MedcoEnergi Achieved Important Milestones

Senoro Upstream and Downstream LNG Project

MedcoEnergi as a Private National Oil & Gas Company and its partners has succeeded in monetizing the Senoro gas field which was previously considered as stranded gas, by supplying gas to the Donggi Senoro LNG plant among others. The inauguration of both projects was in conjunction with the release of first cargo of LNG shipment by the President of the Republic of Indonesia, Mr. Joko Widodo.

Strengthening Our Producing Portfolio

Senoro Gas Development, Central Sulawesi, Indonesia

Senoro Gas Development, one of MedcoEnergi's major developments, was once considered stranded gas due to its remote location and unavailability of infrastructure for the gas captives. We successfully develop and monetize the abundant gas resources into high quality markets that will take gas up to 310 mmscf per day.

Delivering Projects Development

Donggi Senoro LNG, Central Sulawesi, Indonesia

The Donggi Senoro LNG will be the fourth LNG plant in operation in Indonesia and the first LNG project built by national companies (MedcoEnergi, Pertamina) and partner Mitsubishi. The plant has a total capacity of 2 million tons of LNG per annum with gas supply from the Senoro-Toili gas field, in which MedcoEnergi also participate.

Clean Energy for a Cleaner World

Sarulla Geothermal, North Sumatera, Indonesia

The construction of Sarulla Geothermal Power Plant has started in 2014, and will produce geothermal power for 3 x 110 MW electricity. As the world's largest single-contract geothermal power project upon completion, the plant is envisioned to provide clean and sustainable electricity in Indonesia and expected to reduce carbon dioxide emission up to 1.3 million tonnes a year.

Monetizing Reserves

Block A, Aceh, Indonesia

In January 2015, MedcoEnergi inked a Gas Sales Agreement of over US$ 2 billion in value, monetizing 200 BCF reserves from the Block A Production Sharing Contract in Aceh Province, Indonesia. The customer is the state owned company Pertamina, with an agreed gas price of US$ 9.45 per MMBTU. This contract demonstrates the Company’s support to the development of the Indonesian domestic gas market, at the same time creating value for the company and establishing a vital economic presence in the province of Aceh.

Stock

31/08/2016
MEDC-IDX
(IDR)
1,520
Market Cap
(Trilion IDR)
5.1
Volume
(lot)
16,057

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Thursday, 30/06/2016 WIB MedcoEnergi AGMS & EGMS Continue to Deliver Energy in the Challenging Year of Oil and Gas Industry

PT Medco Energi Internasional Tbk ("MedcoEnergi" or the "Company") yesterday held the Annual General Meeting of Shareholde ...

Thursday, 30/06/2016 WIB MedcoEnergi Leads “Indonesia, Inc.” to Bring Back Indonesia’s Strategic Assets from Newmont

PT Medco Energi Internasional Tbk (“MedcoEnergi”) is pleased to announce that it has agreed to acquire a controlling st ...

Thursday, 30/06/2016 WIB MedcoEnergi Announces its Audited 1Q 2016 Financial Results

Today, PT Medco Energi Internasional Tbk has announced its audited consolidated financial statements for the period ending 31 March 2016 (“1Q 2016”).

Tuesday, 28/06/2016 WIB MedcoEnergi Signs Lematang PSC Extension

PT Medco Energi Internasional Tbk (MedcoEnergi) is pleased to announce the signing of a 10 year extension of the Production Sharing Contract for the Contract Area Lematang (PSC)

Monday, 02/05/2016 WIB MedcoEnergi Increases Interest in Aceh Block A PSC

PT Medco Energi Internasional Tbk through its subsidiary PT Medco E&P Malaka (MedcoEnergi) is pleased to announce it has reached agreement to acquire Japex Block A Ltd’ ...

Thursday, 28/04/2016 WIB MedcoEnergi awarded Lematang PSC Extension

PT Medco Energi Internasional Tbk (MedcoEnergi) is pleased to announce it has been awarded a 10 year extension of the Lematang Production Sharing Contract (PSC) effective April 6 ...

Thursday, 31/03/2016 WIB MedcoEnergi Announces its 2015 Financial Results

Today, PT Medco Energi Internasional Tbk (“MedcoEnergi” or “the Company”) released its financial statements for the year ending December 31, 2015 with a gross profi ...

