Medco expand its overseas operation

Medco Energi Internasional (unrated) has expanded its oil and gas operation to Tunisia through the acquisition of Storm Ventures International (Barbados) Ltd from Chinook Energy Inc (listed on Toronto stock exchange). The transaction is now complete while Medco has gotten approval from the Tunisian government and several oil and gas exploration association of the country on 18 August 2014. The oil field in Tunisia is consists of 4 exploration blocks, 2 processing blocks and 2 production blocks. The company current produce 2,800 barrels of oils per day, it has plan to increase the production to 16,000 barrels of oils per day by 2018.