Sen Hong tries to extend exploration time limit in Indonesia oil field for 10 ye

Chelsea Ho, managing director of Sen Hong Resources Holdings (0076), said the problem of renewing the contract with the Limau oil field of Indonesia was not yet solved, because the new laws connected with the petroleum and natural gas were still in discussion by the Indonesia authority, which also involved the exploration problems of the invested oil fields projects.

He said as the situation of Indonesia was still in turmoil, the time to get the reply from the authority was not known and some individual oil fields projects also need to be postponed.

The deadline for exploring Limau oil fields was previously set at 2004 and Sen Hong Resources was now in talks with Indonesia state petroleum company Pertamina over extending the time limit for 10 years.

Related stock : (76)