Harvest, partner to drill W. Sulawesi well in Q4

Houston-based firm Harvest Natural Resources, Inc. reported on Tuesday that processing of the seismic data acquired in 2008 at Budong-Budong PSC onshore West Sulawesi was completed in second quarter 2009 and current activities comprise interpretation of this data and well planning.

?It is expected that the first of two exploration wells will spud in the fourth quarter of 2009. In accordance with the farm-in agreement, we expect to fund 100 percent of the well expenditures to earn our 47 percent working interest up to a cap of US$10.7 million; thereafter, we will pay in proportion to our working interest,? the company said.

Harvest acquired a 47 percent interest in the block in January 2008 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. Tately retains the block?s operatorship and 53 percent interest. (alex)