Release: Medco: Transfer of 20% undivided interest of Senoro-Toili PSC
Tuesday, January 4 2011 - 09:52 AM WIB
- On December 22, 2010, PT Medco E&P Tomori Sulawesi (MEPTS), a wholly-owned subsidiary of the Company has entered into an agreement for acquisition of a 20% undivided interest in the Senoro-Toili Production Sharing Contract (Affiliate Transfer Agreement) with Tomori E&P Limited (TEL) also a wholly-owned subsidiary of the Company.
- On the same date, the transfer of 20% undivided working interest of PSC Senoro-Toili has been reported by the Joint Operating Body (JOB) Pertamina-Medco E&P Tomori Sulawesi (JOB Pertamina-Medco Tomori), as the operator of PSC Senoro-Toili to upstream oil and gas supervisory agency (BPMIGAS), as the regulatory body who supervises the upstream oil.
- On December 31, 2010, BPMIGAS has confirmed the recording of such working interest transfer to JOB Pertamina-Medco whereby the compositions of working interest holders of Senoro-Toili PSC were as follows:
- PT PHE Tomori Sulawesi: 50%
- PT Medco E&P Tomori Sulawesi: 30%
- Tomori E&P Limited: 20%
By transferring 20% of MEPTS working interest to TEL, all of MEPTS? rights and liabilities under the Senoro-Toili PSC were also transferred to TEL. (end of edited release)