The General Meeting of Shareholders - PT Pertamina EP Cepu for the 2013 Fiscal Year | PEPC attained An Increase in Net Profit

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PT Pertamina EP Cepu (PEPC) held a General Meeting of Shareholders (GMS) for the 2013 fiscal year at the Patra Office Tower, 5th floor, on Wednesday, 23 April 2014. The GMS was chaired by Mr. Andri T. Hidayat, the President Commissioner of PEPC, who presented the Company's Annual Report of 2013, the supervisory report of the Board of Commissioners, proposal to approve the Company's 2013 Annual Report and the ratification of the Company's 2013 Financial Statement, proposal to determine the use of profit, proposals to state appreciation for performance (share of profit) and to determine the remuneration adjustments for the Company's Board of Directors and Board of Commissioners, and proposal to determine the Public Accountants for the 2014 fiscal year audit.

According to the 2013 Fiscal Year report, PEPC's revenue increased by 20.9% and recorded an increase in net profit of 20.73% from the previous year. Overall, PEPC's performance in 2013 showed an encouraging development with a net profit US$ 33,636 thousand in the 2013 fiscal year. This net profit was generated from proceeds of crude oil sales.

A number of strategic achievements attained by PEPC are highlighted in 2013, amongst which the approval from the Minister of Energy and Mineral Resources (ESDM) for the unitization of the Jambaran Field (Cepu Work Area) with the Tiung Biru Field (Pertamina EP Work Area), and the determination of PEPC as Operator of the Jambaran - Tiung Biru Fields Unitization.

The Company operated without occupational incident or accident (TRIR=0 and NOA= 0). Approval was given for PEPC to adjust its share of production in the management of the Banyu Urip field from 85:15 to 60:40 by the Ministry of ESDM and SKK Migas pursuant to a side-contract.

PEPC also acquired the Alas Dara Kemuning (ADK) Field, which is managed by PT PEPC - ADK. An increase is also recorded in the production capacity of the Banyu Urip Early Production from 22,000 BOPD to above 28,000 BOPD, thus attaining a cumulative production of 36 million Bbls (16.2 million Bbls of PEPC share). On the financial side, PEPC obtained an unqualified opinion as the outcome of the 2013 audit.

In 2013, PEPC also marked a number of significant achievements in its operations, namely the dilling of 15 development wells at the Banyu Urip Field from the 13 targetted in the 2013 RKAP (Company Budget Plan). Consequently, production from the Banyu Urip EPF experienced an increase from 10,800 BOPD to 11,816 BOPD, leading to a realisation of 77.5% of the targetted 87.1% for the Banyu Urip project in 2013. Meanwhile, the Jambaran - Tiung Biru project recorded 1.79% of the 2.40% projected.

The Key Performance Indicator (KPI) and PEPC's level of corporate soundness in 2013 achieved 111.49% and attained a score of 70 (Sound "A").

In the performance of its Corporate Social Responsibility (CSR), PEPC laid out Rp. 2.3 billion in funds towards infrastructure, education, religion, environment, healthcare, sponsorship programs, natural disasters, donations and community welfare. AS for CSR activities conducted in synergy with Pertamina (Persero) in the areas of education and healthcare, the total reached Rp. 1.76 trillion. On the legal aspect, year 2013 saw no PEPC involvement in legal cases, and the peformance of Good Corporate Governance (GCG) was effected continuously by all the corporate levels with the assistance of the Badan Pengawas Keuangan dan Pembangunan (the State Audit and Development Supervisory Agency).

PEPC's GMS for the 2013 Fiscal Year was attended by the Shareholder from PT Pertamina (Persero) (by proxy), Mr. Muhamad Husen (Director for Upstream Affairs), the Shareholder from PT Pertamina Dana Ventura (by proxy), Mr. Agus Baharudin (President Director); PEPC President Commissioner Mr. Andri T. Hidayat; PEPC Commissioner Mr. Bagus Sudaryanto; PEPC Commissioner Mr. Insan Purwarisya L. Tobing; PEPC Commissioner Mr. Elfien Goentoro; PEPC President Director Mr. Amril Thaib Mandailing; PEPC Director of Operations Mr. Mangasi Darma Gunawan; PEPC Director of Development Mr. Amran Anwar; PEPC Director of Business Support Mr. Musa Umbas; VP Subsidiary & Joint Venture, Mr. Muhammad Syahid (and 4 members of his team); the notary Ms. Marianne Vincentia Hamdani and the PEPC acting Corporate Secretary Mr. Toto Triantoro.