News

December 02, 2009

Serica Energy Tees Up Busy 2010 Backed By New Debt Facility And Kambuna Production Revenues

The third quarter of 2009 was a key milestone for Serica Energy as it marked the start-up of commercial gas sales from the Kambuna field, some 40 km offshore North Sumatra, Indonesia. The field will not only generate steady income for the TSX- and AIM-listed company but it will also provide the kind of operational credibility that comes with the successful development of an offshore field: this matters because Serica is teeing up the Columbus field in the North Sea for development.

Kambuna was discovered by Bow Valley in 1986 and appraised by Serica in 2005, flowing 17.5 million cubic feet per day and over 1,500 barrels per day of 55-degree API condensate.  The three development wells on the field have flowed at a combined rate of 144 million cf/d and 8,000 bpd of condensate but unfortunately Serica’s initial gas sales contracts will take only a fraction of this potential output – 50 million cf/d.

Some 40 million cf/d of this will go to the Belawan Power...