Medco Energi Seeking Investors to Develop Libya Oil, Gas Field

JAKARTA(Dow Jones Newswires), November 18, 2008

PT Medco Energi Internasional is seeking investors from the Middle East to take part in the development of an oil and gas field in Libya, the Indonesia-listed company said Tuesday.

Medco said in a filing to the Indonesia Stock Exchange that the company is studying various options to raise funds for developing the Area 47, including combining reserve-based lending and shariah financing.

"Currently, we are studying several proposals from international reserve-based lending financial institutions," the company said, without elaborating.

The Indonesian company holds a 50% working interest in the area, which could hold as much as 2.15 billion barrels of oil equivalent. Canada-based Verenex Energy Inc. holds the remaining 50% stake.

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