Serica Energy Completes Kambuna sale in Indonesia

    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."

    The TSX Venture Exchange has not reviewed and does not accept
    responsibility for the adequacy or accuracy of this release.

    To receive Company news releases via email, please contact and specify "Serica press releases" in the subject line.

    %SEDAR: 00022686E

For further information:

For further information: Enquiries: Serica Energy plc, Paul Ellis, Chief
Executive Officer,, +44 (0)20 7487 7300; Chris
Hearne, Finance Director,, +44 (0)20 7487 7300;
JPMorgan Cazenove, Steve Baldwin,, +44
(0)20 7588 2828; Tristone Capital Limited, Majid Shafiq,, +44 (0)20 7355 5872; Pelham Public Relations -
UK, James Henderson,, +44 (0)20 7743 6673;
Alisdair Haythornthwaite,, +44 (0)20
7743 6676; CHF - Canada, Sasha Abrams,, (416) 868-1079

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890