Serica Completes Kambuna Field Development Wells
Serica Energy says it has completed drilling the Kambuna #4 development well using the GSF Rig 136 jackup. Kambuna #4 is a deviated well drilled from the wellhead platform at the Kambuna #2 location in the north of the field to a subsurface location 2,180 meters to the south of Kambuna #2. It has been drilled to a total depth of 7,408 feet true vertical depth below mean sea level ("TVDSS"). The well entered the target Belumai reservoir at a depth of 7,140 feet TVDSS and encountered gas-bearing sands over an interval of 115 ft with a net pay of 107 ft (66 vertical ft). The Belumai reservoir in Kambuna #4 was 26 ft higher than at Kambuna #3.
This completes the drilling phase of the Kambuna development. Over the next few weeks, initial production tests will be carried out on the three development wells and they will then be shut in while development work continues. This work includes the installation of an offshore and onshore pipeline and some onshore production processing facilities. Production is scheduled to commence at the end of this year.
Serica expects to achieve an average gas sales price close to US$6.00 per thousand cubic feet, about 10% higher than that assumed in the reserves report filed on 28 March 2008 on SEDAR at www.sedar.com. The reserves report, prepared before the results of Kambuna #3 and #4 were available, estimates that the field Proven plus Probable reserves, on a 100% basis, amount to 29.7 million barrels of oil equivalent.
Serica is the operator of the Kambuna Field and holds an interest of 65% in the project which is located offshore North Sumatra, Indonesia.
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