Serica scales back Indonesia, Vietnam interests

Serica Energy has agreed to sell some of its Asia-Pacific E&P interests to KrisEnergy, a newly formed company based in Singapore.

Offshore staff

LONDON -- Serica Energy has agreed to sell some of its Asia-Pacific E&P interests to KrisEnergy, a newly formed company based in Singapore.

The package comprises a 25% interest in the producing Kambuna gas field offshore Indonesia, a 24.6% interest in Indonesian offshore PSC Kutai, and a 33.33% interest in the Block 06/94 PSC off Vietnam. KrisEnergy will pay $98.6 million for these assets.

Following the sale, Serica will hold 25% of Kambuna, 30% interest of Kutai (where it remains operator), and 100% of the East Seruway PSC. The company says it aims to focus its resources on its 2010 exploration campaign and on other potential acquisitions.

According to chief executive Paul Ellis, the company plans to drill the Oates and Conan exploration prospects in the UK offshore sector, and two to three wells in the Kutai PSC.

12/07/2009

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