Oil and gas block in Libya’s Area 47 which is belonging to Verenex Energy Inc. will be acquisitioned by Pertamina. The realization of acquisition will be done in the beginning of 2009. Pertamina said that the acquisition is appropriate with company planning that the upstream activity becomes the priority until 2012.

Total investment for Libya’s Area 47 acquisition from Verenex that has 50% share of the block is around 300 million US dollar. Medco and Verenex have the right 50% each for exploration in the block Area 47, Ghademes Basin, Libya. The oil production estimation in that area up to 75 thousand barrels per day, with potential reserve 1 billion barrels. Perhaps the production will begin in the end of 2010 with capacity 50 thousand barrel per day.