1Q 2014 Production & Financial Results June 2014 Strictly confidential

Strictly confidential
1Q 2014 Production & Financial Results
June 2014
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Table of Contents
Section 1: Overview of EMP
3
Section 2: Key Corporate Strengths
6
Appendix: Additional Information
16
1
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Disclaimer
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the occurrence of anticipated results or otherwise.
Any opinions expressed in this Presentation are subject to change without notice and may differ or be contrary to opinions expressed by other business areas or groups of the Company as a result of using different assumptions and
criterion.
2
2
Section 1
Overview of EMP
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Indonesia’s Leading Independent E&P Company
Independent upstream oil and gas exploration, development and production company in Indonesia with high
production growth, strong cash flow generation and fast improving credit metrics
2P reserves of 220 mmboe and 3P reserves of 406 mmboe
Stable cashflow generation through developed oil assets and
long term gas contract with increasing offtake price trend .
Deleveraging balance sheet with 2013 Total debt / EBITDA of
1.6x and Net debt / EBITDA of 1.1x
Production life 1
(mmboe)
Independent upstream E&P company with 2P reserves of
220 mmboe and annual production growth of 79% for 20112013.
12 yrs
22 yrs
500
406.7
400
29.10
300
220
200
21.00
100
1,195.7 bcf
2,265.8 bcf
0
Net proved plus probable reserves
Net proved, probable & possible
reserves
Oil
Gas
Improving debt2 / EBITDA metrics (x)
Strong production growth
25
(MBOEPD)
80
60
38.3
40
20
0
16.6
49.3
51.9
12.5
12.7
36.8
38.6
25.9
2011
2012
2013
1Q 2014
21.2
15
15
10.1
10
12.4
7.2
9.4
20
6.6
6.6 5.3
5
2.5
2
0
Gas
Oil
2009
2010
2011
Total debt/EBITDA
2012
(3)
1.6 1.1
2013
(3)
Net debt/EBITDA
Source
: Company information; Wood Mackenzie
Notes
:
1. Production life is calculated as reserves / (avg. 1Q 2014 daily production * 365)
2. Total Debt is comprised of short-term loans, current maturities of long-term loans and long-term loans, net of current maturities; Net Debt is comprised of Total Debt less (i) cash and cash equivalents, (ii)
short-term investment and (iii) restricted long-term cash
3. Includes ONWJ EBITDA based on 36.7205% gross working interest
4
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Diverse Asset Portfolio Across Indonesia & Mozambique
Gebang JOB PSC
Working interest:
1P reserves:
2P reserves:
1Q 2014 net prod:
Operator:
Partner:
Malacca Straits PSC
50.0%
0.004 mmbbl, 0.2 bcf
0.013 mmbbl, 0.6 bcf
14 bopd,
0.39 mmscfd
Pertamina
Pertamina (50%)
Working interest:
1P reserves:
2P reserves:
1Q 2014 net prod :
Operator:
Partner:
Sungai Gelam TAC
60.49%
5.3 mmbbl,
8.2 bcf
6.9 mmbbl,
11.4 bcf
3,288 bopd,
4.0 mmscfd
EMP
CNOOC (39.51%)
Working interest:
1P reserves:
2P reserves:
1Q 2014 net prod :
Operator:
Semberah TAC
100%
0.97 mmbbl
4.5 bcf
1.3 mmbbl
5.8 bcf
911 bopd,
6.3 mmscfd
EMP
Working interest:
1P reserves:
100%
0.44 mmbbl,
0.8 bcf
0.66 mmbbl,
1.1 bcf
938 bopd,
2.7 mmscfd
EMP
2P reserves:
1Q 2014 net prod :
Operator:
Net 1P reserves:
110 mmboe
Sangatta II
CBM PSC
Buzi EPCC
Working interest:
1P reserves:
2P reserves:
Operator:
Partner:
75%
29.5 bcf
212.3 bcf
EMP
ENH (25%)
INDONESIA
Net 3P reserves:
406 mmboe
Tabulako CBM
PSC
MOZAMBIQUE
Tonga PSC (2)
Bentu PSC
Korinci Baru PSC
Working interest:
94.2875%
1P reserves:
1.41 mmbbl
2P reserves:
3.19 mmbbl
1Q 2014 net prod :
325 bopd
Operator:
EMP
Working interest:
100%
1P reserves:
152.2 bcf
2P reserves:
355.8 bcf
1Q 2014 net prod : 32.6 mmscfd
Operator:
EMP
Working interest:
1P reserves:
2P reserves:
1Q 2014 net prod :
Operator:
Source:
Notes:
1.
