Medco sells oil block in U.S.

Medco sells oil block in U.S.

JAKARTA: The country's largest publicly-controlled oil and gas
firm PT Medco Energi Internasional has sold its shares in Padre
Island block in the United States.

The company's 70 percent interests in the block, owned through
its subsidiary Novus US Holdings, Inc., were sold to Long Flat,
Ltd., for US$1 million, Medco said in a statement sent to the
Jakarta Stock Exchange on Thursday.

The two parties closed the deal and exchanged payment on July
29.

Medco acquired Australia's Novus Petroleum Ltd. last year,
adding some 5,000 barrels per day to its oil production. Since
then, Medco has been selling various blocks owned by the
subsidiary. -- JP