Medco postpones exploration drilling in S. Sumatra block to October

By Febry Silaban

Petromindo|Khalsa

IDX-listed energy firm PT Medco Energi Internasional Tbk has postponed drilling plan of three exploration wells at its South Sumatra Block PSC onshore South Sumatra to October of this year, according to a top official of the firm.

?Yes, (the drilling plan) has been delayed for about a month, and we rescheduled the drilling to start in early October. Currently drilling preparations are under way,? Medco President Director Hilmi Panigoro told Petromindo.com on Friday.

The drilling program was previously planned to be carried out in August.

According to Hilmi, the delay is due to the long process of land acquisition

"We will drill the wells using Medco's own rig, he said.

According to the company?s report filed with the IDX on Friday the wells are Cempaka-1, Nowera-1 and Flamboyan-1. As of May the company is still processing land clearance, formalities and environmental clearance, the company said.

The company is also undertaking 330-km 2D seismic within the working area.

Medco has 100 percent interest in the South Sumatra producing block, whose contract has been extended to 2033.

Editing by Reiner Simanjuntak