Prosperity's Aceh gold-copper

Prosperity Resources Limited reported that a program of trenching and channel sampling at the Pinang-Pinang gold-copper project in Aceh province has highly significant surface gold plus copper mineralization. 

Prosperity told ASX today that the trenching program was completed after soil sampling by Prosperity defined very strong (+1g/t gold) soil anomalies at the Pala Prospect. 

The Pala prospect has reported multiple wide, high-grade gold/copper intercepts over a strike length of at least 400m within a 250m wide mineralized corridor, includes best results in Trench 21 of 91.7m @3.65 g/t gold and 0.45% copper.

Prosperity and Multi Mineral Utama agrees to establish a JV called PT Prosperity Surya Persada for the development of gold-copper project.

After the announcement, Prosperity's stock price in ASX closed higher by 32.98% at A$0.125 after it surged to A$0.15.

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CBM Asia acquires 48% South Sumatra Energy

CBM Asia Development Corp. announces that it has signed a Letter of Intent with Batavia Energy Inc. to acquire 48 percent of South Sumatra Energy Inc. which, together with PT Medco CBM Sekayu, holds a Production Sharing Contract for coalbed methane on a 58,349 hectare block located in the South Sumatra Basin, Indonesia.

Awarded May 27, 2008, the Sekayu Block PSC marked the first time the Government of Indonesia awarded a PSC for the exploration and development of coalbed methane in Indonesia. PT Medco Energi Internasional Tbk ("Medco"), Indonesia's leading independent oil and gas company, and operator of the Sekayu Block PSC, has forecast that the first commercial coalbed methane production will begin in 2011 and peak in six years. 

Indonesia's estimated coalbed methane resource of 453 trillion cubic feet ("TCF") of gas in place is among the largest in the world after the United States and China. The South Sumatra Basin, the largest coalbed methane basin in Indonesia, is estimated to contain in-place resources of approximately 183 TCF (Society of Petroleum Engineers, 2004).

Under the LOI, the Company will earn a participation interest in Batavia's 31.5 percent working interest in the Sekayu Block PSC, and has committed to exploration and appraisal expenditures over the next three years to determine the commercial feasibility of coalbed methane production.

"We are happy to secure this rare capital acquisition opportunity in Indonesia's rapidly emerging coalbed methane industry. As Indonesia moves to develop its large prospective coalbed methane resources for delivery to domestic and global markets, we look forward to working with our new partners in the Sekayu Block PSC where initial exploration drilling is scheduled to commence by early September 2009. This acquisition will diversify our interests in the coalbed methane sector in Indonesia and complement our already outstanding prospects in the Kutai Basin," said Mr. Alan Charuk, the Company's President and Chief Executive Officer. Successful completion of the Sekayu Block PSC test well will mark the first government approved commercial coalbed methane well drilled in Indonesia.

Closing of the LOI is subject to, among other things, completion of the Company's due diligence review, execution of definitive agreements and applicable third party consents and approvals.

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When Yudhoyono's son enrolls at Harvard

Agus Harimurti Yudhoyono, son of president SBY, has recently enrolled in a course to earn a master's degree in public administration at top notch school Harvard University's Kennedy School of Government. 

According to his wife, Annisa Pohan, Agus is expected to accomplish the program within one year. Agus followed the step of Yenny Zannuba Wahid, daughter of former president Abdurrahman Wahid, who graduated from the Kennedy School few years back.

Born in August 10, 1978, Agus Yudhoyono graduated from Military Academy in 2000 and then master program at the Institute of Defense and Strategic Studies in Nanyang Technological University (NTU), Singapore. He is now a captain at Army's Strategic Reserves Command (Kostrad).

It is not clear which program at KSG that Agus Yudhoyono enrolled into. But Mason Program at the school could cost a minimum of US$82,380 (depending on living expenses). If you take your family with one children, the cost could be sky-high. Mandatory University Health Services Fees for 2009-2010 program, according to KSG's website, is US$5660 for two dependents, while maintenance cost could be US$17,600. So, a family of three (like Agus) needs at least US$100,000 a year, for basics.

As for Annisa, she was born in Boston in November 20, 1981. She is a model.

Money, which usually triggers speculation and rumors, is one thing. But to get there, you need more than that---access. As for the outcome, well, who knows that you can be the next president of Indonesia. Felipe Calderon, alumni of the KSG, is currently president of Mexico. Calderon's friend and classmate at KSG, Gita I Wirjawan, is currently commissioner at state-owned oil and gas giant Pertamina, and reportedly one of few executives close to SBY.

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Bankers worry more about Moody's than people

Government officers, bankers, and central bank officers were pissed off by Moody's negative outlook on Indonesian banking. They worry more on the rating agency's view that what Indonesian people think of them. Pathetic! 

These guys immediately responded Moody's "view", but pay little attention to significantly bring back the banking system as an intermediary for economic and social development.

Bankers immediately cut rates for people's saving accounts or time deposits whenever Bank Indonesia cut the benchmark rate. But they will keep postponing lending rates cut. They always argued that their "cost of funds" were too high. But in reality, banks are the most profitable sector of the economy. Take a look at the first half 2009 results of major banks.

