Medco Energi Finds Natural Gas Offshore Texas

Medco Energi

Medco Energi US LLC (MEUS) announces the results of its recently drilled Mustang Island 758 #1 well. The well was drilled to a total depth of 9,200' and encountered 47' TVT of natural gas pay in four horizons in the Marg A series between 8200' and 8900'. The discovery is located in federal waters approximately 50 miles due east of Corpus Christi, Texas in 156' of water. 7 5/8" production casing was run and set at 9,155'. The well was mudline suspended pending further development activities. The company plans to install a braced caisson or minimal structure on the well in early 2007.

John Young, MEUS' Manager, New Ventures stated, "This discovery marks our first new development in the western Gulf of Mexico. Adding this activity to the three new leases we acquired in the recent MMS lease sale, we expect the western Gulf to be a core focus area for our company in 2007."

MedcoEnergi 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.