Equity Research
Medco Energy International
BUY
MEDC IJ / MEDC.JK
Company Initiation |
Oil & Gas Sector
29 December 2016
Game Changer
Nyoman Widita Prabawa
[email protected]
Positive catalyst on Batu Hijau NNT asset acquisition
In November 2016, MEDC finalized the acquisition of Newmont Nusa Tenggara
(NNT), a copper and gold mining enterprise in Batu Hijau, for USD404mn; this
was carried out through the purchase of 50% of Amman Mineral Resources,
which controls around 82.2% of NNT assets. We expect this will boost MEDC
earnings prospects going forward, given its attractive and solid operational
condition. As of 2015, NNT Batu Hijau production has reached around 240mn
lbs of copper and 0.3mn oz per annum. Based on our rough estimation using
2015 figures, NNT could generate net profit for MEDC of around USD193mn
given its 41.1% share interest in NNT.
Bolstering E&P assets with acquisitions of CSOP and CIL in SNSB
Another major 2016 acquisition by MEDC was the purchase of 100%
shareholding of ConocoPhillips oil & gas offshore business units,
‘ConocoPhillips Singapore Operations’ (CSOP) and ‘ConocoPhillips Indonesia’
(CIL), holding a 40% working interest and operatorship in South Natuna Sea
Block B (SNSB) along with operatorship of the West Natuna Transportation
System. This would expand MEDC oil & gas upstream production by ~28.1%
to around 82 MBOEPD (9M16: 64 MBOEPD). The total transaction of the
acquisitions was around USD239mn.
+6221 23587222 ext 180
Target Price: IDR1,600
C urrent Price: IDR1,290
Upside potential: 24.0%
PRICE PERFORMANCE
2,100
1,900
1,700
1,500
1,300
1,100
900
700
Positive outlook on the new strategy
Amidst a continued low oil price condition, MEDC management has been
implementing several strategies to maintain earnings growth. Firstly,
implementation of efficiency across business units, including capital
expenditures and oil & gas lifting costs. Note that MEDC expects to lower its
lifting costs per barrel to USD5.7/bl in 2016F (-37% YoY, 9M16: USD4.7/bl),
and we are confident this will continue, reaching USD5.7/bl and USD 5.8/bl in
2017F and 2018F respectively. Secondly, conducting rationalization of their
portfolio horizons, through optimization of MEDC’s most productive assets as
well as focusing on domestic acquisition potentials and PSC extensions.
500
Dec-15
Mar-16
MEDC IJ
Jun-16
Sep-16
Dec-16
JCI Rebase as of 28-Dec-16
So urce: B lo o mberg, B CA Sekuritas
STOCK PERFORMANCE
Initiate with a BUY, TP of IDR1,600
We initiate coverage on MEDC with a BUY rating TP of IDR1,600, based on
DCF based valuation (WACC:6.5%) translated to 24% upside. We estimated
MEDC earnings will improve by 96.5% in 2017F and 31.0% in 2018F, on the
back of higher revenue contribution from their oil & gas and mining business
We have yet to include contribution from NNT and SNSB given limited data.
Potential risks to our call lie in MEDC’s ability to maintain their lifting rate
given deteriorating oil & gas wellhead conditions, and lower crude oil prices.
