2009-08-19-2007-10-01-2007-10-01

Acquired 25% stake in Pangkah block in East Java Sea producing 60 MMcfg/d.

Reuters reports state-run Kuwait Foreign Petroleum Exploration Co. (Kufpec) has acquired a 25% stake in an Indonesian unit of ConocoPhillips, Houston, (NYSE: COP) for an undisclosed price. Reuters reports the Pangkah block in the East Java Sea. Hess Corp., New York, (NYSE: HES) is operator. Reuters reports production is approximately 60 million cubic feet of gas per day. Oil production from Ujung Pangkah Field in the block was expected to start in 2009 and increase to 25,000 barrels of oil per day and gas output was expected to rise to 100 million cubic feet. Reuters reports Kufpec now holds stakes in five production-sharing contracts in Indonesia.