BCA posted net profit of Rp3.3 trillion in six months, surged 35.9% from the same period last year. BNI reported net profit of Rp1.2 trillion, skyrocketed by 175%. Bank Mandiri recorded net profit of Rp2.93 trillion, increased 12% from the same period last year.

So, when all other sectors posted significant drop in profit margin, banks reported historic high of net  profit. When lots of people lost their jobs, because their employers suffered from paying significantly higher interest rates than their peers in other countries, the bankers are busy to write complaint letters to Moody's.

Not that we agree with Moody's. In fact, we also hate domination of rating agencies on "our outlook", because one small change in the "rating" may cause millions of people losing jobs. But it's just too sad that our bankers would respond quickly agencies like Moody's than those who provide "cheap funds" and pay "costly interests" to their huge profits. 

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Niko to spend US$26 million in Indonesia exploration

Niko Resources has spent US$5.6 million in various exploration activities in Indonesia in three months ended June 30, 2009, The company plans to spend around US$26 million in the period of July 2009 to March 2010.

Indonesia is the second largest for Niko after India for the July 2009 - March 2010 exploration spending. The company has arranged for a major international seismic contractor to shoot a 3D spec survey in both the Southeast Ganal and West Sageri blocks, and this program commenced last motnh. 

Additional 2D seismic surveys will also be acquired in these blocks and a contract for these surveys is expected to be signed in September 2009 with acquisition to commence prior to the end of 2009. This 2D vessel will also conduct new seismic surveys in the Bone Bay, South Matindok, Kofiau, and Seram blocks.

In the Kofiau Block, both a 2D and a major 3D seismic program are planned and acquisition of the 3D is expected to commence in the fourth quarter of 2009.

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IDX rebounds, Bakrie-heavy

IDX composite index rebounded 49 points or 2.1% to 2396 as investors on regional sentiments and IEA's energy outlook which boosted energy stocks. Bakrie-related stocks, as usual, dominated the trading. 

Seven stocks related to Bakrie Group led the gainers with Bakrie Sumatra (plantation) surged 12.36%, while Bumi Resources jumped 8.6%. Bakrieland also surged 8.6%, while Bakrie & Brothers gained 5.34%, Bakrie Telecom +4.73%, Energi Mega +4.9%, and Darma Henwa +4.4%. Combined trading value of seven Bakrie-related stocks is Rp3.38 trillion.

STOCK	Value
	(Rp Billion)
BUMI	1842
UNSP	546
ELTY	357
BNBR	275
DEWA	129
ENRG	116
BTEL	111
Total	3376

Coal stocks closed mainly higher. Adaro +3.6%, Bukit Asam +2.7%, Indo Tambangraya +1.8%, Indika +1%. Their peers? Shenhua gained almost 3%, China Coal +2.3%, and Straits Asia +4.7%. Xstrata, the world's largest thermal coal exporter, opened significantly higher by 5% in London. 

Oil and gas stocks? CNOOC, Petrochina, and Sinopec closed in higher grounds, so were Medco, PGN, and Elnusa in Jakarta. Woodside and Santos also gained significantly in Australia as crude oil returned to over US$71 per barrel after IEA announced a positive outlook on energy market.

Metals? Aneka Tambang and Inco jumped 4.8% and 4.7% respectively, while Timah surged 5.6%. Their peers? Jinduicheng also hiked 5.2%, while Anglo American and Rio Tinto opened higher by 5% respectively in London.

Plantation stocks? One of the biggest days. Golden Agri and Indofood Agri continued their rally in Singapore by 7.4% and 5.6% respectively, while PP Lonsum and Sampoerna Agro gained 5.4% and 3.5% respectively in Jakarta. Astra Agro, meanwhile, gained only by 2.5%. CPO futures contracts in Malaysia Derivatives Exchange crossed RM2500 per ton for October 2009 delivery.

Even though IDX composite failed to stay above 2400, IDX is already the best in the region with 76.8% gain this year, even better than Shanghai (72.5%). (th/ya)

Regional Indexes	13-Aug	Dec-08	YTD (%)
IDX	2,396	1,355	76.8
Nikkei	10,517	8,860	18.7
Hang Seng	20,861	15,043	38.7
All Ordinaries	4,436	3,659	21.2
SSE	3,140	1,821	72.5
BSE	15,486	9,647	60.5
Straits Times	2,614	1,762	48.4
Kospi	1,564	1,124	39.1

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Salamander claims success in South Sebuku drilling

Salamander Energy Plc announced today that it has completed drilling operations on the South Sebuku-1 exploration well in the Bengara I PSC, East Kalimantan.

Salamander said the South Sebuku-1 well was drilled to a total depth of 1533 meters subsea and encountered multiple gas bearing sandstones in the Tabul and Meliat formations. Drill stem tests were conducted across two of the gas-bearing zones, which flowed at an aggregate rate of 10.9 MMSCFD.

The SS-1 well has been suspended as a potential future producer and the Bengara I partners are in discussion with the authorities with a view to appraisal drilling on the South Sebuku discovery in 2010. 

The discovery is located approximately 15 km from the South Sembakung gas-condensate field in the neighbouring Simenggaris PSC, in which Salamander has a 21.6% interest. The partners are evaluating the potential for tying in South Sebuku to the South. Sembakung gas-condensate field, which received formal development approval last year. 

