Serica Energy is selling some of its assets in Indonesia and all of them in Vietnam to Singapore-based KrisEnergy for $98.6m (£60.1m) in cash.
KrisEnergy, a recently formed private exploration and production company, is buying a 25% interest in the Kambuna gas field in Indonesia, a 24.6% interest in the Kutai PSC in Indonesia and a 33.33% interest in the Block 06/94 PSC in Vietnam.
After the sale, Serica’s South East Asia assets will comprose a 25% interest in Kambuna, a 30% interest in Kutai and a 100% interest in the East Seruway PSC.
"I am delighted that we were able to reach this agreement with KrisEnergy since this provides Serica with capital to invest in our core growth areas into 2010,” said chiefexecutive Paul Ellis. “Having recently brought the Kambuna field into production we believe that this is the best time to monetise part of that asset.”
Production at Kambuna kicked in during the third quarter of 2009, taking revenue for the group to $4.17m.
The company expects to be drilling two prospects in the UK during the first half of 2010, Oates and Conan, and two or three wells in the second half in the Kutai PSC.
