PT Energi Mega Persada Tbk.

Creating Value Via Exploration & Acquisition

9 April 2012

Confidentiality Notice
This presentation has been prepared by PT Energi Mega Persada Tbk (the Company) and is only for the information of its investors. None of the information appearing in this presentation may be distributed to the press or other media or reproduced or redistributed in the whole or in part in any form at any time. This presentation is not intended as or forms part of any offer to sell or subscription of or solicitation or invitation of any offer to buy or subscribe for any securities, and neither this presentation nor anything contained herein shall form the basis of or be relied on in connection with any contract or commitment whatsoever. This presentation may contain forward-looking statements and estimates with respect to the future operations and performance of the Company and its affiliates. Investors and security holders are cautioned that forward-looking statements are subject to various assumptions, risks and uncertainties, many of which are difficult to predict and are generally beyond the control of the Company. Such assumptions, risks and uncertainties could cause actual results and developments to differ materially from those expressed in or implied by the forward-looking statements. Accordingly, no representation or warranty, either expressed or implied, is provided in relation to the accuracy, completeness or reliability of the information contained in this presentation, nor is it intended to be a complete statement or summary of the resources markets or developments referred to in this presentation. It should not be regarded by recipients as a substitute for the exercise of their own judgment. Neither the Company or any other person assumes responsibility for the accuracy, reliability and completeness of the forward-looking statements contained in this presentation. The forward-looking statements are made only as of the date of this presentation. The Company is under no duty to update any of the forward-looking statements after this date to conform such statements to actual results or developments or to reflect the occurrence of anticipated results or otherwise. Any opinions expressed in this presentation are subject to change without notice and may differ or be contrary to opinions expressed by other business areas or groups of the Company as a result of using different assumptions and criterion.

Energi Mega Persada

Assets Overview
Gebang JOB PSC
Stake: 50% 2P Reserves: 19.2 bcf 2011 Prod: 19 bbl/day; 0.7 mmcf/day Operator: JOB Pertamina Costa Partner: Pertamina (50%)

Net 1P Reserves Net 2P Reserves Net 2011 Production

306 mmboe 576 mmboe 7,200 bbl/day, 56.4 mio cf/day

Malacca Straits PSC

Stake : 60.5% 2P Reserves: 22.7 mmbbl, 13.2 bcf 2011 Prod: 4,465 bbl/day; 8.7 mmcf/day Operator: EMP Partner: CNOOC (39.5%)

Sungai Gelam TAC

Stake : 100% 2P Reserves: 3.0 mmbbl 2011 Prod: 494 bbl/day; 1.6 mmcf/day Operator: EMP

Semberah TAC
Stake : 100% 2P Reserves: 10.5 mmbbl, 43.2 bcf 2011 Prod: 862 bbl/day; 8.8 mmcf/day Operator: EMP

South China Sea

Sangatta-2 CBM PSC

Celebes Sea

Banda Aceh

Medan
Duri

Singapore
KALIMANTAN Java Sea Molucca Sea

Tonga PSC

Tabulako CBM PSC

JAKARTA

INDONESIA

Banda Sea Arafura Sea

Bentu PSC
Stake : 100% 2P Reserves: 289.8 bcf

Korinci Baru PSC

Stake : 100% 2P Reserves: 58.2 bcf

ONWJ PSC
Stake : 18.7% 2P Reserves: 22.7 mmbbl; 135.5 bcf
2011 Prod: 5,994 bbl/day; 35.5 mmcf/day

Kangean PSC
Stake : 50% 2P Reserves: 4.8 mmbbl; 672.6 bcf
2011 Prod: 1,360 bbl/day, 15.5 mmcf/day

Masela PSC
Stake : 10%
2P Reserves: 33 mmbbl(2), 1,846.8 bcf

2011 Prod: 16.7 mmcf/day

Operator: EMP

2011 Prod: 4.4 mmcf/day

Operator: EMP

Operator: Pertamina Partners: Pertamina (53.25%), Talisman (5.03%), Risco (5%), Owen Holding (17.91%)

Operator: KEI Partners: Mitsubishi (25%), Japex (25%)

LNG and Condensate production expected to start in 2018

Operator: Inpex Partner: Inpex (60%), Shell (30%)

Note: Bcf Mmbbl bbl/day mmcf/day

= billion cubic feet = million barrels = barrel oil/day = million cubic feet/day

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Energi Mega Persada

Board of Directors
Imam P. Agustino, President Director - CEO
23 years of experience in upstream and downstream oil and gas industry. He spent his career from exploration to production, with special expertise in Project Management and Business Development. In the last 10 years as top executive positions in local and international oil and gas companies, including few years with Trafalgar House UK ( Kvaerner ), and other oil and gas companies.

