Medco continues acquisition mode

JSX-listed E&P firm PT. Medco Energi International Tbk. is continuing its acquistion mode even after it had just successfully completed acquisition of Australian oil, gas producer Novus Petroleum Limited.

?Medco will continue to grow, either by acquisition of existing (E&P) assets or by acquisition of new exploration acreages,? President Hilmi Panigoro told Petromindo.Com over the weekend in Surabaya.

He further said that in fact Medco is currently in the process of acquiring several E&P assets within Indonesia. But he declined to provide details.

Acquisition of Novus had given Medco interests in Brantas PSC in East Java and Kakap PSC offshore West Natuna, both are gas producing assets; along with several assets in Australia, Middle East and Gulf of Mexico.

Hilmi said Medco had decided to sell the entire Novus? Cooper basin assets along with 18 percent interest in Brantas PSC and 9 percent in Kakap PSC to Australian oil firm Santos Limited for US$ 110 million, leaving Medco with 32 percent interest in Brantas and 16 percent in Kakap.

Hilmi also said it would most likely retain some interests in Novus? Middle east and Gulf of Mexico assets. (alex)