Extraordinary General
Meeting of Shareholders
Rapat Umum Pemegang
Saham Luar Biasa
15 September 2004
15 September 2004
Agenda
1. Penjualan, pengalihan, atau pemberian hak opsi untuk membeli interests yang dimiliki Perseroan melalui anak
perusahaannya, Novus Petroleum Limited (“Novus”),
dalam blok-blok minyak dan gas yang terletak di Indonesia, Australia, Pakistan, Timur Tengah, dan Amerika Serikat
masing-masing kepada kepada Santos Limited (“Santos”) dan Silk Route Investment (“Silk Route”).
2. Perubahan susunan anggota Direksi Perseroan.
1. To sell, transfer, or provide option to purchase the working interests
of Novus Petroleum Limited
(“Novus”), the Company’s wholly owned subsidiaries, at the oil and gas blocks in Indonesia, Australia, Pakistan, Middle East, and United States to Santos Limited (“Santos”) and Silk Route Investments (“Silk Route”).
2. The resignation and appointment
of the Company’s Board of Director.
Penjualan, pengalihan, atau pemberian hak opsi untuk
membeli interests Novus di blok-blok minyak dan
gas di Indonesia, Australia, Pakistan, Timur
Tengah, dan Amerika Serikat (“Transaksi”).
The sale, transferring, or granting
option to purchase the working interests of Novus at
the oil and gas blocks in Indonesia, Australia,
Pakistan, Middle East, and United States
(“Transaksi”).
15 September 2004
Latar Belakang
Back Ground
1. 23 Januari 2004, RUPSLB menyetujui akuisisi 100% saham Novus.
2. 25 Mei 2004, menaikkan penawaran harga pembelian saham menjadi A$ 1,90.
3. 4 Juni 2004, menandatangani Head of Agreement dengan Santos.
4. 7 Juni 2004, menandatangani
Procurement Agreement dengan Silk Route.
5. 25 Juni 2004, membeli 92,93% saham 6. 1 July 2004, efektif perubahan Direksi
di Novus
7. 20 Agustus 2004, menyelesaikan
pembembelian 100% saham.
1. January 23, 2004, EGM approved the acquisition of 100% shares of Novus.
2. May 25, 2004, increased the offering price of shares to A$ 1.90. 3. June 4, 2004, entered into Head Of
Agreement with Santos.
4. June 7, 2004, entered into Procurement Agreement Silk with Route.
5. June 25, 2004, acquired 92.93% of shares.
6. July 1, 2004, effective date of change of Directorship.
7. August 20, 2004, completed the acquisition of 100% shares.
Pertimbangan dan Alasan
Consideration and Reason
• Membagi resiko dalam kepemilikan wilayah kerja
di luar negeri.
Sharing the ownerships’
risks with other companies
for the blocks outside Indonesia.
• Untuk efisiensi biaya, lebih mementingkan
pengembangan
dan
peningkatan
kegiatan
di
wilayah
kerja
di
Indonesia.
For cost efficiency, prefer to develop and enhance
the activities of the Indonesian blocks.
15 September 2004
Calon Pembeli
The Prospect Buyers
SANTOS LIMITED
•Berkedudukan di Australia dan tercatat di Bursa Efek Australia (ASX). Established in Australia and listed at Australian Stock Exchange •Operator dari blok S.A. Cooper Basin dan Patchawarra East.
•Dimiliki oleh beberapa Nominee asing.
•Direksi: S. Gerlach, J.C. Ellice-Flint, P.C. Barnett, F.J. Conroy, R.M. Harding, G.W. McGregor, M.A. O’Leary, J. Sloan. Uraian Description 31.12.03 Audited* A$ Pendapatan Revenue 1,465 Laba Bersih Net Income 327.0 Jumlah Aktiva Totak Assets 5,218.3 Jumlah Kewajiban Total Liabilities 2,130.4 Ekuitas Equity 3,087.9
Dalam Jutaan In Million A$
Calon Pembeli
The Prospect Buyers
Pemegang Saham Shareholders Jumlah Numbers SR Asset Mgmt Co. Ltd 1 Tek Capital Ltd. 1
Nasir Ali Shah Bukhari 1
Jumlah Total 3 Modal ditempatkan* Paid Up Capital US$ 3.00
SILK ROUTE INVESTMENTS
•Berkedudukan di Cayman Island, bertujuan untuk investasi di suatu perusahaan.
