Bringing Back Indonesia’s Strategic Assets from Newmont

Amman Mineral Nusa Tenggara, West Sumbawa, Indonesia

The acquisition of this asset marks a monumental milestone for MedcoEnergi and our stakeholders including the Indonesian government. We commit to maintain the world-class standards of safety, environmental stewardship and social responsibility, as well as high quality workforce.

World-class offshore operations

South Natuna Sea Block B, Riau, Indonesia

An offshore PSC located in the South Natuna Sea with a large hydrocarbon base and best in class Health, Safety, and Environmental records. With the asset integration into MedcoEnergi’s portfolio through acquisition, it will enhance the Company’s capabilities and scale as a world class offshore operating Oil and Gas Company.

MedcoEnergi Achieved Important Milestones

Senoro Upstream and Downstream LNG Project

MedcoEnergi as a Private National Oil & Gas Company and its partners has succeeded in monetizing the Senoro gas field which was previously considered as stranded gas, by supplying gas to the Donggi Senoro LNG plant among others. The inauguration of both projects was in conjunction with the release of first cargo of LNG shipment by the President of the Republic of Indonesia, Mr. Joko Widodo.

Clean Energy for a Cleaner World

Sarulla Geothermal, North Sumatera, Indonesia

The construction of Sarulla Geothermal Power Plant has started in 2014, and will produce geothermal power for 3 x 110 MW electricity. As the world's largest single-contract geothermal power project upon completion, the plant is envisioned to provide clean and sustainable electricity in Indonesia and expected to reduce carbon dioxide emission up to 1.3 million tonnes a year.

Monetizing Reserves

Block A, Aceh, Indonesia

In January 2015, MedcoEnergi inked a Gas Sales Agreement of over US$ 2 billion in value, monetizing 200 BCF reserves from the Block A Production Sharing Contract in Aceh Province, Indonesia. The customer is the state owned company Pertamina, with an agreed gas price of US$ 9.45 per MMBTU. This contract demonstrates the Company’s support to the development of the Indonesian domestic gas market, at the same time creating value for the company and establishing a vital economic presence in the province of Aceh.

Stock

23/02/2017
MEDC-IDX
(IDR)
2,630
Market Cap
(Trilion IDR)
8.8
Volume
(lot)
271,926

Whistleblower

Ensuring MedcoEnergi is a safe, fair and honest place to work.
Friday, 30/12/2016 WIB Signing of Syndicated Project Financing Agreement for Umbulan Water Supply System

Today PT Medco Energi Internasional Tbk. through its subsidiary PT Medco Gas Indonesia (“MedcoEnergi”) joined in a consortium with PT B ...

Thursday, 17/11/2016 WIB MedcoEnergi Completes Acquisition of ConocoPhillips’ Interest in South Natuna Sea Block B

PT Medco Energi Internasional Tbk (“MedcoEnergi” or the “Company”) is pleased to announce that it has now completed the a ...

Wednesday, 09/11/2016 WIB MedcoEnergi Further Increases Interest in Aceh Block A PSC

PT Medco Energi Internasional Tbk through its subsidiary PT Medco E&P Malaka (“MedcoEnergi”) is pleased to announce it has reached an agreement

Wednesday, 02/11/2016 WIB MedcoEnergi Announces Timely Completion of NNT Transaction

PT Medco Energi Internasional Tbk is pleased to announce a successful completion of the Company’s purchase of a 50% stake in PT Amman Mineral Internasional, whi ...

Monday, 24/10/2016 WIB MedcoEnergi Announces its 9M16 Financial Results

Today, PT Medco Energi Internasional Tbk announced its un-audited consolidated financial statements for the period ending 30 September 2016 (“9M16”).

Friday, 30/09/2016 WIB MedcoEnergi EGMS Results & 1H16 Financial Results

Today PT Medco Energi Internasional Tbk ("MedcoEnergi" or the "Company") held an Extraordinary General Meeting of its Shareholders (“EGMS”) with two agenda items.

Monday, 19/09/2016 WIB MedcoEnergi and ConocoPhillips Sign Share Sale and Purchase Agreement for South Natuna Sea Block B

PT Medco Energi Internasional Tbk (“MedcoEnergi" or the “Company”) has signed a share Sale and Purchase Agreement

Monday, 05/09/2016 WIB MedcoEnergi Sells Its 100% Interest in Bawean PSC

PT Medco Energi Internasional Tbk and its subsidiary Medco Bawean (Holding) Pte Ltd (together as “MedcoEnergi” or the “Company”), have entered into a Sale and Purc ...