Didit A. Ratam, Director - CFO

Has held finance positions within oil and gas upstream and services companies throughout his career. Previous professional experience in such companies as Mobil Oil (Fairfax, VA), Gas Venture Advisers (Boston, MA) and Federal JWR Pte.Ltd.

Amir Balfas, Director - COO

A geologist by background and brings more than 28 years of upstream oil and gas experience to the Company. Spent over 20 years at VICO Indonesia East Kalimantan Block, and joined EMP Malacca Straits in 2001.

Syailendra S. Bakrie, Director

Over 10 years experience in the financial relateds sector, which includes merger & acquisition, financial restructuring, and other capital market transactions. Management positions with Capital Managers Asia and Bakrie Kalila Investments in the past 8 years. 4
Energi Mega Persada

Improved 2011 Production & Financial Results

FYE 2010
Net Sales (Rp 000) EBITDA (Rp 000) Net Profit (Loss) (Rp 000) 1,249,710,407 372,759,367 (62,318,783)

FYE 2011
2,122,862,753 894,186,757 68,562,714

Growth
+69% +140%

Oil Price
Gas Price Oil Production Gas Production

US$ 81.4/ bbl

US$ 2.9/ mcf 6,370 barrel/ day

US$ 112.3/ bbl

US$ 4.0/ mcf 7,200 barrel/ day

+38%
+38% +13% +34%

42 million cubic feet/ day 56.4 million cubic feet/ day

Energi Mega Persada

Production Growth Outlook

Visible plan to monetize existing reserves via established infrastructure and proximity to key markets

Net Oil / Gas Production Ramp Up

000 boe/day
ONWJ Acquisition Q1 2012 Kangean Terang Q2 2012 Bentu Seng, Segat PLN Q4 2012

5.0 25.0

58.3

27% production increase in 2011 was due to Kangeans oil and Bentus gas Peak production rate toward the end of 2012 is 58,000 boe/day Average production rate (Jan-Dec 2012) is above 40,000 boe/day

45.2 11.7 5.8 13.1 6.7 6.4 2010 16.6 9.4 7.2 2011 Oil Gas 13.1 2012 peak daily production 5.9

Near term ramp up to be dominated by gas production

Source: Offering circular. Note: Gas production is converted at 1,030 btu = 1 cf, 6 bcf = 1mmboe.

Energi Mega Persada

Increasing Trend in Realized Gas Price

ENRGs Gas Sales Agreements Pending Commencement
($/mcf)

$6.00

$5.00
$5.00

$4.00
$4.00 $3.00 $2.00 $1.00 $0.00

$2.90

2010 Realized Price

Source: EMP

2011 Realized Price

2012

2011 2012

Gas from Bentu PSCs Seng + Segat Fields @ $4.08/mcf Gas from Kangean PSCs TSB fields @ $6/mcf (including $0.84/mcf toll fee) Gas from Malacca Strait PSC @ $4.94/mcf Gas from ONWJ PSC @ $4.1/mcf (to PLN, Pupuk Kujang, PGN)

Energi Mega Persada

Opportunity to Monetize Attractive Assets

Reserve Growth (Proved & Probable Reserve)
(in millions boe)

531

576

gas
221

oil

2009

2010

2011

Benchmarking ENRG with Independent Indonesian-focused O&G Companies(1) (2P millions boe)
(in millions boe)
576

237 66

ENRG

Medco

Salamander

Proved and Probable Reserves of 576 millions boe; plus additional 435 millions boe Possible Reserves and 97 millions boe of net Contingent Resources (2) (2C)
Source: Medco Energi - 9M11 Investor Presentation, Salamander Energy - AGM Presentation (June 2011). Gas converted at 6 billion cubic feet = 1 million boe. (1) O&G interests in Indonesia only, net of working interest. (2) As of 31 December 2010.

