Medco Energi Successful Bidder in Gulf of Mexico Lease Sale
PT Medco Energi International's subsidiary, Medco Energi US LLC, has successfully submitted bids for Brazos Area Blocks 435, 493 and 514, in the Western Gulf of Mexico Lease Sale 200 held by the MMS.
Brazos Area Blocks 435, 492, and 514 are located in water depths of 65 to 80 feet in the Gulf of Mexico, covering approximately 17,000 net acres. Medco Energi's cost exposure for these blocks is approximately US $800,000.
The bids are undergoing an evaluation process by the MMS. Having been deemed the "apparent high bidder" by MMS, Medco Energi has paid a 20% down payment of the total bid.
Medco Energi US LLC is a wholly-owned subsidiary of PT Medco Energi International Tbk and specializes in mature field re-development activities in the Gulf of Mexico and coastal areas of Texas and Louisiana.
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