According to Medco’s investor relations officer, Gemala Katappo, the company is looking into funding options if it were to acquire both Novus and the stake in the East Java Kangean block.

Medco this morning extended the deadline of its takeover bid for Novus until 27 April.

“Medco’s internal cash amounts to US$70 million plus US$250 million from a bond issue last year. The available funds will be enough to fund only some of the investment plans, including the Novus acquisition,” said Gemala.

“If we get both [Kangean and Novus], the funds will not be enough. We are looking at options [and] these options include raising debt or issuing new shares,” he added.

While Gemala would not admit how much is needed to acquire the Kangean stake, he did admit the company had received several funding offers, which he said Medco was looking into.