ENRG prepays its US$ 200 million loan to Credit Suisse and further improves its financial condition | Press Release
PT Energi Mega Persada Tbk. (“ENRG” or “the Company”) today reported that it used some of the cash proceed from the sale of its 10% stake in the Masela PSC to fully repay the US$ 200 million loan facility arranged by Credit Suisse, Singapore, prior to its maturity of September 2013. This leads to the Company’s total loans reduction of US$ 200 million and stronger Debt to Equity ratio of 0.75x today (down from 1.22x in FY 2012). Furthermore, after the loan facility repayment, ENRG will save up to US$ 25 million in interest cost on annual basis, that would result in ENRG’s improved future profitability.
ENRG is an upstream oil and gas Company which produces around 48,500 barrels equivalent per day of oil and gas throughout the first quarter 2013. Its latest production rate as per 27 June 2013 was at 55,040 barrels equivalent per day. ENRG currently operates and own stakes in some 11 oil, gas, and coal bed methane assets in some parts of Indonesia.
