Medco eyes more acquisition
Friday, February 21 2003 - 12:18 AM WIB
JSX-listed oil and gas company Medco Energi International said it was now evaluating up to 10 oil and gas blocks for acquisition.
?All of them are located in western part of Indonesia,? said CFO and corporate secretary Sugiharto Thursday. He, however, did not give more detail.
He added that current interest holders in those fields, which are mostly foreign companies, had offered to sell their stake. ?But Medco will not buy them all, we will only select some of the most prospective.?
Sugiharto estimated Medco will need some US$ 100 million to carry out acquisition.
Medco had acquired several oil and gas blocks in Sumatra, Java and Papua last year. (*)