Bringing Back Indonesia’s Strategic Assets from Newmont

Amman Mineral Nusa Tenggara, West Sumbawa, Indonesia

The acquisition of this asset marks a monumental milestone for MedcoEnergi and our stakeholders including the Indonesian government. We commit to maintain the world-class standards of safety, environmental stewardship and social responsibility, as well as high quality workforce.

World-class offshore operations

South Natuna Sea Block B, Riau, Indonesia

An offshore PSC located in the South Natuna Sea with a large hydrocarbon base and best in class Health, Safety, and Environmental records. With the asset integration into MedcoEnergi’s portfolio through acquisition, it will enhance the Company’s capabilities and scale as a world class offshore operating Oil and Gas Company.

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.

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

26/04/2018
MEDC-IDX
(IDR)
1,175
Market Cap
(Trilion IDR)
20.8
Volume
(lot)
328,281

Whistleblower

Ensuring MedcoEnergi is a safe, fair and honest place to work.
Wednesday, 11/04/2018 WIB MedcoEnergi Announces its Audited 2017 Results

MedcoEnergi announced a net profit of US$127.1 million and a 31.5% year-on-year increase in oil and gas production volumes for the year ended 31 December 2017.

Thursday, 29/03/2018 WIB Medco Daya Abadi Lestari Consolidates Ownership in MedcoEnergi

PT Medco Daya Abadi Lestari has consolidated the Panigoro family shareholding in MedcoEnergi and now holds over 50% equity interest in MedcoEnergi

Friday, 26/01/2018 WIB MedcoEnergi Wins “Upstream Company of the Year”

MedcoEnergi has received the “Upstream Company of the Year” award for 2017, at the recently concluded ceremony by the APAC Energy Council, January 24, 2018, held in ...

Thursday, 25/01/2018 WIB MedcoEnergi Issues US$ 500 Million 7NC4 Bond

MedcoEnergi announced its successful issuance of 7NC4 bond for US$ 500 million, with seven year tenor and final coupon of 6.75%.

Friday, 05/01/2018 WIB MedcoEnergi Announces its Audited 9M 2017 Results

MedcoEnergi announces net profit of US$164.3 million and a 38.3% increase oil and gas production volumes for the period ending 30 September 2017.

Thursday, 21/12/2017 WIB MedcoEnergi Successfully Closed Trading Period of Fully Underwritten Rights Issue

The target proceeds of IDR 2,640 billion (~US $195million) were oversubscribed by ~45%.

Thursday, 30/11/2017 WIB MedcoEnergi Passes Final Requirement for its Fully Underwritten Rights Issue

MedcoEnergi has obtained the final effective letter from the Otoritas Jasa Keuangan for its Rights Issue Offering.

Friday, 03/11/2017 WIB MedcoEnergi Announces Fully Underwritten Right Issue

MedcoEnergi announced that it has filed the prospectus for its planned Rights Issue to the OJK after the successful EGMS on 2 Nov 2017

Friday, 06/10/2017 WIB MedcoEnergi Strengthen Ownership in Power Business

PT Medco Energi Internasional Tbk announces that it has acquired a 77.68% interest in PT. Saratoga Power from Saratoga and other shareholders.

Monday, 02/10/2017 WIB MedcoEnergi Announces Its Audited 1H 2017 Results

PT Medco Energi Internasional Tbk announced its audited consolidated financial statements for the period ending 30 June 2017.

MedcoEnergi Announces its Audited 2017 Results

SUMMARY OF 2017 PERFORMANCE

Operational

  • Oil and gas production volumes increased 31.5% year-on-year
  • Average production 86.8 MBOEPD (66.0 MBOEPD in 2016)
    • Oil Production – 35.1 MBOPD
    • Gas Production – 278.0 MMSCFD
    • Unit costs of US$9.1/BOE

Financial

  • EBITDA of US$434.2 million (US$267.7 million in 2016)
  • Net profit of US$127.1 million (US$184.8 million in 2016)
  • Net debt to EBITDA of 3.7x (ex. MPI) and back to the level in 2014
  • Strong liquidity with cash and cash equivalents and including restricted cash of US$635 million

 

Jakarta, 11 April 2018 – PT Medco Energi Internasional Tbk (“MedcoEnergi” or the “Company”) announced a net profit of US$127.1 million and a 31.5% year-on-year increase in oil and gas production volumes for the year ended 31 December 2017 (“2017”).

