Serica Energy commences AIM debut

Toronto-based E&P firm Serica Energy announced on Tuesday that it had successfully listed its shares to trading on the AIM Market of the London Stock Exchange and would raise GBP64 million from conditional placement.

The company said the funds raised would be mostly used the company?s planned exploration, appraisal and development program in Indonesian working areas over the next 24 months.

The company said it would submit preliminary plan of development for the Kambuna field in Asahan PSC block offshore North Sumatra by year-end following the successful drilling of the Kambuna-2 well in October.

In 2006 and 2007, the company estimates that it will spend US$60 million on its exploration and appraisal program and a further US$34 million on the development of the Kambuna Field, and of the Singa Field in Lematang PSC in Southern Sumatra where it has 10 percent working interest.

Serica is the operator in Indonesia?s three exploration blocks, namely Asahan PSC Block, Glagah-Kambuna TAC, both are located offshore North Sumatra and Biliton PSC in Java Sea. The company has also 10 percent interest in Lematang PSC in South Sumatra. (alex)