Oil and gas company owned by the Bakrie Group, PT Energi Mega Persada Tbk, through its subsidiary, PT EMP Energi Indonesia, has completed the sale of 10 percent stake in Masela PSC to INPEX Masela Ltd and Shell Upstream Overseas Services (I) Ltd. worth 313 million U.S. dollars, or approximately Rp 3.1 trillion.
In an official statement released by the company, on Friday (28/06/2013), chairman of Energi Mega, Imam P Agustino, explained that the funds would be used to pay off the sale of a loan facility of $ 200 million from Credit Suisse. The settlement is expected to help reduce the financial burden of the company.
"In addition, funds are also used to finance working capital needs and capital expenditures to increase production of assets that have been there," the company said in an official statement.
After the sale of 10 percent stake in Masela PSC, ENRG still have the equivalent of 215 million barrels of 2P reserves, from the earlier more than 500 million barrels of 2P reserves equivalent. It represents the average age of oil production, which is more than 15 years based on the average daily production in 2012.
Mega Energy is an oil and gas company with production reaching 48,500 barrels per day during the first quarter of 2013.
Final production dated June 26, 2013 amounted to 56 340 barrels equivalent per day. At this time ENRG operates 11 blocks of oil, gas, and coal bed methane gas in Sumatra, Java and Kalimantan in Indonesia.
Based on the record Kompas.com , by December 31, 2012, total liabilities Mega Energy reached U.S. $ 1.38 billion or around Rp 13.5 trillion. Of that amount, amounting to 246.59 million U.S. dollars will be due this year. In fact, the company's cash and cash equivalents amounted to only 35 million U.S. dollars during the period.
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