Heads of agreement for gas sales from South Sembakung were signed on 4 August with PT Pertamina Gas (Pertagas) and PT Medco Gas Indonesia. Under these terms approximately 20 MMscfd will be supplied over an eleven year period at a minimum 

price of $3/Mcf with an inflator indexed to methanol prices. The gas is to be sent to the nearby Bunyu Island Methanol plant, via. a pipeline that will be constructed by he consortium of buyers, and production is expected to commence in late 2011. 

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Election dispute: It's a game over!

Constitutional Court has ruled in favor of General Election Commission (KPU) regarding the presidential election, and as a result confirming SBY-Boediono's victory.

The Court, in its 420 pages ruling, rejected Megawati-Prabowo's appeal for a second round of election or a re-election. The Court also rejected Kalla-Wiranto's appeal to annul the July 8 election results and demanding a re-election. The Court argued both Kalla-Wiranto and Megawati-Prabowo camps failed to provide legal evidences about voters list manipulation, inflated vote counts, etc.

Both camps claimed millions of citizens have been denied an opportunity to exercise their voting right in the election.

Since the Constitutional Court's ruling is considered final, presidential election results announced by KPU few weeks ago are now confirmed: SBY-Boediono is the winner, Megawati-Prabowo as runner-up, and Kalla-Wiranto the third. Cabinet speculation will revive again soon.

(hs/ya)

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Lundin Indonesia oil output increased 7%

Lundin Petroleum AB reported higher oil production by 7% in the first half 2009 to 279,000 barrels from 259,500 barrels.

Lundin reported average oil price of US$51.72 per barrel in H1 2009, dropped significantly from US$97.42 per barrel.

Lundin controls 14.5% working interest in Salawati Island block and 25.9% working interest in Salawati Basin block, both in Papua, with net oil production of 2600 barrels of oil equivalent per day in the first half 2009. 

"Following the successful drilling of the South East Wallo-1 exploration well, two further appraisal wells have been completed. The results of the wells will be incorporated into a revised South East Wallo reserve estimate.

Lundin is also the owner of 25.9% working interest in Lematang block, South Sumatra where the development of the Singa gas field is ongoing with first gas production expected this year. A gas sales agreement is in place with PT PLN to supply a gross contract volume of 133 BSCF.

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It's Ibrohim

Police finally confirmed this morning that the man shot dead in Temanggung, Central Java raid last week is Ibrohim, the florist who played crucial role in July 17 bombings at JW Marriott and Ritz-Carlton hotels that killed nine people, including six foreigners.

National Police spokesperson Nana Soekarna said according to DNA test, it's 100% match with Ibrohim's family member. So, it's not Noordin M. Top as widely speculated before. Neither is Tedy AKA Reno, the man identified by police as expert in assembling the bomb, inherited the expertise of Dr Azahari. Reno is also known involved in Bali bombing that killed over 100 people in 2002.

Police said Ibrohim was the planner and controller of the bombings. Ibrohim, according to police, had also expressed his willingness to be the next suicide bomber. Ibrohim surveyed Ritz-Carlton in JUly 8. CCTV recorded Ibrohim entering the hotel with Nana Maulana from the backdoor. CCTV also caught Ibrohim bringing in the bomb to Marriott on July 16 using the backdoor to Room 1808.

Police has previously identified Dani Dwi Permana, 17 years, as the suicide bomber at JW Marriott. Police is identifying Nana Ikhwan Maulana, 28 years, as the suicide bomber at Ritz-Carlton. Two other terrorist suspects, Air Setiawan and Eko Joko Sarjono (Eko Peyang), have been shot dead in Jatiasih, Bekasi raid last week.

According to Amir Abdillah, the man who reserved the Room 1808, the July 17 bombings were planned in series of meetings in Mampang (South Jakarta) and Jatiasih, Bekasi, West Java. "Noordin was there (in the meetings)," Soekarna said, quoting Abdillah who has been detained last week.

Police is also tracking the transfer of Rp1 billion (US$100,000) funds to a man identified as "SJ", who allegedly recruited the suicide bombers. SJ, identified as Saifuddin Jaelani by some publications, disappeared three or four months ago. So, "big names" are still out there for police to hunt. (hs/ya) 

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First gas from Salamander's Kambuna field

Salamander Energy Plc reported the start up of production from its operated Kambuna gas-condensate field in offshore North Sumatra. 

Salamander, owner of 50% interest in the Glagah-Kambuna TAC of Pertamina EP, told investors today that initial production began from the Kambuna-4 well, which was opened up on August 5th, delivering gas and condensate to the onshore receiving facilities at Pangkalan Brandan, North Sumatra. Commercial sales began on August 11th, with gas being introduced to the pipeline system for transportation to the Belawan Power Plant.

After start up, production is targeted to build to an initial plateau of 40 MMSCFD of dry gas and approximately 4,000 barrels of condensate per day. According to Salamander's statement available to Indonesia Today, upon completion of the on-going upgrade and refurbishment of Pertamina's LPG plant at Pangkalan Brandan, up to an additional 10% of gas will be produced so that LPG can be extracted from the gas stream.

