Medco sells 21.25 % stake in Cambodia block

JSX-listed energy firm PT Medco Energi Internasional Tbk through its subsidiary Medco International Petroleum Ltd. had sold a 21.25 percent participation interest in Cambodia's offshore Block E to Lundin Cambodia BV, an affiliated company of Lundin Petroleum AB.

The share sale was effective July 2, 2007, MedcoEnergi's Director for Corporate Business Development Rashid I Mangunkusumo said in a statement to JSX.

According to Rashid, its partners in the block Kuwait Energy Company KSCC and JHL Petroleum Ltd (JHL) also sold 0.625% and 2.125% participation interests respectively to Lundin on Oct. 24, 2007.

Once the share sales are approved by the Cambodia National Petroleum Authority (CNPA), the composition of participation interests in Block E will be 41.25% held by Medco International as the block operator, Lundin 34%, KEC 20.625% and JHL 4.125%, according to Rashid. (*)