Medco sells US asset

The publicly listed oil company PT Medco Energi Internasional Tbk had sold its 70 percent owned Padre Island oil block in the United States to Long Flat for US$1 million.

The company indirectly owned 70 percent of interest in the Padre Island oil block through Novus USA's subsidiaries; Novus Nevada Petroleum, Novus Nevada and Novus Texas.

Medco said that the company would use the proceeds from the sales to finance expansion plans. The sale of the interests at Padre oil block was part of the sales of interests owned by Novus Petroleum Limited (Novus) and its subsidiaries in Indonesia, Australia, Pakistan, the Middle East and the United States. (*)