Serica Says First Gas at Indonesian Kambuna Devt Expected in June

Kambuna Field
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Serica Energy has provided an operational update of its activities in Indonesia, where production is expected in the second quarter, and in Ireland where drilling is expected to commence in May.

Operational Update


In the Kambuna field development (Serica 50%), the 58 kilometer offshore and onshore pipeline has been laid and tested. The offshore platform topsides were successfully installed this month and offshore hook-up and commissioning are in progress. Work continues with the construction of the onshore gas reception facility and first gas is scheduled for June 2009. In the Kutai PSC (Serica 54.6%), offshore and onshore East Kalimantan, the 280 kilometer onshore 2D seismic survey is being recorded.


Serica expects shortly to secure a drilling rig to drill the Bandon exploration prospect off the west coast of Ireland in License PEL 01/06 with drilling planned to commence in May. This gas prospect has a potential resource range of 230 billion cubic feet to 1.7 trillion cubic feet. Serica's costs on this well will be largely carried by RWE-DEA, which is farming in to earn a 50% interest in the License, with Serica remaining operator and retaining 50%.

Paul Ellis, Serica's Chief Executive Officer, said, "Serica continues to make strong progress on a number of fronts with development of the Kambuna field in Indonesia now well on course for first gas production in the second quarter of this year. The successful farm-outs in both Ireland and Vietnam enable the Company to retain material upside to the near-term drilling program in these two highly prospective blocks whilst substantially reducing the costs."


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