Release: MedcoEnergi discovers additional oil at L1-47/02 well, Libya

(Jakarta, May 6, 2010)--PT Medco Energi Internasional Tbk (Company or MedcoEnergi) is pleased to confirm another oil discovery at Area 47, Libya, which came from the L1-47/02 exploration well. The discovery is the thirtieth oil and gas discovery in Area 47 since the exploration drilling activities began in September 2006. As of today, there were 21 wells drilled in the Area 47, which consisted of 17 exploration and 4 appraisal wells. Out of 17 exploration wells drilled, it has oil discovery in 13 wells.

The L1-47/02 exploration well is the sixteenth exploration well in Area 47 drilled in 2009 with total measured depth of 10,450 feet. The well is located approx. 5 kilometers southeast of the nearest oil and gas discovery was drilled and cased.

As mentioned on the Company?s media release in April 1, 2010, the Company through its wholly owned subsidiary, Medco International Ventures Ltd. (altogether called ?MedcoEnergi?), was granted operatorship of the Area 47 Exploration and Production Sharing Agreement commencing (?Area 47 EPSA?) by the Great Socialist People Libyan Arab Jamahiriya ? General People?s Committee (?GPC?). At the same time, the Company and its new partner, the Libyan Investment Authority (?LIA?), also had obtained an approval from GPC on the Exploration Period for a one year extension commencing April 1, 2010. The 2010 work program includes the completion of two appraisal wells and three exploration wells, and completing and testing the three previously drilled wells, which have been suspended.

In 21 April 2010, the Company began performing the testing of L1-47/02 well. The first test was conducted in 10,050-10,106 feet interval at the Lower Acacus Formation and achieved oil discovery with flow rate of 1942 barrel of oil per day (?BOPD?) by using the required 28/64? choke. The second test was conducted at 9,100-9,114 feet interval of the Lower Acacus Sand with the flow rate of 852 BOPD through the same size of choke.

The well was tested with the intent to prove the structure L1-047/02 is part of the A structure and has reservoir continuity with the A structure in Area 47/02 which was previously inferred by seismic interpretation. The test results support this model and directly enhances the A structure reserves and potential commerciality.

The President Director MedcoEnergi, Darmoyo Doyoatmojo, explains, ?Area 47 is one of MedcoEnergi?s Key Development Projects that will provide significant contribution to our future cash-flow. We are pleased with the results of the tests at L1-47/02 exploration wells and convinced that Lower Acacus Formation is primary exploration target in Area 47. By having more successful oil discoveries, MedcoEnergi will enable to achieve commerciality of Area 47.? (end of release)