Energi ties up Kangean development

Indonesia's privately owned PT Energi Mega Persada has signed a final agreement with Mitsubishi Corp. and Japan Petroleum Exploration Co. Ltd. (Japex) for projects related to the Kangean production sharing contract (PSC).

Offshore staff

JAKARTA, Indonesia -- Indonesia's privately owned PT Energi Mega Persada has signed a final agreement with Mitsubishi Corp. and Japan Petroleum Exploration Co. Ltd. (Japex) for projects related to the Kangean production sharing contract (PSC).

Energi issued shares of subsidiary Energi Mega Pratama Inc. on March 6 as a follow-up to the recently signed head of agreement. The agreement gives Mitsubishi and Japex 50% working interest in Kangean PSC and finances parts of major projects.

Kangean produces 39 MMcf/d of gas, 250 b/d of condensate and 3,800 b/d of oil.

3/13/2007

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