Roberto Lorato, CEO, said “We are pleased with these results, which reflect solid operating performance achieved while delivering a complex set of business efficiency programs, including the integration of the South Natuna Sea offshore assets.”

Operational Highlights

  • Oil and Gas production of 86.8 MBOEPD was 31.5% higher year-on-year, driven by strong performance from the South Natuna Sea fields following its acquisition in the fourth quarter of 2016, as well as continued higher production from the Senoro field, and lower decline in the South Sumatra and Rimau fields. The Company’s 2017 annual, and three-year-average Reserve Replacement Ratio (RRR) were both approximately 1.3x.
  • The Block A Aceh project is on schedule and budget with commissioning gas achieved on 25 March 2018, the field will ramp up to its full 58 BBTUD capacity during the second quarter.
  • During the fourth quarter of 2017 the Company increased its ownership in Medco Power Indonesia ("MPI”) from 49.0% to 88.6%, and began consolidating MPI in its financial statements. Positioned as a national power company focusing on gas- and renewable- clean energy power plants, MPI operates plants with a gross generating capacity of 526MW and provides operations and maintenance services to plants generating 2,150MW. The Company expects to generate significant future synergies from its portfolio of operated gas fields, LNG facilities and new MPI gas fired power plants. MPI’s short-term focus however is to complete the Pusaka mini-hydro and Sarulla Unit 3 geothermal facilities, both of which are expected to reach commercial operation in the second quarter 2018.
  • In 2017 PT Amman Mineral Nusa Tenggara (“AMNT”), the Company’s mining affiliate completed its smelter feasibility studies and repaid both the senior and mezzanine acquisition debt facilities. In the fourth quarter AMNT began development of phase-7 of the existing Batu Hijau mine from its own cash resources, and subsequently secured further financing for the development. In 2017 appraisal drilling of the Elang discovery continued and this has enabled AMNT to increase Elang’s expected resource size.


Financial Highlights

  • Full-year revenue rose to US$925.6 million, increased 56.9% year-on-year due to both higher production and stronger commodity prices. Average realized prices were US$51.5/BBLS (+21.9% year on year) for oil and US$5.5/MMBTU (+25.7% year on year) for gas. Revenue from MPI contributed 7% of the Company’s total 2017 revenue following consolidation in the fourth quarter.
  • The Company continues to focus on efficiency with 2017 unit cash costs of US$9.1/BOE, lower than the Company’s commitment to keep cash costs below US$10/BOE through 2020.
  • As a result EBITDA jumped 62.2% year on year to US$434.2 million, with an improved EBITDA margin of 46.9% (45.4% in 2016). Net debt to EBITDA was 3.7x in 2017 excluding MPI, and 4.6x including MPI; both well below the 6.5x in 2016.
  • On the bottom line, the Company booked a net profit of US$127.1 million, compared to US$184.8 million in 2016. Full year 2017 results included several non-recurring charges and expenses against profit including pre-sale adjustments on assets held-for-sale, and the Company’s net profit share of AMNT interest and financing charges for the repaid acquisition and mezzanine debt (US$62.3 million), unwind costs for price hedges (US$135.7 million) and early termination packages for permanent and contract employees terminated in 2017 (US$20.4 million).
  • In the fourth quarter 2017 the Company completed a 1 for 3 rights issue raising approximately US$195 million with approximately US$200 million from attached warrants expected to be exercised from July 2018 onwards.

Hilmi Panigoro, President Director, said “The Company performed very well in 2017 despite a volatile environment, and we are well-positioned to remain competitive in the years to come. The recent successful corporate actions, including the acquisition of a controlling interest in MPI, issuing a second USD bond and completing our rights issue have strengthened our capital structure and provided value to our shareholders.”

