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