Wednesday, 30/03/2016 WIB MedcoEnergi Signs EPC Contract for the Development of the Block A Gas Project

PT Medco Energi Internasional Tbk through its subsidiary PT Medco E&P Malaka (MedcoEnergi) is pleased to announce the award and signature of th ...

Wednesday, 25/11/2015 WIB Extraordinary General Meeting of Shareholders of MedcoEnergi Approved The Change of Articles of Association and Composition of BOC and BOD

PT Medco Energi Internasional Tbk (“MedcoEnergi” or “Company”) held an Ext ...

Tuesday, 24/11/2015 WIB MedcoEnergi Signed USD 200 Million Term Facility Agreement For Its Senoro Upstream Gas Block

PT Medco Energi Internasional Tbk, through its subsidiary PT Medco E&P Tomori Sulawesi (together called the "Company" or "MedcoE ...

MedcoEnergi AGMS & EGMS Continue to Deliver Energy in the Challenging Year of Oil and Gas Industry

Jakarta, 30 June 2016 - PT Medco Energi Internasional Tbk ("MedcoEnergi" or the "Company") yesterday held the Annual General Meeting of Shareholders (AGMS) and an Extraordinary General Meeting of Shareholders (EGMS). 

The AGMS approved the 2015 Annual Report and 2015 Audited Consolidated Financial Statements of the Company, appointed Independent Public Accountants who will audit the Company’s Financial Statement for the year ended 31 December 2016, fixed the remuneration of the BOD and the BOC for the period of January – December 2016 and elected the Board of Commissioners and Board of Directors.

MedcoEnergi released its 2015 financial results on March 31st and a copy of the Press Release is available on its website.

At the EGMS the Shareholders also approved the implementation of a Management, Director and Employee Stock Ownership Program with share allocations from existing Treasury shares.  With this Program the Company will aim to align the interests and motivation of Shareholders, Directors and Employees of the Company.

On 30 June 2016 the Company  released its Q1 Audited Financial Results.  A copy of the Press Release is reproduced below and is also available on the Company’s website.

MedcoEnergi CEO Roberto Lorato said "As we know 2015 was a difficult year but we have made a strong start to 2016 with the release of our 2016 Q1 results.   I am also very pleased by the strong support demonstrated by our Shareholders towards our efforts to make MedcoEnergi and ever stronger and more competitive company.”

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MedcoEnergi Leads “Indonesia, Inc.” to Bring Back Indonesia’s Strategic Assets from Newmont

Jakarta, June 30, 2016 – PT Medco Energi Internasional Tbk (“MedcoEnergi”) is pleased to announce that it has agreed to acquire a controlling stake in PT Amman Mineral Internasional (“AMI”) which controls 82.2 percent of PT Newmont Nusa Tenggara (NNT)for USD 2.6 billion.  AMI has just recently purchased NNT from Newmont Mining Corporation and Sumitomo Corporation, recording one of the largest structured finance deals in South East Asia this year.

Hilmi Panigoro, President Director of MedcoEnergi, remarked that, “This transaction is immediately accretive for MedcoEnergi given NNT’s world scale operation.  We are committed to maintaining high standards in safety, environmental stewardship and social responsibility, and high quality workforce that are the foundation of MedcoEnergi’s operational success to date. This will strengthen MedcoEnergi position as Indonesia’s premier independent energy and natural resources company, and reaffirms our commitment to contribute to national development.”

MedcoEnergi Group Chairman Muhammad Lutfi says “This transaction is strategic not only for MedcoEnergi Group but also for setting two new important precedents for Indonesian and international investors. First this deal proves that with the collaboration of Indonesian companies, state-owned banks, government and the public at large would bring solution to every challenge the country faces. Secondly, Newmont and Sumitomo deserve a lot of praise for setting a new precedent for international investors in the natural resource sector that being cooperative and supportive towards realizing the aspiration of the people can only mean good for everybody.”

MedcoEnergi Group and AP Investment join forces to acquire controlling stakes in AMI with the support of Indonesia’s three largest state-owned banks namely Bank Mandiri, BNI and BRI with transaction structure that is sophisticated and rare by Indonesian banking practice.

“I am honored to witness and learn firsthand from the country’s best bankers. The sophisticated structure that the three state-owned banks applied in this transaction is expected to bring more similar and equally important transaction in the future,” said Hilmi Panigoro.

