Medco Energi Expands PNG Operations
Medco Energi Internasional, through its subsidiary Medco Asia Pacific, has completed a deal to acquire 90% shares in Moonbi Energy Limited, a subsidiary of Moonbi Enteprises, which gives Medico rights to explore for oil and gas in Juha Extension area (PPL 470) for six years.
Juha Extension area is located in Western Province of Papua New Guinea (PNG).
PPL 470 consists of four onshore blocks with working area of 324 sq. km . The areas are located in the Papuan Fold Belt (Papuan Basin) and in a proven petroleum system as they are adjacent to the Juha gas field operated by major multinational companies since 2000.
“This acquisition in PNG is in line with the Company’s strategy to focus on high – graded exploration opportunities and to expand our E&P operation internationally. The PPL 470 has very attractive oil and gas fiscal terms, with a royalty and tax system (not a PSC regime) in which the contractor share can reach as high as 70%. I am confident PPL 470 can play a key role in adding value to the Company and in supporting MedcoEnergi’s business growth in the near future,” Lukman Mahfoedz, President Director & CEO of MedcoEnergi, stated.
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