Thursday, 30/06/2016 WIB MedcoEnergi AGMS & EGMS Continue to Deliver Energy in the Challenging Year of Oil and Gas Industry

PT Medco Energi Internasional Tbk ("MedcoEnergi" or the "Company") yesterday held the Annual General Meeting of Shareholde ...

Thursday, 30/06/2016 WIB MedcoEnergi Leads “Indonesia, Inc.” to Bring Back Indonesia’s Strategic Assets from Newmont

PT Medco Energi Internasional Tbk (“MedcoEnergi”) is pleased to announce that it has agreed to acquire a controlling st ...

Signing of Syndicated Project Financing Agreement for Umbulan Water Supply System

Jakarta, 3 January 2017 – Today PT Medco Energi Internasional Tbk. through its subsidiary PT Medco Gas Indonesia (“MedcoEnergi”) joined in a consortium with PT Bangun Cipta Kontraktor via PT Meta Adhya Tirta Umbulan (“META”) to appoint PT Indonesia Infrastructure Finance (“IIF”) as the mandated lead arranger (“MLAB”) for the syndicated financing of the Umbulan Water Supply System (“WSS”) Project.

The Umbulan WSS Project will be commissioned in mid-2019 and is a National Strategic Project to provide drinking water for 1.3 million people via a 4,000 liters per second, 93 km transmission pipeline from Umbulan springs to five Regional Water Companies in the Province of East Java.

The project requires an investment of around Rp 2.1 trillion through the Government and Enterprises Cooperation Scheme and is the 4th such project to be financed in Indonesia. META as the winning bidder will receive funding through a central government Viability Gap Fund which has also obtained a guarantee from PT Penjaminan Infrastruktur Indonesia. IIF and PT Sarana Multi Infrastruktur have also signed the syndicated financing for the Umbulan WSS project on 30 December 2016.

Hilmi Panigoro, President Director of MedcoEnergi, said, “With the support from the Government of RI, we continue to realize our commitment to develop and improve the utilisation of resources including water resources for the greater community and the economic growth in Indonesia.”

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MedcoEnergi Completes Acquisition of ConocoPhillips’ Interest in South Natuna Sea Block B

Jakarta, November 17, 2016 – PT Medco Energi Internasional Tbk (“MedcoEnergi” or the “Company”) is pleased to announce that it has now completed the acquisition of ConocoPhillips Indonesia Inc. Ltd. (“CIIL”) and ConocoPhillips Singapore Operations Pte. Ltd. (“CSOP”), both subsidiaries of ConocoPhillips (“COP”).

CIIL is the Operator of the South Natuna Sea Block B PSC (“SNSB”) with a 40% working interest and is also the Operator of the West Natuna Transportation System (“WNTS”). CSOP operates the Onshore Receiving Facility (“ORF”) in Singapore. The WNTS infrastructure together with the Malaysian pipeline is, and will continue to be the focal point for the commercialization of existing discoveries and ongoing exploration activity within the Natuna area.

Roberto Lorato, CEO of MedcoEnergi said “Our immediate priority is to maintain safe operations and business continuity. Hence, our commitment to maintain the current organization and to continue with the planned drilling program in 2017 and beyond.  We will also maintain SNSB’s world-class operating scale and infrastructure together with its best-in-class health, safety, environmental and social performance standards”.

Hilmi Panigoro, President Director of MedcoEnergi, remarked that, “Following our recent completion of the purchase of the PT Newmont Nusa Tenggara, this transaction is the second major milestone for the Company this year. With the addition of SNSB, not only will MedcoEnergi gain access to a world-class integrated offshore oil and gas operation, but also strengthen its position as Indonesia’s premier independent energy and natural resources Company.” 

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MedcoEnergi Further Increases Interest in Aceh Block A PSC

Jakarta, 9 November 2016 – PT Medco Energi Internasional Tbk through its subsidiary PT Medco E&P Malaka (“MedcoEnergi”) is pleased to announce it has reached an agreement to acquire a further 26.6666% interest in the Block A Aceh Production Sharing Contract (“Block A”) from KrisEnergy. Completion of the transaction is conditional on the approval of the Government of Indonesia and the Government of Aceh. Upon completion of this transaction MedcoEnergi will hold an 85% working interest in Block A.

