Medco "apparent high bidder" in GOM blocks bid

JSX-listed oil firm PT Medco Energi Internasional Tbk. said that its wholly owned subsidiary, MedcoEnergi US LLC has submitted bids for Brazos Area Blocks 435, 492 and 514, Western Gulf of Mexico (offshore Texas) on August 16, 2006.

The company said it was already declared as "the apparent high bidder on all three of the blocks it bid" by Minerals Management Service (MMS) Western Gulf of Mexico OCS Oil and Gas Lease Sale 200.

Brazos Area Blocks 435, 492, and 514 are located in water depths of 65 to 80 feet in the Gulf of Mexico.

The company estimates it will spend US$800,000 in the bid for right to explore in three area covered approximately 17,000 acres.

The bids are under an evaluation process by the US MMS, MedcoEnergi said.

The company has paid a 20 percent down payment of the total bid. (denny)