Serica completes Kambuna interest sale
Friday, August 29 2008 - 02:08 PM WIB
UK oil, gas firm Serica Energy plc announced on Friday that it has completed the sale of a 15% interest in the Glagah-Kambuna Technical Assistance Contract (TAC) offshore North Sumatra, 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 1 January 2009.(alex)