Subject to the necessary government approvals, Duinord will participate in the upcoming two well drilling program and will acquire a 25% working interest in both blocks. In consideration Serica will receive approximately US$1 million in back costs and 50% of the cost of drilling the first two wells.
Following completion of the two well program, Serica will retain a 40% working interest in the Asahan PSC and a 55% working interest in the Glagah Kambuna TAC and remain operator of both blocks.
The two well program is scheduled to commence during the second half of August with the drilling of the Kambuna-2 well in the Glagah Kambuna TAC and immediately thereafter with the drilling of the Togar-1A well in the Asahan PSC. Serica operates both blocks which are located offshore North Sumatra, Indonesia.
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