LONDON, Jan. 14 /CNW/ - Serica Energy plc (AIM & TSX-V: SQZ) announces
that the GSF 136 drilling rig, on location in the Biliton Block in the Java
Sea, Indonesia, is preparing to complete operations on the Batara Indra
prospect, the second prospect drilled in the two well programme in the Biliton
Batara Indra North No. 1 was drilled to a total depth of 2,285 feet and
encountered a sequence of tertiary sandstones that did not contain
hydrocarbons. The well will be plugged and abandoned.
The drilling rig will now move to Serica's Kambuna field, offshore North
Sumatra, where it will install the production platform and drill the Kambuna
field development wells. First production from the field is expected in late
Serica has a 45% interest in the Biliton PSC and is the operator. The
majority of the cost of the two Biliton wells is being carried by a farminee.
Paul Ellis, Serica Chief Executive said: "We are naturally disappointed
that the Ismaya and Indra North wells did not encounter hydrocarbons but we
have always recognised that the high potential of Biliton came with a
significant exploration risk, since the Block is around 200 kilometres away
from the established oil and gas fields of East Java.
"We are now looking forward to carrying out the development works on our
Kambuna field, where we are targeting to have gas and condensate production by
the end of this year."
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