Medco acquires interest in U.S. upstream asset

Publicly listed oil and gas firm PT MedcoEnergi Internasional Tbk said Thursday it had completed the purchase of a 43.75 percent working interest in Mustang Island Block 758 offshore Texas, the United States.

MedcoEnergi said in a statement that the interest was purchased from Rampant Lion Energy, LLC, a Louisiana limited liability company, who will remain as an active partner on the lease with MedcoEnergi as the operator.

MedcoEnergi also said it would immediately begin an aggressive evaluation and development drilling program. It expects to spud the first well on the lease by late third quarter 2006.

MedcoEnergi is currently holding four leases of oil and gas in the country. (Robert)