Term extension sought in Budong-Budong PSC

By Peni Pedriawan

Tately Budong-Budong N.V., the operator of Budong-Budong Block onshore West Sulawesi and its partner Harvest Natural Resources Inc., have submitted a request to upstream authority BPMIGAS for a four-year extension of the initial six-year exploration terms.

The extension request was submitted in September, Harvest said in a statement. The initial exploration term of the Budong-Budong PSC expires on January 15, 2013.

?The request for extension of the initial exploration term includes a firm exploration well in late 2013,? it said.

Meanwhile, it also reported an operation update during the three months ended September 30, 2012 which included a review of geological and geophysical data obtained from the drilling of Lariang-1 (LG-1) and Karama-1 (KD-1) wells to upgrade the prospectivity of the block and to define a prospect for potential drilling in 2013.

Editing by Dadan Wijaksana