Serica Snags 15% Interest in Salamander's Offshore Indonesia Contract
Serica Energy plc has completed the sale of a 15% interest in the Glagah-Kambuna Technical Assistance Contract offshore Sumatra, Indonesia, to a subsidiary of Salamander Energy plc.
The consideration received by Serica on completion was US $52.7 million and Serica's interest in the Kambuna TAC is now 50% with Salamander holding the remaining 50%. The Companies have agreed a handover protocol under which Serica's Kambuna TAC operating responsibilities will be assumed by Salamander, a process which is expected to be substantially complete by January 1, 2009.
Serica Chief Executive, Paul Ellis, said, "Completion of the Kambuna part of our transaction with Salamander puts Serica in a strong financial position from which to carry out our strategy of exploring and appraising a number of the large, low risk, prospects that we have in our portfolio in which we have substantial interests. Next year we will also begin to benefit from production revenues from our 50% interest in the Kambuna field."
- 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)
Company: Salamander Energy plc more info
- Sona Petroleum Scraps Plans to Buy Stake in Salamander's Thai Assetss (Jan 14)
- Sona Clings on to Fading Hopes of Acquiring Thai Assets from Salamander (Nov 26)
- Salamander Backs Ophir Takeover Offer (Nov 24)