The acquisition is subject to the necessary government approvals and follows a recently accounced farm-out of a 25% interest in the same block by Serica to Duinord Petroleum Inc. As a result of the two transactions, Serica will have a 55% working interest in the PSC following the completion of the Togar-1A well due to be drilled on the PSC in late September 2005.
Togar-1A well is expected to commence drilling immediately after completion of the Kambuna-2 well, which Serica is expecting to commence drilling shortly on the neighbouring Glagah Kambuna Technical Assistance Contract.
Serica operates both blocks, which are located offshore North Sumatra, Indonesia.
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