Summary Results Financial
Operational
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Jakarta, 30 November 2020 – PT Medco Energi Internasional Tbk1 announces its 2020 nine-month financial results (“9M 2020”).
Roberto Lorato, CEO said “Clearly the low energy prices caused by the pandemic have significantly impacted our operations and results. However, despite these difficult times we have progressed our strategy along multiple fronts. This year we have had exploration success in both Natuna and Ijen, signed a Strategic Alliance with a strong partner in Kansai Electric, strengthened our balance sheet with a well-supported and successful rights issue and invested cost savings and synergies into debt buy backs and repayments. Now, as we approach the year-end, commodity prices are recovering and AMNT has returned to profit with first production from phase 7 capitalizing on rising copper and gold prices.”
Financial Highlights
Operational Highlights
2020 Full Year Guidance Following reduced near term energy demand revised 2020 guidance is as follows:
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Hilmi Panigoro, President Director, said “I want to express my thanks to shareholders who subscribed to the recent rights issue and have shared in Medco’s success over our 40 year history. With the Kansai Electric alliance, exploration success and AMNT now returning to profit it is pleasing to see Medco emerging from this difficult time as a stronger company.”
1Annualized and excluding PT Medco Power Indonesia (“MPI” or “Medco Power”)
2PT Medco Energi Internasional Tbk (“MedcoEnergi”, "Medco" or “Company”)