2.
Net 2P reserves:
220 mmboe
100%
0.9 bcf
2.0 bcf
EMP
Producing assets
CBM assets (exploration)
ONWJ PSC (1)
Kangean PSC
Working interest:
1P reserves:
Working interest:
1P reserves:
18.73%
6.9 mmbbl,
42.5 bcf
2P reserves:
8.7 mmbbl,
48.1 bcf
1Q 2014 net prod :
7,215 bopd,
39.3 mmscfd
Operator:
Pertamina (58.28%)
Partner: PT Capitalinc Investment Tbk.
Company information
Reserves and production indicated are on a net working interest basis.
bcf: billion cubic feet, mmbbl: million barrels, bbl/day: barrel/day, mmscf/day: million cubic feet/day
EMP's 51% subsidiary EMP International (BVI) Limited acquired a 36.7205% Working interest in ONWJ PSC in December 2011
Production commenced in May 2012
(17.99%)
50%
0.058 mmbbl,
335 bcf
2P reserves:
0.11 mmbbl,
558.7 bcf
1Q 2014 net prod :
44 bopd,
146 mmscfd
Operator:
KEI
Partner:
Mitsubishi (25%)
Japex (25%)
Risco-Kufpec (5%)
5
Section 2
Key Corporate Strengths
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Summary of Key Corporate Strengths
8
Experienced
leadrship team with
proven track record
7
As an independent
upstream E&P player in
Indonesia, EMP is
supported by its portfolio
of high quality assets.
6
1
Large, atrdiversified
active, portfolio of
oil and gas property
Solid financial
position
Full
commitments
to rigorous
safety, health,
and
environment
standards
Strategic
posotion in
Indonesia’s
fast
growing
domestic
energy
market
Strong
production
growth back
record and
visible
development
pipeline
Prioritize Good
Corporate
Governance (GCG)
5
2
3
Stable cash flows
from producing oil
assets and medium
to long term gas
contracts
4
7
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1
Large, Attractive, Diversified Portfolio of Oil And Gas Assets
The size and diversity of EMP’s reserve base will enable the company to pursue growth and continue to build on
its leading position in Indonesia
Large reserve base and long reserve life
Diverse reserve base
Diversified portfolio with multiple oil and gas production
areas
– 264 reservoirs and 114 fields
– Most producing assets are on-shore
Large reserves base in Indonesia compared to other
independent players
Long 2P & 3P reserves life of 12 years and 22 years
respectively based on current production
Commercial production in nine of twelve contract areas
2P reserves breakdown
(mmboe)
Production life 1
12 yrs
22 yrs
500
406.7
400
29.10
300
220
200
21.00
100
1,195.7 bcf
Others
3%
3P reserves breakdown
4
3
Others
2%
Buzi
16%
Buzi
32%
Bentu
26%
Bentu
27%
2,265.8 bcf
0
Net proved plus probable reserves
Gas
Net proved, probable & possible
reserves
Oil
Source:
Company information;
Notes:
1. Production life is calculated as reserves / (avg. 1Q 2014 daily production * 365)
2. As of 31 Mar 2014
3. Includes Gebang 0.05%, Gelam 1.0%, Semberah 0.38%, Tonga 1.45%, Korinci Baru 0.15%
4. Includes Gebang 0.05%, Gelam 0.80%, Semberah 0.37%, Tonga 1.31%, Korinci Baru 0.13%
Malacca
Straits
4%
ONWJ
8%
Kangean
42%
2P reserves: 220.3 mmboe 2
Malacca
Straits
3%
ONWJ
5%
Kangean
32%
3P reserves: 406.7 mmboe 2
8
2
Full Commitment to Implement Rigorous Safety, Health &
Environment Standards along with Risk Management
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EMP is committed to grow sustainably for our people
and the environment with good risk management
Actions:
– Established an in-house Safety, Health and
Environmental (SHE) Department in 2006 which