"As the productive capacity of the three production wells has been demonstrated to be comfortably in excess of 100 MMSCFD and with capacity in the pipeline and processing infrastructure for additional gas supply, the Kambuna partners, Salamander and Serica Energy Plc, intend to market additional quantities of gas following receipt of regulatory approval to do so," Salamander said.

The Kambuna gas will be predominantly used for power generation to supply electricity to the city of Medan, North Sumatra. The existing gas sales agreements with PLN and PT Pertiwi Nusantara equate to an average price of US$5.9/MCF, escalated at 3% per annum. The blended price for Kambuna condensate will be set at the Katapa Arbei ICP which has historically traded at a slight premium to Brent.

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DNA test: My Name is Not Noordin M Top

Detik.com quoted Noordin M. Top's family member in Johor, Malaysia this morning saying the DNA test on Noordin's son doesn't match with the DNA of the man shot dead in Temanggung raid last week.

Detik.com quoted Badarudin, spokesperson of Noordin's family, saying the family has been informally informed about the results of DNA test. "Not matched," Badarudin said.

Detik.com then published a follow-up report about the DNA test saying the man shot dead might be Reno (expert in assembling bombs, considered as successor of Dr Azahari) or Ibrohim (the florist who allegedly played crucial role in July 17 suicide bombings at Marriott and Ritz-Carlton).

If the latest is true, the Temanggung raid shall be considered a success still.

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East Asia Minerals encounters gold at Miwah

Toronto-listed East Asia Minerals Corporation reported that assays have been received for an additional diamond drill hole at its flagship Miwah gold project in Aceh province.

"The results continue to support the interpretation of shallow out-flowed, laterally extensive gold mineralization controlled by higher-grade feeder structures that cut through the 1.2 Km long Miwah Gold Zone. Drill hole EMD003 encountered 2.25 g/t gold over 142.9 meters, including 4.31 g/t gold over 51 meters.

EMD003 was drilled approximately 200 metres east of the currently mapped western end of the Main Miwah Gold Zone, and positioned from the same drill pad as EMD001/002 with a northwest azimuth (305 degrees) and 47 degree dip. Gold mineralization was encountered from 9.1 to 152.0 metres downhole depth, with 4.31 g/t gold from 11.0 to 62.0 metres. 

The mineralization is open and interpreted to be contiguous to surface where rock sawn samples including 4.25 g/t gold over 27 metres were encountered; and is open to depth based on historic drill results from holes collared to the south and 60 metres lower in elevation. In addition the mineralization remains open in all directions. To the south EAS' hole EMD002 encountered 1.71 g/t gold over 158.0 metres, including 3.29 g/t gold over 66.0 metres, and to the southeast EMD001 encountered 1.97 g/t gold over 57.1 metres, including 2.78 g/t gold over 38.3 metres.

The Miwah Gold Prospect was partially defined by approximately 3,000 metres of drilling in eleven holes by a previous explorer in 1997. All holes drilled during this program intersected significant alteration and mineralization with intercepts including 71 metres of 1.4 g/t gold and 58 metres of 1.1 g/t gold. The previous explorer suggested potential for 100 Mt at 1.1 to 1.2 g/t gold, however a review of the historical data indicates that early drilling was parallel to higher grade (greater than 5 g/t gold) structures at surface. Hence, in addition to greater mineralized tonnage, significantly higher overall grades are anticipated from better geological understanding, results of the Company's detailed sampling, and properly oriented drill holes.

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Fortuna suspends Seluma drilling

Fortuna Minerals Limited told investors today that drilling at the company's Seluma Iron Sands Project, Bengkulu has been suspended after completion of the first five holes.

Fortuna said initial drilling was undertaken in the southern tenement areas while land access agreements were negotiated with villagers in the northern tenement areas. Remote sensing data and results of previously completed surface sampling indicates that better grades may be found in the north, and drilling progress in the south has proven slower, and therefore more expensive, because of difficulty moving between holes.

"A decision has therefore been made to suspend drilling until access to the northern tenement areas is obtained. Negotiations are not expected to be concluded until after the holly month of Ramadhan which ends next month," Mathew Walker, executive chairman of Fortuna MInerals said in a written statement.

The project comprises one mining rights (kuasa pertambangan/KP) located on the coastal plain proximal to a series of inactive volcanic centers which lie along the great Sumatran Fault. Analysis of samples collected from two programs completed in 2008 demonstrated that the sedimentary profile contains potentially economic iron sands, with iron content ranging from 4.8 to 22.5% (6.9-32.1% Fe2O3), compare favorably to Indo Mines Ltd' Yogyakarta iron sands-pig iron project (10.8% Fe resource grade). 

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Quote of the Week: My name is Noordin M Top

One police officer participating in the "Temanggung battle" against someone thought to be Noordin M Top replied reporters' question about why police believe he was Noordin M Top saying "because when we asked, who's inside, the guy replied...My name is Noordin M. Top."

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It's not Noordin M Top

Our source confirmed the man killed in Temanggung, Central Java, is not the most wanted terrorist Noordin M Top. 

"US and Singapore authorities have been informed that it's not Noordin M Top," our source said.

