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.

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