Harvest, Partner to start W. Sulawesi drilling campaign in 2009

Houston-based oil, gas firm Harvest Natural Resources said it would start drilling two exploration wells at Budong-Budong onshore exploration block, West Sulawesi, in the second half of 2009.

The company said in a presentation released Wednesday that it and partner Tately NV are currently undertaking a 550-km 2D seismic campaign, which is expected to be completed by year-end.

Harvest acquired a 47 percent interest in the block in January this year 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 opertatorship and 53 percent interest.

The Budong PSC partners expect to drill one well in the Karama sub-basin and one well in the Lariang sub-basin, with each prospect potentially contain 50-100MMBO. (alex)