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JAKARTA: Medco International Ventures Limited (Medco Energi), a subsidiary of PT Medco Energi Internasional Tbk, was designated as operator of Exploration and Production Agreements for Area 47 (Area 47 EPSA) during the exploration period from 1 April 2010.

Medco Energy Assessment was received from the Great Socialist People Libyan Arab Jamahiriya, the General People's Committee (GPC) GPC Decree No.72/1378 through PB. (2010) issued on March 20, 2010.

Thus, as of April 1, 2010, Medco Energi officially become Operator of the Area 47 EPSA, replacing Verenex Energy Area 47 Libya Limited (Veal).

Darmoyo Doyoatmojo, Director of Medco Energi said GPC has also given 1 year extension period of exploration on the Area 47 EPSA from 1 April 2010.

According to him, the extension of the exploration period will allow Medco Energi and the Libyan Investment Authority (LIA) for the commercialization of the findings from these areas, and conduct additional drilling of three exploration wells.

"Medco Energi also in the process of completion of drilling two wells in the study and three exploration wells as part of the program in 2010. The program also includes the drilling of this year completed and tested three wells have been bored in the past, but temporarily suspended by the previous operator, "he said yesterday.

Previously, Director of Project MedcoEnergi Mahfoedz Lukman said the company and its partners at Area 47 EPSA, LIA, which acquired ownership of Verenex Energy Inc. at Area 47 on December 21, 2009 EPSA ago - is in final stages to get to the commercialization of the National Oil Corporation ( NOC) on some findings of oil reserves at Area 47.

Cooperation LIA

Darmoyo said the company would cooperate with the LIA program to accelerate research and development of existing oil discoveries at Area-47. In addition, he said, both companies are excited about the prospects that still have not drilled on the block.

"We are also optimistic that will be able to continue our track record of success in the program's abundant hydrocarbon drilling in the area," he explained.

Last week, as his says commercialization Area-47 will be conducted in 2010. Meanwhile, the reporting of final results of drilling test wells will be conducted on quarter II/2010.

Medco Energi has a 50% participating interest in the Area-47. Oil production from these blocks are targeted at the production plan in 2014 with 50,000 bpd and 100,000 bpd.

Mahfoedz Lukman said that if the extension of the exploration period found to additional new resources, automatically will be no extension to komersialisasinya.

Medco Energi, he said, had previously filed for the invention and commercialization is expected that they can be approved in the near future.

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