Harvest updates Indonesian operation
Monday, May 12 2014 - 03:04 PM WIB
The following is an excerpt from US firm Harvest Natural Resources' quarterly report released on Monday. (ed)
Budong-Budong PSC (Harvest operator and 71.5% ownership)
Harvest Natural Resources Inc is actively discussing the sale of its interests in Budong-Budong PSC in West Sulawesi, and based on indications of interest received in December 2013, the Company determined that it was appropriate to recognize an impairment expense of $0.6 million and a charge included in general and administrative expenses related to a valuation allowance on VAT Harvest does not expect to recover of $2.8 million.
During the three months ended March 31, 2014, the Company fully impaired this property resulting in an additional charge of $4.5 million. (end of excerpt)