•Direksi: Shahsad Ashfaq, Jose Roy Hernandez Borromeo, Nasir Ali Shah Bukhari.
*Modal dasar US$ 50,000 untuk 50,000 lembar saham
15 September 2004
Wilayah Kerja Novus
Novus’ Blocks
Greater Bukha1
WI: 40.00%
Northern Arabian Gas Condensate Play1 WI: 100.00% Pakistan WI: 7.89-47.50% Philippines WI: 34.88% Brantas PSC WI: 50.00% Kakap PSC WI: 25.00% Cooper Basin WI: 2.97-4.75% Main Pass1 WI: 79.38% East Cameron1 WI: 50.00-100.00% Stratton WI: 30.00% Padre Island2 WI: 31.25-70.00% Sorrento Dome1 WI: 63.00-100.00% NOTES:
1. Novus as the operator
Wilayah Kerja Yang Akan Dijual
The Releasing Blocks
Interest % Sebelum Before Sesudah After AUSTRALIA INDONESIA
OMAN Bukha (Block 8) Produksi 40.00 20.40
PAKISTAN
Bolan Eksplorasi 47.50
-UAE Northern E&P 100.00 51.00
31.25
-AS Padre Island: La Playa
West Bird
Produksi
Badar Eksplorasi 7.89
-S.A. Cooper Basin Produksi 4.75
-Patchawarra East Produksi 2.97
25.00 50.00 41.17 -Kakap E&P 16.00 Brantas E&P 32.00 -Wilayah Kerja Blocks Status
15 September 2004
Wilayah Kerja Yang Akan Dijual
The Releasing Blocks
Interest
Sebelum
Before
Sesudah
After
Padre Island Deep Eksplorasi 70.00
-AS
Padre Island Ultra Deep Eksplorasi 40.00
-Stratton Produksi 30.00
70.50 100.00 79.38
-Sorrento Dome Produksi
-East Cameron Produksi
-Main Pass Produksi
-Wilayah Kerja
Nilai Transaksi
Transaction’s Value
JUMLAH TOTAL (US$) DIBAYARKAN OLEH PAID BYUS$ 110.00 juta (million)* Santos Limited
261.85 juta (million)
US$ 31.85 juta (million) UAE
+US$ 120 juta (million)** AS
Silk Route Investments
*Tambahan US$ 3.5 juta akan dibayarkan apabila ladang Wunut terbukti dapat menjual gas sebesar 100 bcf gas.
Additional US$ 3.5 million would be paid if Wunut field could prove to sell more than 100 bcf gas.
** Nilai yang terdapat dalam Procurement Agreement, dapat berubah sewaktu-waktu tergantung penawaran tertinggi.
15 September 2004
Dampak Keuangan
Financial Impact
Transaksi Transactions Cadangan 2P 1 Januari 2004 2P Reserves January 1, 2004 (mmboe) Sebelum Before 131.1 131.1 131.1 Sesudah After Santos 103.3 76.2 48.4 Silk Route 27.8 Jumlah Total 54.9 82.7 Melunasi bridging loan
dari UOB dan OCBC sejumlah US$200 juta.
Mengurangi hutang
Pendapat Penilai Independen
Independent Evaluator Opinion
PT Madani Securities
Perbandingan Nilai
Comparison Value
Transaksi
Transactions
Nilai
Value
(US$)
Harga Akuisisi
Acquisition
Price
Cadangan
Reserves*
Santos
113.5 juta (mio)
5% premium
42% lebih tinggi
Silk Route
185 juta (mio)**
0%
17% lebih tinggi
*Nilai seluruh cadangan Novus (131.1 mmboe) berdasarkan penilaian Perseroan pada saat akuisisi = US$ 2.90/mmboe **Nilai seluruh interest di AS, UAE, dan Oman yang akan dijual(100%).
