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