Serica quits Java Sea exploration block

UK oil, gas firm Serica plc reported on Monday that it had withdrawn from Biliton offshore PSC in Java Sea following disappointing 2-well exploration programme.

?Having completed its post-well evaluation Serica sees little further potential in the area and withdrew from the Biliton PSC effective 29 December 2008. The company is no longer carrying any book costs in respect of the PSC,? it said.

Serica was the operator and 45 percent interest holder in the block.

The company did not give detail whom the 45 percent interest was given to. But privately owned oil exploration and production company Nations Energy Company also had a 45 percent interest in the block. (alex)