Serica Energy Farms-out Stake in Indonesian Blocks
Serica Energy has entered into agreements with Duinord Petroleum Inc. to farm-out an interest in the Asahan Offshore Production Sharing Contract and the Glagah Kambuna Offshore Technical Assistance Contract.
Subject to the necessary government approvals, Duinord will participate in the upcoming two well drilling program and will acquire a 25% working interest in both blocks. In consideration Serica will receive approximately US$1 million in back costs and 50% of the cost of drilling the first two wells.
Following completion of the two well program, Serica will retain a 40% working interest in the Asahan PSC and a 55% working interest in the Glagah Kambuna TAC and remain operator of both blocks.
The two well program is scheduled to commence during the second half of
August with the drilling of the Kambuna-2 well in the Glagah Kambuna TAC and
immediately thereafter with the drilling of the Togar-1A well in the Asahan
PSC. Serica operates both blocks which are located offshore North Sumatra,
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