31 July 2007 Medco Energi (MEDC IJ / MEDC.JK, OUTPERFORM - Maintained, RP4,225 - Target: Rp6,650) Company update - Starting to anticipate Area 47 by Robert Adair Medco's share price has strengthened over the past two weeks, with the release of additional positive news on Area 47, Libya. Independent certifiers DelGolyer & McNaughton are now finalising their initial assessment of these reserves. This should be released by end-Aug 07 and remains a near-term catalyst for Medco's share price. We believe Libyan reserves are central both to any partial sale in Encore, and to the valuation of a London listing of Medco's overseas oil and gas assets. We have reduced FY07 estimates by 10% due to an expected one-off charge in 1H07 results, but have increased FY08-09 EPS estimates by 7-13% because of higher crude oil price assumptions. This also raises our DCF-based valuation for Medco to Rp6,650 (Rp5,471 previously). Maintain Outperform. Full Report [ Click here <http://www.gohdirect.com/NASApp/spaf/econtent/ind/MedcoEnergi-IND-31070 07.pdf> ] or the URL below http://www.gohdirect.com/NASApp/spaf/econtent/ind/MedcoEnergi-IND-310700 7.pdf To view these reports, you need to have Adobe's Acrobat Reader. To download a free reader, click here <http://www.adobe.com/products/acrobat/readstep2.html> . PS: if you wish to Opt-Out or Change your Mailing Details, please send an email message to [EMAIL PROTECTED] Otherwise call your respective Salesperson. [ The contents of this e-mail may be confidential. Do not disclose, copy or distribute it if you are not the intended recipient. It may also be unlawful to do so. This e-mail is sent without any implied warranty or representation as to the accuracy or completeness of its contents, or as to the authority of the sender to send it. Do not rely on its contents without written confirmation from a duly authorised employee of CIMB. Please notify [EMAIL PROTECTED] <mailto:[EMAIL PROTECTED]> if you have received this message in error. ] Disclaimer: This email may contain privileged and/or confidential information intended only for the use of the addressee. If you are not the addressee, or the person responsible for delivering it to the addressee, you may not use, copy or deliver this to anyone else. If you receive this email by mistake, please immediately notify us. Opinions contained herein may be the personal opinion of the sender and do not necessarily represent the views of the Company. If you are in any doubt as to whether the opinions are officially endorsed by the Company, please contact our Compliance Dept at (+65) 6225 1228 for clarification. ******************* DISCLAIMER ******************* This e-mail message and any attachments thereto is intended only for the use of the individual or entity to whom it is addressed and others authorized to receive it and may contain information that is confidential, priviledged and/or exempt from disclosure under applicable law. If you are not the intended recipient you are hereby notified that any review, disclosure, copying, distribution or other use of any of the information contained in this strictly prohibited and may be unlawful. If you have received this communication in error, please notify us immediately by responding to this email and then delete this from your system. The content of the message and/or attachments may not reflect the view and opinions of the originating company or any party it is representing. Trimegah Securities cannot guarantee that e-mail communications are secure or error-free, as information could be intercepted, corrupted, amended, lost, destroyed, arrive late or incomplete, or contain viruses. ********************************************************
<<ATT04941.jpg>>
