Medco to drill 1 exploration well in C. Sulawesi this year

Medco E&P, an upstream unit of JSX-listed Medco Energi International Tbk, will drill one exploration well in Senoro-Toili JOB in Central Sulawesi in a bid up reserves in its working area, a company official said.

Medco E&P president Loekman Mahfoedz told Petromindo.Com late Thursday that the onshore well would be drilled later this year.

Loekman said currently proven and probable reserves at the block stood at between 2.5-3TCF.

Medco had just signed deal with Australian firm LNG Ltd to study the possibility to develop mini LNG plant in the block and earlier signed deal to sell its gas to fertilizer firm Panca Amara Utama, which will build fertilizer complex within the block.

?We are on fast track to tap the block?s reserves,? he said. (alex)