Medco reinstates interest at E. Java oil block

Kuwait Energy Company KSCC has withdrawn 35 percent participation in Bawean PSC offshore East Java, thereby reinstates interest of IDX-listed energy firm PT.Medco Energi Internasional back to 65 percent, Medco Energy reported on Thursday.

Medco in June 2006 had signed Sales and Purchase Agreement with Kuwait Energy to sell 35 percent of its stake in Bawean block.

Medco did not disclose the reason for Kuwait Energy withdrawal, adding that upstream oil, gas authority BPMIGAS has approved the withdrawal.

Bawean PSC is an oil producing block operated by Camar Resources Canada Inc. (alex)