LONDON, Aug. 29 /CNW/ - Serica Energy plc (AIM & TSX-V: SQZ) ("Serica" or
"the Company") is pleased to announce that it has completed the sale of a 15%
interest in the Glagah-Kambuna Technical Assistance Contract ("the Kambuna
TAC") offshore Sumatra, Indonesia, to a subsidiary of Salamander Energy plc
The consideration received by Serica on completion was US$52.7 million
and Serica's interest in the Kambuna TAC is now 50% with Salamander holding
the remaining 50%. The companies have agreed a handover protocol under which
Serica's Kambuna TAC operating responsibilities will be assumed by Salamander,
a process which is expected to be substantially complete by 1 January 2009.
Serica Chief Executive, Paul Ellis, said:
"Completion of the Kambuna part of our transaction with Salamander puts
Serica in a strong financial position from which to carry out our strategy of
exploring and appraising a number of the large, low risk, prospects that we
have in our portfolio in which we have substantial interests. Next year we
will also begin to benefit from production revenues from our 50% interest in
the Kambuna field."
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