Medco spends $ 4.79m for exploration activities

PT Medco Energi Internasional spent up to US$4.79 million to finance exploration activities at the Rimau PSC in South Sumatra and Senoro Toili PSC block in Central Sulawesi, The Jakarta Post reported Friday.

The company had begun drilling wells on the blocks on Feb. 27. Besides the drilling, Medco also carried out seismic survey activities in Banyausin regency and Musi Banyuasin regency across a total length of 400 kilometers. The cost of the seismic activities reached $3.09 million.

Meanwhile, the company also performed other seismic activities at the Senoro Toili PSC block. The activities covered a land and transition area of 95 square kilometers and a marine totaling 400 kilometers in length. Altogether, the full fold area was 128 square kilometers. For exploration in Senoro Toili the company spent $1.29 million.

?The company will continue its topography and drilling work as well as prepare for data recording. Parameter testing is scheduled for March,? the company said.

Medco Energi recently said that it would spend up to $356 million for capital expenditure in 2012 to support its primary projects of oil exploration and gas-field development. The company is also allocating up to $818 million for operating expenses. (*)