JAKARTA – Shares of PT Medco Energi Internasional Tbk (MEDC) continued to decline on Tuesday afternoon (4/3), despite new milestones achieved by the company in West Kalabau-1, Rimau Block, South Sumatra. Over the past year, MEDC shares have fallen 28.06%, or IDR 390 per share.

As of the afternoon trading session, MEDC's stock was down 0.99%, or IDR 10, to IDR 1,000 per share. The stock opened at IDR 1,005, with the highest price at IDR 1,020 and the lowest at IDR 990 per share.

Yesterday (3/3), MEDC shares closed up IDR 10 to IDR 1,010, with 25.18 million shares traded in 2,472 transactions, worth IDR 25.61 billion.

In the past week, MEDC’s stock fell 0.99%, or IDR 10 per share. Over the past month, the stock has dropped 4.29%, or IDR 45 per share. In six months, MEDC’s shares have plunged 17.36%, or IDR 210 per share.

In an information disclosure on Tuesday (4/3), Ronald Gunawan, President Director of PT Medco E & P Indonesia, announced the discovery of hydrocarbons in the West Kalabau-1 exploration well in Rimau Block, South Sumatra. The discovery followed drilling in the West Kalabau-1 Well, reaching a total depth of approximately 3,220 feet.

“This achievement reflects MedcoEnergi's ongoing focus on conducting safe, efficient, and responsible exploration and production activities. We will work with SKK Migas to further evaluate the commercial potential of this discovery,” he said. (LK/ZH)