Energi Mega Persada

Acquisition of 10% in Masela PSC Adds Value to ENRG

Approved Development Concept
Subsea production system + Floating LNG Floating LNG consists of loading LNG

Exploration history:
1999: 2D

seismic

survey
2000: Abadi-1

plant, LNG storage tank and loading facility on conventional FPSO

Masela PSC was granted on Nov 16, 1998

Exploratory well, tested at 25 millions cubic feet/day

Sunrise = 9 TCF (potential FLNG) (1P, pre-FEED)
2001: 3D

on frontier fiscal terms

INPEX Masela Ltd. is the operator PSC location in Arafura Sea, deep water in

seismic

survey
Masela/ Abadi = 9 TCF 2002: Abadi-2 and

Indonesian territorial waters

Plan of Development was approved in Dec

Abadi 3 Appraisal wells, tested around 15 millions cubic feed/day/ well

2007: Abadi-

2010 for the Abadi Gas Field

Estimated production (100%):

2.5 Mn ton LNG/ year (Flat for 30 years), starting in 1H 2018

Bayu Undan = 3 TCF (in production to LNG)

Evans Shoal = 6 TCF (under appraisal)

4/5/6/7 Appraisal wells. All were tested and confirmed existence of gas

Reserves: Abadi Gas Reserves were certified by DeGolyer & MacNaughton (D&M) in Dec 2008: P1 - 9.76 trillion cubic feet, P2 - 8.7 trillion cubic feet The Company anticipates that gross condensate recovery associated with 1P reserves will be 176 million bbls, and associated with 2P reserves will be 333 millions bbls

Energi Mega Persada

ENRGs 10% Value in Masela PSC has Improved

ENRG acquired 10% stake in Masela PSC for US$ 100 Mn ($0.32/boe) in Q4 2010. Value is estimated to have increased by 2.9x in Q4 2011, post Shells 30% acquisition in Masela PSC. JP Morgan (8 Dec 2011) and Mandiri Securities reports (12 Dec 2011) estimated Maselas 100% value at $2.9 Bn.
ENRGs 10% Value in Masela PSC
US$ 291 Mn

2.9x

US$ 100 Mn

Q4 2010
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Q4 2011
Energi Mega Persada

Acquisition of 18.72% in ONWJ PSC Adds Value to ENRG

In Q4 2011, ENRGs 51% owned subsidiary (EMP Intl (BVI) Ltd) acquired 36.72% stake in ONWJ PSC. ONWJs 1H 2011 production (100%) = 31,400 barrels/day + 186 Mn cubic ft/day. Production sharing contract covers an area of 8,300 km2 in Offshore North West Java Contract expires in January 2017 with opportunity for another 20 years extension. Proved & Probable Reserves of 240 Mn BOE, with opportunity to develop 120 Mn BOE Possible Reserves.

ONWJs reserves (100%) as reported by the Operator:

Oil Reserves (Millions barrels)
Proved Probable Possible

Gas Reserves (Billions cubic feet)

Proved Probable Possible

89.7

31.4

63.7

541.5

182.2

339

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Energi Mega Persada

ONWJ Acquisition Improves ENRGs Reserves & Production

ENRGs Effective Stake of 18.72% in ONWJ Adds Value to the Companys Reserves and Production.
2P Reserves increase in millions BOE Daily Production increase (in BOE/day)

576

27,900 1.7x

1.1x 16,200
531

ENRG (2011)

ENRG + ONWJ

ENRG (2011)

ENRG + ONWJ

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Energi Mega Persada

ONWJ Can Self-Repay Its Acquisition Cost

ENRGs 51% owned subsidiary (EMP Intl (BVI) Ltd) acquired 36.72% stake in ONWJ for US$ 212 Mn (US$ 2.4/Boe based on effective 2P reserves). The US$ 212 Mn asset acquisition was funded by offshore financing which was arranged by a Strategic Partner who owns 49% of the subsidiary (EMP Intl (BVI) Ltd). The financing was arranged at the Subsidiary level (EMP Intl (BVI) Ltd) and is Non Recourse to ENRG (a Project Financing, ring-fenced within the ONWJ project).
ONWJs 36% Stake
(in Mn US$)
ENRG
51%

Owen Holding Limited.

