29th Aug 2008 07:00
SERICA ENERGY COMPLETES KAMBUNA SALE IN INDONESIA
London, 29 August 2008 - 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 ("Salamander").
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."
Enquiries:
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Serica Energy plc |
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Paul Ellis, Chief Executive Officer |
+44 (0)20 7487 7300 |
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Chris Hearne, Finance Director |
+44 (0)20 7487 7300 |
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JPMorgan Cazenove |
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Steve Baldwin |
+44 (0)20 7588 2828 |
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Tristone Capital Limited |
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Majid Shafiq |
+44 (0)20 7355 5872 |
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Pelham Public Relations -UK |
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James Henderson |
+44 (0)20 7743 6673 |
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Alisdair Haythornthwaite |
+44 (0)20 7743 6676 |
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CHF - Canada |
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Sasha Abrams |
+1 416 868 1079 |
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