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Harvest Natural Resources updates drilling operations – Qarn Alam Block 64, Oman

Oman: Sunday, February 05 - 2012 @ 11:40

The well will be plugged and abandoned with gas shows. Gas shows and hydrocarbon saturations are also present in the shallower limestones and dolomites of the Permian Khuff Formation. Post-well evaluation will focus on determining the potential for non-associated gas reserves in the Permian Khuff and clastic Gharif reservoirs.

Drilling operations on the AGN-1 well progressed ahead of schedule with the well reaching TD 22 days ahead of the forecast drill time. Consequently, the dry hole cost (DHC) will be $2.4m lower than previously forecast. Harvest expects to expense a majority of the DHC of $6.0m in the first quarter of 2012.

Harvest has an 80% interest in Block 64 onshore Oman. Block 64 has an area of 3,874 square kilometers and was extracted from a pre-existing block (PDO’s Block 6) to accelerate exploration for gas and gas condensate by the Omani Ministry of Oil and Gas.

Harvest Natural Resources, Inc., headquartered in Houston, Texas, is an independent energy company with principal operations in Venezuela, exploration assets in Indonesia, West Africa, China and Oman and business development offices in Singapore and the United Kingdom.

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Sunday, February 5- 2012 @ 11:40 UAE local time (GMT+4) Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Mediaquest FZ LLC.

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