MedcoEnergi gets Tunisia oil block extension
Wednesday, April 27 2011 - 10:09 AM WIB
1. Pursuant to the Message from the Minister of Industry and Technology dated March 24, 2011, regarding the Granting of Durra Concession, it was decided that the Concession called ?Durra? is granted to the benefit of Pioneer Natural Resources Anaguid Ltd. (now OMV Anaguid Ltd.), Medco Tunisia Anaguid and ETAP, the holders of participating interests at Anaguid Block.
The acreage of Durra concession is 40KM2.
Durra Concession is granted for 30 years from the date of publication of the above Arrete, March 24, 2011.
2. Pursuant to the Message from the Minister of Industry and Technology dated February 23, 2011, regarding the Extension of Anaguid Permit, it was decided that the Extension Permit of ?Anaguid? is granted to the benefit of Pioneer Natural Resources Anaguid and Medco Tunsia Anaguid, the holders of participating interests at Anaguid Block.
The Extension of Permit is granted for 2 (two) years, effective from June 9, 2010 to June 8, 2012
The acreage of Anaguid Permit is 2840 KM2.
The granting of Durra Concession will enable the participating interest holders, including the Company, to start with development phase of the hydrocarbon discoveries at Dune and Mona fields. At Durra Concession, the Company holds 20% interests, while Pioneer natural resources Anaguid Ltd. holds 30% interest and ETAP holds 50% Interest. In its development plan, some 3,300 Barrel of oil per day will be produced initially from Durra and Mona fields, scheduled to start production on June 2011.
Meanwhile, the Extension of Anaguid Permit will provide the participating interests holders more room to implement exploration program so that more hydrocarbon resources can be discovered at the block. (ends)