Harvest gets nod for W. Sulawesi exploration block acquisition

Houston-based firm Harvest Natural Resources reported Thursday that Indonesian government had approved in April 2008 the company's farm-in to earn a 47 percent interest in the Budong-Budong PSC onshore West Sulawesi.

The work program includes the acquisition and processing of 550 kilometers of 2-D seismic data as well as drilling two exploration wells, the company said.

Harvest announced in January 2008 the acquisition of Budong-Budong interest from Tately Budong-Budong NV. Under the deal Harvest will fund 100 percent of the first US$17.2 million of seismic and drilling costs to earn its 47 percent interest.

The 2-D seismic acquisition program commenced in February and is ongoing, the company said. Upon completion of the seismic, the Budong PSC partners expect to drill one well in the Karama sub-basin and one well in the Lariang sub-basin, the company said in March 2008. (alex)