Serica Energy raises $11.7 million via warrant exercise
Tuesday, February 8 2005 - 03:18 AM WIB
Canadian oil company Serica Energy Corporation said Monday that warrant holders have exercised 11,008,364 warrants at $1.00 per share, 95 percent of the original total. In addition 1,098,915 broker warrants at $0.70 per share were exercised.
Serica said proceeds of $11.77 million will be directed primarily towards exploration/appraisal drilling at its natural gas projects in Indonesia and the British sector of the North Sea, as well as general corporate purposes.
Serica was formed in 2004 as a result of a merger of publicly traded Kyrgoil Holding Corporation and the private Petroleum Development Associates (pda).
The company currently has interests in three Indonesian assets namely the Lematang Production Sharing Contract (PSC) (10 percent) in South Sumatra, the Offshore Asahan PSC (20 percent) in the Malacca Strait and the Biliton PSC (90 percent) in the Java Sea. (Robert)