Medco to raise $150m to boost oil production
Monday, June 13 2011 - 02:13 AM WIB
Indonesia-listed energy firm PT Medco Energi Internasional Tbk said it will issue a first stage bond worth US$150 million on July 1.
The company said in a prospectus released on Monday that 60 percent of the funds raised from the bond issuance will be used to repay debts and the remaining 40 percent for capital expenditure (capex).
The capex, which is to be used through December 2012 at the latest, aims to boost oil production from its mature wells in Rimau block, onshore South Sumatra through enhanced oil recovery (EOR) or by surfactant technology.
The company plans to start EOR or surfactant technology program in this year. (denny)