Jakarta, 28 April 2016 – PT Medco Energi Internasional Tbk (MedcoEnergi) is pleased to announce it has been awarded a 10 year extension of the Lematang Production Sharing Contract (PSC) effective April 6, 2017.

MedcoEnergi has also now completed the acquisition of Lundin’s key Indonesian PSCs, including it’s 25.8824% participating interest in Lematang PSC.  The completion occurred after receiving the required Government approvals.

The Lematang PSC is located in South Sumatra, close to the MedcoEnergi operated South Sumatra PSC. MedcoEnergi is the Operator and holds 100% participating interest through its wholly-owned subsidiaries.  Average gross daily gas production from Lematang in 2015 was 37.9 million standard cubic feet per day (mmscfd).

The signing of the 10 year extension demonstrates the Company’s ability to continue to leverage and create value from its strong domestic position. 

Roberto Lorato, CEO of MedcoEnergi said “MedcoEnergi appreciates the trust shown by the Government of Indonesia and this opportunity to continue to operate this PSC.”

Related release

9 October 2015 - MedcoEnergi Acquires Lundin Indonesia Holding B.V.