reports directly to the BoD
…and our results speak for themselves (1)
Achieved recognition from Indonesia’s Ministry of
Environment based on EMP’s environment audit result
Business Unit
PROPER 20132
EMP Malacca Strait
Blue
EMP Bentu
Blue
Safety:
– Awarded OHSAS 18001 in 2005 for Malacca
Straits PSC
– Implement Contractor Safety Management
System (CSMS)
– Implement STOP card system
EMP Korinci Baru
Blue
EMP Semberah
Green
EMP Gebang
Blue
EMP Kangean
Blue
Environment: Awarded ISO14001 in 2005 for
Malacca Straits PSC
EMP Gelam
Green
EMP ONWJ
Green
EMP’s SHE implementation
Health requirements and practices:
– Compulsory annual medical check for all
employees
– Health card clearance for site visits
Beyond compliance companies that achieve zero emissions
Beyond compliance companies
Have achieved compliance level
Notes:
1 Data refers to blocks which are operated by EMP
2 environment audit performed by Environmental Ministry of Republic of Indonesia
Managed environment impact but below requirements
Have not managed environment impact at significant level
9
3
Strong Production Growth Track Record
and Visible Development Pipeline
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EMP has historically achieved strong production growth both organically and through acquisitions. It has
invested substantial capital in 2010 and 2011 for further growth
Increasing gas production
...and increasing oil production
18
300
220.8
200
231.4
(MBOPD)
150
56.4
9
3
0
0
2012
12.5
12.7
2013
2012
2013
1Q 2014
7.2
6
50
2011
12.4
12
155.7
100
15
2011
1Q 2014
ONWJ & Kangean resulted in significant increase in production
Currently 9 of 12 blocks in commercial production
Strong
production
track record
Visible
development
pipeline
1Q 2014 Production
60
388 producing wells across 89 fields
Successful startup of Tonga PSC and Terang
(Kangean PSC) in May 2012
Significant capital expenditure already spent over
2010 - 2012
Kangean TSB field start-up on May 26th, 2012
Acquisition of ONWJ provides immediate cash flow
24.4
50
(MBOEPD)
(mmscfd)
250
3.7
51.3
Others
Total
40
30
13.8
20
10
5.4
4.0
0
Malacca
Bentu
ONWJ
Kangean
Key contributors to the production
10
4
Stable Cash Flows From Producing Oil Assets
and Long Term Gas Contracts
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Strong production growth with oil production at international pricing and gas production with long term
contracts with price escalation
Oil & Gas production1 (MBOEPD)
Oil & Gas revenue split2 (US$ million)
1000
49.3
51.9
800
12.5
12.7
600
38.3
40
(US$m)
(MBOEPD)
60
12.4
16.6
20
0
36.8
7.2
9.4
25.9
2011
2012
2013
Gas
38.6
400
200
0
1Q 2014
654
242
382
379
138
191
51
275
2011
2012
Oil
193
425
80
113
2013
Gas
1Q 2014
Oil
Recently signed gas sales agreements
Avg Realized Gas Price
ONWJ 4
Kangean 4
(US$/MMBTU)
(US$/MMBTU)
(US$/MMBTU)
$4.2
$5.22
2011
2012
$5.82
$5.97
$6.1
$3.63
2013
1Q 2014
PLN 3
PK
679BCF
Baa3/BB/BBB-5
189BCF
NR
5
$6.11
PK additional
$6.06
$5.46
$5.17
Pertamina
PLN 3
PKG 3
20BCF
Baa3/BB+/BBB-
5
Source
: Company information.
Notes
:
1.
Includes ONWJ production based on net working interest of 18.73%
2.
Includes ONWJ revenue based on gross working interest of 36.7205%
3.
PLN is Perusahaan Listrik Negara (electricity provider), PK is Pupuk Kujang (fertilizer plant), PKG is Petrokimia Gresik (fertilizer plant), Indogas and Pertagas are gas traders
4.