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Medco Daya Abadi Lestari Consolidates Ownership in MedcoEnergi

PT Medco Daya Abadi Lestari (“Medco Daya”), a shareholder of PT Medco Energi Internasional Tbk (“MedcoEnergi” or “the Company”) has advised the Company that effective since 28 March 2018, it has consolidated the Panigoro family shareholding in MedcoEnergi under its own name and now Medco Daya holds over 50% equity interest in MedcoEnergi.

The consolidation was effected through a crossing of 7,523.96 million shares of MedcoEnergi collectively from Encore Energy Pte. Ltd. and Clio Capital Ventures Ltd. to Medco Daya. The shares have been crossed on the Indonesia Stock Exchange through a negotiated market settlement with an average price of IDR 1,357 per share and the current crossing of shares has not resulted in any change in control over MedcoEnergi.

Medco Daya is wholly owned by members of The Panigoro Family controlled by Bapak Arifin Panigoro.

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MedcoEnergi Wins “Upstream Company of the Year”

JAKARTA, 26 January 2018 – PT Medco Energi Internasional Tbk (“MedcoEnergi”) is pleased to announce that the Company has received the “Upstream Company of the Year” award for 2017, at the recently concluded ceremony by the APAC Energy Council, January 24, 2018, held in Singapore.

MedcoEnergi was shortlisted amongst all the upstream companies in the Asia Pacific region and made it to the final shortlist of 3 nominees which included two foreign energy companies from Australia and Singapore.

In 2017 also, MedcoEnergi received two awards for “Deal of the Year” for the acquisition of the 40% operated interest in South Natuna Sea Block B and “Executive of the Year” awarded to given to our CEO, Roberto Lorato.

Ronald Gunawan, Director & COO of the Company, said “In 2017, MedcoEnergi transformed itself into an integrated offshore and onshore E&P Company through the acquisition of the operated 40% interest in South Natuna Sea Block B. We have been able to integrate the new asset seamlessly, without business interruption, while maintaining safe operations. We consolidated our various operating environments with greater efficiencies and have achieved current production costs of less than US$ 10 / BOE, hence continuing to deliver greater value for our stakeholders."

For more Background on the Council, their website is www.energycouncil.com

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MedcoEnergi Issues US$ 500 Million 7NC4 Bond

JAKARTA, 25 January 2018 – PT Medco Energi Internasional Tbk (“MedcoEnergi” or the “Company”) is pleased to announce the successful issue of an eight times oversubscribed 7NC4 144A/Reg S bond for US$ 500 million, seven year tenor with a final coupon of 6.75%.

Moody's upgraded its B2 issuer rating outlook for the Company to Positive from Stable while Fitch and Standard & Poor’s reaffirmed their B Stable issuer ratings. The Company intends to use the net proceeds from the bond to repay certain indebtedness.

Roberto Lorato, CEO of MedcoEnergi, said “The strong demand from bond investors reflects the Company’s record of consistent delivery on its commitments, both our operational performance and deleveraging plans. We have delivered higher than budgeted oil and gas production, sustained our cost efficiency measures and most recently successfully executed a rights issue.”

Hilmi Panigoro, the President Director of MedcoEnergi, remarked “We are pleased with the final outcome of the bond issue, and also the credit rating outlook upgrade which reflects the confidence in our company. We will continue to deliver on our plans for the benefit of all our stakeholders.”

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MedcoEnergi Announces its Audited 9M 2017 Results

SUMMARY OF 9M 2017 KEY PERFORMANCE 

Operational

  • Oil and gas production volumes increased 38.3% year-on-year
  • Average production was 88.3 MBOEPD (63.9 MBOEPD in 9M 2016)
    • Oil Production – 35.5 MBOPD
    • Gas Production – 283.6 MMSCFD
    • Unit costs of $8.1/BOE below the commitment to sustain cash costs sub $10/BOE

Financial

  • EBITDA of US$310.9 million (US$180.11 million for 9M 2016)
  • Net profit of US$164.3 million (US$149.61 million loss for 9M 2016)
  • Net debt reduced 5% from year end 2016
  • Strong liquidity with cash, cash equivalents and restricted cash of US$450 million with a further US$180 million of trade receivables.

