Serica Acquires Interest in Indoneisan Block

Togar-1A, Kambuna-2, Indonesia
(Click to Enlarge)
Serica Energy Corporation today announced that it has entered into an agreement with PT Medco Energi Internasional TBK to acquire a 15% interest in the Asahan Offshore Production Sharing Contract ("PSC") to add to its existing interest.

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.

Our Privacy Pledge

Most Popular Articles

From the Career Center
Jobs that may interest you
United States Houston: Account Rep, Bus Dev, Sr
Expertise: Business Development|Sales
Location: Houston, TX
Business Development Manager
Expertise: Business Development|Construction Manager|Sales
Location: Tempe, AZ
SXL- Manager, Business Development
Expertise: Business Development
Location: Newtown Square, PA
search for more jobs

Brent Crude Oil : $50.47/BBL 0.98%
Light Crude Oil : $49.72/BBL 1.09%
Natural Gas : $2.76/MMBtu 1.09%
Updated in last 24 hours