LONDON, Feb. 12 /CNW/ - Serica Energy plc (AIM & TSX-V: SQZ) announces
that it has acquired an additional 25.5% working interest in the Kutai
Production Sharing Contract ("PSC") in East Kalimantan, Indonesia from its
partner, Ephindo Kutai Limited ("Ephindo").
Serica, the operator of the Kutai PSC, now holds a 78% interest and
Ephindo holds a 22% interest. The Kutai PSC was awarded to Serica and Ephindo
in January 2007 and covers an area of around 4700 square kilometres in the
Mahakam Delta, mainly offshore.
The Kutai PSC is adjacent to the Mahakam PSC operated by Total and which
contains some of Indonesia's largest gas and condensate fields, with total
daily production of around 2.5 billion cubic feet of gas and 90,000 barrels of
oil and condensate. Total has an active exploration programme and in
October 2007 announced two new discoveries in the southern part of the Mahakam
block, a few kilometres from the Kutai PSC.
Paul Ellis, Serica Chief Executive said: "The Kutai block lies in the
heart of a proven and prolific petroleum producing province and we are
delighted to have increased our stake. There is a large amount of existing
modern 3D seismic data on the block and we are currently analysing,
reprocessing and interpreting the data in order to determine drilling
locations for our first exploration campaign in the Mahakam Delta."
Paul Ellis MA (Oxon) Engineering and Serica's Chief Executive, who has
over 35 years' experience in the upstream oil and gas industry, has reviewed
and approved the technical information contained in this announcement.
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