 

1 Restated figures from unaudited 9M 2016 financial result

Jakarta, 5 January 2018 – PT Medco Energi Internasional Tbk (“MedcoEnergi” or the “Company”) announces net profit of US$164.3 million and a 38.3% increase oil and gas production volumes for the period ending 30 September 2017 (“9M 2017”). 

Roberto Lorato, CEO, said “We continue to show strong operating results which, together with our  successful cost efficiency efforts, are now allowing us to see the full benefit of the recently improved commodity prices.” 

Operational Highlights in 2017

  • Oil and Gas production was 88.3 MBOEPD or 38.3% higher year-on-year driven by strong performance from the South Natuna Sea Block B after its acquisition in Q4 2016 and continued high gas sales from Senoro. 
  • The Development in Block A, Aceh is progressing well with overall construction 66.7% complete as of November 2017 with the Central Processing Plant now almost 90% complete. 
  • The Company recently expanded its effective ownership in its power affiliate Medco Power Indonesia ("MPI”), from 49.0% to 88.6%.  MPI is a mid-sized Independent Power Producer (IPP) which currently operates over 526MW of gross installed capacity following the commercial operation of the Sarulla geothermal plant Unit 1 in March 2017 and Unit 2 in October 2017.  MPI results will be consolidated from Q4 2017 onwards. 
  • PT Amman Mineral Nusa Tenggara (“AMNT”), the Company’s mining affiliate, continues to make good progress on the smelter by completing the feasibility studies and is rapidly closing on the completion of its re-financing plans.

Financial Highlights in 9M 2017

  • Total revenue was US$597.5 million, an increase of 52.6% year-on-year due to both higher production and higher commodity prices.  Average realized prices were US$49.5/BBLS (+25.2% year on year) for oil and US$5.5/MMBTU (+31.9% year on year) for gas.
  • The Company recorded a gross profit of US$300.2 million with a 50.2% gross margin. The Company continues to focus on cash costs, with 9M 2017 unit cash costs recorded at US$8.1/BOE, well below the Company’s commitment to remain below US$10/BOE until 2020.  
  • EBITDA increased by 72.6% year on year to US$310.9 million, with an improved EBITDA margin of 52.0% compared to 46.0% in 9M 2016. 
  • The Company booked a net profit of US$164.3 million, compared to last year’s net loss of US$149.6 million.  
  • Annualized net debt to EBITDA was 4.1x (not including restricted cash of US$85mio), well below the 6.3x in 2016 and the lowest level since 2014.

Hilmi Panigoro, President Director, said “I am pleased with our nine-month results as we continue to deliver what we promised to our investors. With the recent successful completion of the rights issue, we have been able to strengthen our capital structure going forward and provide additional value to shareholders.”

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MedcoEnergi Successfully Closed Trading Period of Fully Underwritten Rights Issue

JAKARTA, 21 December 2017 – PT Medco Energi Internasional Tbk (“MedcoEnergi” or the “Company”) successfully closed the trading period for its fully underwritten rights issue. The target proceeds of IDR 2,640 billion (~US $195million) were oversubscribed by ~45%.

The proceeds from the rights issue will be used to repay debt, whilst the proceeds from the exercise of subsequent warrants will be used for working capital and repay debt. The final allotment process together with the refund of excess proceeds will be completed on 27th and 28th December 2017. The first exercise period for warrants will begin on 1 July 2018 with each warrant priced at IDR 625. Further details are available in the Company‘s prospectus filing and newspaper disclosures.

Hilmi Panigoro, President Director of MedcoEnergi, said that, ”I would like to extend my warmest appreciation and gratitude to shareholders, investors, regulators and other stakeholders for their trust and confidence in our business plan as we continue to build shareholder value. The rights issue allows existing shareholders to share in the company‘s recent success and has immediately strengthened the Company‘s capital structure while also providing the foundation for further strengthening as we continue to deleverage”.

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MedcoEnergi Passes Final Requirement for its Fully Underwritten Rights Issue

JAKARTA, 30 November 2017 – PT Medco Energi Internasional Tbk (“MedcoEnergi” or the “Company”) is pleased to confirm it has obtained the final effective letter from the Otoritas Jasa Keuangan (OJK). The Company will now move ahead to offer existing shareholders preemptive rights to subscribe for one new share for every three existing shares held, with each new share receiving a detachable warrant to purchase a further share in the future (“the Offering”).