49%

EMP Intl (BVI) Ltd.

100%

EMP ONWJ Ltd.

36.72%

Blok ONWJ PSC

Annualized 2011
(12 months)

Sept 2011
(9 months)

Dec 2010
(12 months)

REVENUE OPERATING PROFIT NET PROFIT ACQUISITION VALUE ACQUISITION VALUE NET PROFIT

256 132 68 212

192 99 51

223 104 56

3x

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Energi Mega Persada

ONWJ Acquisition Adds Value to ENRGs Financials

Estimated FYE 2011 (US$ Mn)
Debt (Credit Suisse) Debt (Mitsubishi/ Japex Kangean) Debt (Owen Holding - ONWJ) Total Debt Equity EBITDA Debt to Equity Debt to EBITDA

Without ONWJ (Estimated)

200 333 533 658 83 0.8x 6.4x

With ONWJ (Proforma)

200 333 117 650 658 169 0.9x 3.8x

Improved Debt Repayment Capacity while maintaining manageable gearing position

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Energi Mega Persada

Indonesia in the World of Coal Bed Methane (CBM)

Indonesias CBM Potential (450 Trillion Cubic Feet) is World Class

15

Energi Mega Persada

Key Indonesian CBM Basins

The key basins are in Sumatra (235 trillion cubic feet) and Kalimantan (180 trillion cubic feet)

16

Energi Mega Persada

East Kalimantan is a top 3 global CBM province and Bontang means there is no market constraint
Bontangs expected gas shortfall is 1.7 billion cubic feet/day or US$8.4bn per year at LNG prices

Resource and market is key

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Energi Mega Persada

Coal Bed Methane Prospects: (Sangatta-2 PSC CBM)

Located just north of Bontang GIP potential 15 trillion cubic feet, potential recovery rates 30% LNG prices for gas now US$14/mmbtu vs ENRG average US$2.5/mmbtu ENRG/Bumi 60% Pertamina 40%

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Energi Mega Persada

Coal Bed Methane Prospects: (Tabulako PSC CBM)

Located on top of Arutmin acreage ENRG 70% Bumi 30%

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Energi Mega Persada

Achievements in SHE, CSR, GCG

CSR Award in 2011
Indonesian CSR Award 2011
(Ministry of Social Welfare)
Malacca Strait PSC

Safety, Health, and Environment Awards in 2011

PROPER Award
Corporate Performance Rating Program in Environmental Management (Ministry of Environment)

Platinum

Platinum

EMP Semberah Green

EMP Gelam Blue

Gold 20

EMP Malacca Strait Blue

EMP Bentu & Korinci Baru Blue

Energi Mega Persada

Attachments

Strong Organic Reserve Replacement

We continue assessing exploration acreages with a view to increase reserves Stable O&G Reserves Replacement(1)

Competitive Reserve Replacement Costs(2)

Asiapac Average: US$13.1

(3) Source: Herold (Global Upstream Performance Review 2010), Moodys Investors Service. (1) Addition has been calculated as the difference between production and the change in the reserve balance. (2) 2007 to 2009 3-year average reserve replacement costs. (3) Talismans Asian operations.

