.419.3
29.5
1.7
7.0 7.3
9.7
23.0
13.412.5
0.0
5.0
10.0
15.0
20.0
25.0
30.0
35.0
ENRG MEDC SANTOS PTTEP INPEX WOODSIDE SOCO INT SALAMANDER
EV/1P Reserves
EV/2P Reserves
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Energi Mega Persada
Indonesia in the World of CBM
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Indonesias CBM Potential (450 Trillion Cubic Feet) is World Class
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Energi Mega Persada
Key Indonesian CBM Basins
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The key basins are in Sumatra (235 trillion cubic feet) and Kalimantan (180 trillion cubic feet)
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Energi Mega Persada
Resource and market is key
Bontangs expected gas shortfall is 1.7 billion cubic feet/day or US$8.4bn per year at LNG prices
East Kalimantan is a top 3 global CBM province andBontang means there is no market constraint
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Energi Mega Persada
Located just
north of Bontang
GIP potential
15 trillion cubic
feet, potential
recovery rates
30%
LNG prices for
gas now
US$14/mmbtu
vs EMP average
US$2.5/mmbtu
EMP/Bumi 60%
Pertamina 40%
Coal Bed Methane Prospects: (Sangatta-2 PSC CBM)
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Energi Mega Persada
Located on top of
Arutmin acreage
EMP 70%
Bumi 30%
Coal Bed Methane Prospects: (Tabulako PSC CBM)
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Energi Mega Persada22
EMP Semberah
Green
EMP Malacca Strait
Blue
EMP Bentu & Korinci Baru
Blue
Corporate Performance Rating Program
in Environmental Management(Program Peringkat Kinerja Perusahaan dalam Pengelolaan Lingkungan)
Safety, Health, and Environment Awards in 2010
Achievements in SHE, CSR, GCG
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Energi Mega Persada
Corporate Social Responsibility
Award in 2008
(Ministry of Social Welfare)
Malacca Strait PSC
Community Development Awards in 2009
(Ministry of People Welfare Coordinator)
Malacca Strait PSC
Achievements in SHE, CSR, GCG
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Attachments
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Energi Mega Persada25
Gelam TAC Location Map
Energi Mega Persada
Stake : 100%
2P Reserves: 3.0 mmbbl
1H 11 Prod: 476 bbl/day, 0.8 mmcf/day
Operator: EMP
bcf = billion cubic feet
bbl/day = barrel oil/ day
mmcf/day = million cubic feet/ day
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Energi Mega Persada26
Malacca Strait PSC Location Map
Energi Mega Persada
Stake : 60.5%
2P Reserves: 22.7 mmbbl, 13.2 bcf
1H 11 Prod: 4,284 bbl/day; 5.7 mmcf/day
Operator: EMP
Partner: CNOOC (39.5%)
bcf = billion cubic feet
mmbbl = million barrels
bbl/day = barrel oil/day
mmcf/day = million cubic feet/day
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Energi Mega Persada27
Semberah TAC Location Map
Energi Mega Persada
Stake : 100%
2P Reserves: 10.5 mmbbl, 43.2 bcf
1H 11 Prod: 848 bbl/day, 7.9 mmcf/day
Operator: EMP
bcf = billion cubic feet
mmbbl = million barrels
bbl/day = barrel oil/day
mmcf/day = million cubic feet/day
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Energi Mega Persada28
Kangean PSC Location Map
Energi Mega Persada
(1) Effective interest.
Stake : 50%
2P Reserves: 4.8 mmbbl, 672.6 bcf
1H 11 Prod : 1,431 bbl/day, 15.4 mmcf/day
Operator: KEI
Partners: Mitsubishi (25%)(1), Japex (25%)(1)
bcf = billion cubic feet
mmbbl = million barrels
bbl/day = barrel oil/day
mmcf/day = million cubic feet/day
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Energi Mega Persada29
Gebang JOB PSC Location Map
Energi Mega Persada
Stake: 50%
2P Reserves: 19.2 bcf
1H 11 Prod: 20 bbl/day; 0.7 mmcf/day
Operator: JOB Pertamina Costa
Partner: Pertamina (50%)
bcf = billion cubic feet
bbl/day = barrel oil/ day
mmcf/day = million cubic feet/ day
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E i M P d30
Bentu & Korinci PSC Location Map
E i M P d
Stake : 100%
2P Reserves: 58.2 bcf
1H 11 Prod: 4.8 mmcf/day
Operator: EMP
Stake : 100%
2P Reserves: 289.8 bcf
1H 11 Prod: 12.6 mmcf/day
Operator: EMP
bcf = billion cubic feet
mmcf/day = million cubic feet/ day