EMP Chalks Up 14,480 Pct Rise In Profit

Jakarta, Oct 18 (Antara) - The net profit of publicly traded energy company PT Energi Mega Persada Tbk (EMP) shot up 14,480 percent in the first half of this year after selling its 10 percent stake in the Masela gas block. President Director of EMP Imam Agustino said the subsidiary of the Bakrie Group recorded US$176 million in net profit in the first half of the year, up from US$1.205 million dollar in the same period last year. "The increase in net profit was attributable to the divestment of a 10 percent stake of the company in Masela," Imam said in a news release issued on Thursday. In the first six months of the year the company recorded sales at US$374 million or an increase of 55 percent on-year. Its earning before interest, taxes, depreciation and amortization (EPTIDA) was US$212 million in the first half of 2013 or a 71 percent increase on-year. By June 2013, EMP wrapped up the process of divestment of its stake in the Masela in the Arafuru sea, believed to have one of the country`s largest oil and gas reserves . The stake was sold at total price of US$313 million to Inpex Masela Ltd and Shell Corporation 5 percentage points each. EMP had the stake it acquired earlier from Inpex , the operator of the block. The sales of the asset in Masela made up 84 percent of the company`s total sales in the first half of 2013 . Imam said increase in oil and gas production from the Kangean, Offshore North West Java (ONWJ), and Bentu blocks also contributed to the rise in the company`s sale revenues . EMP produces 49,356 barrels of oil equivalent per day in the first half of 2013 consisting of 12,551 barrels of crude oil and 221 million cubic feet of gas per day. The production rose from 12,522 barrels of crude oil per day and 103 MMSCFD of gas in the same period last year. Imam said in the future his company would focus on improving the performance of productive assets and developing newly discovered reserves. "The Kangean , ONWJ, and Bentu blocks would remain the main contributors to the company`s income and their production is expected to continue to increase in the coming two years," he said. Currently, proven oil and gas reserves of EMP total 200 million barrels of oil equivalent.