AP Investment is led by Agus Projosasmito, Indonesia’s seasoned investment banker and former President Director of Danareksa Securities. Agus made his reputation by spearheading and co-founding the country’s most memorable deals. This includes the formation of Star Energy with the acquisition of Conoco Phillips off-shore operation in Natuna in 2002 and the acquisition of Wayang Windu – a geothermal leading company – from Credit Suisse and Deutsche Bank in 2004.

MedcoEnergi founder Arifin Panigoro could not be happier. “I feel blessed because for the many times Medco Energi Group reaffirms its main characteristic as a pioneer that would open new frontier for the industry and the country. We cannot thank the government more for the shared vision and the great support.

Completion of the transaction is contingent upon obtaining both Government and MedcoEnergi shareholders approvals. 

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MedcoEnergi Announces its Audited 1Q 2016 Financial Results

SUMMARY OF 1Q 2016 PERFORMANCE

Operational

·         Average production of 64.5 MBOEPD (49.9 MBOEPD in 1Q15)

o    Oil Production – 30.7 MBOPD (31.1 MBOPD in 1Q15)

o    Gas Production – 197.6 MMSCFD (109.9 MMSCFD in 1Q15)

·         Increase in production volume by 29.3%

·         Lematang PSC awarded 10 years extension and increased working interest to 100%

·         EPC Contract for Block A, Aceh has been awarded to JEC

·         Acquisition of Japex’s 16.67% interest in Block A, MedcoEnergi to hold a total of 58.33% interest

 

Financial

·         EBITDA of US$65 million

·         Net profit of US$10 million

·         Oil and Gas operating cash costs reduced by 7%

·         Solid liquidity with cash and cash equivalent of US$ 400 million

 

 

Jakarta, 30 June 2016 – Today, PT Medco Energi Internasional Tbk has announced its audited consolidated financial statements for the period ending 31 March 2016 (“1Q 2016”).

Hilmi Panigoro, President Director of MedcoEnergi stated that “Despite the continuing difficult price environment, our 1Q 2016 performance is on track to meet our 2016 operational and financial targets. Production in 1Q 2016 has been strong and our cost efficiency efforts are becoming evident in our results.”

Operational Highlights in 1Q 2016

  • Production volume was 29.3% higher than in 1Q 2015 at 64.5 mboepd.The increase in production volume was mainly attributed to the additional contribution of Senoro-Toili Gas field which started operation in June 2015 and in 1Q 2016 produced a total of 102.5 mmscfd of gas. Oil production decline in mature fields continues to be successfully mitigated through focused production optimization.
  • MedcoEnergi announced several milestones in the development of its Major Projects:
    • In Lematang PSC, South Sumatra the Company was awarded a 10 year extension and increased its working interest to 100% with the completion of the Lundin acquisition.
    • In Block A PSC, Aceh the Company awarded the Engineering Procurement and Construction (EPC) contract for the Phase 1 gas project development to a consortium of PT JGC Indonesia and PT Encona Inti Industri (JEC).
    • The Company entered into an agreement to acquire Japex Block A Ltd’s 16.67% interest in the Block A PSC. Upon completion MedcoEnergi will hold a 58.33% operating interest in the block.

Financial Highlights in 1Q 2016

  • MedcoEnergi’s average realized oil price for the period was US$ 30.6/bbl per barrel or 40% lower compared to 1Q 2015, whilst average realized gas price was US$ 4.14/mmbtu.
  • Total revenue was booked at US$ 144.6 million or 13% higher compared to 1Q 2015. 
  • The Company lowered operational oil and gas cash costs by 7% from US$ 59 million in 1Q 2015 to US$ 55 million in 1Q 2016, with unit production cash costs at US$ 6.9/boe.
  • Gross profit recorded at US$ 58 million and operating income of US$ 34 million. The Company’s EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization)  increased by 45% to US$ 65 million, with an improved EBITDA margin up from 35.4% to 45.3% year on year.
  • 1Q 2016 the Company booked net profits from operations of US$ 10.3 million, compared to the net loss of US$ (37.4) million in 1Q 2015.

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MedcoEnergi Signs Lematang PSC Extension

Jakarta, 28 June 2016 – PT Medco Energi Internasional Tbk (MedcoEnergi) is pleased to announce the signing of a 10 year extension of the Production Sharing Contract for the Contract Area Lematang (PSC) through its subsidiaries PT Medco E&P Lematang, Lundin Lematang BV and Lematang E&P Limited, effective as of April 6, 2017.

