The company painted a positive turnaround story. Debt restructuring behind them and recent rights issue completed to fund capex. ENRG was on an acq spree since listing in 2004. Now as a portfolio of world class assets giving then the largest 2P reserves (566mmboe) in Indo and top 50 in the world. Next few years will be focusing on monetizing existing assets in a favourable domestic gas market in Indonesia.
Main growth drivers:
Kangean oil and gas block in North Pagerungan in East Java (50% JV with Mitsubishi and Japex) 680bcf 2P. To boost output from 15mmscfd to 150mmscf by 2011. It has signed US$81m contracts to charter tankers from Berlian Laju Tanker (BLTA IJ).
Masela in Arafuru Sea (JV with Inpex. ENRG’s 10% working interest and option to increase) 18TCF 2P. The block has the world class reserves with one of the best fiscal terms in Indonesia.
Coal Bed Methane (JV with Pertamina and Bumi resources) potential 15TCF. Association to Bumi gives EM access to one of the richest CBM deposit, KPC and Arutmin.
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