Exhibit 1. Financial Summary
Description (USDmn)
Revenue
EBITDA
Net Profit
BCAS/consensus (%)
EPS (IDR)
EPS Growth (%)
DPS (IDR)
PE (x)
PB (x)
EV/EBITDA (x)
Dividend yield (%)
Payout ratio (%)
ROE (%)
Net Gearing (%)
2014A
751
253
5
19
(53.0)
15
66.6
0.4
5.1
1.1
76.3
0.5
111.6
2015A
628
215
(182)
(740)
na
0
na
0.3
6.7
0.0
0.0
(26.1)
160.4
2016F
572
274
28
114.9
112
na
45
11.5
0.3
5.5
3.5
40.0
3.7
157.9
Source: Company, BCAS estimate, *pricing as of 28 December 2016 closing price
2017F
658
351
55
165.6
221
96.5
88
5.8
0.3
3.4
6.8
40.0
5.6
88.3
2018F
702
399
72
106.9
289
31.0
116
4.5
0.3
3.2
9.0
40.0
7.0
92.4
52-week price range (IDR)
:
670 - 1,950
Market cap (IDRbn)/(USDmn)
:
4,298.9 / 319.4
Avg Daily Turnover (IDRbn/USDmn) :
7.3 / 0.5
So urce: B lo o mberg
MARKET DATA
YTD
1M
Absolute
62.3%
4.5%
JC I Return
13.4%
Relative
48.8%
3M
12M
-15.7%
63.3%
1.9%
-4.0%
14.3%
2.6%
-11.7%
49.0%
So urce: B lo o mberg
SHAREHOLDERS
Encore Energy Pte Ltd
:
51.7%
C redit Suisse AG
:
21.2%
PT Prudential Life Assurance
:
8.5%
Others (each below 5%)
:
18.7%
So urce: B lo o mberg
Exhibit 2. Financial Summary
Income Statement
Year–end 31 Dec (USDmn)
Revenue
Cost of revenue
Gross profit
EBITDA
Depreciation
EBIT
Net interest income (expense)
FX gain (losses)
Other income (expense)
Pre-tax profit
Taxes
Minority interests
Net income
EPS (IDR)
Balance sheet
Year–end 31 Dec (IDRbn)
Cash and equivalents
Account receivables
Inventories
L-T Invest & receivables
Fixed assets
Other assets
Total assets
S-T liabilities
Other S-T liabilities
L-T liabilities
Other L-T liabilities
Total liabilities
Minority interest
Equity
Total liabilities & equity
Cash Flows Statement
Year–end 31 Dec (IDRbn)
Net Income
Depreciation
Change in working capital
Operating cash flow
Capital expenditure
Others
Investing cash flow
Dividend paid
Net change in debt
Others
Financing cash flow
Change in cash
Beginning cash flow
Ending cash flow
Key Ratios
Gross margin (%)
EBITDA margin (%)
EBIT margin (%)
Pretax margin (%)
Net margin (%)
ROAE (%)
ROAA (%)
Current ratio (x)
Acid ratio (x)
Gearing (%)
Net gearing (%)
AR turnover (days)
Inventory turnover (days)
AP turnover (days)
2014A
2015A
2016F
2017F
2018F
751
480
271
253
97
156
(61)
0
11
106
(98)
(4)
5
19
628
420
208
215
126
90
(71)
0
(165)
(146)
(34)
(2)
(182)
(740)
572
350
222
274
151
123
(107)
0
33
49
(19)
(2)
28
112
658
376
283
351
172
179
(113)
0
30
97
(39)
(3)
55
221
702
392
310
399
197
202
(72)
0
23
154
(77)
(5)
72
289
2014A
2015A
2016F
2017F
2018F
207
102
42
493
1,178
645
2,668
0
468
1,002
311
1,781
10
878
2,668
463
99
40
262
1,055
991
2,910
0
527
1,322
360
2,208
5
696
2,910
432
102
38
268
956
1,310
3,105
26
555
1,367
406
2,354
7
745
3,105
569
117
42
271
912
1,232
3,143
29
560
1,167
399
2,156
10
977
3,143
412
125
44
275
948
1,305
3,109
29
584
1,067
393
2,073
15
1,020
3,109
2014A
2015A
2016F
2017F
2018F
5
97
146
247
(287)
(13)
(300)
(4)
52
(58)
(10)
(63)
270
207
(182)
126
350
294
(364)
194
(170)
0
320
(187)
132
257
207
463
28
151
(418)
(240)
(51)
214
163
(11)
72
(16)
45
(31)
463
432
55
172
192
418
(129)
(27)
(156)
(22)
(197)
94
(126)
137
432
569
72
197
56
324
(232)
(12)
(244)
(29)
(100)
(108)
(236)
(157)
569
412
2014A
2015A
2016F
2017F
2018F
36.1
33.7
20.7
14.1
0.6
0.5
0.2
1.6
1.5
202.9
111.6
49
32
70
33.1
34.3
14.2
(23.3)
(28.9)
(26.1)
(6.3)
2.0
1.9
317.1
160.4
57
35
67
38.9
47.8
21.5
8.5
4.8
3.7
0.9
2.3
2.2
316.1
157.9
65
40
97
42.9
53.3
27.2
14.7
8.3
5.6
1.7
2.4
2.3
220.6
88.3
65
41
86
44.1
56.8