Following approval of the Ministry of Energy and Mineral Resources of the Republic of Indonesia (ESDM), this PSC was also signed by the Upstream Oil and Gas Regulatory Special Task Force (SKK Miigas) today at ESDM office, Jakarta.

PT Medco E&P Lematang is the Operator and together with other MedcoEnergi subsidiaries holds 100% participating interest under the PSC. Average gross daily gas production from Lematang Contract Area in 2015 was 38 Bbtud. This Contract Area is located in South Sumatra, close to the South Sumatra Contract Area which is owned and operated by PT Medco E&P Indonesia, a subsidiary of MedcoEnergi.

Roberto Lorato, CEO of MedcoEnergi remarked, “MedcoEnergi appreciates the trust shown by the Government of Indonesia and the opportunity to continue to operate this PSC. The signing of the 10 year extension reaffirms the Company’s commitment to contribute to Indonesia’s growing energy needs and its ability to leverage and create value from its strong position as Indonesia’s premier independent energy company”.

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MedcoEnergi Increases Interest in Aceh Block A PSC

Jakarta, 2 May 2016 – PT Medco Energi Internasional Tbk through its subsidiary PT Medco E&P Malaka (MedcoEnergi) is pleased to announce it has reached agreement to acquire Japex Block A Ltd’s 16.6667% interest in the Block A Aceh Production Sharing Contract. Completion of the transaction is conditional on the approval of the Government of Indonesia and the Government of Nangroe Aceh Darussalam. Upon completion MedcoEnergi will hold a 58.3334% operating interest in the block.

MedcoEnergi recently awarded the Engineering Procurement and Construction (EPC) contract for the Phase 1 development of the Block A gas project to a consortium of PT JGC Indonesia and PT Encona Inti Industri (JEC). First gas will commence in the first quarter 2018, when under the Gas Sales Agreement signed in January 2015 with Pertamina, MedcoEnergi will deliver 58 Billion British Thermal Units (BTU) per Day, 198 Trillion BTU over 13 years.

Roberto Lorato, CEO of MedcoEnergi, remarked, “This acquisition further underlines MedcoEnergi’s strong domestic position and our commitment to develop and monetize the resources in this block in support of the Government’s plan to develop Aceh infrastructure.”

Facts

  • The current participating interest in the block is MedcoEnergi 41.6667% (operator), KrisEnergy 41.6666%, and Japex 16.6667%.

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MedcoEnergi awarded Lematang PSC Extension

Jakarta, 28 April 2016 – PT Medco Energi Internasional Tbk (MedcoEnergi) is pleased to announce it has been awarded a 10 year extension of the Lematang Production Sharing Contract (PSC) effective April 6, 2017.

MedcoEnergi has also now completed the acquisition of Lundin’s key Indonesian PSCs, including it’s 25.8824% participating interest in Lematang PSC.  The completion occurred after receiving the required Government approvals.

The Lematang PSC is located in South Sumatra, close to the MedcoEnergi operated South Sumatra PSC. MedcoEnergi is the Operator and holds 100% participating interest through its wholly-owned subsidiaries.  Average gross daily gas production from Lematang in 2015 was 37.9 million standard cubic feet per day (mmscfd).

The signing of the 10 year extension demonstrates the Company’s ability to continue to leverage and create value from its strong domestic position. 

Roberto Lorato, CEO of MedcoEnergi said “MedcoEnergi appreciates the trust shown by the Government of Indonesia and this opportunity to continue to operate this PSC.”

Related release

9 October 2015 - MedcoEnergi Acquires Lundin Indonesia Holding B.V. 

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MedcoEnergi Announces its 2015 Financial Results

SUMMARY OF 2015 KEY PERFORMANCE

Operational

·       Average production of 55.6 MBOEPD (56.0 MBOEPD in 2014)

o    Oil Production – 31.6 MBOPD (31.6 MBOPD in 2014)

o    Gas Production – 140.5 MMSCFD (142.9 MMSCFD in 2014)

·         Senoro Gas field was placed into service, on time and on budget

·         Extension of the Karim Field Service Contract in Oman

·         GSPA signed with Pertamina for the delivery of 198 TBTU on Block A

·         GSPA signed with Perusda Mura Energi for the delivery of 8.75 TBTU in South Sumatra

·         Entered into a co-development agreement for Ijen Geothermal, and a PPA extension for Singa  power plant

Financial

·         EBITDA of US$217 million

·         Net financial impairments of US$180 million

·         Substantial reduction in cash costs and operational capex

·         Raised SG$100 million Medium Term Note and refinanced the Senoro gas plant

·         Closed 2015 with over US$450 million of cash reserves

 

Jakarta, 31 March 2016 – Today, PT Medco Energi Internasional Tbk (“MedcoEnergi” or “the Company”) released its financial statements for the year ending December 31, 2015 with a gross profit of US$208 million and US$90 million operating profit. 

