Serica sells interest in Kambuna TAC

Offshore staff

LONDON -- Serica Energy has completed the $52.7-million sale of a 15% interest in the Glagah-Kambuna technical assistance contract (the Kambuna TAC) offshore Sumatra, Indonesia, to a subsidiary of Salamander Energy.

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 Salamander will assume Serica's Kambuna TAC operating responsibilities. This process is expected to be complete by Jan. 1, 2009, the companies say.

09/02/2008