Medco Energi Expands PNG Operations

PT Medco Energi Internasional, through its subsidiary Medco Asia Pacific, has completed a Sale and Purchase Agreement with Moonbi Enterprises to acquire ninety percent shares in Moonbi Energy Limited , a subsidiary of Moonbi Enteprises.

With this transaction, MedcoEnergi obtains an exploration license for six years to conduct oil and gas exploration activities in the Juha Extension area designated as Petroleum Prospecting License N o.470 (PPL 470 ) in the Western Province of Papua New Guinea (PNG) . PPL 470 consists of four onshore blocks with working areas totaling 324 km 2 . The areas are located in the Papuan Fold Belt (Papuan Basin) and in a proven petroleum system as they are adjacent to the Juha gas field operated by major multinational companies since 2000.

Lukman Mahfoedz, President Director & CEO of MedcoEnergi, stated “ This acquisition in PNG is in line with the Company’s strategy to focus on high – graded exploration opportunities and to expand our E&P operation internationally . The PPL 470 has very attractive oil and gas fiscal terms , with a royalty and tax system (not a PSC regime ) in which the contractor share can reach as high as 70%. I am confident PPL 470 can play a key role in adding value to the Company and in supporting MedcoEnergi’s business growth in the near future.” Lukman also added, “ Last year we had an aggressive exploration program . In 2013, we spent over US$ 90 million for exploration program and this year our exploration commitment will increase to US$ 155 million. And we now also have exploration in PNG. ” Lukman closed his remarks by stating, “Our operations in difficult areas in the past 10 years, both in domestic and international locations , including drilling operations in remote sites, will be valuable experience in supporting the exploration program in this new frontier area.”

Press Release, February 10, 2014

 

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