28.8
21.9
10.2
7.0
2.3
2.2
2.1
203.2
92.4
65
41
82
MEDC’s revenue stream
improve by higher oil &
gas production …
... resulting in
cash generation
higher
Prior to high net gearing
level, the management
more
prudent
in
allocating
capital
expenditure in 2017
We expecting margins
improvements in 2017F2018F
Source: Company, BCAS estimates
2
Major Acquisitions
Newmont Nusa Tenggara (NNT)
According to the transaction disclosure, the total acquisition value of
Newmont Nusa Tenggara (renamed as ‘Amman Mineral Nusa
Tenggara’) mines amount to USD404mn for 50% shareholding in
Amman Mineral Investama (AMIV), and MEDC is to provide 5-year
loans to AMIV of USD246mn. The deal was fully funded through 3
SOE banks (BMRI, BBNI, and BBRI), with outstanding syndicated
working capital loans of around USD750mn. As of 2015, NNT’s Batu
Hijau mines contain proven copper reserves of around 2.6bn lbs,
along with 2.7mn oz of gold, with annual production of 240mn lbs and
0.3mn oz, respectively. Additionally, there is the potential
development of the Elang mining site (in proximity to Bukit Hijau),
with estimated production of 300-430mn lbs of copper and 0.350.60mn oz of gold annually.
Profitable operational outlook
We believe this acquisition bodes well for MEDC business portfolio,
going forward. In 2015, NNT Bukit Hijau generated revenue of around
USD1.6bn (USD669mn from copper & USD 975mn from gold), with
total assets of around USD3.5bn. Post the acquisitions, MEDC and AP
Investment each entitled 41.1% shares of NNT mining operations,
which translates to potential earnings generation roughly around
USD193mn (based on FY15 figures). Hence, based on this, the payback-period is estimated roughly at 2.5 years of the acquisition value.
Exhibit 3. Newmont Nusa Tenggara asset overview
The acquisition of NNT Batu Hijau
asset will become game changer for
MEDC, given its solid business
outlook
Source: Company
Exhibit 4. Newmont potential asset development
Elang site is located near Batu
Hijau, with potential resources of a
maximum of 12.9bn copper and
19.7mn oz gold
Source: Company
3
Massive capital requirements for further business expansion
In order to settle its outstanding syndicated loan, expected to mature
within the next 2.5 years, as well as amassing capital requirement for
NNT business development, MEDC plans massive fund raising through
an Initial Public Offering (IPO) on Amman Mineral Resources level,
expected in 2017F.
Several projects would commence on NNT mining site:
1). Entering the 7th mining stage of Bukit Hijau
In its current production, Bukit Hijau mining has entered the 6th
stage of the mining process, expected to deplete by end-2017F.
Hence, MEDC would require a new capital expenditure to develop
a new 7th stage mine pit (final expected reserve in Bukit Hijau).
2). Development of new mining pit in Elang Reservoir
Concurrently, MEDC also targets expansion of their mining
reservoir by developing a new mining pit in Elang by end-2017F,
and massive investment is expected through 2018F, depending on
the availability of a conveyor belt between Bukit Hijau and Elang,
or development of new facilities in Elang.
3) Mandate on opening smelter by the government
In accordance with government regulation (PP) No.1/2014, which
obliges mining companies to construct smelters in order to qualify
for an extension of their entitled export permit, MEDC
management strongly supports its commitment to build its own
smelter by 2018F.
