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BREAKING NEWS
Mon, 10/09/2012
Energi Mega spent 1.35 Million Dolar US for exploration in Riau
Oil & gas

PT Energi Mega Persada Tbk (ENRG) in having an exploration activity in Malacca Strait Block PSC,  Riau carried in by EMP Malacca Strait.  

"The total amount that had been spent is USD 1.35 juta until June 15 th 2012," said the company representative in an open information in the Indonesian Stock Market.  

The method analysis and selection was carried on in the drilling development area MSJ-108.  The company has drilled the well on June 4 th 2012.  The company will the move the rig to well number MSJ-110.   

Previously,  Energi Mega Persada declared to have increased its gas production up to 300 million cubic meters a day through Terang block Kangean PSC.  It was once leased 100% with the price set ton USD 5.15 per MMBTU and 3% of yearly escalation to the National Electricity Company (PLN),  Pertagas (Pertamina) and Indogas.  The price set is USD 4.93 per mmbtu with an escalation of 3% to Petrokimia Gresik.   

Kangean PSC block is located in East Java and currently operated by Kangean Energy Indonesia Limited,  which is 50% owned by ENRG,  25% by Mitsubishi Corporation (Japan),  and 25% bu JAPEX (Japan).  

As Per Desember 31 st 2011,  ENRG,  based on its 50% share,  has a proven and measure reserve up to 2.6 million oil barrel and 677 billion feet cubic gas.   

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