 

Hilmi Panigoro, President Director of MedcoEnergi, stated, “2015 was a difficult year for the industry in general, but the Company has emerged strongly and delivered 2015 EBITDA of US$217 million despite the low price environment.   Going forward, the new Board of Directors has set out its business priorities with the intent to improve the Company’s financial performance. These priorities include further cost and capital efficiency and prioritizing reduced project cycle time in our portfolio of domestic developments. We will also continue to exercise MedcoEnergi’s strategic position in Indonesia to create value for our stakeholders through selective domestic resource acquisitions, contract extensions as well as gas sales and subcontractor renegotiations.”

 

Operational highlights in 2015

         Oil production was stable year on year at 31.6 MBOPD, despite the turmoil in Yemen and was the result of successful efforts to mitigate natural decline in our domestic assets.  Gas sales declined slightly reflecting lower customer demand in 2015. As the Company focuses upon value, 2016 production is expected to be in the range of 55 to 60 MBOEPD.

         Senoro gas field was placed into service, on time and on budget in July 2015. Production from Senoro continues to exceed expectations with a gross production capacity of 355 MMSCFD. Concurrently, the Donggi Senoro LNG (“DS-LNG”) plant was also successfully placed into service. Following inauguration of both the Senoro gas and DS-LNG by Joko Widodo, President of Indonesia, DS-LNG delivered its first cargo in September 2015. In 2015, the DS-LNG plant delivered 12 LNG cargoes, and MedcoEnergi expects that to more than double in 2016 with a full year of operations.

         In July 2015, MedcoEnergi signed a 25 year extension to its Karim Small Fields service contract. The Company has operated in Oman since 2006 and the extension demonstrates Oman’s confidence in MedcoEnergi as an operator. 

         Through its power subsidiary, the Company entered into a CSPA with Aboitiz Power of the Philippines to co-develop the 110 MW Ijen Geothermal Project, and extended the PPA for the Singa power plant in South Sumatra.

         In January 2015, MedcoEnergi signed a gas contract with Pertamina for the long term delivery of 198 TBTU of gas from Block A.  This first phase of developments on this PSC is expected to begin production in 2018 following the recently awarded EPC contract to JEC.    

         Also in January 2015, MedcoEnergi signed a gas contract with Perusda Mura Energi, South Sumatra for the delivery of 8.75 TBTU over 11 years. The contract will fulfil the gas needs for electricity generation in Musi Rawas regency.

 

Financial Highlights in 2015

       2015 EBITDA was US$217 million despite an oil price decline of almost 50% whereas realized gas prices were essentially stable, reflecting the Company’s mix of oil and fixed price gas contracts. 

        The Company booked US$180 million net financial impairments due to the low oil price.

        Cash costs were reduced by 16%. Similarly, reduction in operational capex excluding acquisitions by 62% and in cash lifting cost 23%.  During 2016 the Company will continue to make further sustainable expenditure reductions, deferrals and where appropriate renegotiate its exploration commitments.

     The Company raised SG$100 million in early 2015, part of an overall SG$500 million Medium Term Note program and later in the year refinanced its Senoro gas plant.

       The Company ended the year with significant liquidity, closing 2015 with over US$450 million of cash reserves.

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MedcoEnergi Signs EPC Contract for the Development of the Block A Gas Project

Jakarta, 30 March 2016 – PT Medco Energi Internasional Tbk through its subsidiary PT Medco E&P Malaka (MedcoEnergi) is pleased to announce the award and signature of the US$ 240 million Engineering Procurement and Construction (EPC) contract with the consortium of PT JGC Indonesia and PT Encona Inti Industri (JEC) for the development of the Block A gas project in Aceh.

First gas will commence in the first quarter 2018, when under the Gas Sales Agreement signed in January 2015 with Pertamina, MedcoEnergi will deliver 58 Billion British Thermal Units (BTU) per Day, 198 Trillion BTU over 13 years.

