Last checked at 25 Jan 2010 07:00
Serica Energy plc
("Serica" or the "Company")
Serica Completes Sale of Assets in South East Asia
London, 25 January 2010 - Serica Energy plc (TSX Venture & AIM: SQZ) is pleased to confirm that it has now completed the sale announced on 7 December of certain of its interests in South East Asia to KrisEnergy Limited.
The cash amounts received by Serica total US$105.4 million including base consideration plus working capital and interim period adjustments.
Serica's interests in Indonesia now comprise a 25% interest in the Kambuna field, a 30% interest in the Kutai PSC and a 100% interest in the East Seruway PSC. The Company no longer holds any interests in Vietnam.
25 January 2010
Enquiries:
| Serica Energy plc | ||
| Paul Ellis, CEO | paul.ellis@serica-energy.com | +44 (0)20 7487 7300 |
| Chris Hearne, CFO | chris.hearne@serica-energy.com | +44 (0)20 7487 7300 |
| J.P.Morgan Cazenove | ||
| Steve Baldwin | steve.baldwin@jpmorgancazenove.com | +44 (0)20 7588 2828 |
| RBC Capital Markets | ||
| Josh Critchley | joshua.critchley@rbccm.com | +44 (0)20 7002 2435 |
| Matthew Coakes | matthew.coakes@rbccm.com | +44 (0)20 7653 4871 |
| College Hill | ||
| Nick Elwes | nick.elwes@collegehill.com | +44(0)20 7457 2020 |
| Simon Whitehead | simon.whitehead@collegehill.com | +44 (0)20 74572020 |
Forward Looking Statements
This disclosure contains certain forward looking statements that involve substantial known and unknown risks and uncertainties, some of which are beyond Serica Energy plc's control, including: the impact of general economic conditions where Serica Energy plc operates, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. Serica Energy plc's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that Serica Energy plc will derive therefrom.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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