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Rating Action:

Moody's assigns B2 to Energi Mega Persada; withdraws (P)B2 bond rating

04 Jul 2013

Singapore, July 04, 2013 -- Moody's Investors Service has assigned a B2 corporate family rating to Energi Mega Persada Tbk. (EMP), and removed the provisional status of the rating after the company's recent divestment of a 10% stake in a major gas field, thus strengthening its liquidity.

Moody's has also withdrawn the provisional (P)B2 rating for the company's proposed USD notes, to be issued by EMP International Holdings Pte. Ltd., as no bonds were ever raised.

The rating outlook is stable.

In November 2012, Moody's assigned a provisional corporate family rating pending the completion of a proposed USD bond issuance through EMP International Holdings Pte. Ltd. (unrated) aimed at alleviating pressure on EMP's tight liquidity profile.

While the bond issuance did not materialize, EMP's divestment of its interest in the gas field has provided sufficient funds to repay one of its major financing facilities and improve its liquidity.

RATINGS RATIONALE

"EMP's financial and liquidity profile has improved following the divestment of the Masela gas field in Indonesia for $313 million and repayment of the company's outstanding $200 million term loan from Credit Suisse," says Simon Wong, a Moody's Vice President and Senior Credit Officer.

"The remaining proceeds of about $113 million will be earmarked for working capital and capex requirements," adds Wong, who is also Lead Analyst for EMP.

The company had been in breach of several operating and financial covenants of the Credit Suisse term loan since the first drawdown in 2008. The loan was due to mature in Q3 2013.

While EMP's sale of a 10% stake in the Masela gas field will reduce its proved (P1) reserves and longer term growth prospects, it will not have an impact of EMP's production profile in the next 12-18 months. EMP's P1 reserves fell to 116 million from 278 million barrels of oil equivalent (mmboe) following the disposal.

"EMP's debt leverage remains relatively high with adjusted debt to proved developed reserves of 11-13x for 2013, however Moody's expect company to fund its ongoing capex with internal sources and will not incur further debt in the near to medium term," adds Wong.

However, Moody's would be concerned if EMP make any debt-funded acquisitions in the next 12-18 months.

Moody's will also continue to monitor EMP's refinancing plan for its ONWJ acquisition loan of $262m which matures in Q4 2014.

EMP's planned capex in 2013-15 totals $460 million, in order to ramp up its production and commercialize its gas reserves. This level of capex will constrain its ability to generate free cash flows.

Nonetheless, EMP's B2 rating is supported by its stable cash flows from producing oil assets and from the medium- to long-term take-or-pay gas contracts, the latter of which are an increasing proportion of the company's stable gas revenues.

In addition, EMP's proportion of gas revenues is expected to increase to 50%-60% between 2013 and 2014, up from 42% in 2012 and 21% in 2011, owing to the successfully negotiation of higher gas prices for the deliveries from its offshore North West Java (ONWJ) field, with an average realized price of $5.22/million British thermal units (mmbtu) in 2012, a 34% increase from a year ago.

Moreover, EMP delivered strong operational performance in 2012, recording a 126% year-on-year increase in net production to 38.3 thousand barrels of oil equivalents per day (mboepd), primarily due to ONWJ and Kangean Terang gas field in East Java, which came online in May 2012.

However, while EMP has strong partners, such as Pertamina (Persero) (Baa3 stable), Mitsubishi Corporation (A1 stable) and Japan Petroleum Exploration Co. Ltd. (A2 stable), all of which operate the ONWJ and Kangean gas fields, EMP's production concentration risk is high, given that these two gas blocks will account for 70% of its revenues in the next 3 years.

The stable outlook incorporates Moody's expectation that EMP will achieve its production growth within budget and to the planned time frames.

Upward rating pressure is limited but may evolve if the company: 1) succeeds in implementing its expansion plans and ramping up its production, with a consistent track record of production at the Kangean and Bentu blocks; and 2) demonstrates consistent positive free cash flows and materially lower its leverage position.

Financial indicators that Moody's would consider for an upgrade are if EMP can show on a sustained basis: an adjusted debt/proved developed reserves of less than $9/boe; adjusted debt/average daily production below $27,000 or adjusted retained cash flow (RCF)/debt of more than 30%-35%.

On the other hand, the ratings will be under pressure if EMP fails to achieve its production targets within the projected costs and time frames, and if there are ambitious debt-funded acquisitions.

Adjusted debt/proved developed reserves of more than $12/boe, adjusted debt/average daily production exceeding $30,000 or RCF/debt of less than 20% on a consistent basis would be indicative of downward pressure on the rating.

The principal methodology used in this rating was the Global Independent Exploration and Production Industry published in December 2011. Please see the Credit Policy page on www.moodys.com for a copy of this methodology.

EMP is an independent oil & gas exploration and production company established in 2001. It had total proved reserves of approximately 116 mmboe as of July 2013, and holds working interests in eleven oil and gas blocks.

As at end-2012, approximately 93.4% of EMP's total proved reserves consisted of natural gas. Listed on the Indonesia Stock Exchange, EMP is 7.39% directly owned by PT Bakrie and Brothers Tbk (BNBR, unrated). The Bakrie family has significant influence over EMP, through additional shares owned by individual family members and shareholding interests through corporate affiliates of BNBR.

REGULATORY DISCLOSURES

For ratings issued on a program, series or category/class of debt, this announcement provides certain regulatory disclosures in relation to each rating of a subsequently issued bond or note of the same series or category/class of debt or pursuant to a program for which the ratings are derived exclusively from existing ratings in accordance with Moody's rating practices. For ratings issued on a support provider, this announcement provides certain regulatory disclosures in relation to the rating action on the support provider and in relation to each particular rating action for securities that derive their credit ratings from the support provider's credit rating. For provisional ratings, this announcement provides certain regulatory disclosures in relation to the provisional rating assigned, and in relation to a definitive rating that may be assigned subsequent to the final issuance of the debt, in each case where the transaction structure and terms have not changed prior to the assignment of the definitive rating in a manner that would have affected the rating. For further information please see the ratings tab on the issuer/entity page for the respective issuer on www.moodys.com.

For any affected securities or rated entities receiving direct credit support from the primary entity(ies) of this rating action, and whose ratings may change as a result of this rating action, the associated regulatory disclosures will be those of the guarantor entity. Exceptions to this approach exist for the following disclosures, if applicable to jurisdiction: Ancillary Services, Disclosure to rated entity, Disclosure from rated entity.

Regulatory disclosures contained in this press release apply to the credit rating and, if applicable, the related rating outlook or rating review.

Please see www.moodys.com for any updates on changes to the lead rating analyst and to the Moody's legal entity that has issued the rating.

Please see the ratings tab on the issuer/entity page on www.moodys.com for additional regulatory disclosures for each credit rating.

Simon Wong
VP - Sr Credit Officer/Manager
Corporate Finance Group
Moody's Investors Service Singapore Pte. Ltd.
50 Raffles Place #23-06
Singapore Land Tower
Singapore 48623
Singapore
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (65) 6398-8308

Philipp L. Lotter
MD - Corporate Finance
Corporate Finance Group
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (65) 6398-8308

Releasing Office:
Moody's Investors Service Singapore Pte. Ltd.
50 Raffles Place #23-06
Singapore Land Tower
Singapore 48623
Singapore
JOURNALISTS: (852) 3758 -1350
SUBSCRIBERS: (65) 6398-8308

Moody's assigns B2 to Energi Mega Persada; withdraws (P)B2 bond rating
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