OIL and gas company Serica Energy said yesterday that 2009 had been a good year for it against a very difficult economic background.
It said careful management of its assets and some successful transactions towards the end of the year had enabled it to start 2010 in a strong financial position, with its first field, Kambuna, in Indonesia, producing and exposure to several exploration prospects with potential to add substantial value.
Serica also reported pre-tax profits of £4.66million for 2009 compared with losses of £533,000 the year before.
During the year it achieved its first oil and gas sales revenue of £5.06million.
It also made a gain of £17.93million on the sale of assets in south-east Asia.
Serica said its 2010 exploration drilling was targeting a potential 160million barrels of oil equivalent (boe) net to the company, including 93million boe offshore the UK in the Irish Sea Conan and North Sea Oates prospects.