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Serica Provides an Update on the Kambuna Field

Source: www.gulfoilandgas.com 10/21/2009, Location: Asia

Serica Energy plc provides an update on the Kambuna field, offshore Sumatra, Indonesia, in which Serica holds a 50% working interest. After six weeks of production from the Kambuna field, commercial sales to PLN, the Indonesian state electricity generator, were temporarily suspended on 25 September at its request so that it could carry out necessary repairs to its gas turbine generators.

The turbine failures were unrelated to the composition of Kambuna gas, which was supplied well within the specifications for the export gas pipeline. Serica understands that PLN’s technical investigation into the cause of the failures will shortly be completed, at which time it is expected that gas and condensate sales will be resumed. The gas sales contract with PLN provides for a contract quantity of 35 million standard cubic feet per day (“mmscfd”) for the first twelve months and it has already been demonstrated that rates in excess of this can be delivered. Once production resumes, every effort will be made to deliver in excess of 35 mmscfd on a best efforts basis. The buyer must pay for any shortfall in annual gas sales of less than 90% of the contract quantity under the “take or pay” provisions of the contract.

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