Serica may farm-out Java sea exploration block

LSE-listed oil, gas firm Serica Energy plc may farm-out stake at Biliton PSC offshore Java after it failed to encounter hydrocarbon in the block.

?Serica had always recognised that the high potential of Biliton came with a significant exploration risk, since the block is around 200 kilometres away from the established oil and gas fields of East Java. However, there is still an undrilled prospect on the block and Serica will be considering approaches to farm-in to the Biliton PSC,? the company said in a report released Tuesday.

Serica is currently the block?s operator with 45 percent working interest.

Between November 2007 and January 2008, using the GSF136 drilling rig, wildcat exploration wells Batara Ismaya No. 1 and Batara Indra North No. 1 were drilled, but neither well contained hydrocarbons and both were plugged and abandoned. (denny)