Amerada completes

Amerada completes
well appraisal

JAKARTA: New York-based Amerada Hess, which holds the
production-sharing contract for the Pangkah oil and gas block off
East Java, said on Wednesday it had completed its appraisal
program for two wells in the Ujung Pangkah field.

Results of the appraisal will be analyzed to determine the
possible increase in oil and gas reserves and to assess the
feasibility of further development of the Ujung Pangkah
reservoir, the company said in a statement.

Furthermore, the findings would enable Amerada to build on
Pangkah's core development, a key part of the company's business
portfolio in Indonesia. -- JP

;ANTARA;
ANPAf..r..
Brief-Mining-Antam
Antam buys back
$5m bonds
JP/14/Brief

JAKARTA: The Indonesian mining company, PT Aneka Tambang
(Antam), said on Wednesday it had bought back US$5 million worth
of bonds out of $200 million worth of bonds issued in September
last year.

The company's corporate secretary, Dohar Siregar, said the
bonds, which carry an annual interest rate of 7.37 percent, would
mature in September 2010.

"With the buyback, Antam's outstanding bonds stand at $195
million," he said.

The company issued the bonds to finance the Feni III project,
which is scheduled to be completed early in 2006. -- Antara

;DJ;
ANPAf..r..
CorporateBriefs-Telkom
Telkom to refinance $800m foreign debt
JP/14/telkom
Telkom to refinance $800m foreign debt

JAKARTA: State-owned telecommunication firm PT Telekomunikasi
Indonesia (Telkom) said on Wednesday it is planning to refinance
its foreign debt in an effort to reduce foreign exchange losses
due to the fluctuation of the rupiah against the dollar.

"We are now seeking loans from both foreign or local banks to
refinance our total US$800 million debt," Telkom's finance
director Rinaldi Firmansyah told reporters.

At end-June, Telkom's net profit fell 19 percent on year due
mostly to foreign exchange losses. During the first half of this
year, Telkom booked Rp 869.81 billion (Rp 97 million) in foreign
exchange losses due to the weaker rupiah.

Telkom's short-term liabilities as of June 30 were $160
million, while the remaining $640 million was long-term debt.

He said Telkom is also planning to accelerate the repayment of
the debt. -- DJ