Harvest ups stake at Sulawesi block

Houston-based oil, gas firm Harvest Natural Resources reported on Tuesday that on January 5, 2011, it exercised its first refusal right to acquire an additional 10 percent equity in the Budong Budong PSC, West Sulawesi.

Closing of this acquisition will increase Harvest's interest in the Budong-Budong block to 64.4 percent, the company said.

The remaining 35.6 percent interest in the block is held by Tately NV.

The company also reported that the Lariang LG-1 Well, the first of two planned exploration wells in the block was spud on January 6, 2011. The well is projected to drill to a TD of approximately 7,300 feet. Site preparations are underway for the second exploration well, the Karama KD-1, which is scheduled to spud late in the first quarter of 2011, it said. (alex)