Medco Energi US Acquires Additional Acreage in the Gulf of Mexicoadmin
Medco Energi US LLC (MEUS) announced that it has recently closed the purchase of an additional lease in the Gulf of Mexico from Centaurus Gulf of Mexico, LLC.
The new lease covers all of Brazos Area Block 437, located in 60′ of water in the Gulf of Mexico. The lease covers 5,760 acres of U.S. federal waters and carries a five year primary term in which to establish commerciality, and a perpetual term for the life of production once production is established. MEUS owns a 100% working interest in the block. Medco’s cost for the 5,760 net acres covered by this block is $500,000. The transaction closed on December 5, 2006.
Dave Gibbs, MEUS’ president stated, “We are pleased to add this lease to our active inventory. The company has an aggressive drilling budget for 2007 and this lease will figure prominently in our Brazos Area program. We expect to initiate our first drilling project on this block in the first quarter of 2007. The company has now acquired five leases in the western Gulf of Mexico during the second half of 2006. All of these blocks are slated for drilling activity during 2007. This program continues to demonstrate our commitment to the US energy business.”
Medco Energi US LLC is a wholly owned subsidiary of PT MedcoEnergi Internasional TBK (“MedcoEnergi”), and specializes in mature field re- development activities in the Gulf of Mexico and coastal areas of Texas and Louisiana.
MedcoEnergi is a publicly listed integrated energy company in Indonesia, with business involvement in oil and gas exploration and production, oil and gas drilling services, methanol production, LPG production and power generation. It has operations in Oman, Libya, and the Gulf of Mexico in the United States and in several areas in Indonesia.
Contact: Dave Gibbs