![]() ![]() MedcoEnergi will acquire from OQ Exploration & Production LLC (“OQEP”), a 20% interest in the Block 60 producing license and a 20% interest in the Block 48 exploration license, both located onshore in west central Oman. The transaction is now expected to complete in December 2023. Jakarta, 28 November 2023 – PT Medco Energi Internasional Tbk ("MedcoEnergi" or the "Company") is pleased to announce that it has received Royal approval to acquire 20% interests in two blocks in Oman. President Director Hilmi Panigoro stated, “This acquisition leverages our reputation for sustainability and gas development and provides a new hub from which to expand low-cost production.” It currently operates three blocks in Oman and is involved in several production and exploration joint ventures in both Oman and Kazakhstan. OQEP is Oman’s third largest producer and a subsidiary of OQ Group SAOC, the state owned global integrated energy group. OQEP will remain Operator of both Blocks and will facilitate the exchange of expertise in gas exploration, development, technology application and sustainability processes through the secondment of MedcoEnergi personnel to the joint operations and bilateral corporate assignments. The adjacent Block 48 covers an area of 2,995 km 2 and has significant prospective oil and gas potential. Block 60 covers an area of 1,485km 2 and is currently producing ~63 mboepd from the Bisat oil and AbuTabul gas fields, the EPSA will expire in 2048. MedcoEnergi has acquired a 20% interest in the Block 60 producing EPSA and a 20% interest in the Block 48 exploration EPSA, both located onshore in western Oman near the border with Saudi Arabia. Jakarta, 12 December 2023 – PT Medco Energi Internasional Tbk ("MedcoEnergi”) has completed the acquisition of 20% interests in two Exploration and Production Sharing Agreements (EPSA) in the Sultanate of Oman from OQ Exploration & Production LLC (“OQEP”).
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