Release: Medco Energi: Wins bid to explore for oil and gas in Libya
Friday, February 4 2005 - 05:00 PM WIB
(Jakarta, February 4, 2005) PT Medco Energi Internasional Tbk is pleased to announce that it has been awarded as a winning bidder in Libya?s Bid Round 1 for an Exploration and Production Sharing Agreement at the bid opening ceremony in Tripoli on January 29, 2005. Subject to Libyan National Oil Corporation (?NOC?) and government approvals, MedcoEnergi expects to have the right to explore for oil and gas in Area 47, a 6,182 square kilometer area in the Ghadames Basin in northwest Libya.
MedcoEnergi submitted the joint bid for Area 47 with a 50% interest and Verenex Energy Inc. (?Verenex?) as the Operator, which holds the remaining 50% interest. Verenex is a Canadian based public energy company.
Additional details will follow once the official NOC notification of the results from the Bid Round 1 will be issued which is expected shortly. (end of release)