HOUSTON (Yosefardi) – In June of 2014, Harvest Natural Resources, Inc. decided to relinquish their interest in Budong Budong PSC in Indonesia.
It is working with the Indonesian government to complete the relinquishment which may take several months.
As a result of these actions, the company recognized a further charge of $3.2 million during the three months ended June 30, 2014, related to drilling obligations incurred in connection with the December 2012 acquisition of an additional 7.1 percent interest from our joint interest partner.
Harvest reported a second quarter net loss of approximately $1.7 million, compared with a net loss of $4.5 million for the same period last year. The second quarter results included exploration charges of $1.6 million and non-recurring charges of $3.2 million in impairment costs related to the Budong Budong block.