Delivered price, including transportation cost (ONWJ), and well head price, excluding transportation cost (Kangean)
5.
Credit ratings as Moody’s/S&P/Fitch
$5.46
$5.46
PT Pertagas 3 PT Indogas 3
369BCF
242BCF
221BCF
79BCF
Baa3/BB/
BBB-5
NR 5
NR 5
NR 5
11
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5 Full Commitment to Good Corporate Governance (GCG)
b
a
EMP has a diverse shareholder base…
…combined with world-class partners at the operations level
World class partners
UBS AG Singapore Fund
20.69%
•
Operator and 58.28% interest in ONWJ,
Gebang (50%) and Sangatta II (40%)
CNOOC
•
•
39.5% interest in Malacca Straits
Previously sold 36.72% interest in
ONWJ to EMP
Japex
•
Operator and 25% interest in Kangean
Mitsubishi
•
25% interest in Kangean
Empressa Nacional
de Hidrocarbonetos
•
25% interest in Buzi EPCC
Pertamina
Bakrie & Brothers
Other public
shareholders
59.88%
6.53%
Mackenzie Cundill & CIM
9.03%
JPMCB
3.87%
EMP has a diverse shareholder base
̶
̶
Public shareholders at 59.88%
MacKenzie Cundill at 9.03% and UBS AG Singapore fund at 20.69%
Bakrie Group at 6.53%
̶
c
Project with EMP
…and further supported by cross-departmental corporate
governance committees to implement GCG
World class major oil & gas companies are co-owners at asset level
̶
̶
CNOOC, Japex & Mitsubishi hold interests at asset level
EMP involvement ranges from operatorship, joint operatorship and
non‐operatorship. EMP works closely with its major oil partners at all
levels
EMP places a high priority on corporate governance
̶
̶
̶
Overall company Corporate Governance framework
Audit, Risk Management, Conflict of Interest, Remuneration and
Compliance committees
Rated by S&P and Moody’s
12
Source: Company information as per 28 Mar 2014.
6 Strategic Position In Indonesia’s Fast
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Growing Domestic Energy Market
Well positioned to benefit from the country’s expected high growth in oil and gas consumption
Key Industry drivers
2011 Gas Consumption per capita
Gas industry dynamics
Indonesia has one of the lowest gas consumption
per capita in Asia Pacific
Significant price and efficiency benefits by converting to natural gas
Pent‐up demand from the conversion of existing dual fired power plants
and plans to build new gas-powered plants
Require natural gas to compete under the Free Trade Agreement
(cubic meter per capita)
1,163
50%
50%
977
695
426
Decreasing domestic production as a result of maturing fields
Increasing demand from the transport sector, the largest consumer of oil
Already a net importer of oil, with imports expected to significantly
increase
Indonesia gas supply / demand balance
34
51
97
Phillipines
India
China
153
Export
Domestic Consumption
Indonesia
Hong
Kong
Thailand
South
Korea
Malaysia Australia Singapore
Source: BP Statistical Review (2012), CIA Factsheet
Indonesia oil supply / demand balance
(MBOPD)
Net imports
Exports
Production & consumption
(MMSCFD)
Production & consumption
1,628
953
Oil industry dynamics
Source: BP Statistical Review (2012)
Notes:
Negative oil imports signify oil exports, as oil production outstrips oil consumption.
Assumes 1 bcm = 35.3 bcf
2011 Indonesia Gas
Production
Source: BP Statistical Review (2012)
13
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7
Solid Financial Position
Top line growth and improved leverage profile
Top line growth (1)
Future capex mainly development
1000
700
807
462
342
242
193
114
200
119
0
2012
Revenue
1Q 2014 Revenue
2013
300
219
100
254
206
200
1Q 2014
222
61
2009
2010
2011
2012
2
2013
2
2014E
2
Actual total capex
EBITDA
1Q 2014 EBITDA
Debt 4 / EBITDA metrics (x)
EBITDA / Interest Cover (x)
4.7
5.0
EBITDA / Interest 3
400
0
2011
3.7
4.0
25
2.7
3.0
2.0
528
500
600
400
600
654
(US$m)
(US$m)
800
20
21.2
15
15
1.2
1.0
5
0.0
0
2010
10.1
10
2011
2012
2013
6.6
2009
2010
6.6 5.3
2011
2.5
2
(5)
2012
Source: Company information.