MedcoEnergi also announces the completion of its acquisition of the Japex 16.6667% interest in Block A following the earlier announcement on May 2, 2016.

Roberto Lorato, CEO of MedcoEnergi remarked “This further acquisition increasing our interest in Block A aligns both our commitments for shareholder value creation and national development in support of the Government’s plan to develop Aceh infrastructure. The first stage development of the large resources on the block is within budget and on track to deliver first gas in Q1 2018.”

Facts

The current participating interests in the block are MedcoEnergi 58.3334% (operator) and KrisEnergy 41.6666%.

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MedcoEnergi Announces Timely Completion of NNT Transaction

Jakarta, November 2, 2016 – PT Medco Energi Internasional Tbk (“MedcoEnergi” or the “Company”) is pleased to announce the successful completion of the Company’s purchase of a 50% stake in PT Amman Mineral Internasional, which controls 82.2% of PT Newmont Nusa Tenggara (“NNT”). The transaction which was first announced on June 30, 2016 has received all related regulatory approvals as well as MedcoEnergi shareholder approval.

PT Newmont Nusa Tenggara operates the world class Batu Hijau copper and gold mine on the Island of Sumbawa, Indonesia and has access to a several exploration prospects as well as the large undeveloped Elang discovery within its Contract of Work. In 2015, production from Batu Hijau, reached 240 million lbs of copper and 0.3 million oz of gold.

Hilmi Panigoro, President Director of MedcoEnergi, said, “This acquisition is immediately accretive and marks a monumental milestone for MedcoEnergi and our stakeholders including the Indonesian government. We always take pride in our commitment and achievement in maintaining world-class standards of safety, environmental stewardship and social responsibility, as well as high quality workforce. Given NNT’s world-scale operations, the Company is underway in its transformation from being world-class to world-scale.”

Similarly, Chairman of MedcoEnergi, Muhammad Lutfi, emphasized how the transaction further proves and strengthens MedcoEnergi’s vision, mission and values. The Company aims to be one of the leading contributors to national economic development, a champion in global competition, a pioneer in promoting progress and innovation, and a leader in ensuring sustainability in everything the Company does.

MedcoEnergi together with AP Investment joined forces last year for the transaction and received positive support from the three largest state-owned banks. AP Investment is led by Agus Projosasmito, former President Director of Danareksa Securities.

“My deepest gratitude goes to the Government of RI who could see the immediate strategic value of the transaction and today is further evidence of their support for MedcoEnergi, to be a global pioneer. The next path for the Company is to partake in ensuring that resource-rich Indonesia achieves higher quality, improved efficiency, and better utilized resources as its competitive edge. Access to abundant and affordable energy resources, mineral resources, or human resources of highest quality is the birthright of every Indonesian, and that is why MedcoEnergi exists” remarked Arifin Panigoro, Founder of MedcoEnergi.

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MedcoEnergi Announces its 9M16 Financial Results

SUMMARY OF 9M16 PERFORMANCE

Operational

  • Average production of 63.9 MBOEPD
    • Oil Production – 29.8 MBOPD
    • Gas Production – 199.2 MMSCFD  
  • Increased production volume by 21.1% above 9M15
  • Obtained shareholders’ approval for the acquisition of 50% shares in PT Amman Mineral Investama, which will indirectly control 82.2% interest in PT Newmont Nusa Tenggara
  • Signed a Share Sale and Purchase Agreement to acquire a 40% Operating interest in the South Natuna Sea Block B PSC

 

Financial

  • Revenue US$416.9 million, Gross Profit US$159.5 million and Operating profit US$86.5 million
  • EBITDA US$181.5 million, EBITDA margin increased to 43.5% from 39.5% in 9M15
  • Oil and Gas operating cash costs reduced by 28% compared to 9M15
  • Net profit of US$22.3 million

 

 

Jakarta, 24 October 2016 – Today, PT Medco Energi Internasional Tbk announced its un-audited consolidated financial statements for the period ending 30 September 2016 (“9M16”).

Roberto Lorato, the CEO of MedcoEnergi stated that “Our production continues to be strong and we are on track to meet our increased targets for the year. We have focused upon our cost efficiency efforts and will continue to do so. The Company’s acquisitions are also on schedule and our target remains to complete both before the end of the year.”

