Contact Information: Enquiries: Serica Energy plc Paul Ellis CEO +44 (0)20 7487 7300 Chris Hearne CFO +44 (0)20 7487 7300 J.P.Morgan Cazenove Steve Baldwin +44 (0)20 7588 2828 Pelham Public Relations Philip Dennis +44 (0)20 7337 1516 Andy Cornelius +44 (0)20 7337 1514
Serica Energy plc ("Serica" or the "Company") Kambuna Production Restarts
| Source: Serica Energy PLC
LONDON--(Marketwire - November 9, 2009) - Serica Energy plc (AIM : SQZ ) (TSX-V : SQZ ) is pleased
to announce that production has recommenced from the Kambuna field,
offshore Sumatra, Indonesia, in which Serica holds a 50% working interest.
Production from the Kambuna field was temporarily suspended on 25 September
at the request of the gas buyer, the Indonesian state electricity
generation company PLN, so that it could carry out necessary repairs to its
gas turbine generators. Repairs have been carried out and production from
the field restarted on 7 November at an initial rate of 10 million standard
cubic feet ("mmscf") per day. Resumption of gas sales also allows
condensate sales to restart. The Kambuna field produces approximately 100
barrels of condensate per mmscf of gas.
The gas sales contract with PLN provides for a contract quantity of 35
mmscf/day for the first twelve months and it has already been demonstrated
that rates in excess of this can be delivered. Once full production is
reached, every effort will be made to deliver in excess of 35 mmscf/day to
PLN. Sales of 12 mmscf/day to the second buyer are expected to commence in
January 2010 plus a further 4-5 mmscf/day of sales for LPG production.
Further information on the Company is available on its website:
www.serica-energy.com
The technical information contained in the announcement has been reviewed
and approved by Peter Sadler, Chief Operating Officer of Serica Energy plc.
Peter Sadler is a qualified Petroleum Engineer (MSc Imperial College,
London, 1982) and has been a member of the Society of Petroleum Engineers
since 1981.
Forward Looking Statements
This disclosure contains certain forward looking statements that involve
substantial known and unknown risks and uncertainties, some of which are
beyond Serica Energy plc's control, including: the impact of general
economic conditions where Serica Energy plc operates, industry conditions,
changes in laws and regulations including the adoption of new environmental
laws and regulations and changes in how they are interpreted and enforced,
increased competition, the lack of availability of qualified personnel or
management, fluctuations in foreign exchange or interest rates, stock
market volatility and market valuations of companies with respect to
announced transactions and the final valuations thereof, and obtaining
required approvals of regulatory authorities. Serica Energy plc's actual
results, performance or achievement could differ materially from those
expressed in, or implied by, these forward looking statements and,
accordingly, no assurances can be given that any of the events anticipated
by the forward looking statements will transpire or occur, or if any of
them do so, what benefits, including the amount of proceeds, that Serica
Energy plc will derive therefrom.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that
term is defined in the policies of the TSX Venture Exchange) accepts
responsibility for the adequacy or accuracy of this release.
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contact malika.shermatova@pelhampr.com and specify "Serica press releases"
in the subject line.