Serica Issues Results for Second Quarter
Serica Energy plc has announced its results for the three and six months ended June 30, 2006. The results and associated Management Discussion and Analysis are included below.
Stone Energy Corp. Upcoming drilling program
--Two UK North Sea exploration wells – 4Q 2006 a) 23/16f Columbus prospect b) 54/1b Oak prospect --Four wells offshore north Sumatra, Indonesia – 1Q 2007 --Three well exploration program on the Biliton PSC – 1Q 2007
Significant progress on Indonesian development plans
--Kambuna Field fast track development approved by Indonesian authorities a) Remains on target to come onstream in 2008 at an initial rate of 50 million cubic feet of gas per day and 5,000 barrels of condensate per day b) Gas MOU signed and contracts under negotiation c) 3D seismic program will commence in October 2006 --Tanjung Perling Field Plan of Development submitted in June 2006
Extensive ongoing corporate activity
--Sale of non-core 10% interest in Lematang PSC onshore south Sumatra --Norway prequalification and planned applications for licenses in the forthcoming APA license round that closes in September 2006 --Awarded Block 06/94 in the Nam Con Son Basin offshore south Vietnam and made new offshore license applications in Ireland and the UK
"Serica has made significant progress in the first half of 2006, with development plans moving forward in Indonesia and a number of rigs secured for drilling programs across a range of prospects over the next 12 months, despite an exceedingly competitive rig market," said Tony Craven Walker, Serica's chairman. "With drilling in the North Sea commencing in the fourth quarter, Serica is well placed for an exciting second half of 2006 and also continues to seek opportunities in both new and existing regions."
- Erskine Field Production Start-Up Delayed (Aug 23)
- Serica Completes Acquisition of 18% Stake in North Sea Erskine Field (Jun 05)
- Sidi Moussa Well Offshore Morocco Finds Oil (Oct 20)