Bumi Resources to begin exploration activities in Yemen
Monday, December 6 2004 - 03:38 AM WIB
Gallo Oil, a subsidiary of publicly listed natural resources-based company PT Bumi Resources, plans to begin drilling activities at the company's oil concession in Yemen next year, Investor Daily reported on Monday.
Bumi Resources' finance director Eddie J. Sobari said in Jakarta on Saturday that the company had allocated at least US$2 million to carry out exploration activities in Gallo Oil's oil concession area in Yemen.
Eddie also dismissed circulating rumors that Gallo Oil would sell its Yemen oil concession to a foreign company. "Who said that? If it were true, it should have been reported to the Capital Market Supervisory Agency (Bapepam)," he added.
Bumi, which controls the country's two giant mining companies PT Arutmin and Kaltim Prima Coal (KPC), produced between 38 tons and 39 tons of coal as of the third quarter of this year, with total revenues of about US$312 million. (*)