Dec 8, 2010

Energi Mega discovers 1,220 barrels oil

Oil and gas producer PT Energi Mega Persada Tbk (ENRG) announced today that the company has increased gross oil production by 1,220 barrels per day.
In an official statement from Energi Mega, the activities have been carried out by two subsidiaries PT Insani Mitrasani Gelam and Kondur Petroleum SA.
Energi Mega controls 100% and 60.49% participating interest in Gelam TAc AND Malacca Strait PSC blocks respectively.
"From the drilling acticity in Gelam and the new oil discovery in the Malacca Strait PSC, we are looking at an increase in Energi Mega's oil production capacity by approximately 1,220 barrels per day," said Energi Mega CEO Imam Agustino said
This will be an essential production increase given the company's net current output rate of 13,170 barrels of oil equivalent per day.

Disclosure: No position at the stock mentioned above. 

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