Serica Energy Regulatory News (SQZ)

30 Apr 2008 07:01

Serica Energy plc30 April 2008 Serica Energy plc ("Serica" or the "Company") KAMBUNA FIELD WELL TEST UPDATE • Kambuna-2 well tested at a stabilised rate of 33 million standard cubic feet per day • Further production tests to be carried out on Kambuna-3 and Kambuna-4 wells over the course of the next few weeks London, 30 April 2008 - Serica Energy plc (AIM & TSX-V: SQZ) provides an updateon development activities in the Kambuna field, offshore North Sumatra,Indonesia. Having completed the drilling phase of the Kambuna field development programme,production tests are being carried out on the three production wells and theresults of the first test are now available. The Kambuna-2 production well tested the target Belumai reservoir over the 97 ftinterval 7,245 to 7,342 ft below mean sea level and produced gas at a maximumstabilised rate of 33 million standard cubic feet per day (mmscfd) on a 72/64"choke. The flowing wellhead pressure during this test was 1,870 pounds persquare inch (psi) and the maximum production rate was limited by the testingequipment. A second test was carried out at production rate more representative of thatrequired from the well when full field production commences. During this test,at a choke setting of 48/64", the Kambuna-2 well produced gas at a stabilisedrate of 19 mmscfd together with 2,000 barrels per day of 53 degrees APIcondensate, at a flowing wellhead pressure of 2,280 psi. Further production tests will be carried out on the Kambuna-3 and Kambuna-4wells over the course of the next few weeks. Serica is the operator of the Kambuna Field and holds an interest of 65% in theproject. Serica CEO Paul Ellis said: "This is an excellent production test result. Beingable to produce Kambuna-2 alone at over 30 mmscfd goes a long way to meeting ourtarget field production rate of around 55 mmscfd. The test also confirms thatthe initial condensate yield from the field is likely to be around 100 barrelsper million cubic feet of gas, or about 5,000 barrels per day." Paul Ellis MA (Oxon) Engineering and Serica's Chief Executive, who has over 35years' experience in the upstream oil and gas industry, has reviewed andapproved the technical information contained in this announcement. Enquiries: Serica Energy plcPaul Ellis, paul.ellis@serica-energy.com +44 (0)20 7487 7300 Chief Executive OfficerChris Hearne, chris.hearne@serica-energy.com +44 (0)20 7487 7300 Finance Director JPMorgan CazenoveSteve Baldwin steve.baldwin@jpmorgancazenove.com +44 (0)20 7588 2828 Tristone Capital LimitedMajid Shafiq mshafiq@tristonecapital.com +44 (0)20 7355 5872 Pelham Public Relations -UKJames Henderson james.henderson@pelhampr.com +44 (0)20 7743 6673Alisdair Haythornthwaite alisdair.haythornthwaite@pelhampr.com +44 (0)20 7743 6676 CHF - CanadaSarah Gingerich sarah@chfir.com +1 416 868 1079 The TSX Venture Exchange has not reviewed and does not accept responsibility forthe adequacy or accuracy of this release. To receive Company news releases via email, please contact sarah@chfir.com andspecify "Serica press releases" in the subject line. This information is provided by RNS The company news service from the London Stock Exchange