Medco close to acquire N. Sumatra oil block
Wednesday, October 15 2003 - 08:58 AM WIB
JSX-listed oil and gas company PT. Medco Energi International Tbk., together with a Japan partner is close to acquire interest of troubled Australian company Matrix Oil NL in Langsa PSC offshore North Sumatra, an official said Wednesday.
?Medco, together with Mitsui is close to acquire Matrix?s stake in the block,? said Exspan Nusantara director Edi Bambang Setyobudi. Exspan is a wholly owned subsidiary of Medco.
Matrix Oil was put under administration and its shares suspended from trading in the Australian Stock Exchange on October 15 last year after its Langsa oilfield ceased production due to technical troubles.
Matrix asked for suspension after it was unable to raise necessary funds needed to repair the oil wells.
Matrix commenced north Sumatra production in November 2001 with peak production of 7,000 barrels per day. (alex)