Approximately 4.40billion shares will be issued immediately with further 4.40billion shares issued if and when subscribing shareholders subsequently exercise their warrants. The new shares will have the same rights and characteristics as existing shares. This Offering will be available to all those registered as shareholders before December 8th, the ‘ex-rights date’.

The initial rights issue which is fully underwritten will raise IDR 2.64billion and will be completed within December 2017 with the proceeds being used for debt payment. The proceeds from the exercise of subsequent warrants will be used for working capital.

The subscription price of the new shares will be offered at IDR 600 per share and subscribing shareholders can exercise their warrants during one of three windows:
1. Between, 1 July 2018 – 31 December 2018, with an exercise price of IDR 625 per share.
2. Between, 1 January 2019 – 31 December 2019, with an exercise price of IDR 650 per share.
3. Between, 1 January 2020 – 11 December 2020, with an exercise price IDR of 675 per share.

Further details of the Offering are available in the Company’s prospectus filing and newspaper disclosures.

Hilmi Panigoro, President Director of MedcoEnergi, said that “This is a great opportunity for shareholders to exercise their rights and share in the company’s future success while also strengthening the Company’s capital structure.

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MedcoEnergi Announces Fully Underwritten Right Issue

JAKARTA, November 3rd 2017 – PT Medco Energi Internasional Tbk (“MedcoEnergi” or the “Company”) is pleased to announce that following a successful Extraordinary General Shareholders Meeting on November 2nd 2017 the Company has filed the prospectus for its planned Rights Issue to the Otoritas Jasa Keuangan.

Subject to regulatory approvals, the Company will offer existing shareholders preemptive rights to subscribe for one new share for every three existing shares held, with each new share receiving a detachable warrant to purchase additional share in the future (“the Offering”). A total of 4.45billion shares will be issued immediately with up to a further 4.45billion shares issued if and when subscribing shareholders subsequently exercise their warrants. All new shares will have the same rights and characteristics as existing shares.

The initial rights issue which is fully underwritten will raise up to IDR2,670billion and will be completed within December 2017 with the proceeds being used for debt payment. The proceeds from the exercise of subsequent warrants will be used for working capital, payment of Company’s liabilities and general corporate purposes.

The subscription price of the new shares will be priced between Rp450 and Rp600 per share. Subscribing shareholders can exercise the warrants between July 2018 and December 2020, with the exercise price for each warrant ranging between Rp500 and Rp850.

Further details of the Offering are available in the Company’s prospectus filing. The Company will also conduct roadshows over the coming weeks to describe the Offering.

Hilmi Panigoro, the President Director of MedcoEnergi, said that “The Rights Issue is a significant milestone for the Company and will improve the Company’s capital structure. The Offering will immediately reward shareholders and also allow them the opportunity to share in the Company’s future success.”

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MedcoEnergi Strengthen Ownership in Power Business

JAKARTA, 06 October 2017 – PT Medco Energi Internasional Tbk (“MedcoEnergi” or the “Company”) announces that it has acquired a 77.68% interest in PT. Saratoga Power from Saratoga and other shareholders. With this transaction, the Company has increased its effective interest in PT. Medco Power Indonesia ("MPI”) from 49% to 88.62%. The remaining 11.38% effective share in MPI held by the International Finance Corporation (“IFC”) is unchanged.


Established in 2004, MPI is a leading mid-sized Independent Power Producer (IPP) in Indonesia with its primary focus on power from natural gas and geothermal sources. MPI currently operates over 520MW of gross installed capacity following the commercial operation of the Cibalapulang 1 mini-hydro facility in September 2017, and the expected commercial operation of the Sarulla Unit 2 geothermal plant in October 2017, one month ahead of schedule. MPI gross operated capacity will further increase when Sarulla Unit 3 (110MW) reaches commercial operation in Q2 2018, and Riau CCPP (275MW) in 2021.


MPI Operation & Maintenance (O&M) business has also expanded and now operates over 2,000MW of third-party power plants. This expansion is driven by two new O&M contracts signed in late 2016 where MPI now operates the Sarulla Geothermal units and PLN gas-turbine units in eight locations across Indonesia.


