Chris Newton, President Directory of ENRG said that "our growth in earnings as primarily due to a 60% year-on-year lift in our overall BOE production and higher oil prices. We achieved a top line sales growth of 122%. Our operating margins improved year-on-year by some 10% despite flat BOE price realizations due to better efficiencies in production."
We mentioned earlier that rig availability was problem for the company. The good news is that we have rectified this situation with three rigs working at the Kangean PSC, two rigs at the Brantas PSC and four rigs at the Malacca Straits PSC. The impact of this increased drilling activity is already being felt in fourth quarter production rates in the Malacca Straits.
With the acquisition of PT tunas Harapan Perkasa, Pt Energi Mega Persada Tbk now operates eight oil and gas blocks characterized by proven developed and undeveloped oil and gas reserves in the Republic of Indonesia.
Kondur Petroleum SA operates the Malacca Strait PSC in offshore Sumatra and combined with another subsidiary, ITA, the company controls 60.49% working interest. The Brantas Block, which is located in East Java, is operated by 100% subsidiary Lapindo Brantas, Inc. which owns a 50% working interest in the Kangean PSC in East Java. The company recently announced the acquisition of PT Tunas Harapan Perkasa which adds five block to ENRG's portfolio including 100% participating interest in the Gebang JOB PSC in North Sumatra, a 1005 participating interest in the Gelam TAC in South Sumatra and a 100% working interest in the Semberah TAC in East Kalimatan. THP adds certified proven and probable reserves of 104 mmboe to ENRG's portfolio as well as some 86 mmboe's of best estimate contingent resources. With the acquisition, the company has independently certified proven and probable reserves of 465 mmboe.
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