Serica to quit Indonesia

UK oil, gas firm Serica Energy plc is in talks to sell its Indonesian assets including its non-operating interest in Glagah Kambuna TAC offshore North Sumatra to undisclosed party.

?In Indonesia, the Board has felt that the cost and difficulty of doing business is too high compared to the potential rewards and we have already been gradually disposing of our interests. We are currently in discussions with interested parties with a view to the possible disposal of the balance of our Indonesian properties,? Chairman Tony Craven Walker said in a report released Thursday.

The company has 25 percent interest in Glagah Kambuna TAC, which produced 31 MMCFD of gas and 2,685 BPD of crude. The company also has 100 percent interest in East Seruway exploration PSC offshore North Sumatra and 30 percent operating interest in Kutai exploration PSC onshore East Kalimantan.(alex)