Jakarta, 17 December 2019 – PT Medco Energi Internasional Tbk (MedcoEnergi) announces first oil from the Phase 4B Development Project on the 100% owned Bualuang concession in Thailand.

The project is located in the Gulf of Thailand and comprises a new bridge-linked wellhead platform structure along with the retrofitting of extension structures to the existing platforms. Initial production rates at 12,900 bopd have exceeded expectations and upon the completion of the drilling program in mid-2020 field production is expected to peak at over 14,000 bopd.

Roberto Lorato, CEO said “I am pleased to report that the Phase 4B Development Project has reached first oil, with drilling performance 70 days faster than planned. Especially pleasing is that the project was safely handed over from Ophir in May without safety incident or disruption. Our integration of Ophir Energy plc is proceeding well, with total recurring synergies of around US$50 million per year already identified.”