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Energi Mega Persada

Reserves Table (in million barrels of oil equivalent)

Assets
Malacca Straits PSC
Oil

1P
16 2 0.4 59 24 1 1 4 2 2 163 16 17 38 268 306

2P
23 2 5 112 48 10 3 11 7 3 308 23 23 64 513 577

3P
30 2 10 156 76 15 42 23 27 13 549 35 33 140 871 1,011

2C
1 12 6 69 1 7 2 4 93 4 93 97 Energi Mega Persada

Gas

Kangean PSC
Oil Gas

Bentu PSC
Oil Gas

Korinci Baru PSC

Oil
Gas

Gelam TAC
Oil Gas

Semberah TAC
Oil Gas

Gebang JOB PSC

Oil Gas

Tonga PSC
Oil Gas

Masela PSC
Oil Gas

ONWJ PSC
Oil Gas

Total
Oil Gas

Grand Total

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Competitive EV/ Reserves Value (As per 30 Sep 2011)

USD/ Barrel

35.0 30.4 30.0

25.0

23.7

20.0

19.3 16.8 15.8 13.7 14.4 EV/1P Reserves EV/2P Reserves

15.0

10.0 5.8 5.0 3.7 1.9 0.0 ENRG MEDC 4.6

8.6
5.3

Santos

PTTEP

INPEX

WOODSIDE

SOCO

Salamander

Source: Bloomberg, Annual Reports, Companys Presentations (EV based on Sep 2011; Reserves based on Dec 2010)

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Energi Mega Persada

The FPU Joko Tole arrived on Terang offshore site (Kangean PSC) on 6 April 2012

Energi Mega Persada

The Floating Production Unit Joko Tole completed its construction and left Sembawang shipyard (Singapore) at 7:50 am (Singapore time) on 30 March 2012 The FPU arrived at the Kangean PSC blocks Terang field at 2:00 am (Indonesia time) on 6 April 2012 The FPU tanker is expected to commence first gas in late May/ early June 2012

The Kangean PSC blocks offshore Terang field is expected to reach the peak production of 300 Mn cubic feet gas/ day

Energi Mega Persada

FPU JOKO TOLE, PROGRESS PICTURES - 11 Jan 2012

Energi Mega Persada

FPU JOKO TOLE, PROGRESS PICTURES - 11 Jan 2012

Energi Mega Persada

Gelam TAC Location Map

Stake : 100% 2P Reserves: 3.0 mmbbl 2011 Prod: 494 bbl/day; 1.6 mmcf/day Operator: EMP

bcf bbl/day mmcf/day

= billion cubic feet = barrel oil/ day = million cubic feet/ day

29

Energi Mega Persada

Malacca Strait PSC Location Map

Stake : 60.5% 2P Reserves: 22.7 mmbbl, 13.2 bcf 2011 Prod: 4,465 bbl/day; 8.7 mmcf/day Operator: EMP Partner: CNOOC (39.5%)

bcf mmbbl bbl/day mmcf/day

= billion cubic feet = million barrels = barrel oil/day = million cubic feet/day

30

Energi Mega Persada

Semberah TAC Location Map

Stake : 100% 2P Reserves: 10.5 mmbbl, 43.2 bcf 2011 Prod: 862 bbl/day; 8.8 mmcf/day Operator: EMP
bcf mmbbl bbl/day mmcf/day = billion cubic feet = million barrels = barrel oil/day = million cubic feet/day

31

Energi Mega Persada

Kangean PSC Location Map

Stake : 50% 2P Reserves: 4.8 mmbbl, 672.6 bcf 2011 Prod: 1,360 bbl/day, 15.5 mmcf/day Operator: KEI Partners: Mitsubishi (25%)(1), Japex (25%)(1)
bcf mmbbl bbl/day mmcf/day = billion cubic feet = million barrels = barrel oil/day = million cubic feet/day

(1)

Effective interest.

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Energi Mega Persada

Gebang JOB PSC Location Map

Stake: 50% 2P Reserves: 19.2 bcf 2011 Prod: 19 bbl/day; 0.7 mmcf/day Operator: JOB Pertamina Costa Partner: Pertamina (50%)

bcf bbl/day mmcf/day

= billion cubic feet = barrel oil/ day = million cubic feet/ day

33

Energi Mega Persada

Bentu & Korinci PSC Location Map

Stake : 100% 2P Reserves: 289.8 bcf 2011 Prod: 16.7 mmcf/day Operator: EMP

Stake : 100% 2P Reserves: 58.2 bcf 2011 Prod: 4.4 mmcf/day Operator: EMP

bcf mmcf/day

= billion cubic feet = million cubic feet/ day

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Energi Mega Persada