ConocoPhillips subsidiaries in South Natuna Sea
MEDC is also conducting several strategic acquisitions in 2016, to
strengthen their exploration & production business (E&P), including
ConocoPhillips Singapore Operations (CSOP) and ConocoPhillips
Indonesia (CIL), which holds 40% of working interest and
operatorship in South Natuna Sea Block B (SNSB), along with
operatorship of West Natuna Transportation System. SNSB produces
around 266 MMSCFD gas, 5 KOEPD LPG, 19 MBOEPD oil reserves and
is connected with West Natuna Transportation System (WNTS), which
serves gas transmission pipelines to 3 PSC in Natuna, and onward to
Singapore onshore.
Other capital expenditures
Given high net gearing ratio, MEDC will maintain its capital
expenditure budget at a moderate level for the next 3 years. Most of
their capex in that time will mainly be used for finalizing their ongoing
wellhead and mining site development projects, and maintenancerelated costs.
Exhibit 5. MEDC capital expenditure, 2010 – 2018F
(USDmn)
We expect MEDC to significantly
reduce their capex allocations,
given relatively high net gearing
ratio
Capex
400
357
350
315
300
250
250
220
189
200
150
170
127
143
100
100
50
0
2010
2011
2012
2013
2014
2015
2016F
2017F
2018F
Source: Company, BCAS estimate, * excluding acquisitions
4
MEDC Energy Assets
One of the largest domestic E&P Company
Presently, MEDC is engaged in 25 PSC, both domestically and
internationally. With 13 asset blocks in a production phase, and 12
asset blocks under development & in exploration (exhibit 16), MEDC’
core expertise sustains their upstream oil & gas exploration &
production business. As of 9M16, MEDC Oil & Gas production has
reached around 63.9 MBOEPD, which represents around ~8% of total
domestic Oil & Gas production. In addition, MEDC 2P Oil & Gas
reserves stand at 262 MMBOE, and potential resources up to 350
MMBOE, with 17 years’ reserve life index. MEDC oil & gas energy
proportion is around 24.1% and 75.9%, respectively, mainly due to
higher content of natural gas in most MEDC wellheads.
Exhibit 6. MEDC asset horizon
Massive business network, with
exposure
of
up
to
25
PSC
domestically and internationally
Source: Company
Exhibit 7. MEDC’ Energy Resources
Natural gas remains the major part
of MEDC energy proportion
Potential Resources ~350 MMBOE
Oil
24.1%
Gas
75.9%
Foreign
24.0%
Domestic
76.0%
Source: Company
5
MEDC Oil & Gas production outlook
Low global oil price has become the main obstacle for oil & gas
producers as it significantly cuts into the economic value of their
energy assets, while relatively high production costs persist. This is
reflected in MEDC’s revenue contribution from oil & gas segment,
which is expected to drop by 25% between 2014 – 2016F, and
consequently hampers their earnings prospects. In response,
Management has initiated portfolio rationalization, prioritizing their
most productive and efficient wellheads (Rimau block) to hold cash
costs at a reasonable level (exhibit 8). Against this, we are seeing a
more positive outlook on MEDC gas production, mainly driven by their
newly-acquired South Natuna Sea block B (SNSB) and Senoro - Toili
block (exhibit 9).
Exhibit 8. MEDC’ oil lifting volume, 2010 – 2018F
(MBOEPD)
Low global crude oil price has
caused MEDC to halt part of their oil
production
Oil Lifting
35
31
30
30
30
26
25
22
22
20
21
22
20
15
10
5
0
2010
2011
2012
2013
2014
2015
2016F
2017F
2018F
Source: Company,
Exhibit 9. MEDC’ gas sales volume, 2010 – 2018F
(BBTUPD)
Gas Sales
300
258
263
266
2016F
2017F
2018F
We are expecting higher gas sales
volume prior to the operation of
several gas fields in 2016F
250
200
155
162
154
152
150
141
131
100
50
0
2010
2011
2012
2013
2014
2015
Source: Company
Expect slight improvement in global crude oil ASP
Over the past 2 months we saw a slight increase in global crude oil
price, of around ~20% to USD55/bl, driven by positive sentiment
from OPEC members to cut oil production by 1.2mn MMBOEPD and
Non-OPEC members by 0.6 MMBOEPD effective as of 1 January 2017.