Hilmi Panigoro, the President Director of MedcoEnergi, said that “this acquisition allows the Company to regain majority control of MPI and to strengthen our position in the power generation sector, which is expected to continue growing at 9% per annum over the next ten years. Our increased control over MPI is consistent with the Company’s strategy to grow in three main sectors; oil and gas, mining and power, and unlocks greater potential for synergies with our upstream gas business.”

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MedcoEnergi Announces Its Audited 1H 2017 Results

SUMMARY OF 1H 2017 KEY PERFORMANCE

 

Operational

  • Oil and gas production volume increased 40.4% year on year
    • Average production was 89.8 MBOEPD (64.0 MBOEPD in 1H 2016)
    • Oil Production – 35.5 MBOPD (30.2 MBOPD in 1H 2016)
    • Gas Production – 290.6 MMSCFD (197.8 MMSCFD in 1H 2016)
    • Unit costs were $8.2/boe, below the commitment to sustain cash costs sub $10/boe

Financial

  • EBITDA of US$200.3 million (1H 2016 US$123.9 million)
  • Net profit of US$80.7 million (1H 2016 US$11.3 million)
  • Debt reduced by 8.2% from year end 2016
  • Strong liquidity with cash and cash equivalents above US$210 million and over US$150 million of trade receivables.

 

Jakarta, 2nd October 2017 – PT Medco Energi Internasional Tbk (“MedcoEnergi” or “Company”) announced its audited consolidated financial statements for the period ending 30 June 2017 (“1H 2017”).

Roberto Lorato, CEO said that “The Company continues to perform strongly, maintaining both production and cost management this year, we also added and certified 30 million BOE of proved reserves in Block A Aceh for which the gas development is on track to deliver first gas in late Q1 2018, the Central Processing Plant is 85% complete with the first well flow testing right now. The growth and expansion plans of our Power and Mining affiliates will continue with progress accelerating prior to year-end.”

Operational Highlights in 1H 2017

  • Oil and Gas production was of 89.8 MBOEPD in 1H 2017, 40.4% higher than 1H 2016, driven by continued high gas sales from the Senoro field and volumes from the South Natuna Sea Block B field.
  • Medco Power Indonesia (“MPI”) the Company’s power affiliate now operates over 520MW of gross installed capacity in gas, geothermal and mini-hydro power plants following the commercial operation of the Cibalapulang-1 mini-hydro facility and the expected commercial operation of the Sarulla Unit 2 Geothermal Plant in early October, one month ahead of schedule.
  • PT Amman Mineral Nusa Tenggara (“PTAMNT”) the Company’s mining affiliate continues to make good progress on its plans to reduce costs and fund future developments.


Financial Highlights in 1H 2017

  • 1H 2017 revenue was US$403.5 million, 54.3% higher than 1H 2016 with higher sales and increased average realized prices of US$49.3/bbls (+28.8%) for oil and US$5.6/mmbtu (+32.8%) for gas.
  • The Company recorded 1H 2017 gross profit of US$198.2 million and a 49.1% gross margin. Cash costs continue to be a focus area with 1H 2017 gas and oil unit cash costs US$8.2/BOE, well below the Company’s commitment to remain below US$10/BOE until 2020.
  • The Company’s 1H 2017 EBITDA (Earnings before Income, Taxes, Depreciation and Amortization) increased by 61.7% year on year to US$200.3 million, with an improved EBITDA margin of 49.6%.
  • In 1H 2017 the Company booked net profit from operations of US$80.7 million, compared to US$11.3 million in 1H 2016. 1H 2017 results were also negatively impacted by PT AMNT price hedges and dry hole expenses in Bengara, both non-recurring items.
  • Net debt to EBITDA for 1H 2017 is 3.9x, well below the 6.7x in 2016 and the lowest level since 2013.

Hilmi Panigoro, President Director of MedcoEnergi, said that “I am pleased with the Company’s first half 2017 results and Amman Mineral Nusa Tenggara’s plans to reduce costs and develop its substantial copper and gold reserves are also progressing well, also this year we will complete our rights issue which will strengthen our capital structure and provide additional value to shareholders.”

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