9M16 Operational Key Points

  • Production volume was 21.1% higher than in 9M15 at 63.9 mboepd.The increase in production volume was mainly attributed to the additional contribution of Senoro-Toili Gas field.
  • MedcoEnergi’s average realized oil price for the period was US$ 39.5/bbl or 26.1% lower compared to 9M15, whilst average realized gas price was US$ 4.2/mmbtu or 23.4% lower from 9M15.
  • The Company lowered unit production cash costs by 28% to US$ 7.9/boe, well within the Company’s 2016 full year target of below US$ 10/boe.
  • Awarded Block A Aceh EPC contract to JEC to construct the gas plant facilities. Construction is on track and under budget with first gas still expected in Q1 2018

9M16 Financial Key Points

  • Total revenue was booked at US$ 416.9 million, gross profit recorded at US$ 159.5 million and operating income increased 6.4% to US$ 86.5 million.
  • MedcoEnergi’s EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization)  increased by 10% to US$ 181.5 million, with an improved EBITDA margin up from 39.5% to 43.5% year on year.
  • MedcoEnergi’s profit attributable to owners of the parent company increased significantly from net loss of US$ 51.1 million in 9M15 to net profit of US$ 22.3 million in 9M16.
  • Obtained shareholder approval for the acquisition of a 50% stake in PT Amman Mineral Investama which will indirectly control 82.2% interest in PT Newmont Nusa Tenggara. Closing is expected in October 2016.
  • Signed a Sale and Purchase Agreement to acquire Japex’s 16.67% interest in the Block A Aceh PSC. Closing is expected in October 2016.
  • Signed a Share Sale and Purchase Agreement with ConocoPhillips to acquire a 40% participating interest (and Operatorship) in the South Natuna Sea Block B PSC, along with West Natuna Transportation System gas transportation system. Closing is expected in November 2016.
  • Signed a Share Sale and Purchase Agreement to divest a 100% participating interest in Bawean PSC. Closing is expected in Q4 2016.
  • Obtained shareholder approval for a rights issue with a target to raise an initial US$150 million.
  • Raised a total of IDR 2.5 trillion through its Shelf Registered IDR bond program. The recent issuance was heavily oversubscribed and the Company will issue another phase of this program in November 2016.

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MedcoEnergi EGMS Results & 1H16 Financial Results

Jakarta, 30 September, 2016 – Today PT Medco Energi Internasional Tbk ("MedcoEnergi" or the "Company") held an Extraordinary General Meeting of its Shareholders (“EGMS”) with two agenda items. The first item approved was the acquisition of 50% of PT Amman Mineral Investama which will indirectly control an 82.2% interest in PT Newmont Nusa Tenggara (the “Acquisition”). The second agenda item approved was a capital increase through a limited public offering with preemptive rights to shareholders (“Rights Issue”).

The Acquisition will add significant shareholder value by giving access to a world class operating facility at Batu Hijau with proved reserves of 2.6 billion lbs of copper and 2.7 million oz of gold and future access to discovered undeveloped reserves of 12.9 billion lbs of copper and 19.7 million oz of gold. The Acquisition will add scale to the Company's equity and investment portfolio, and will materially elevate the revenue contribution from non-energy sectors.

Through the Rights Issue, the Company will raise fund the equivalent of approximately US$ 150 million. The proceeds will be used to repay maturing debt and to fund capital expenditures. Post Rights Issue, the Company will have a stronger capital structure to support its expanded activities.

Today, the Company has also released its audited consolidated financial statements for the six month period ending June 30, 2016 (“1H16”), and results are summarized below.

1H16 Operational Key Points

  • Oil and Gas production volume of 64 MBOEPD was 29% higher than 1H15. The increase in production volume was mainly due to the continued excellent performance from the Senoro-Toili Gas field.
  • Compared to 1H15, the Company reduced oil and gas production cash costs per unit by 32% to US$ 7.6/boe, well within the Company’s 2016 full year target of below US$ 10/boe.
  • 1H16 revenues of US$ 281 million with an average realized oil price of US$ 38.3/bbl and average realized gas price of US$ 4.18/mmbtu.
  • Awarded Block A Aceh EPC contract to JEC to construct the gas plant facilities. First gas is expected in Q1 2018.

