In April 2006, MedcoEnergi acquired a 16.67% interest to develop Block A located in Aceh. The Company also recently completed acquisition of an additional 25% interest in January 2007 whereby, to date, MedcoEnergi currently possesses a 41.67% interest to develop and operate Block A. Block A covers an area of 3,910 sq. km. and has a term of 30 years which expires in August 31, 2011. The partners in Block A are Premier Oil and Japex. Based on the previous operator’s estimates, the Proven and Probable (2P) reserves from this block as of January 1, 2005 was approximately at 666 BCF. However, the reserves certification from the independent auditor has not been completed. The main focus of the Company’s activities at this block in 2007 will be to obtain the POD approval from BPMIGAS and extending the PSC terms. In addition to this, the Company will also be required to pursue HOA and GSA in order to monetize the gas in that area.
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