Hence, we forecast global crude oil ASP increase to around USD57/bl
and USD62/bl level in 2017F and 2018F from USD45/bl in 2016F,
respectively (exhibit 10), which are in line with consensus estimate.
Separately, we estimate that MEDC’s natural gas ASP will remain
stable at USD4/MMBTU (exhibit 11), given most MEDC existing
contracts specify a fairly long expiration period, and lower gas ASP
would only apply to new PSC contracts.
6
Exhibit 10. MEDC’s oil ASP, 2010 – 2018F
(USD/bl)
We expect global crude oil price will
gradually improve over the next 2
years
Oil ASP
140
114
120
116
108
98
100
81
80
57
60
49
62
45
40
20
0
2010
2011
2012
2013
2014
2015
2016F
2017F
2018F
Source: Company, BCA estimate, Bloomberg, *We use Brent Oil as our benchmark estimation
Exhibit 11. MEDC’ gas ASP 2010 – 2018F
(USD/MMBTU)
MEDC’ gas ASP will remain stable at
USD4/MMBTU, given most existing
contracts specify a fairly long
expiration period
Gas ASP
6
5
6
5
5
4
4
4
4
4
4
2016F
2017F
2018F
4
3
2
1
0
2010
2011
2012
2013
2014
2015
Source: Company
Cost efficiency measure to support operational margins
The management strategy to maintain cost efficiency across business
segments has proved to be fruitful, as it raised its EBITDA margin to
20.8% in 9M16 (9M15: 19.5%), and we estimate MEDC production
cash cost level will stabilize at USD10/bl over the next 2 years
(exhibit 13). That said, we also believe improvement in global crude
oil ASP will provide additional support to the company’s earnings
prospects, going forward. Note that based on our 2017F sensitivity
analysis, 5% rise in global crude oil price translates to EBITDA margin
appreciation by 60bps and net profit increase by +10% (exhibit 12).
Exhibit 12. MEDC’ sensitivity analysis
2016F
Oil price
(USD/bbl)
-10%
-5%
45
5%
10%
EBITDA
Margin (%)
46.9
47.4
47.8
48.3
48.7
2017F
Net profit
(USDmn)
-25.7%
-12.8%
28
12.8%
25.7%
Oil price
EBITDA
(USD/bbl) Margin (%)
-10%
52.2
-5%
52.8
57
53.3
5%
53.9
10%
54.4
Net profit
(USDmn)
-19.9%
-10.0%
55
10.0%
19.9%
Given the business nature of
upstream oil & gas players, MEDC’
earnings highly correlated to global
crude oil price volatility
Source: Company
7
Exhibit 13. MEDC’ cash cost movements, 2010 – 2018F
(USD/bl)
Cost movements
20
In response to depressed oil prices,
MEDC
sustains
cost
efficiency
across business units
17
18
16
16
15
15
4
14
4
12
15
2
4
3
13
4
10
10
10
5
4
4
5
6
6
2016F
2017F
2018F
10
8
6
13
11
14
11
11
9
4
2
0
2010
2011
2012
2013
2014
Lifting cost
2015
G&A
Source: Company
Attractive valuation
We concluded that MEDC poses an attractive valuation, given cheap
2017F PE and EV/EBITDA at 62% and 21% discount relative to
regional average (exhibit 14). This is mainly due to significant
earnings growth in 2017F, benefiting from improvement in global
crude oil price and our confidence of management’s ability to
maintain stable cash cost level, going forward. Although we note that
MEDC has lower 2017F ROE compared to its regional peers, we
believe this will improve along with the inclusion of NNT earnings to
total MEDC portfolio. Hence, we initiate our coverage with a Buy
rating and TP at IDR1,600/share (+24% upside potential), based on
DCF valuation with WACC around 6.5% (exhibit 15).
Risks to our hypothesis (including others):
 Further deterioration of global crude oil price – in the
nature of upstream oil & gas players, MEDC’s main business
risk lies in global crude oil price volatility.
 Higher costs on depleting wellheads – MEDC is exposed to
potentially higher maintenance costs from their old wellheads.
