Govt okays Serica?s N. Sumatra gas field PoD
Tuesday, May 16 2006 - 12:37 AM WIB
Serica is the operator of the Glagah Kambuna TAC, which contains the Kambuna Field. The Company will conduct a large 3D seismic survey over the block in the third quarter 2006 prior to commencing development well drilling in 2007. First production is scheduled for 2008 and gas sales negotiations are underway, the company said. The company earlier said that it was in talks with state oil and gas company Pertamina and state gas distribution firm PGN over the gas sale to PLN?s power plant in Belawan, North Sumatra.
The company also said it had raised its interest in Glagah Kambuna to 65 percent following acquisition of an additional 10% interest from PT Gunakarsa Glagah-Kambuna Energi.
Meanwhile, in the neighboring Asahan Offshore PSC, in which Serica has a 55% interest, Serica will be submitting a Plan of Development for the Tanjung Perling Field to the Indonesian authorities in May 2006. This follows the 2005 seismic program conducted by the Company which has indicated that the Tanjung Perling Field, in the south of the Asahan block, is of commercial size, said the company. Further exploration drilling in this block is scheduled for 2007.
Serica said it had recently received an offer and is in negotiations to dispose of its 10% interest in the Medco Energi-operated Lematang PSC onshore south Sumatra. ?Lematang is not regarded by Serica as a core asset due to the small level of working interest held by the company and the proceeds from the sale can be better deployed elsewhere in the company's portfolio,? it said.
The company also reported that it was currently finalizing the terms of an agreement to provide a jack-up drilling rig for the Company's three well exploration program in the Biliton Block, expected to commence in December 2006 or early 2007. Serica has a 90% working interest and is operator of the Biliton PSC, located in the Java Sea. (alex)