PT Medco Acquires 50% of ConocoPhillips' Aceh Block A
PT Medco Energi Internasional, through its subsidiary, Medco Far East Limited/PT Medco E&P Malaka, and its partner Premier Oil Sumatra (North) BV a subsidiary of Premier Oil Plc, have signed a share sale and purchase agreement to obtain 100% share ownership of ConocoPhillips' ConocoPhillips (Aceh) Ltd. subsidiary which holds 50% working interest and acts as the operator in Block A Production Sharing Contract (Block A PSC) located in Nanggroe Aceh Darussalam province.
Upon completion of the transaction, Medco Energi and Premier will each own 50% share of CPAL.
In April 2006, Medco Energi and its partners, Premier and Japex announced the acquisition of 100% share of Mobil Block A Limited from ExxonMobil Block A Investment Limited, which was the holder of a 50% working interest in Block A PSC. The acquisition provided Medco Energi, Premier and Japex with working interests in Block A PSC equal to 16.67%, 16.66% and 16.67%, respectively.
The effectiveness of working interest, either directly or indirectly, held by MedcoEnergi and its partners in block will be as follows: Medco Energi as operator, Premier and Japex.
Block A is an exploration block located in the province of Nanggroe Aceh Darussalam on the northern tip of Sumatra Island, approximately 45 kilometers east of the giant ExxonMobil-operated Arun gas field. The block covers an area of 3,910 square kilometers of partially explored acreage in the central portion of the prolific North Sumatra Basin.
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