Serica signs Glagah Kambuna extension deal, starts Biliton seismic survey

Canadian oil company Serica Energy Corporation said Tuesday that it, together with state-owned oil and gas firm PT Pertamina and PT Gunakarsa Glagah Kambuna Energi, had signed an Extension Rehabilitation Agreement (ERA) of the Glagah Kambuna Technical Assistance Contract (TAC) offshore North Sumatra.

Serica said the rehabilitation period for Glagah Kambuna block had been extended to December 16, while the TAC expiry date remains unchanged at December 16, 2016.

Serica also said it was making final arrangements for the drilling of its first two wells on the Asahan Offshore and Glagah-Kambuna blocks. ?The first of these wells is scheduled to spud in June,? Serica said.

The Asahan Offshore PSC lies immediately adjacent to the Glagah Kambuna TAC. Both blocks are operated by Serica.

The Glagah Kambuna contains within it two undeveloped discoveries, one of which, the Kambuna field, will be further appraised. Meanwhile, the Asahan contains one delineated and tested gas/condensate discovery (NSO-1/Tanjung Perling).

Serica added that it had commenced the acquisition of 2,800 kms of 2D seismic data on its Biliton block located in Java Sea, between the islands of Java and Kalimantan.

?The latest survey is an infill programme over several large structures identified from the 2004 survey data,? said Serica, adding that it was currently undertaking preliminary preparations for drilling on the Biliton block later in 2005. (Robert)