Bumi Modern chief commissioner resigns

Nirwan D. Bakrie, the chief commissioner of the publicly listed PTBumi Mdern Tbk will resign from his position in the oil company and source said that he would be replaced by Zuhdi Pane.

The company will would hold an extraordinary shareholders meeting next month to approve Zuhdi's appointment as the new chief commissioner, it said in a letter sent to the Surabaya Stock Exchange (SSX) last week.

But the company did not say the reason behind the replacement of the company, previously known as a small property company but turned its main business into an oil exploration and production after it took over massive oil blocks in Yemen late last year.

The company is currently inviting international bidders to carry out the seismic survey on its 285-kilometer oil block in the country.

In the letter to the SSX, four foreign companies including the Bureau of Geophysical Prospecting International, Zenzing Petroleum Exploration Bureau, both of China, Compagnie Generale Degeophysigne of France, and Western Geophysical of the United States will take part in the tender.

Bumi Modern said that the seismic survey would be carried out beginning this month and the result of which would be released by the end of the month so that the first exploration could be started as scheduled in September. (*)