Roberto Lorato, CEO of MedcoEnergi, remarked, “This is just the first phase of our plans to develop and monetize the resources on this Block.”

The award reaffirms MedcoEnergi’s strategic position as Indonesia’s premier independent energy company, and it will make a significant contribution to both national development and the Government’s plan to develop the infrastructure of the Aceh Province.

Facts.

  • The participating interest in this project is MedcoEnergi 41.67% (operator), KrisEnergy 41.66%, and Japex 16.67%.

JEC is a consortium of PT JGC Indonesia and PT Encona Inti Industri. JGC has just completed the development of the Donggi Senoro LNG plant in Central Sulawesi, in 2015. 

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Extraordinary General Meeting of Shareholders of MedcoEnergi Approved The Change of Articles of Association and Composition of BOC and BOD

Jakarta, 25 November 2015 - PT Medco Energi Internasional Tbk (“MedcoEnergi” or “Company”) held an Extraordinary General Meeting of Shareholders (“EGMS”) today whereby the majority of the shareholders approved the following: 

1. The change of the Articles of Association of the Company in accordance with the OJK (Indonesian Financial Service Authority) Rule No. 32/POJK.04/2014 regarding the Planning and Implementation of General Meetings of Shareholders. 

2. The change of the members of Board of Commissioners and Board of Directors of the Company for the period of 2015 - 2020 with following composition: 

Board of Commissioners 

President Commissioner : Muhammad Lutfi 

Commissioner : Yani Panigoro 

Commissioner : Junichi Iseda 

Commissioner : Yaser Raimi A. Panigoro 

Independent Commissioner : Marsillam Simandjuntak 

Independent Commissioner : Bambang Subianto 

Board of Directors 

President Director : Hilmi Panigoro 

Director/Chief Executive Officer (CEO) : Roberto Lorato 

Director/Chief Operating Officer (COO) : Ronald Gunawan 

Director/Chief Human Capital & 

Business Support Officer (CHCO) : Amri Siahaan 

Director/Chief Planning & Financial 

Officer (CFO)/Independent Director  : Anthony R. Mathias

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MedcoEnergi Signed USD 200 Million Term Facility Agreement For Its Senoro Upstream Gas Block

Jakarta, Tuesday, November 24, 2015 – PT Medco Energi Internasional Tbk, through its subsidiary PT Medco E&P Tomori Sulawesi (together called the "Company" or "MedcoEnergi"), has signed a Term Facility Agreement ("Agreement") on November 24, 2015 with PT Bank ANZ Indonesia (“ANZ”), PT Bank DBS Indonesia (“DBS”), PT Bank Mandiri (Persero) Tbk ("Bank Mandiri"), Standard Chartered Bank (“SCB”) and Sumitomo Mitsui Banking Corporation (“SMBC”) (collectively refer to as the “Banks”) to refinance an upstream gas operations in Senoro Field, Senoro-Toili PSC Block, Central Sulawesi (“Senoro Upstream Gas”). All those five prominent banks acted as Joint Mandated Lead Arrangers for a Term Facility (with SCB acting as Global Coordinator) in the amount of USD 200 million.

With MedcoEnergi's credit standing, the Banks were able to secure initial commitments for the Term Facility in the amount of USD 350 million. Nonetheless, MedcoEnergi opted to execute a Term Facility in the amount of USD 200 million, which demonstrated a 1.75x over subscription. Since April 2015, when the gas production facilities reached its mechanical completion, the Senoro Upstream Gas has exhibited a steady ramp up gas production and the facilities currently produces gas above its daily contractual obligation of 250 MMSCF per day. The cumulated gas production is targeted at 69,440 BBTU by end of 2015. To date, the gas has been sent to PT Donggi Senoro LNG (“DSLNG”), a joint venture company of MedcoEnergi, PT Pertamina (Persero), Mitsubishi and Kogas, for LNG production. Up to now DSLNG has shipped 9 LNG cargoes and it expects to ship a total of 12 cargoes by year end of 2015.

Lukman Mahfoedz, President Director & CEO of MedcoEnergi stated, "This Agreement indeed reflects a good standing credit reputation of the Company whereby we can still secure funding amidst the current low oil price. This refinancing will accumulatively contribute to a total of USD 600 million fund raising exercise in 2015 for the purpose of general capital investment and refinancing of MedcoEnergi’s indebtedness.” (***)

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