Fr Mandiri Sec: Energi Mega (ENRG)
PT Pertamina Hulu Energi and PLN are renegotiating the gas selling price from ONWJ field, effectively 18.7% owned by ENRG through recent (December 2011) purchase. Currently, ONWJ’s selling price to PLN is US$2.8 for the first 100 mmscfd and US$5.8 for the next 20 mmscfd. ONWJ’s total production is between 180-210 mmscfd. Pertamina is asking for the price to be revised up to US$6.5/mmbtu, after obtaining the go-ahead from BPMigas, according to Mr. Suryadi Mardjoeki division head at BPMigas. PLN is negotiating a new price of between US$5 and US$6 per mmbtu. My take – on our 29 Dec 2011 research note, we have flagged that the ONWJ acquisition may lift our ENRG’s proportionate EBITDA estimate by 38% and EPS by 29% for FY12F, based on a zero growth
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