 Inability to monetize their newly acquired NNT assets –
given their lack of expertise in mining business, there are
questions about MEDC’s ability to expand their newly-acquired
mining asset.
 Unfavorable regulation of upstream oil & gas players by
the Government of Indonesia.
Glossaries:
E&P – Oil & gas Exploration and Production business
PSC – Production Sharing Contract
BBTPUD – Billion British Thermal Unit per day
MMBTU – Million British thermal unit
MMBOEPD – Million Barrels of Oil Equivalent Per Day
MBOEPD – Thousand Barrels of Oil Equivalent Per Day
OPEC – Organization of the Petroleum Exporting Countries
8
Appendix
Exhibit 14. Regional peer comparisons
Company Name
P/E (x)
2016F
EPS Growth
2017F
2016F
EV/EBITDA (x)
2017F
2016F
2017F
EBITDA Margin
2016F
P/B (x)
2017F
2016F
ROE
2017F
2016F
Div Yield
2017F
2016F
2017F
MEDC IJ
11.5
5.8
na
96.5
5.5
3.4
47.8
53.3
0.3
0.3
3.7
5.6
3.5
6.8
CAIR IN
25.1
18.7
na
33.8
5.9
4.8
41.0
43.4
0.9
0.9
3.6
4.7
1.3
1.6
OINL IN
19.9
20.1
7.9
25.3
10.2
9.5
34.7
33.1
1.1
2.1
9.7
8.9
1.7
1.7
POL PA
14.0
10.8
(8.7)
29.4
7.4
4.8
54.1
68.0
4.1
3.9
29.3
33.7
6.9
9.0
PPL PA
17.9
11.3
(39.9)
58.7
7.2
5.3
52.8
66.3
1.9
1.7
10.9
13.9
2.5
3.8
PTTEP TB
22.7
16.4
na
38.7
3.5
3.2
69.5
70.4
0.9
0.9
4.0
5.4
2.3
2.8
CNG VN
9.5
7.1
5.6
33.9
3.2
2.6
26.9
28.3
2.5
2.1
31.2
36.0
7.5
6.3
883 HK
-
14.8
na
na
6.2
4.0
48.0
58.4
0.2
0.2
(0.1)
7.0
2.5
3.1
Average
6.9
15.3
(1.5)
12.3
6.1
4.3
49.9
58.0
0.5
0.5
2.2
7.4
2.4
3.0
Source: Bloomberg, BCA Sekuritas estimate
Exhibit 15. MEDC’s DCF valuation
No of years
0
2017F
1
2018F
2
2019F
3
2020F
4
2021F
5
2022F
EBITDA
Tax
Working capital
Capex
351
(140)
67
(170)
399
(160)
(75)
(250)
463
(185)
(81)
(350)
518
(207)
(78)
(350)
507
(203)
(92)
(380)
486
(194)
252
(415)
FCF
PV FCF
108
108
(85)
(80)
(153)
(135)
(117)
(97)
(168)
(131)
129
94
WACC
Weighting
Debt
Equity
59.4%
40.6%
Cost of debt
TV
PV TV
EV
Cash
Debt
2,051
1,498
1,257
569
1,432
Interest for debt
Tax
kd
6.0%
40.0%
3.6%
Cost of equity
Rf
Market premium
Beta
7.3%
5.0%
1.12
Fair value
394
ke
13%
Net profit 2017F
EPS
55
0.02
WACC
6.5%
EPS (IDR)
221
Terminal Growth
Target price
# shares
Target price (IDR)
Implied PER
0.1
3,332
1,591
7.2
0%
Debt assumption
2017F
Debt
Equity
Avg USD/IDR
1,432
977
13,461
Source: BCA Sekuritas estimate
9
Exhibit 16. MEDC’ PSC breakdown
Producing Assets Blocks
Indonesia Assets
Senoro Toili
Rimau
South Sumatra
Lematang
Tarakan
Bawean
International Assets
Karim Small Fields (Oman)
Block 9 Malik (Yemen)
Adam (Tunisia)
Bir Ben Tartar (Tunisia)
Block 54 & Block 65, Main Pass Louisiana (US)
Block 316, East Cameron Louisiana (US)
Block 317 & Block 318, East Cameron Louisiana (US)
Development Assets Blocks
Indonesia Assets
Block A
Simenggaris
International Assets
Area 47 (Libya)
Yasmin (Tunisia)
Cosmos (Tunisia)
Hammament (Tunisia)
