The Tunisian government has given us strong support to return to Tunisia...Jakarta (ANTARA News) - Publicly-listed oil and gas company PT Medco Energi Internasional Tbk has acquired a 100 percent stake in Storm Ventures International (Barbados) Ltd. (SVI), which controls eight oil and gas blocks worth US$114.03 million in Tunisia.
The acquisition process will be completed after receiving approval from the Tunisian government and working partners in the blocks, Medco Energi President Director Lukman Mahfoedz said in a press release on Monday.
"The Tunisian government has given us strong support to return to Tunisia to find business opportunities in the oil and gas sector," Lukman added.
The acquisition took effect on January 1, 2014.
Medco Tunisia Petroleum Limited, a subsidiary of PT Medco Energi Internasional Tbk, had signed an acquisition agreement with Storm Ventures International (BVI) Ltd.
The shares worth US$114.03 million did not include working capital, which will be adjusted when the acquisition was completed.
BVI is a subsidiary of Chinook Energy, Inc., which is listed on the Toronto Stock Exchange.
Meanwhile, SVI has participation rights in the eight oil and gas mining concessions in Tunisia, consisting of four exploration blocks, two expansion blocks and two production blocks, with a contract period covering 30 or 50 years.
Five blocks--Adam, Sud Remada, Bir Ben Tartar, Jenein, and Borj El Khadra--are located on land in the Ghadames Basin, while three other blocks--Cosmos, Hammamet and Yasmin--are located in the Pelagian Basin off Tunisias northeastern coast.
Lukman said after the acquisition Medco Energi will increase its oil and gas reserves by 12.3 million barrels of oil equivalent (MMBOE) and production by 2,800 barrels of oil equivalent per day (BOEPD).
(S012/INE/B003)
Editor: Ella Syafputri
Copyright © ANTARA 2014
