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In 2015 we set a net debt to EBITDA target of 3.0x and I am pleased to see further incremental progress to meeting that target.” Hilmi Panigoro, President Director of Medco Energi, said that “I am pleased with the nine-month results and to announce the issue of our Sustainability Report which clearly lays out the Company’s commitment to long term goals for best practice sustainable operations and development.” Click here to download Jakarta, 15 November 2018 - PT Medco Energi Internasional Tbk ("Medco Energi" or the "Company") held an Extraordinary General Meeting of Shareholders today and obtained shareholder approval for a Capital Increase Without Pre-emptive Rights for up to 10% (ten percent) of the Company’s issued and paid-up capital.The issuance expected to be completed within two years period for a new minimum price of Rp 868 per share, being the average closing price for the previous 25 trading days prior to the announcement.With the asset integration into Medco Energi’s portfolio through acquisition, it will enhance the Company’s capabilities and scale as a world class offshore operating Oil and Gas Company.The construction of Sarulla Geothermal Power Plant has started in 2014, and will produce geothermal power for 3 x 110 MW electricity.

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Roberto Lorato, CEO of the Company said that “Our nine months results were solid, with higher EBITDA and improved operating margins from continued cost discipline.Work to integrate the Ophir assets and organization is well advanced and we are making good progress continuing to upgrade the combined Medco and Ophir portfolio.” Financial Highlights Hilmi Panigoro, President Director, said “I am pleased to see strong operational and financial results.The integration of Ophir operations will continue and secure our position as a leading Southeast Asia energy and natural resources company.” Medco Energi Announces Completion of Acquisition of Ophir Energy plc Jakarta, – PT Medco Energi Internasional Tbk[1] today announces the successful completion of the acquisition of Ophir Energy plc in a recommended all cash offer valued at £408.4 million.Ophir’s assets are highly complementary to Medco Energi’s existing portfolio and the combined business creates a leading regional oil and gas player in Southeast Asia.

The acquisition of Ophir will increase Medco Energi’s 2019 pro forma production by approximately 29% to 110 Mboepd, and combined 2P reserves by 86% to 1,439 MMboe.Medco Energi is committed to contribute to the Nation’s economic growth and development.