Kesimpulan (Conclusion):
“Transaksi Santos dan Transaksi Silk Route mencerminkan nilai pasar yang wajar (fair market value) dan merupakan transaksi yang arms-length.”
15 September 2004
Pendapat Hukum
Legal Opinion
Hadiputranto, Hadinoto & Partners
Perbandingan Comparison Transaksi Transactions Nilai Value (US$) Pendapatan Revenue 31.12.03 Ekuitas Equity 31.12.03
Santos
113.50 juta (mio)
24.49%
23.29%
Silk Route
151.85 juta (mio)
32.77%
31.17%
Jumlah Total 265.35 juta (mio)
57.27%
54.47%
Kesimpulan (Conclusion):
“Transaksi tersebut merupakan Transaksi Material sebagaimana diatur dalam Peraturan Bapepam No. IX.E.2, dan baru dapat dilaksanakan apabila telah memenuh persyaratan yang antara lain (1) Mendapat persetujuan pemegang saham melalui RUPS; (2) Mendapat persetujuan kreditor; dan (3) Memenuhi persyaratan dan prosedur Peraturan IX.E.2.
Usulan dan Keputusan
Proposal and Resolution
Penjualan, pengalihan, atau pemberian hak opsi untuk membeli
interests Novus di blok-blok minyak dan gas di Indonesia, Australia
Pakistan, Timur Tengah, dan Amerika Serikat masing-masing
kepada Santos dan Silk Route.
To sell, transfer, or provide the option to buy the interests of Novus at
blocks in Indonesia, Australian, Pakistan, Middle East, USA to
Santos and Silk Route, respectively.
Memberikan wewenang penuh kepada Direksi Perseroan untuk
melakukan tindakan-tindakan sehubungan Transaksi ini.
To grant full authorities to the Directors to act on behalf of the
15 September 2004
The Resignation and Appointment of Director
Pengunduran Diri Anggota Direksi
Resignation of BOD’s Member
Tanggal Surat Pengunduran Diri
Resignation Letter Date:
15 Agustus 2004
Dari
From:
15 September 2004
Usulan Anggota Direksi
Proposal of BOD’s Member
Bapak YONGYOS KRONGPHANICH
Place and Date of Birth:Bangkok, February 29 1960 Education: 1987–1989, MBA, Thammasat University 1979 – 1983, BSc Akuntansi, Chulalongkorn University Experience: PTTEP – 1997 to present 2003–present, Senior
Manager Investment Business Development Dept.
2002–present, Director,
Independent Power (Thailand) Co. Ltd.
Tempat dan Tanggal Lahir: Bangkok, 29 Pebruari 1960 Pendidikan: 1987–1989, MBA, Thammasat University 1979 – 1983, BSc Akuntansi, Chulalongkorn University Pengalaman: PTTEP – 1997 - sekarang
2003–sekarang, Senior Manager Dep. Investment Business
Development
2002–sekarang, Direktur,
Independent Power (Thailand) co. Ltd.
Usulan Anggota Direksi
Proposal of BOD’s Member
Experience:
2002-2003, Senior Manager, New Business Department
1999-2002, Accounting Dept. (Manager to Senior Manager) 1997-1998, Finance Dept. (Deputy Manager to Manager) TOTAL Thailand – 1990 - 1997
Dept. Finance & Accounting, Deputy Finance Manager (latest) CALTEX, Thailand – 1983 - 1990
Accounting Dept., GL Supervisor
Pengalaman:
2002–2003, Senior Manager, Dep. New Business
1999-2002, Dep. Accounting (Manager s/d Senior Manager) 1997-1998, Dep. Finance (Deputy Manager s/d Manager)
TOTAL, Thailand - 1990-1997
Dep. Finance &Accounting, Deputy Finance Manager (terakhir)
CALTEX, Thailand - 1983-1990
15 September 2004