Australian PM Kevin Ruud said he will call President SBY to ask about the identify of the man killed in Temanggung.
After Sidney Jones and Singapore official shared doubts over Noordin's death, another terrorism network expert Al Chaidar told Tempointeraktif.com that he believes it's not Noordin M Top. He also doubted Noordin ever came to the house raided by police in Temanggung, Central Java.

"It's not Noordin's style to come a place already sterilized by police," Chaidar said. Chaidar, once close to Noordin, sees some strange situations in the police raid. He doesn't believe that Noordin was alone in the house without guards.

"It's impossible, even 100 meters away from Noordin, there is always a guard," Chaidar said. But he predicted the man killed in Temanggung is Noordin's guy. "The raid was by-design, it's an engineering from police," Chaidar said. 

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If he's not Noordin M Top

More and more people shared the doubts over Noordin M Top had been killed in police raid in Temanggung, Central Java.

Rohan Gunaratna, head of Singapore's Center for Violence and Terrorism, even claimed the DNA test confirmed that the dead body is not Noordin's. "He is not dead yet, because DNA test proven the dead body is not Noordin M Top," Gunaratna is quoted by Aljazeera.net on Saturday.

Sidney Jones, director of International Crisis Group, also doubted the dead body is Noordin. "I think, most likely it's not him (Noordin)," Ms Jones said. But she believe Noordin can be arrested soon especially after police intensified raids in various areas. "I think police gets new information each time they arrested someone, and eventually will point to Noordin," Jones said.

TV stations widely broadcasted the "live gunfire" in Temanggung where someone reportedly replied police question saying "I'm Noordin M Top" from within the house. In relation to the gunfire, some have also started to question whether there were exchanges of gunfires between police and the man "suspected" as Noordin.

Military commander Djoko Santoso congratulated police for the "success" in raids of terrorists hide-outs in Temanggung, Central Java and Bekasi, West Java. As to why it took 18 hours to end the "gunfires", Santoso said "may be police wanted to get Noordin arrested alive."

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Ambushing of terrorists: Theories justified?

On July 17, someone told us theories behind the bombings at JW Marriott and Ritz-Carlton. That guy said he was a target of terrorism, and that the terrorists might not the same network we already familiar with. They might be linked to presidential election and the disputed results.

That guy tried to convince public that he was one of the targets of terrorism attacks, showing some pictures of how his picture had been the target of shootings in the training camps.

Few hours ago, police shot to death two suspected fugitives of 2004 bombing at Australian Embassy in their "transit place" in Jatiasih, Bekasi, about five kilometers from Cikeas, West Java province. Media reported endlessly that police found at least 500 kilogram of explosive materials, a car to be used in a scheduled suicide bombing (reportedly in two weeks time).

Media also reported that the group has two targets: a house in Cikeas and the State Palace. Timing: August 17, commemoration of Independence Day.

National Police Chief Bambang Hendarso Danuri told the press today that President SBY's private residence in Cikeas, Bogor, was one of the targets of suicide bombing scheduled after August 17. Danuri said Noordin came to Jatiasih after the July 17 bombings. "Why they rented the house in Jatiasih which is only 12 minutes from the President's house?" Danuri asked. He provided the answer himself, saying "because according to testimonies and legal facts, President SBY's house was a target."

Such reports and statements would "justify" the theories we learnt on July 17. Isn't that too good to be true? How about Noordin?

Well, media reported Noordin M. Top had been killed in Temanggung after 18 hours of gunfires. He was alone in the house, the reports said. But Danuri has yet to confirm whether the killed "terrorist" in Temanggung is Noordin M. Top or not. 

Intelligence observer Dyno Chressbon believes the guy is not Noordin M. Top after analyzing pictures he got from police on the death body.

"The sketches and publicized pictures of Noordin are different by 90%. The dead person is more of an ordinary bandit than Noordin M Top. So, better wait the DNA test," Chressbon said. 

(PS: Police transported the death body from Yogyakarta airport Adi Sucipto to Jakarta's Halim Perdanakusuma Airport using Tommy Winata's Transwisata airplane.)

Still, president SBY praised the "job" and "operation" by police in the past few days. He asked people to rally behind police. Well, definitely! But the most important thing, police shall be honest and professional in the operations, not only to justify political theories or the new theory that SBY was a target because he ordered the execution of three Bali bombers.  

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Noordin M Top killed?

Online publications quoted different source of Police's special anti-terror force Detasemen 88 that the most wanted terrorist Noordin M Top has been shot dead by police in a raid in Temanggung, Central Java.

So far, both National Police Chief Bambang Hendarso Danuri and Central Java Police Chief Alex Bambang Riatmojo, said nothing about the situation. But police from Detasemen 88 said Noordin came to the raided house owned by Mozahri (teacher at Muhammadyah school) on Tuesday. It was Mozhari who picked up Noordin in Jepara, Central Java.

Mozahri and two of his nephews (Arif and Hendra) have been arrested on Thursday, and that Noordin was alone in the house. Police, according to Kompas.com, managed to corner Noordin in a bathroom.

Tempointeraktif.com quoted senior police officer confirming the death of Noordin M Top. 

