Medco Energi receives the appointment from the Great Socialist People Libyan Arab Jamahiriya-General People's Committee (GPC) based on GPC Decision Letter 72/1378 PB (2010) issued on March 20, 2010.
Therefore, starting on April 1, 2010, Medco Energi has officially become the operator of Area 47 EPSA, replacing Verenex Energy Area 47 Libya Limited (VEAL).
Darmoyo Doyoatmojo, the President Director of Medco Energi, revealed GPC had extended exploration period for Area 47 EPSA for one year starting on April 1, 2010.
According to him, the extended exploration period would enable Medco Energi and the Libyan Investment Authority (LIA) to commercialize findings in the area and make additional drilling of three exploration wells.
"Medco Energi is also in the process of drilling two review wells and three exploration wells as part of the 2010 program. This year's drilling program will also include the completion and test of three wells already drilled before but later delayed by the previous operator," he said yesterday.
Previously, Project Director of MedcoEnergi Lukman Mahfoedz informed the company and its working partner in Area 47 EPSA, namely LIA-which acquired Verenex Energy Inc's shares in Area 47 EPSA on December 21, 2009-was in the final process to get commercialization for several oil findings in Area 47 from the National Oil Corporation (NOC). Source : bisnis indonesia
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