Serica reports Q2 Indonesian activities
Wednesday, August 8 2007 - 01:00 AM WIB
The following is an excerpt from UK oil, gas firm Serica Energy Plc’s quarterly report released on Tuesday.
Biliton PSC, offshore Java Sea (Serica 45 percent, operator)
In March, Serica announced the farm-out of a percentage of the Company’s interest in the Biliton PSC, in line with its strategy to spread exploration risk and manage costs.
Under the terms of the agreement and subject to regulatory approval, Serica will assign a 45% interest in the Biliton PSC to Nations Petroleum Company Ltd., which will bear the majority of the costs of the two-well exploration drilling programme, scheduled to commence in the fourth quarter of 2007.
Serica will remain the operator and will retain a 45% interest in the Biliton PSC. The two prospects to be drilled are located offshore in a virtually unexplored basin in the central Java Sea.
Glagah-Kambuna TAC, offshore North Sumatra (Serica 65 percent operator)
In the Glagah-Kambuna TAC offshore North West Sumatra, development of the Kambuna gas/condensate field is now well underway. Negotiations for the sale of the gas and condensate are expected to conclude shortly, with the field destined to supply gas to Medan, Indonesia’s third largest city.
The field wellhead support tower is currently under construction in Balikpapan, Indonesia, and is scheduled for delivery in September and installation in the fourth quarter of this year.
Two new development wells will be drilled from the tower and the Kambuna #2 well will be recompleted in order to develop the Kambuna field. Later this year the offshore and onshore pipeline route surveys will be carried out in preparation for issuing invitations to tender for pipeline supply and installation.
Kutai PSC, Kutei Basin (52.5 percent, operator)
In the large Kutai PSC, East Kalimantan, an elevation survey has been completed in preparation for a 2D seismic survey to be carried out in the onshore part of the PSC early next year.
The existing offshore 3D seismic survey data is to be reprocessed and plans for an additional 3D seismic survey are being prepared.
Forward Programme
Serica will commence two exploration wells in the fourth quarter and the Kambuna development drilling programme will commence. ( end of excerpt)