Exploration Assets Blocks
Indonesia Assets
Benggara
International assets
Jenein (Tunisia)
Sud Remada (Tunisia)
Borj El-Khadra (Tunisia)
Block 56 (Oman)
Block 82 (Oman)
Production Sharing Contracts (PSC)
Type of contracts Areas (km2)
Contract Expiry
Prticipating interest
PSC - JOB
PSC
PSC
PSC
PSC
PSC
451
1,104
4,470
409
180
3,063
2027
2023
2033
2017
2022
2031
Medco E&P 30%
Medco E&P 95% (Operator)
Medco E&P 100% (Operator)
Medco E&P 51.1% (Operator)
Medco E&P 100% (Operator)
Minority interest
Service Agreement
PSA
Consession
PSC
Royalty
N.A
4,728
860
352
28
2040
2030
2033
2041
Indefinite
Medco LLC 51% (Operator)
Medco LTD 21.3% (Operator)
Medco Sahara 5%
Medco 100% (Operator)
Medco Energy 75% (Operator)
20.2 & 40.5
Areas (km2)
Indefinite
Contract Expiry
1,680
547
2031
2028
6,182
96
440
3,740
Areas (km2)
30 Years
2020
2035
2016
Contract Expiry
922
2029
312
3,516
2,863
5,808
1,653
2017
2017
2015
3 Years
2040
Royalty
Type of contracts
PSC
PSC - JOB
PSA
Consession
Consession
PSC
Type of contracts
PSC
PSC
PSC
Royalty & Tax
PSC
PSA
Medco Energy 100% (Operator)
Prticipating interest
Medco E&P 41.7% (Operator)
Medco E&P 62.5% (Operator)
Medco 50% (Operator)
Medco 100% (Operator)
Medco 80% (Operator)
Medco 35% (Operator)
Prticipating interest
Medco E&P 100% (Operator)
Medco 65% (Operator)
Medco 86% (Operator)
Medco 10%
Medco 75% (Operator)
Medco 38.2% (Operator)
Source: BCA Sekuritas estimate
10
Teguh Hartanto
Director of Equity, ext: 129
[email protected]
RESEARCH DIVISION
[email protected]
Darmawan Halim
Head of Research, ext: 168
Strategy, Automotive, Heavy Equipment
[email protected]
Arga Samudro
FI Analyst, ext: 181
FI Strategies & Macroeconomist
[email protected]
Igor Nyoman Putra
Equity Analyst, ext: 178
Banking, Industrial Estate
[email protected]
Jennifer Frederika Yapply
Equity Analyst, ext: 179
Cigarettes, Consumer, Health Care
[email protected]
Aditya Eka Prakasa
Equity Analyst, ext: 182
Telco, Coal, Metal Mining
[email protected]
Johanes Prasetia
Equity Analyst, ext: 185
Retail, Poultry
[email protected]
Michael Ramba
Equity Analyst, ext: 184
Construction, Property Residential
[email protected]
Nyoman Widita Prabawa
Equity Analyst, ext: 180
Cement, Plantation, Oil & Gas
[email protected]
Achmad Yaki Yamani
Technical Analyst, ext: 186
Technical Analyst
[email protected]
Ermawati Agustina Erman
Head of Institutional Sales, ext: 159
[email protected]
Haslienda
Equity Capital Market, ext: 137
[email protected]
Santoso Jodikin
Sales Trader, ext: 164
[email protected]
Arief Iskandar
Institutional Dealer, ext: 136
[email protected]
Amru Fernando
Institutional Dealer, ext: 107
[email protected]
Yuni Pratiwi
Research Assistant, ext: 183
[email protected]
EQUITY CAPITAL MARKET DIVISION
[email protected]
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