Serica P&As Biliton Well, Rig Moves on to Kambuna

Serica Energy plc announced that the GSF 136 drilling rig, on location in the Biliton Block in the Java Sea, Indonesia, is preparing to complete operations on the Batara Indra prospect, the second prospect drilled in the two-well program in the Biliton PSC.

Batara Indra North #1 was drilled to a total depth of 2,285 feet and encountered a sequence of tertiary sandstones that did not contain hydrocarbons. The well will be plugged and abandoned.

The drilling rig will now move to Serica's Kambuna field, offshore North Sumatra, where it will install the production platform and drill the Kambuna field development wells. First production from the field is expected in late 2008.

Serica has a 45% interest in the Biliton PSC and is the operator. The majority of the cost of the two Biliton wells is being carried by a farminee.

"We are naturally disappointed that the Ismaya and Indra North wells did not encounter hydrocarbons but we have always recognized that the high potential of Biliton came with a significant exploration risk, since the Block is around 200 kilometers away from the established oil and gas fields of East Java," said Paul Ellis, Serica chief executive. "We are now looking forward to carrying out the development works on our Kambuna field, where we are targeting to have gas and condensate production by the end of this year."

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