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Energi Mega Persada (ENRG · Jakarta)

Mid-cap E&P — HQ Indonesia. Oil & gas valuation, proved reserves, production, break-even, net-asset-value and jurisdiction-risk screen.
Category Mid-cap E&PRegion Asia-PacificCEO Imam P. Agustino (2016)Jurisdiction risk Med (51)

Overview

Energi Mega Persada is a Bakrie-group Indonesian upstream oil and gas producer listed on the IDX (ticker ENRG), operating a gas-weighted portfolio of production-sharing contracts including the flagship offshore East Java Kangean block plus Bentu, Malacca Strait and Korinci-Baru in Sumatra. FY2025 delivered revenue of ~US$0.50bn, EBITDA of ~US$0.23bn and net income of ~US$0.09bn on production of roughly 48 mboe/d that is ~80%+ natural gas sold largely into domestic Indonesian markets. It is not a US SEC filer, so no standardized measure (nav.sm) is available.

The equity is dominated by governance and balance-sheet considerations rather than pure resource value: the company is controlled by the Bakrie group, which carries a track record of related-party transactions, aggressive leverage and prior debt restructurings. FY2025 gross debt of ~US$0.43bn (net debt ~US$0.37bn) against total equity of ~US$0.82bn is manageable but must be weighed against limited reserve transparency, single-country concentration and exposure to Indonesian domestic gas pricing and PSC extension/cost-recovery terms. No dividend is paid; value hinges on domestic gas demand, PSC economics and governance discipline.

Valuation snapshot (FY2025)

Market cap
$2.4bn
Enterprise value
$2.7bn
EV / EBITDA
11.9x
P / E
25.7x
FCF yield
1.0%
Dividend yield
0.0%
ROACE
9%
Debt / equity
52%
Net debt / EBITDA
1.6x
EV / reserves
$18.20/boe
EV / flowing
$51k/boe/d
Free cash flow
$0.0bn

Its EV/EBITDA of 11.9x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of 1.0% is lower than the 6.5% median, and at $18.20/boe of proved reserves it is richer than the $13.51/boe median.

On a balanced screen across the universe, Energi Mega Persada scores 26/100, strongest on asset quality (29/100). Sub-scores: value 20, quality 29, growth 28, risk 71 (higher = riskier).

Reserves & production

Energi Mega Persada holds approximately 0.15 billion boe of proved (1P) reserves with FY2025 production of about 54 thousand boe/d (15% liquids), a reserve life of roughly 7.6 years. Break-even: ~$40 (Brent FCF breakeven) — Predominantly gas revenue under domestic Indonesian PSC sales contracts, so cash generation is driven more by contracted gas prices than Brent; corporate FCF breakeven is estimated around US$40/bbl Brent-equivalent, with leverage and PSC cost-recovery terms the key swing factors.

Net asset value (public-source)

For Energi Mega Persada, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.

Jurisdiction risk · production-weighted country risk

51 /100
Medium jurisdiction risk
Production-weighted average of the country scores below (0 = safest, 100 = riskiest).
Country / regionProd. shareCountry riskKey jurisdiction risk
Indonesia100%51Gross-split PSCs, resource nationalism, declining oil output.
How this is scored. Each country's risk (0–100) is anchored to two named public indices — the OECD Country Risk Classification (0–7 official export-credit country risk) and the World Bank Worldwide Governance Indicators (Political Stability & Absence of Violence percentile) — blended 55/45 and rescaled to 0–100. A company's jurisdiction risk is the production-weighted average across the countries where it operates. This is a pure country measure, kept separate from company & financial risk (leverage, governance). Source: OECD Country Risk Classification (CRC) as of 24 July 2025, sourced via the German Federal Export Credit Guarantees (exportkreditgarantien.de) which applies the OECD consensus country risk category directly (values 0-7; 0 = lowest risk). High-income OECD members are not individually rated by the OECD and are set to crc=0 per the model spec (US, UK, Norway, Canada, Australia, Japan, NZ, and most of Europe incl. OECD members Israel, Poland, Hungary, Czechia, Lithuania, Ireland). 'ps' = World Bank Worldwide Governance Indicators (WGI) 'Political Stability and Absence of Violence/Terrorism' percentile rank, latest available (2023 vintage), 0-100 with higher = more stable; ps values are best sourced estimates rounded to the WGI percentile scale. Yemen not on OECD list ('./.') so crc estimated at 7. Iraq-Kurdistan and Falklands are non-standard model rows using judgment, not official OECD entries..

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Key assets & projects

AssetLocationTypeNotes
Kangean PSCIndonesiaGasFlagship offshore East Java gas block (Terang-Sirasun-Batur); core of production and reserves
Bentu PSCIndonesiaGasOnshore Central Sumatra gas block supplying domestic/industrial buyers
Malacca Strait PSCIndonesiaOil + GasMature offshore/onshore Sumatra block with oil and gas output
Korinci-Baru PSCIndonesiaGasOnshore Sumatra gas block feeding domestic gas market
Domestic gas sales contractsIndonesiaGas marketingLong-term PLN/industrial gas sales agreements underpinning contracted cash flows
Bakrie-group affiliationIndonesiaGovernanceControlled by the Bakrie group; related-party transaction and leverage risk
PSC portfolio (upstream)IndonesiaUpstream E&P~100% Indonesian upstream production-sharing contracts, gas-weighted

Five-year trend (FY2021–FY2025)

Metric20212022202320242025
Production (mboe/d)4542444654
Proved reserves (bnboe)0.220.210.200.200.15
Revenue ($bn)0.40.50.40.50.5
EBITDA ($bn)0.40.40.20.20.2
Net income ($bn)0.00.10.10.10.1
Free cash flow ($bn)0.00.10.0-0.10.0

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Peer companies — Mid-cap E&P

FANG · Diamondback EnergyPR · Permian ResourcesCHRD · Chord Energy CorporationMTDR · Matador Resources CompanyMGY · Magnolia Oil & Gas CorporationMUR · Murphy Oil CorporationTVE · Tamarack Valley Energy Ltd.CRC · California Resources CorporationNVPT · Navitas PetroleumCRGY · Crescent EnergyBTE · Baytex Energy Corp.POU · Paramount Resources Ltd.TALO · Talos Energy Inc.NOG · Northern Oil & Gas

Sources

✓ FY2025 figures verified against primary sources:

↗ Compare ENRG against 141 peers in the interactive screener

Disclaimer. Screening research only — a starting point, not investment or transactional advice. Figures are drawn from public sources (~mid-2026), may contain errors, and require independent due diligence before any decision.
Enerquill Advisory. Data compiled from company FY2025 filings and results releases; market data ~mid-2026. Larger names are verified against primary sources (shown on each page); smaller names are best-estimates pending verification. © Enerquill Advisory. enerquilladvisory.com