Medco acquires Stanvac

Medco acquires Stanvac

JAKARTA (JP): Publicly-listed PT Medco Energy Corporation has
acquired all the stocks of PT Stanvac Indonesia, the oldest oil
company in the country, Medco's finance director Sugiharto told
The Jakarta Post yesterday.

"The purchase agreement was signed on Nov. 3 in the United
States. We won through a purchasing tender of 100 percent of
Stanvac's stocks," he said.

He said that his company will disclose the value of the
acquisition at its general shareholders meeting in two weeks
time.

Stanvac, formerly owned equally by Mobil Oil Petroleum Inc.
and Esso Oil, a subsidiary of Exxon Oil Corp., operates the
Kampar concession area in Central Sumatra as well as the Rimau
block and Pasemah exploration blocs in South Sumatra. The areas
currently produce 13,000 barrels of oil per day and 40 million
standard cubic feet of gas per day.

Sugiharto said that his company foresees further development,
especially in the 8,559-square-kilometer Pasemah bloc. (04)