Total debt/EBITDA
Net debt/EBITDA
Notes:
1.
Includes ONWJ revenues and EBITDA based on gross 36.7205%
2.
Includes ONWJ Capex based on net working interest of 18.73%
3.
Interest = financing charges
4.
Total Debt is comprised of short-term loans, current maturities of long-term loans and long-term loans, net of current maturities; Net Debt is comprised of Total Debt less (i)
cash and cash equivalents, (ii) short-term investment and (iii) restricted long-term cash
5.
Includes ONWJ EBITDA based on gross 36.7205%
1.6 1.1
(5)
2013
14
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8
Experienced Leadership Team with Proven Track Record
Highly committed management team with extensive experience in the oil and gas sector
Reputable
industry
veterans with
international
experience at
blue-chip
firms in
Indonesia
and overseas
 Many years of
collective oil & gas
industry
experience
 Proven track
record in
successfully
leading oil & gas
companies and
projects
Imam P. Agustino
President Director
Suyitno Patmosukismo
Commissioner


22 years of experience in engineering,
project management and business
development in local and international
companies including Trafalgar House UK
(Kvaerner) and Energy Services
Didit A. Ratam
Director
Qoyum Tjandranegara
Independent Commissioner


Over 20 years of finance experience
within oil and gas upstream and
services companies, including Mobil Oil
Corp. and Gas Venture Adviser
Amir Balfas
Director

Strong and
broad
network
across
private
sector,
industry
groups and
government
Previously (1) Director of Exploration
and Production at Pertamina (2) Director
General Oil & Gas within the Indonesian
Department of Mines & Energy, (3)
OPEC Board of Governors (1988-1996)
Selected experience: (1) President
Director of Perum Gas Negara, (2)
Expert Advisor in the Ministry of Mines &
Energy, (3) Secretary of the Board of
Commissioners of Pertamina
S. Zuhdi Pane
Independent Commissioner

30 years of upstream oil & gas experience
with international companies, including
Vico Indonesia East Kalimantan Block
Has held key leadership positions with
Pertamina including Vice President of the
Exploration Division, General Manager of
the Pertamina – Japex joint venture which
operated the Gebang PSC block
 Comprise some of
the most
respected,
influential and
successful
individuals in the
oil & gas sector in
Indonesia
Bambang Istadi
Chief Business Development
Herwin Wahyu Hidayat
Chief Investor Relations


Former corporate banker with sound capital
markets experience, having 10 years
experience in the oil and gas industry

Previously 6 years with ABN Amro, Citibank
 Strong, long term
relationships with
key industry
players, industry
groups and
government
Peter Alastair Adam
Head of Engineering
Ameesh Anand
Vice President, Finance


25 years experience In the upstream and
downstream oil & gas sector with Huffco,
Vico Indonesia, ConocoPhillips
20 years of experience in oil and gas field
development, field operations and asset
management in international companies
including Schlumberger, Elf (now Total)
and Santos
Over 17 years experience in corporate
finance, capital markets, financial
restructuring, fund raising and held senior
level positions in such companies as Deloitte
Touche and Punj Lloyd
15
Appendix A
Additional information
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EMP Reduces Interest Cost by US$26 million in 2014
In December 2013, ENRG secured $203 million syndicated loan facility arranged
by Bank of America Merrill Lynch with the current rate of Libor + 6% p.a.
The syndicated loan facility is used to refinance the current outstanding loan at
lower interest cost. Consequently, EMP is expected to reduce its interest cost by
US$26 million in 2014.
Source: EMP Press Release (11 December 2013)
17
EMP Corporate Structure
99.99%
26.03% WI
PT IMBANG TATA ALAM
(Indonesia)
100%
49.99998%
100%
(Delaware)
100%
ENERGI MEGA PRATAMA INC.
