Medco to acquire E. Kalimantan exploration block

JSX listed oil and gas company Medco Energi International is in the process of acquiring 95 percent stake of U.S. based oil company Petromer Bengara Energi which owns 100 percent working interest in Bengara exploration block offshore East Kalimantan.

Medco?s CFO Sugiharto in a letter to Jakarta Stock Exchange Monday said the acquisition would be sanctioned by extraordinary shareholder meeting which is scheduled to be held on May 7, 2001.

Medco did not reveal the value of the acquisition.

Earlier, Medco had also announced that the company is also in the process of acquiring interest at Tuban oil block onshore East Java and in Asahan exploration block, offshore North Sumatra. (alex/robert)