EGM Speech slides 15 Dec 06

EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS OF PT Petrosea Tbk Garden Hotel – Jakarta 15 December 2006: 

EXTRAORDINARY GENERAL MEETING OF SHAREHOLDERS OF PT Petrosea Tbk Garden Hotel – Jakarta 15 December 2006 Engineering Construction and Mining

Slide 2: 

Good morning, Shareholders, Ladies and Gentlemen, Allow me as President Commissioner of PT Petrosea Tbk to welcome and thank you for your presence at this Extraordinary General Meeting of Shareholders of PT Petrosea Tbk. Pursuant to Article 22 Paragraph 1 of the Articles of Association, I was appointed by the Board of Commissioners to open and chair this Extraordinary General Meeting of Shareholders of PT Petrosea Tbk. EGM – 15 December 2006

EGM – 15 December 2006: 

EGM – 15 December 2006 Pursuant to article 21 paragraph 2 of Articles of Association, the Board of Directors announced the Preliminary Notice and the Final Notice of this meeting in the same two daily newspapers on 7 November 2006 and 27 November 2006 respectively. Before we move to the main points of this meeting, first of all, I would like to confirm the number of shareholders or their proxies which have been lodged prior to this meeting and whether a quorum is present to hold this meeting.

EGM – 15 December 2006: 

EGM – 15 December 2006 I have been confirmed by the Notary that this meeting has been attended by the shareholders of the Company or represented by their legal proxies who represent : 80,454,100 shares or equal 82.28% of the total shares issued by the Company.

EGM – 15 December 2006: 

EGM – 15 December 2006 Hence the quorum as required in Law No.1/1995 concerning the Limited Liability Company under Articles 73 Paragraph 1 and Articles 23 Paragraph 1a of the Company’s Articles of Association, this Extraordinary General Meeting of Shareholders shall be lawful and rightful to make resolution which is legal and binding in consideration with all matters mentioned in the agenda. Since all provisions have been fulfilled, as the Chairman of Meeting, I declare that The Extraordinary General Meeting of Shareholders which is held on Friday, 15 December 2006 shall be lawful and officially opened.

EGM – 15 December 2006: 

EGM – 15 December 2006 Agenda Amendments to the composition of the Board of Commissioners.

EGM – 15 December 2006: 

EGM – 15 December 2006 I also draw your attention to Article 23 paragraph 5 of the Articles of Association which states that the casting of votes concerning a person shall be in writing, but not signed and shall be put into a closed envelope, except if the meeting Chairman allows the casting of votes verbally, and if there is no objection from a person present and entitled to cast a vote. In accordance with paragraph 3 of Article 14 of the Company Articles of Association the office term of the Board of Commissioners is from the closing of this meeting until the closure of the Annual General Meeting of shareholders in 2008.

EGM – 15 December 2006: 

EGM – 15 December 2006 Pursuant to paragraph 5 of Article 21 of the Company Articles of Association, we have received a proposal from the shareholder Clough International Singapore Pte Limited in its letter dated 20 October 2006 proposing : To appoint John S. Karamoy as Independent Commissioner, this appointment shall be for the period from the closing of this meeting and expiring at the closure of the Annual General Meeting of shareholders in 2008.

EGM – 15 December 2006: 

EGM – 15 December 2006 Today, John Karamoy joined PT Petrosea Tbk as an Independent Commissioner. Throughout his career John has undertaken roles for many oil and gas companies such as Stanvac, Huffco, and Medco Energy. In 2001 to 2006 as President Commissioner at PT Medco Energy International Tbk. Including as Chairman of Audit Committee, and Chairman of the Risk Management. And many more in professional and social activities.

EGM – 15 December 2006: 

EGM – 15 December 2006 Therefore the composition of the Board of Commissioners is as follows : President Commissioner : Drs. Haji Udaya Sastrodimedjo Independent Commissioner : Firdaus A. Siddik Independent Commissioner : John S. Karamoy Commissioner : David P.A. Singleton Commissioner : Andrew J. Walsh