MedcoEnergi Denies Intent to Sell Interests in Area 47, Libya

The Board of Directors ("BOD") of PT Medco Energi Internasional Tbk ("MedcoEnergi") announced that currently the Company has no intention or plan to sell its participating interests in Area 47, the Company's oil and gas asset located in Libya. This announcement is made to clarify the current news/rumors spread around the online media yesterday, attributed to a Director of our domestic operation PT Medco E&P Indonesia.

As the BOD has made clear on several occasions with journalists in the last couple of months, MedcoEnergi intends to continue its commitment to complete exploration and undertake development of its interests in Area 47. Currently, the Company has set aside resources to develop its oil and gas discoveries in Area 47.

This clarification is made to counter misleading information that may impact the decisions of our shareholders or stakeholders in making investments in or providing any potential opportunities to the Company.