1H16 Financial Key Points

  • Gross profit was US$ 107 million and operating income US$ 58 million. The Company’s EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization) increased by 14% from 1H15 to US$ 121 million, with an improved EBITDA margin up 11% year on year.
  • 1H16 Net Income from continuing operations was US$ 11 million, compared to a US$ 31 million net loss in 1H15.
  • Obtained shareholder approval for the proposed acquisition of a 50% stake in PT Amman Mineral Investama which will acquire an 82.2% interest in PT Newmont Nusa Tenggara. Closing is expected in October 2016.
  • Signed a Sale and Purchase Agreement to acquire Japex’s 16.67% interest in the Block A Aceh PSC. Closing is expected in October 2016.
  • Signed a Share Sale and Purchase Agreement with ConocoPhillips to acquire a 40% participating interest (and Operatorship) in the South Natuna Sea Block B PSC, along with West Natuna Transportation System gas transportation system. Closing is expected in November 2016.
  • Signed a Share Sale and Purchase Agreement to divest a 100% participating interest in Bawean PSC. Closing is expected in Q4 2016.
  • Raised a total of IDR 2.5 trillion through its Shelf Registered IDR bond program. The recent issuance was heavily oversubscribed and the Company will issue another phase of this program in Q4 2016.

Full year guidance for operating costs and capex, excluding acquisitions, remains unchanged. Whilst full year production, excluding acquisitions, is expected to be slightly above the 55 – 60 mboepd range previously advised.

The CEO of MedcoEnergi, Roberto Lorato, said “Amidst the still challenging industry environment, MedcoEnergi is continuing to renew the Company’s asset portfolio. Our focus now will be to successfully complete these acquisitions and to integrate them into our organization. The operational performance of our producing assets continues to improve while our Block A Aceh development is on schedule and under budget.”

The President Director of MedcoEnergi, Hilmi Panigoro, remarked the strategic nature of the recent acquisitions is in line with our ambition to become the leading independent player in the Indonesian natural resources sector.

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MedcoEnergi and ConocoPhillips Sign Share Sale and Purchase Agreement for South Natuna Sea Block B

Jakarta, 19 September 2016 – PT Medco Energi Internasional Tbk (“MedcoEnergi" or the “Company”) has signed a share Sale and Purchase Agreement (“SPA”) to acquire ConocoPhillips Indonesia Inc. Ltd. (“CIIL”) and ConocoPhillips Singapore Operations Pte. Ltd. (“CSOP”), both subsidiaries of ConocoPhillips (“COP”).

CIIL is the Operator of the South Natuna Sea Block B PSC (“SNSB”) with a 40% working interest and is the Operator of the West Natuna Transportation System (“WNTS”). CSOP operates the Onshore Receiving Facility (“ORF”) in Singapore. The WNTS infrastructure together with the Malaysian pipeline is, and will continue to be the focal point for the commercialization of existing discoveries and ongoing exploration activities within the Natuna area. The transaction is expected to complete in Q4 2016.

Roberto Lorato, CEO, said that “Once effective, this acquisition will add substantial gas and liquids reserves and increase MedcoEnergi’s daily production by over 35%. With solid cash flows despite the current low oil price, the transaction is immediately accretive. Above all, we acknowledge SNSB’s world class operating scale and infrastructure, it’s highly experienced and proven operating team and best-in-class health, safety, and environmental record. We look forward to integrating the asset into MedcoEnergi’s upstream portfolio.”

Hilmi Panigoro, President Director, commented that, “As a national private oil and gas company, we continue to seek opportunities to grow MedcoEnergi’s contribution to the Indonesian economy. This transaction will strengthen MedcoEnergi’s footprint in Indonesia and significantly enhance its upstream oil and gas capabilities through the integration of world-class offshore operations.”

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MedcoEnergi Sells Its 100% Interest in Bawean PSC

Jakarta, September 5, 2016 – PT Medco Energi Internasional Tbk and its subsidiary Medco Bawean (Holding) Pte Ltd (together as “MedcoEnergi” or the “Company”), have entered into a Sale and Purchase Agreement dated 1 September 2016 with Hyoil (Bawean) Pte Ltd (“Hyoil”), to divest 100% interest in Bawean PSC through the sale of shares in Camar Resources Canada Inc (“CRC”) and Camar Bawean Petroleum Ltd (“CBPL”). Bawean PSC is an offshore oil producing asset located off the coast of East Java, 1H 2016 production from Bawean was approximately 670 bopd.


The Company has operated the Bawean PSC since 2004 through its holding in CRC. The Bawean PSC will expire in 2031 following the 20 year contract extension granted by the Government of Indonesia in 2010.


