Release: MedcoEnergi completes 100% share sale of Novus Pakistan Pty Ltd

April 1, 2005 ? PT Medco Energi Internasional Tbk (?MedcoEnergi?/?the company?) finalized the sale of 100% of the shares in Novus Pakistan Pty Ltd (?Novus Pakistan?), pursuant to a Share Sale Agreement dated November 11, 2004. Novus Pakistan holds interests in two petroleum concessions in Pakistan, being 7.89% and 47.5% interests in the Badar Block and the Bolan Block, respectively.

Novus Pakistan was purchased by Eastern Petroleum Limited (?EPL?), a company incorporated in Mauritius and associated with Silk Route Investments, a company incorporated in the Cayman Islands. As approved at MedcoEnergi?s Extraordinary General Meeting of Shareholders on September 15, 2004, the purchase price for the shares in Novus Pakistan was US$1.00. However, EPL also paid MedcoEnergi a further UD$544,552 for working capital. (end of release)