JAKARTA--South Madura Exploration Company Ltd (SMEC) a subsidiary of MEO Australia Limited (MEOAY-ASX Stock Code) has secured an approval from General Directorate Oil and Gas to acquire 60% interest in AED South Madura PSC.
The approval was the realization of second business transaction done by both companied on December 28, 2011.
The transaction value was US$0.3 million, With the acquisition the interests of SMEC in South Madura PSC is 90%. Meanwhile, the rest is owned by PT eksindo South Madura.
South Madura PSC is located in onshore Madura Island on 1,586 km2. Related with the acquisition, CEO MEO Jurgen Hendrich said the company is happy with the approval of the transaction from the institution.
MEO has tried to acquired PSC from several years, however with the consistent strategy the company finally secured the highest equity position with prospective permit, while starting to seek prospective partner to fund the drilling process. (T03/aph)
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