But everybody's waiting for confirmation from an identification by Police Hospital in Jakarta. The dead body, reportedly Noordin, has been transferred to the hospital for identification. President SBY is scheduled for a press conference, reportedly related to police actions in Temanggung, Central Java and Bekasi, West Java. 

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Noordin M Top arrested? Not yet!

Police has yet to confirm whether the most wanted terrorist Noordin Mat Top had been arrested or shot dead.

National Police Chief Bambang Hendarso Danuri told the press Saturday morning that five people arrested in two separate raids in Bekasi, West Java and Temanggung, Central Java. But the two killed were in Bekasi, not in Temanggung where police exchanged gunfires with suspects in the house of Muh Zahri.

The two terrorists killed in Bekasi were police fugitives for their role in the Australian Embassy bombing in 2004 identified as Air Setyawan and Eko. Other suspect, Ahmad Fery, has been arrested in Bekasi. Police said this group planned another suicide bombing in two weeks time.

Police launched massive raids in Bekasi and Temanggung upon the arrest of Amir Abdillah, the man who made reservation at JW Marriott Hotel Room 1808 which led to the July 17 bombings at Marriott and Ritz-Carlton.

So, where is Noordin M. Top? Some police sources said he might have escaped before the raid in Temanggung, Central Java. Others said Noordin has been arrested.

Police has identified the suicide bombers at Marriott and Ritz-Carlton as Dani Dwi Permana and Nana Ichwan Maulana. Dani Dwi Permana lived in Kahuripan Regency, Parung, Bogor, West Java, while Nana Ichwan was a resident of Pandeglang, Banten province. A man identified as SS, who reportedly hired both Dani and Nana, is currently a fugitive. Police hunts SS in Solo, Central Java but has not been arrested. Another key suspect Ibrohim, florist at Ritz-Carlton, is also a fugitive. Police believes Abdillah hired Ibrohim to join Noordin M. Top's terrorism group.

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Excelcomindo operating profit drops 41%

Third largest cellular provider PT Excelcomindo Pratama (EXCL) Tbk reported net profit of Rp706 billion in H1 2009, higher by 11% from the same period last year, but mainly due to gain in forex translation and leasing.

EXCL reported net service revenue of Rp6.2 trillion, increased 7% from the same period last year. But its operating expenses surged 21% to Rp5.46 trillion, mainly to significant increase in infrastructure costs.

As a result, EXCL booked operating profit of Rp749 billion, slashed 41% from the same period last year. Due to its huge debts, interest expenses also surged 65% to Rp713 billion in H1 2009. Lucky that the company reported Rp425 billion gain in forex translation plus gain of Rp463 billion from leasing transaction.

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WS Rendra passed away

Famous poet WS Rendra passed away on Thursday, August 6, at Mitra Hospital, Depok, West Java.

Rendra was born in Solo, Central Java, November 7, 1935, from R. Cyprianus Sugeng Brotoatmodjo and Raden Ayu Catharina Ismadillah. His father was a teacher at a Catholic School in Solo, while his mother was a dancer at Surakarta Palace.

Rendra had heart and kidney problem. Rendra is known master poet, playwright, actor and cultural statesman. Yudiaryani from Indonesia Institute of the Arts in Yogyakarta wrote few tears ago that Rendra has huge effects on the domain of Indonesian arts. His group of theatre, namely Bengkel Teater, had been active from 1967, when Rendra went home from US after studying for several years in New York. 

Rendra will be buried at his beloved theatre tomorrow. He is also an activist. Soeharto regime put him in jail in 1978 and banned some of his performances. His last move was in supporting Megawati-Prabowo in July 8 presidential race. Rendra decided to support the pair because they're considered "anti-foreign". He is known for strong character. He was the recipient of Achmad Bakrie Award 2006. 

He married to Sunarti Suwandi in March 1959. They have five children (Teddy Satya Nugraha, Andreas Wahyu Wahyana, Daniel Seta, Samuel Musa, and Clara Shinta). Rendra, raised in a Catholic family, converted into Islam in August 1970. Some criticized his decision because he wanted to marry second wife Sitoresmi Prabuningrat. Rendra and Sitoresmi have four chilren (Yonas Salya, Sarah Drupadi, Naomi Srikandi, and Rachel Saraswati). Rendra's third wife is Ken Zuraida, with whom he has two children (Isaias Sadewa and Maruam Supraba). Rendra divorced Sitoresmi in 1979 and Sunarti two years later. Colorful personality.

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IDX gained another 0.67%

As far as stock market is concerned, Indonesia has returned to the pre-crisis. IDX composite index gained another 15.56 points today to close at 2338, the highest level since July 2nd, 2008. It is still 17% below its peak in early January 2008. 

IDX gained 85% since early March 2009, one of the best gainers in the world. Bakrie-related stocks dominated the trading, pretty much similar to the pre-crisis. All of them were declined on profit taking, with Bumi Resources lost 5.36%, Darma Henwa -6.82%, Bakrieland -4.2%, Energi Mega Persada -4%, Bakrie Telecom -3.6%, Bakrie & Brothers -1.9%, and Bakrie Sumatra -1.3%. 

