Jul 20, 2010

Medco finds additional oil in Libya

PT Medco Energi Internasional Tbk (MEDC) today announces an additional oil discovery in Area 47, Libya, from N1-47/02 exploration well.
In an announcement submitted to Indonesia Stock Exchange (IDX) today, Medco said the discovery is the twelfth oil and gas discovery in Area 47 since the exploration drilling has begun in September 2006.
As of today, there were 21 wells drilled in the Area 47, which consisted of 17 exploration and four appraisal wells.
Out of 17 exploration wells drilled, 12 wells have been declared as discoveries, two have been tested and are awaiting discovery status the National Oil Company (NOC), and 2 are awaiting testing and one has been abandoned.

Disclosure: No position at the stock mentioned above.

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