· Energi Mega Persada (EMP) cited that it puts extra attention on its plan to acquire 10% stake in Masela field. The company added that it has no attention to acquire other fields before EMP concluded Masela.
· EMP added that this acquisition is due in November 2010 and there are no obstacles in preparing the US$100mn cash for the acquisition. Previously, EMP had raised Rp4.84tn of cash through right issuance. EMP expects to complete the acquisition ahead of the schedule.
· Masela holds 18.5tn cubic feet of gas reserves combined with 333mn barrel of oil reserves. EMP expects to become operator of the field in 2016.
· Currently, ENRG is trading at 2011F consensus PER of xxx and EV/EBITDA of xxx.
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