BUMI dominated the trading with 960 million shares exchanged hands with transaction value over Rp2.6 trillion, followed by Bakrie & Brothers with Rp307 billion, and Energi Mega with Rp220 billion. Most blue chip stocks ended higher, led by INCO with 8.14% gain, Aneka Tambang 4.6%, Astra +3.8%, Indosat +4.6%, Timah +4.8%, and BCA with +2%.

Some stocks are even higher than pre-crisis level. BRI, for example, is currently 18% above its September 2008 peak when the stock market started to fall significantly. BCA's current price is even the highest ever. Telkom is currently higher than March 2008 price. Semen Gresik is already the highest in two years time. Astra International touched its historic high today at Rp30400. The previous high was Rp29500 in January 2008.

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Indorama profit declines 18%

Polyester fiber and resin producer PT Indo-Rama Synthetics Tbk reported substantial drop in net sales revenue of 19% to US$237 million. 

Export sales declined 22% to US$141 million, while local sales down by 13% only. The biggest drops were in the polyester and PET resin segments.

Meanwhile, its cost of goods sold declined 19% in the same period, resulting in significantly lower gross profit. The company managed to cut its operating expenses by 22%, but its operating profit still declined by 15% to US$3.84 million. 

Lucky that the company's interest expenses declined to US$3.67 million. As a result, Indorama booked net profit of US$1.29 million in H1 2009, declined 18% from the same period last year.

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Lautan Luas profit drops 70%

Chemical distributor and manufacturer PT Lautan Luas (LTLS) Tbk reported net profit of Rp48.98 billion in the first half 2009, dropped 70% from the same period last year on lower operating margins.

Lautan Luas recorded net sales of US$182 million in H1 2009, declined 16% from the same period last year, while its cost of sales and service only down 8%. Operating expenses almost unchanged in the period. As a result, Lautan Luas reported operating profit of Rp96.6 billion, dropped 67% from the same period last year.

The company's total asset also declined 7% to Rp2.88 trillion in June 2009. Lautan Luas is controlled by Masrin Family. The company is also a partner of Djarum and Wings Group in the oleochemical business.

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Oilex farms-out Timor Sea block

Oilex Ltd has entered into an agreement to farm down 15% of its 25% interest in the highly prospective offshore block 06-103 production sharing contract (PSC) in the Joint Petroleum Development Area (JPDA) of the Timor Sea to Japan Energy Corporation.

Oilex told ASX today that the farm-out agreement enables it to achieve one of its key objectives by reducing financial exposure, while at the same time clearing the way for a landmark two-well drilling program to potentially commence later this year subject to rig availability, targeting a combined oil prospective resource of 285 million barrels (100% basis).

After the farm-out, composition of participating interest in the block 06-103 PSC will be Oilex 10%, Global Energy Inc 25%, GSPC Ltd 25%, Bharat PetroResources Ltd 25%, and Japan Energy Corporation 15%.

Interpretation of the Maura 2,140 km2 3D seismic over Block 06-103 was completed in the first half 2009, identifying a portfolio of over 20 prospects and leads. Drilling locations have been selected for the first two commitment wells within the Block on prospects with mean prospective resources of 195 million barrels of oil in Lore and 90 million barrels of oil in Lolotoe.

The farm-down/farm-out agreement is conditional on the Designated Authority approving an extension to Contract Year 3 of the PSC (ending in January 2010), approval for the transfer of 15% interest to Japan Energy, and JV parties giving their consent to the transfer of interest and not exercising their rights of pre-emption under the JOA. 

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Polysindo improved

Integrated polyester producer PT Polysindo Eka Perkasa Tbk reported operating loss of Rp119.5 billion in the first half 2009, improved from net loss of Rp197 billion in the same period last year.

Polysindo, producer of purified therephthalic acid and polyester fibers, reported net sales revenue of Rp1.758 trillion or about US$175 million in H1 2009, declined 16% from H1 2008. Meanwhile its cost of goods sold declined from Rp2.16 trillion to Rp1.74 trillion, resulting in a loss of Rp15.46 billion against Rp60 billion in H1 2008.

Polysindo, initially controlled by Marimutu Sinivasan, also reported lower operating expenses, which cut its operating loss accordingly.

Polysindo gained Rp747 billion from foreign exchange translation and as a result, the company reported net profit of Rp613 billion. The company is struggling to restructure its debts of over US$1 billion. The company had current liabilities of Rp12.5 trillion or about US$1.25 billion, while its current asset was only Rp1.5 trillion. Still, the company managed to collect more cash at Rp104 billion in June 2009 against Rp48 billion in June 2008.

State-owned PT Perusahaan Pengelola Aset (PPA) is the current majority shareholder of the company. 

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Matilda may keep Kalimantan zircon

With the support of parent company Stirling Resources Ltd, Matilda Zircon Limited might retain part or all of its zircon assets in Sampit, Kalimantan.

Matilda Zircon (previously known as Olympia Resources) told Australia Stock Exchange (ASX) last week that the difficult cash flow position in the company in late 2008 pushed the company to minimize expenditure, and decided to stop exploration in Kalimantan. Matilda also tried to sell PT Olympia Resources Indonesia along with its assets to reduce expenditure and realize cash from the asset sale.

