Last checked at 20 May 2008 07:00
Serica Energy plc
("Serica" or the "Company")
KAMBUNA-3 TESTED AT 40 MILLION CUBIC FEET PER DAY
London, 20 May 2008 - Serica Energy plc (AIM & TSX-V: SQZ) today provides an update on development activities in the Kambuna field, offshore North Sumatra, Indonesia.
Production tests are being carried out on the three Kambuna production wells and the results of the second test are now available.
The Kambuna-3 production well tested the Belumai reservoir over the 94 ft interval 7,152 to 7,246 ft below mean sea level and produced gas at a maximum stabilised rate of 40 million standard cubic feet per day (mmscfd) together with approximately 2,840 barrels per day of condensate. The flowing wellhead pressure during this test was 1,930 pounds per square inch, the choke size was 80/64" and the maximum production rate was limited by the testing equipment.
As reported in April the Kambuna-2 production well has already been tested at a stabilised rate of 33 mmscfd. The final test, on Kambuna-4, will be carried out within the next few weeks following the completion of the well for production.
Serica is the operator of the Kambuna Field and holds an interest of 65% in the project.
Serica CEO Paul Ellis said: "With two of our three wells now tested at high rates and the third well yet to be tested, we have already demonstrated a total stabilised flow rate of 73 mmscfd, which exceeds our sales gas target of 50 mmscfd by a comfortable margin. This provides excellent assurance that the Kambuna field will produce at the planned initial rates."
Paul Ellis MA (Oxon) Engineering and Serica's Chief Executive, who has over 35 years' experience in the upstream oil and gas industry, has reviewed and approved the technical information contained in this announcement.
Enquiries:
| Serica Energy plc | ||
| Paul Ellis, Chief Executive Officer | paul.ellis@serica-energy.com | +44 (0)20 7487 7300 |
| Chris Hearne, Finance Director | chris.hearne@serica-energy.com | +44 (0)20 7487 7300 |
| JPMorgan Cazenove | ||
| Steve Baldwin | steve.baldwin@jpmorgancazenove.com | +44 (0)20 7588 2828 |
| Tristone Capital Limited | ||
| Majid Shafiq | mshafiq@tristonecapital.com | +44 (0)20 7355 5872 |
| Pelham Public Relations -UK | ||
| James Henderson | james.henderson@pelhampr.com | +44 (0)20 7743 6673 |
| Alisdair Haythornthwaite | alisdair.haythornthwaite@pelhampr.com | +44 (0)20 7743 6676 |
| CHF - Canada | ||
| Sarah Gingerich | sarah@chfir.com | +1 416 868 1079 |
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