Energi Mega Persada Tbk PT : strengthens its business operations in Mozambique, Africa

PT Energi Mega Persada Tbk ('EMP' or 'the Company'), an Indonesian upstream oil dan gas Company today reported that its subsidiary, Buzi Hydrocarbons Pte. Ltd ('BHPL'), has agreed on a business deal with its partner, Empressa Nacional de Hidrocarbonetos (('ENH'), a state owned Company in Mozambique, to develop the Buzi EPCC gas block in Mozambique, Africa. BHPL and ENH hold respectively 75% and 25% stakes in the Buzi EPCC Block.

The agreement was done in Bali on the 20th of August 2019, during the 2019 Indonesia - Africa Infrastructure Dialogue Forum that was arranged by the Ministry of Foreign Affair Republic of Indonesia. The Forum was introduced by the President of the Republic of lndonesia who is accompanied byseveral ministries.

The agreed business deal consists of BHPL and ENH's plan to explore and develop the Buzi EPCC Block with the estimated investment of over $50 million. The Buzi EPCC Block is expected to commence drilling activities in October 2019 with the involvement of the Indonesian contractors and human resources.

Mr. Taufan Rotorasiko, Chief Investment Officer of EMP, explained, 'The agreed business deal indicates EMP's commitment to increasing its oil and gas production and reserves. This is in the Company's effort to improve the country's security of the oil & gas supply.'

During the same forum, EMP's other subsidiary, EMP Minin Overseas Pte. Ltd., which is represented by its Director, Ms. Adinda Bakrie, also signed a business deal with a Mozambique's mineral mining company (AAI Commercio & Servicos, E.I.) to co-develop the Graphite and Rare Earth Elements Mineral in Mozambique. The expected initial investment amounts to around $25 million.

EMP currently holds working interests in 7 oil, gas, and coal bed methane assets in Indonesia and 1 working interest in Mozambique. The Company is part of the Bakrie Group of Companies which was founded in 2001 and listed in the Indonesia Stock Exchange in 2004.