KANGEAN ENERGY
INDONESIA LTD
60% WI
100%
EMP EXPLORATION
(KANGEAN) LIMITED
40% WI
99.99%
PT EMP SEMBERAH
100% WI
SEMBERAH BLOCK
TAC
100% WI
SUNGAI GELAM
BLOCK TAC
50% WI
GEBANG BLOCK
PSC
PT TUNAS HARAPAN PERKASA
(Indonesia)
99.99%
PT EMP GELAM
(Indonesia)
100%
EMP ENERGY LTD
(Cayman Islands)
100%
EMP GEBANG LIMITED
(British Virgin Islands)
100%
EMP ENERGY OFFSHORE LTD
(Cayman Islands)
100%
(Netherlands)
100%
100%
EMP BENTU LIMITED
(British Virgin Islands)
100% WI
BENTU BLOCK
PSC
100%
EMP KORINCI BARU
LIMITED
100% WI
KORINCI BARU
BLOCK PSC
MALACCA BRANTAS FINANCE B.V.
PT Energi Mega Persada Tbk.
(Indonesia)
(British Virgin Islands)
FREEMONT CAPITAL GROUP LIMITED
(British Virgin Islands)
1%
PT KENCANA SURYA PERKASA
99%
99%
KANGEAN BLOCK
PSC
(United Kingdom)
ENERGY MEGA PERSADA PTE. LTD
(Indonesia)
99.99%
MALACCA STRAITS
PSC
(Delaware)
0.00002%
(Singapore)
34.46% WI
(Panama)
RHI CORPORATION
(British Virgin Islands)
100%
EMP MALACCA STRAIT S.A.
23.75% WI
TONGA
BLOCK PSC
(Indonesia)
PT EMP TONGA
71.25% WI
(Indonesia)
70%
60% WI
PT VISI MULTI ARTHA
(Indonesia)
70%
100% WI
PT ARTHA WIDYA PERSADA
(Indonesia)
51%
100%
EMP INTERNATIONAL (BVI) LTD
(British Virgin Islands)
99.99%
100%
(Indonesia)
EMP INTERNATIONAL
HOLDINGS PTE. LTD.
100%
ALLGOLD (88) LIMITED
36.7205% WI
(Labuan, Malaysia)
PT EMP ENERGI INDONESIA
100%
EMP ONWJ LTD.
GMB SANGATTA-2
BLOCK PSC
GMB TABULAKO
BLOCK PSC
ONWJ BLOCK PSC
GOLDHILL INVESTMENT LTD
(Seychelles)
(Seychelles)
100%
EMP HOLDINGS SINGAPORE PTE. LTD.
34%
(Singapore)
100%
25%
ENVIROCO COMPANY LIMITED
(Seychelles)
BUZI HYDROCARBONS PTE LTD
(Singapore)
41%
75% WI
BUZI BLOCK EPCC
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Continue to Develop and Commercialize Large Portfolio of Reserves
Strong production growth pipeline from EMP’s developed assets, long term potential from quality gas based
assets including Masela
2012
2013
2014
2015
2016
Project
Operator
Q1 Q2 Q3 Q4
Malacca Straits PSC (1)
Q1 Q2 Q3 Q4
Q1 Q2 Q3 Q4
Q1 Q2 Q3 Q4
Q1 Q2 Q3 Q4
Production from existing fields + annual infill drilling programs
Production from existing fields
Kangean PSC
TSB field phase 1
TSB field phase 2
Bentu & Korinci PSC (2)
Production from existing fields
Seng / Segat field phase 2
Gelam TAC (3)
Semberah TAC
Gebang JOB
Production from existing wells + annual infill drilling programs
Production from existing wells + annual infill drilling programs
Production from existing fields
Anggor field
Production from existing fields + annual infill drilling programs
Tonga PSC
Tonga field
ONWJ PSC
Development well
Start of production
Production from existing fields + annual infill drilling program
Source: Company information.
(1)
BOB gas to start delivery in mid-2013.
(2)
Bentu gas to PLN to increase 30mmscfd Q4-2012.
(3)
2nd Phase of PLN gas is targeted for start delivery in Q4-2012.
19
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