Matilda has been negotiating to sell PT Olympia and during the second quarter of 2009, the Sampit Plant has been made available for a potential purchaser to carry out an operating trial as part of a due diligence process.

"But with Stirling's support, Matilda is now in a better position with respect to cash flow. Matilda will consider any offer made for PT Olympia, however depending on the nature of the offer may retain part or all of the assets," Matilda said.

Stirling acquired Matilda last year. The initial plan was to produce 5,000 tons per annum of premium grade zircon and further expanded to 10,000 tons per annum in one year.

Global demand for zircon is predicted at 1.35 million tons last year, of which China consumed about 410,000 tons. Per ton price of zircon in the first half was US$850 (FOB). Zircon is mainly used in the production of refractories, ceramics, TV glasses, etc.

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Arpeni in red on poor margin

In contrast to its stock price which surged 61% since March, shipping company PT Arpeni Pratama Ocean Line (APOL) Tbk reported net loss of Rp197 billion in the first half 2009 against net profit of Rp45 billion in the same period last year.

According to APOL's financial statement, sales revenue declined 21% in H1 2009, while cost of services declined 8% only. As a result, the company's gross profit slashed 56% to Rp135 billion. APOL's operating expenses down slightly to Rp70.96 billion from Rp72 billion in H1 2008, resulting in substantial drop of operating profit by 73% to Rp64 billion.

Due to huge debts, APOL reported significantly higher interest expenses of Rp195 billion plus derivative losses of Rp67 billion. APOL had total liabilities of Rp5.5 trillion or about US$550 million as of June 30, 2009 while its equity was only Rp1.33 trillion. APOL's total asset was Rp6.85 trillion, while its market capitalization is currently Rp700 billion.

Its peer, PT Samudera Indonesia (SMDR) Tbk is in a better position. While its service revenues also declined, the company managed to book net profit of Rp32 billion in H1 2009. But that profit is a 72% drop from the same period last year.

The biggest listed shipping company PT Berlian Laju Tanker (BLTA) Tbk has yet to release its first half results. Smaller player PT Trada Maritime Tbk, meanwhile, reported stronger results on higher service revenues and margins.

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AWE to commence Bulu PSC drilling

Australian Worldwide Exploration (AWE) has accomplished interpretation of the Bulu 3D seismic survey in East Java basin and prospects for drilling in the next round of activity are being assessed. 

"At least one well is planned in the Bulu PSC in the upcoming campaign, which is scheduled for Q4 2009," AWE told Australia Stock Exchange on Friday.

Other than Bulu PSC, AWE was awarded a 100% interest in the Terumbu PSC, adjacent to AWE's existing operations in Indonesia, which helps complete the "jigsaw" of vacant prospective acreage in the prolific East Java basin. AWE will operate the Terumbu PSC. 

AWE has also started a 1,200 km 2D seismic survey in the East Muriah PSC, where AWE has 50% participating interest, this month. The survey is designed to provide potential drilling candidates for 2010 and beyond.

Following the award of the Terumbu PSC, AWE has expanded the total acreage holding to approximately 9500 square km in the East Java basin. This basin is a significant oil and gas production region, with approximately 200 million barrels of oil and condensate, and 1.4 TCF of gas being discovered to date.

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Conoco to start North Belut production this quarter

ConocoPhillips expects to commence production of North Belut field in Block B, Natuna Sea this quarter with plateau at 20,000 barrels oil equivalent per day.

Sig Cornelius, SVP of Finance and CFO ConocoPhillips said in an earnings conference call on Wednesday that North Belut should plateau at about 20,000 BOEPD by 2010.

North Belut field is located in Block B of Natuna Sea, around 60 kilometers east-northeast of the Belanak floating production, storage, and offloading vessel installed in the Belanak field.

McDermott International subsidiary J. Ray McDermott S.A completed the construction of a 14,000-ton integrated deck built at its fabrication facility on Batam Island in June. Wortk on the project began in January 2007 and at the peak of construction, more than 1200 people worked on the North Belut Central processing platform (CPP) topsides achieving 5.2 million man-hours.

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Bukaka profit jumps 40%

PT Bukaka Teknik Utama, an engineering company controlled by the family of Vice President Jusuf Kalla, reported operating profit of Rp109 billion in the first half 2009, jumped 40% from the same period last year. 

According to the company's unaudited financial report to Indonesia Stock Exchange (IDX), Bukaka reported contracts revenue of Rp404 billion in H1 2009, increased 8% from the same period last year. With lower operating expenses, the company managed to book operating profit of Rp109 billion. Combined with gain from foreign exchange translation of Rp73 billion, Bukaka then reported net profit of Rp175 billion, surged 92% from Rp91 billion in H1 2008.

But the company's balance sheet has yet to be cleaned, especially because the defaulted loans have not been restructured. The company had short-term liabilities of Rp1.57 trillion in June 2009, while its current asset was only Rp600 billion. Technically, this company is bankrupt.

Bukaka has to restructure Rp920 billion defaulted loans to a consortium of 24 banks and offshore financial institutions (Rp419 billion, due in 2001), a consortium of 16 banks (US$30 million, due in 1998), a consortium of four foreign banks (US$14 million), KreditBank NV, Belgium (US$5 million), and Deutsche Bank (US$3.6 million).

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