LONDON, Oct. 21 /CNW/ - Serica Energy plc (AIM & TSX-V: SQZ) ("Serica" or
"the Company") announces that it has been awarded the East Seruway Production
Sharing Contract ("PSC") offshore north Sumatra, Indonesia.
The East Seruway PSC covers approximately 5864 sq km (2264 sq miles) of
the offshore North Sumatra Basin, Indonesia. Serica will be the operator of
the PSC and will hold a 100% interest in the Block. The PSC adjoins Serica's
Glagah Kambuna TAC to the east and extends northwards to the
Indonesia-Malaysia border in the Malacca Straits. Serica has a detailed
regional understanding of the offshore North Sumatra Basin having been a PSC
operator here since 2003 and, in the past year, having carried out a study of
all of the available data on the East Seruway Block for the Indonesian
government. The Company will acquire a new seismic survey prior to drilling
its first exploration well in the Block.
As an operator, Serica has drilled four wells in the region since 2005
and holds a 50% interest in the Kambuna field, currently in the final stages
of development and due to commence production early in 2009.
Paul Ellis, Serica CEO, said: "We are delighted to have been awarded the
promising East Seruway PSC in Indonesia. Through this award, Serica will
become the predominant acreage holder in the offshore North Sumatra Basin,
where the Company has been building its technical knowledge over the past five
years and in which we have already drilled several successful wells. The
acreage is highly prospective for gas, for which the domestic market has been
established by Serica's development of the Kambuna gas field, which adjoins
the East Seruway Block."
Further information on Serica's interests in South East Asia and Western
Europe and a map of the East Seruway PSC can be found on Serica's web-site at
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