MedcoEnergi returns to Tunisia to expand its E&P Global Operations

On August 19, 2014, Medco Tunisia Petroleum Limited (Medco Tunisia), a subsidiary of PT Medco Energi Internasional Tbk (MedcoEnergi), completed the acquisition of 100% of the shares of Storm Ventures International (Barbados) Limited from Storm Ventures International (BVI) Limited (Storm BVI), a subsidiary of Chinook Energy Inc.'s (Chinook) which directly and indirectly owns all of Chinook's Tunisian assets, for US$127.7 million, after obtaining approval from the local government.

Medco Tunisia is a subsidiary of MedcoEnergi, a publicly listed integrated energy company with a focus in the exploration and production of oil and gas, with operations in Indonesia, as well as overseas, covering Oman, Yemen, Libya, Papua New Guinea and the US Gulf of Mexico.

Chinook is a Calgary-based public oil and gas exploration and development company combining multi-zone conventional production and resource plays in western Canada with an exciting high growth oil business onshore and offshore Tunisia in North Africa.

Further information can be found on MedcoEnergi's website.