12th Feb 2008 07:00
Serica Energy plc12 February 2008 Serica Energy plc ("Serica" or the "Company") ACQUISITION OF ADDITIONAL INTEREST IN KUTAI PSC London, 12 February 2008 - Serica Energy plc (AIM & TSX-V: SQZ) announces thatit has acquired an additional 25.5% working interest in the Kutai ProductionSharing Contract ("PSC") in East Kalimantan, Indonesia from its partner, EphindoKutai Limited ("Ephindo"). Serica, the operator of the Kutai PSC, now holds a 78% interest and Ephindoholds a 22% interest. The Kutai PSC was awarded to Serica and Ephindo inJanuary 2007 and covers an area of around 4700 square kilometres in the MahakamDelta, mainly offshore. The Kutai PSC is adjacent to the Mahakam PSC operated by Total and whichcontains some of Indonesia's largest gas and condensate fields, with total dailyproduction of around 2.5 billion cubic feet of gas and 90,000 barrels of oil andcondensate. Total has an active exploration programme and in October 2007announced two new discoveries in the southern part of the Mahakam block, a fewkilometres from the Kutai PSC. Paul Ellis, Serica Chief Executive said: "The Kutai block lies in the heart of aproven and prolific petroleum producing province and we are delighted to haveincreased our stake. There is a large amount of existing modern 3D seismic dataon the block and we are currently analysing, reprocessing and interpreting thedata in order to determine drilling locations for our first exploration campaignin the Mahakam Delta". Paul Ellis MA (Oxon) Engineering and Serica's Chief Executive, who has over 35years' experience in the upstream oil and gas industry, has reviewed andapproved the technical information contained in this announcement. Enquiries: Serica Energy plcPaul Ellis, [email protected] +44 (0)20 7487 7300 Chief Executive OfficerChris Hearne, [email protected] +44 (0)20 7487 7300 Finance Director JPMorgan CazenoveSteve Baldwin [email protected] +44 (0)20 7588 2828 Tristone Capital LimitedMajid Shafiq [email protected] +44 (0)20 7355 5872 Pelham Public Relations -UKJames Henderson [email protected] +44 (0)20 7743 6673Alisdair Haythornthwaite [email protected] +44 (0)20 7743 6676 CHF - CanadaSarah Gingerich mailto:[email protected] +1 416 868 1079 The TSX Venture Exchange has not reviewed and does not accept responsibility forthe adequacy or accuracy of this release. To receive Company news releases via email, please contact mailto:[email protected] and specify "Serica press releases" in the subject line. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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