Anadarko completes due diligence on Medco?s E&P assets

JSX-listed oil and gas firm Medco Energi International Tbk. said that US oil firm Anadarko Petroleum had completed conducting due diligence on the former?s certain E&P assets in Indonesia.

?Anadarko?s team had completed due diligence on Medco?s E&P assets. Medco had also completed conducting due diligence on Anadarko?s North East Madura III offshore exploration block in East Java,? Medco?s director Rashid Mangunkusumo told Petromindo.Com recently.

Anadarko is reportedly interested to farm in several Medco?s E&P assets especially Rimau block onshore South Sumatera, where maturing Kaji-Semoga field - Medco?s main oil producing field with production of around 40,000BPD - is located. Aanadarko, in return, offered Medco to farm-in its newly acquired North East Madura III block.

?Both parties are still studying due diligence results. I can not tell yet whether farm-ins would happen,? said Rashid.

Rashid also said beside directly faming-in Medco?s E&P assets, Anadarko was also interested to buy a substantial portion of Medco?s 35 percent shares that would be floated in Luxembourg bourse this month. (alex)