OREANDA-NEWS. June 28, 2012. PT Pertamina (Persero) has signed a Share Purchase Agreement ("SPA") with Harvest Natural Resources Inc. ("HNR"), an oil and gas company listed on New York Stock Exchange, to acquire an effective 32% ownership stake of Petrodelta, S.A., Venezuela, reported the press-centre of PT Pertamina.

President Director of Pertamina, Karen Agustiawan, said with this acquisition Pertamina expected to collaborate more closely with Petroleos de Venezuela, S.A. ("PDVSA"), a national oil and gas company owned by Venezuelan government, in order to accelerate the development of Petrodelta's substantial reserve for mutual benefit for all shareholders.

Petrodelta current stock ownership is under Corporacion Venezolana del Petroleo, SA ("CVP"), a subsidiary of PDVSA, with the effective ownership of 60%, and under Vinccler O & G Tech, a local Venezuelan company, with an effective ownership of 8%.

Closing of the transaction will be done after the fulfillment of some preconditions (conditions precedent, CP): Pertamina shareholder approval, HNR shareholder approval, as well as Venezuelan government approval.

Petrodelta is the operator and concessionaire of the government of Venezuela to explore, develop, produce, and manage oil and gas blocks consisting of Uracoa field, Bombal field, Tucupita field, El Salto field, El Inseno field and Temblador field, with overall coverage area of 1,000 square kilometers until the year 2027.
Based on the certification from Ryder Scott in 2012 in accordance with the guidelines of the U.S. Securities and Exchange Commission, Petrodelta field contains approximately 486 million barrels of oil equivalent (MMBOE) proven reserves and possible (proven & probable, 2P) reserves. The content of the hydrocarbon reserves is larger than the Cepu block reserve, which is the largest discovery in Indonesia in the past 10 years.

Acquisitions made by Pertamina is in line with Pertamina's strategy to aggressively develop its upstream business overseas and to support Pertamina's vision to become a world class energy company.