Medco to farm out Merangin stake to PTT this week
Monday, July 18 2005 - 03:23 AM WIB
Energy firm Medco Energi Internasional Tbk will sign a deal to farm out 39 percent of its stake in the Merangin block in South Sumatra to Thai firm PTT this week.
"We are preparing the deal. It is expected to be signed this week," Medco?s operation director Rasjid Mangunkusumo said.
Medco has planned to drill a well in the block between August and September with an investment of about US$4 million. PTT will participate in the drilling.
Medco is carrying a 2-D seismic survey in the block. (Godang)