Medco E&P Indonesia to drill Matang-1 well

By Godang Sitompul

PT Medco E&P Indonesia (Medco E&P) has scheduled to conduct an exploration drilling of Matang-1 well in Peureulak district, Aceh Timur regency of Aceh province, later this month (November 2012).

The Matang-1 well in Block A is the first exploration well to be drilled after its production sharing contract (PSC) has been extended and expected to increase Medco?s oil and gas reserves in the concession.

Joang Laksanto, Senior Manager of PT Medco E&P Indonesia?s Corporate Communication, said in Jakarta on Friday that the drilling process would take place between three to five months, with a target of well depth of 10.000 feet (about 3,000 meter).

Currently, preparations for the drilling have been at the stage of installing the drilling rig. ?We?ve got a license to use the location of Matang-1 well since April last year,? he said.

The Indonesian-listed Medco Energi is the block operator with 41.67 percent interest, while its partner Premier Oil also holds 41.67 percent interest, and Japanese firm Japex holds the balance.

Editing by Benget Besalicto Tnb.