Serica ups stake in E. Kalimantan exploration block

London-based oil, gas firm Serica Energy plc announced Tuesday that it has acquired an additional 25.5% working interest in the Kutai PSC in East Kalimantan, from Ephindo Kutai Limited.

Serica, the operator of the Kutai PSC, now holds a 78% interest and Ephindo holds a 22% interest.

The Kutai PSC was awarded to Serica and Ephindo in January 2007 and covers an area of around 4700 square kilometres in the Mahakam Delta, mainly offshore.

The Kutai PSC is adjacent to the Mahakam PSC operated by Total and which contains some of Indonesia's largest gas and condensate fields.

Paul Ellis, Serica Chief Executive said the company is currently analysing, reprocessing and interpreting the 3D seismic data in order to determine drilling locations for its first exploration campaign in the Mahakam Delta. (alex)