Bisnis Indonesia reported that MEDC through Medco International Ventures Limited has been appointed by Great Socialist People Libyan Arab Jamahiriya – General People’s Committee (GPC) to be the operator in area 47, Libya. MEDC replaces Verenex as the previous operator. Other than that, GPC has also given 1 year extension of exploration period, starting April 2010. This means MEDC could perform drilling for another 3 exploration wells, thus will improve their chances to obtain commercialization approval
from NOC. Once approved, MEDC could convert its contingent reserves in Libya of around 176 mmboe to 2P reserves. As per FY09, MEDC has 2P reserves of 277mmboe. This will have a positive impact to MEDC. Note that MEDC expect production to reach 50,000 bpd to 100,000 bpd in 2014 for its Libyan asset. MEDC is currently trading at EV/2P of US$3.4/boe.
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