Bumi Modern needs $8 million to finance seismic survey
Tuesday, September 12 2000 - 03:30 AM WIB
Publicly listed Bumi Modern will need about US$8 million in cash to finance a seismic survey on its oil bloc in Yemen, the company said in its report submitted to the Jakarta Stock Exchange (JSX) last week.
The company said that that the seismic survey on its R2 oil block has started since July 19 this year and is scheduled for completion by the end of October. The survey is carried out by a French surveying company Compacnie Generale de Geofisique, DetikCom reported on Tuesday.
Bumi Modern said that the $8 million in cash is part of the $60 million budget earmarked to prepare for the initial production from its 285-kilometer oil block in Yemen.
The company said that that the first exploration would be carried out early next month on one of seven oil wells in the oil block. The exploration of the other six wells would be carried out after the first exploration is completed, it said.
Bumi Modern, initially known as a property company, turned its core business into oil exploration activities after the company took over the oil block early this year. (*)