MedcoEnergi has announced its consolidated financial statements for the period ended September 30, 2013 (“3Q 2013”). In this quarter, the reported sales of MedcoEnergi is booked at US$ 652.2 million. The oil and gas Exploration and Production (“E&P”) business unit contributes 94% of total sales, or US$ 615.2 million. This sales is based on a total oil and gas sales volume of 14.7 million barrel during the period of 1 January to 30 September 2013 and the average of oil price of US$ 108.5 per barrel and weighted average of gas price of US$ 5.32 per MMBTU (million BTU). The oil price decreases compared to 2012 at the same period of US$ 117.7 per barrel. Meanwhile, the gas price increases by 36% from US$ 3.92 per MMBTU in 2012 due to the successful renegotiation by the Company for its gas sales contracts.

During the period of 3Q 2013, MedcoEnergi has booked gross profit of US$ 277.5 million and operating income of US$ 179 million. The Company has successfully decreased its operating costs by 3% from US$ 101.3 million in 3Q 2012 to US$ 98.3 million and booked an EBITDA of US$ 249 million. The Company has retired its corporate loans, especially for loans which bear high interest rate, therefore the interest payment can be reduced by nearly 20%, from US$ 68 million in 2012 to US$ 54.6 million. In 3Q 2013, MedcoEnergi records its profit attributable to equity holders of the parent company (“Net Profit”) from continuing operations of US$ 30 million. During this period, the Company has decided to discontinue and close down the operation of its ethanol plant, which has been in operation since 2009, on 16 October 2013 due to insufficient of sustainable feedstock supply. The close down has resulted in US$ 20 million loss of asset impairment. As a result, the Company books its Net Profit of US$ 10 million for 3Q 2013.

In development of the Company’s major projects, the Senoro gas upstream has reached over 30% completion while the Donggi Senoro LNG development reached 90% completion. Both projects are slated for completion by end of 2014. The Area 47 Libya project has also shown a good progress with the operation of the Joint Operating Company (JOC) of Nafusah Oil Operations (“Nafusah”). MedcoEnergi, with its partners consisting of NOC (National Oil Corporation) Libya and LIA (Libyan Investment Authority), is currently developing resources for Nafusah organization, as well as carrying out several subsurface studies in preparation for FEED (Front End Engineering Design). The production facilities, with a capacity of 50,000 barrels per day, is targeted for completion by the end of 2016.

President Director and CEO of MedcoEnergi, Lukman Mahfoedz, stated that “The current progress of our Major Projects reflects the completion of Senoro upstream and Donggi Senoro LNG projects can be achieved by end of 2014. Completion of these two projects will be followed by other Major Projects completion, such as Libya, Simenggaris, and Block A in the following years.” In addition, Lukman also affirmed that, "The close down of our Ethanol plant is a strategic move for the Company to focus on exploration and production of oil and gas business. A divestment of this Ethanol plant is currently on going and we expect for its completion soonest.”