Another oil discovery in Libya , Medco Energi Internasional (MEDC, Rp3,000)

Oil and gas Medco Energi announced another oil discovery in Area 47 Block, Libya, in exploration well 01-47/02 in the Memouniat and  Lower  Acascus formations. The oil reserves at these two formations flowed at the  rate  of between  1,388  and  2,066  barrel per day with gas flowed at the rate of between 0.55 and 2.36 mmscfd, President Director Darmoyo Doyoatmojo said. The discovery is important as this proved that the  Memouniat  and Lower  Acascus  formations had potential of large crude oil reserves in the northern part of Area 47, citing Darmoyo.  This marked the 15th discovery in the block since September 2006, the report said. – Investor Daily