OTCPK:SQZZF - Post by User
Post by
jcjohn36on Aug 23, 2005 1:23pm
213 Views
Post# 9449122
New interest in Indonesian block
New interest in Indonesian blockSerica Energy acquires additional interest in Indonesian block
/THIS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED STATES/
TORONTO, Aug. 22 /CNW/ - Serica Energy Corporation (TSX Venture: SQZ)
today announced that it has entered into an agreement with PT Medco Energi
Internasional TBK to acquire a 15% interest in the Asahan Offshore Production
Sharing Contract ("PSC") to add to its existing interest.
The acquisition is subject to the necessary government approvals and
follows a recently announced farm-out of a 25% interest in the same block by
Serica to Duinord Petroleum Inc. As a result of the two transactions, Serica
will have a 55% working interest in the PSC following the completion of the
Togar-1A well due to be drilled on the PSC in late September 2005.
Togar-1A is expected to commence drilling immediately after completion of
the Kambuna-2 well, which Serica is expecting to commence drilling shortly on
the neighbouring Glagah Kambuna Technical Assistance Contract.
Serica operates both blocks, which are located offshore North Sumatra,
Indonesia.