• Energi Mega Persada, the oil&gas producer company, is spending US$81mn to hire a FPSO tanker from Berlian Laju Tanker (BLTA, Rp580) for 4 years. Operational funds will be used to finance the action, where hiring costs will be calculated on a daily baiss.
• Energi Mega will use the tanker for the Pagerungan Utara oil&gas field in the Kangean PSC Block in East Java that is planned to commence production in October 2010. The block is expected to producte an average of 5,000-7,000bpd.
• The company will also begin gas productions in the Terang Sirasun Batur field in 4Q11. Production capacity will reach 300MMscfd. Several companies such as PLN, Pertagas, and Petrokimia Gresik are several future consumers of the gas.
• As proceeds from rights issue of US$519mn on February 2010 is deemed sufficient, the company will not utilize bank loans for the upcoming 3 years. The company still has US$169mn free for capex.
• ENRG is trading at 2010F consensus PER of 15.2x and EV/EBITDA of 8.0x.
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