Public Expose Insidentil 1H 2008 Kinerja Produksi dan Keuangan 13 Oktober 2008

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1 Public Expose Insidentil 1H 2008 Kinerja Produksi dan Keuangan 13 Oktober 2008

2 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

3 Blok-blok migas yang dioperasikan oleh ENRG di Indonesia Gebang PSC / JOB Oil & Production Tonga PSC Bentu PSC Development SUMATRA Korinci PSC Production Malacca Straits PSC Oil Production KALIMANTAN SULAWESI Semberah TAC Oil & Production Gelam TAC Oil Production Jakarta JAVA Legend : : ENRG Operated : MJ Strategic Alliance : Joint Operated with Pertamina : Potential Future Operation SUCI Kangean PSC Oil & Production 3

4 Kinerja Keuangan : Neraca Konsolidasi (In IDR billions) 1H H 2008 ASSETS Cash Related 1,146 2,141 Oil & Properties* 3,858 5,036 Other Assets 2,859 3,040 Total 7,863 10,217 LIABILITIES Long-Term Debt 2,867 4,498 Other Liabilities 1,727 2,308 Total 4,594 6,806 MINORITY INTEREST - 37 EQUITY Capital Stock Add paid In Capital Difference due to equity change in subs Other equities 1,440 1,440 3,355 3,355 1,292 1,263 (2,818) (2,684) Total 3,269 3,374 *Posisi kas meningkat sebesar 87% ke Rp2.1Trilyun pada 1H *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

5 Kinerja Keuangan : Laporan Laba Rugi Konsolidasi (in IDR billions) 1H H 2008 Change Net Sales EBITDA Profit (Loss) before Tax (21) % 198% *Penjualan Bersih, EBITDA meningkat dikarenakan realisasi harga jual minyak yang lebih tinggi dan kenaikan produksi gas Current Tax (22) (37) Deferred Tax 174 (22) 5

6 \\csng14p20101\covsea$\ibduser\indonesia\energi Mega Persada\02 Project Millennium\Presentations\04 Ratings Presentation\EMP Presentation to Moody's (06 July 2005)v19.ppt - Jul :21 /6 Kinerja Operasional 1H 2008 Produksi Harian (Gross) Minyak MBOPD H H 2008 Realisasi Harga Jual Minyak MBOPD H 2007 Jan-May 2008 Cadangan Migas 2P (Gross) 362 MMBOE Probable Oil 9 % Probable Oil 8 % 8% 10% Probable Probable 42 % Proved Oil 38% Proved Oil 41 % 44% Proved Proved BBTUD Minyak US$/mcf Minyak Aktifitas Pemboran H H H 2007 Jan-May Development Exploration 3 Finding, Development and Acquisition Cost (5-yr running average) = US$ 1.6/ boe Production Cost in 2007 = US$6.7/ boe 6

7 \\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 :21 /7 Pencapaian Produksi dan Target Produksi Perusahaan mboepd 35 Rata-rata Produksi Harian Migas di tahun 2007 and 2008 Minyak H (E) 2007 : Rata-rata Produksi Harian Migas Tercapai 10.9 mbopd dan 80 bbtud. 1H 2008 : Rata-rata Produksi Harian Migas Tercapai 10.2 mbopd dan 86 bbtud (E) : Target Pencapaian Produksi Harian Migas 17.4 mbopd dan 88 bbtud. 7

8 Kecenderungan Peningkatan Harga Jual di Indonesia Pre H 2008 Kenaikan Harga Jual oleh ENRG: 1. Kangean s TSB gas supply to PLN, PKG, $4.1/mmbtu (contracted: 855 Bcf / ) 2. Korinci s gas supply to $4/mmbtu (contracted: 86 Bcf / ) 3. Gebang s gas supply to $4.8/mmbtu (contracted: 28 Bcf / ) 4. Semberah s gas supply to US$5.9/mmbtu (contracted: 3.65 Bcf / ) 8

9 \\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 :21 /9 Gross Reserves & Resources (as per FYE 2007) EMP Reserves (mmboe) Oil (mmboe) Total 2P Cert (1) 1P 2P 3P Cont. Res. 1P 2P 3P Cont. Res. (mmboe) (% ) Kangean GCA / SPROULE % Malacca Straits GCA % % THP Bentu MHA % Korinci MHA % Gelam GCA % Semberah GCA % Gebang 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

10 Aksi Korporasi oleh ENRG dalam 4 tahun terakhir ENRG Right Issue (Rp770/share) Rp3.78 Trillion Dilluted ownership in KEL and PAN (direct owners of Lapindo Brantas) ENRG IPO (Rp160/share) Rp Billion Farmed out 50% of Kangean (US$3/boe on 2P Reserves) US$360 Million PSC Jun-04 Aug-04 Dec-05 Jan-06 May-07 Jun-07 Mar-08 Apr-08 Acquired Kangean PSC (US$0.8/boe on 2P Reserves) US$165 Million Acquired THP s 5 Block (US$1.6/boe on 2P + Contingent Resources) US$283 Million Formed strategic alliance with PT IIP and Pertamina to cooperate a gas asset (East Java) Acquired controlling stake 54% in Tonga PSC US$11.8 Million 10

11 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 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

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