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Minggu, 24 Juli 2011


Energi Mega: Inpex sold 30% stake in Masela to Shell, suspected at premium price (ENRG, Rp225, Buy, TP: Rp260)

* Inpex Corp., sole operator in Masela, has finally decided to sell 30% of its stake in the gas-potential field to Royal Dutch Shell. We have previously anticipated the action given that Inpex, as upstream player, will likely to share the cost and risk of developing deep water exploration. Note that the stake will be further reduced as regional government steps in as a part of mandatory stake rule
* Although no price has been revealed (due to pending government approval), we suspect that it is settled at premium price (US$1-1.5/boe) from what Energi Mega (ENRG) has bought at US$0.3/boe.
* Overall, the incorporation of Shell will be beneficial to Masela project as it will deliver its expertise in LNG domain, backed with strong financial capacity. Not to mention, the increase in oil and gas value of Masela to ENRG, if the suspected price incurred.
* We maintain our Buy call on ENRG (TP: Rp260), currently traded at EV/2P US$2.6/boe

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