Roberto Lorato, CEO, said that “This divestment is aligned with our plans to rationalize our portfolio in order to focus on higher growth assets. The divestment will create value for both MedcoEnergi and HyOil shareholders. HyOil is better placed to further explore and develop Bawean PSC and will do so with the support of an experienced team.”

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MedcoEnergi AGMS & EGMS Continue to Deliver Energy in the Challenging Year of Oil and Gas Industry

Jakarta, 30 June 2016 - PT Medco Energi Internasional Tbk ("MedcoEnergi" or the "Company") yesterday held the Annual General Meeting of Shareholders (AGMS) and an Extraordinary General Meeting of Shareholders (EGMS). 

The AGMS approved the 2015 Annual Report and 2015 Audited Consolidated Financial Statements of the Company, appointed Independent Public Accountants who will audit the Company’s Financial Statement for the year ended 31 December 2016, fixed the remuneration of the BOD and the BOC for the period of January – December 2016 and elected the Board of Commissioners and Board of Directors.

MedcoEnergi released its 2015 financial results on March 31st and a copy of the Press Release is available on its website.

At the EGMS the Shareholders also approved the implementation of a Management, Director and Employee Stock Ownership Program with share allocations from existing Treasury shares.  With this Program the Company will aim to align the interests and motivation of Shareholders, Directors and Employees of the Company.

On 30 June 2016 the Company  released its Q1 Audited Financial Results.  A copy of the Press Release is reproduced below and is also available on the Company’s website.

MedcoEnergi CEO Roberto Lorato said "As we know 2015 was a difficult year but we have made a strong start to 2016 with the release of our 2016 Q1 results.   I am also very pleased by the strong support demonstrated by our Shareholders towards our efforts to make MedcoEnergi and ever stronger and more competitive company.”

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MedcoEnergi Leads “Indonesia, Inc.” to Bring Back Indonesia’s Strategic Assets from Newmont

Jakarta, June 30, 2016 – PT Medco Energi Internasional Tbk (“MedcoEnergi”) is pleased to announce that it has agreed to acquire a controlling stake in PT Amman Mineral Internasional (“AMI”) which controls 82.2 percent of PT Newmont Nusa Tenggara (NNT)for USD 2.6 billion.  AMI has just recently purchased NNT from Newmont Mining Corporation and Sumitomo Corporation, recording one of the largest structured finance deals in South East Asia this year.

Hilmi Panigoro, President Director of MedcoEnergi, remarked that, “This transaction is immediately accretive for MedcoEnergi given NNT’s world scale operation.  We are committed to maintaining high standards in safety, environmental stewardship and social responsibility, and high quality workforce that are the foundation of MedcoEnergi’s operational success to date. This will strengthen MedcoEnergi position as Indonesia’s premier independent energy and natural resources company, and reaffirms our commitment to contribute to national development.”

MedcoEnergi Group Chairman Muhammad Lutfi says “This transaction is strategic not only for MedcoEnergi Group but also for setting two new important precedents for Indonesian and international investors. First this deal proves that with the collaboration of Indonesian companies, state-owned banks, government and the public at large would bring solution to every challenge the country faces. Secondly, Newmont and Sumitomo deserve a lot of praise for setting a new precedent for international investors in the natural resource sector that being cooperative and supportive towards realizing the aspiration of the people can only mean good for everybody.”

MedcoEnergi Group and AP Investment join forces to acquire controlling stakes in AMI with the support of Indonesia’s three largest state-owned banks namely Bank Mandiri, BNI and BRI with transaction structure that is sophisticated and rare by Indonesian banking practice.

“I am honored to witness and learn firsthand from the country’s best bankers. The sophisticated structure that the three state-owned banks applied in this transaction is expected to bring more similar and equally important transaction in the future,” said Hilmi Panigoro.

AP Investment is led by Agus Projosasmito, Indonesia’s seasoned investment banker and former President Director of Danareksa Securities. Agus made his reputation by spearheading and co-founding the country’s most memorable deals. This includes the formation of Star Energy with the acquisition of Conoco Phillips off-shore operation in Natuna in 2002 and the acquisition of Wayang Windu – a geothermal leading company – from Credit Suisse and Deutsche Bank in 2004.

MedcoEnergi founder Arifin Panigoro could not be happier. “I feel blessed because for the many times Medco Energi Group reaffirms its main characteristic as a pioneer that would open new frontier for the industry and the country. We cannot thank the government more for the shared vision and the great support.

Completion of the transaction is contingent upon obtaining both Government and MedcoEnergi shareholders approvals. 

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