Monday, July 13, 2009

Energi Mega reported higher oil & gas output

PT Energi Mega Persada (ENRG) Tbk---controlled by Bakrie Group---reported average oil and gas output of 29,100 boepd in the first half 2009, increased 16% from the same period last year.
ENRG told Indonesia Stock Exchange (IDX) today that the output is below its target of 30,000 boepd. ENRG acquired 53.4% participating interest in Tonga Block PSC last year for US$11.8 million. The block is estimated to have 90 million barrels of oil equivalent of resources.
ENRG stock price declined 2.9% to Rp335 today. But the stock surged 385% since April despite poor results in Q1 2009 where the company reported net loss of Rp18.5 billion. At Rp338, ENRG has market capitalization of US$480 million.
The company has total asset of Rp13.365 trillion as of March 31, 2009 with liabilities of Rp9.463 trillion. Last year the company booked net loss of Rp34.9 billion despite strong sales growth to Rp1.86 trillion. 

Labels: , ,



Post a Comment

<< Home