Medco acquires Yapen PSC in Papua
Tuesday, November 5 2002 - 10:07 AM WIB
PT Medco Energi International Tbk through its subsidiary Medco International Venture Ltd on Tuesday signed a farm-in agreement to acquire up to 90 percent of working interest and the operatorship of Yapen production sharing contract (PSC) from Continental Energy Yapen Ltd.
The compensation for the Block amounted at US$ 572,714, Medco said in a statement.
The company said under the agreement it had also committed to spend approximately $5 million in 3 years up to $ 18 million in 10-year period.
Yapen PSC block is located offshore northeast of Papua, adjacent to the onshore Rombebai PSC which Medco was recently acquired.
It is currently an exploration block with an indication of a significant gas accumulation, Medco added. (robert)