Medco strikes oil at Sumatra block

IDX-listed energy firm PT Medco Energi Internasional Tbk has discovered oil during its recent exploration drilling at South & Central Sumatra PSC onshore Sumatra.

The company reported that the North Temelat-1 well, which was spudded on October 24, 2009, has reached the depth of 2, 156 feet at the end of November.

Test conducted at one interval with 16/64?-inch flowed 180 barrels per day, the company said in a report to the IDX.

Further test would be conducted on Baturaja formation.

The company also spudded Makmur-1 exploration well at the same PSC on November 16, 2009 with planned total depth of 4,392 feet. Until the end of November drilling had reached the depth of 4,284 feet, the company said.

Medco has 100 percent interest in South & Central Sumatra PSC. (alex)