SERICA Energy said yesterday that, after focusing on achieving first gas and oil from its Kambuna field in Indonesia, the excitement in the next 12 months would come from its plans to drill the Conan and Oates prospects in the UK and up to five wells in south-east Asia.
Chief executive Paul Ellis said: “We brought Kambuna on stream with production levels reaching 38million cubic feet of gas and 4,000 barrels of oil per day (bpd) before production was temporarily suspended by the gas buyer.
“We are now back on production and expect soon to be producing around 40million cubic feet of gas and 4,000 barrels per day.
The company reported pre-tax losses of £438,182 yesterday for the third quarter of 2009 compared with £1.52million a year earlier. It achieved its first revenue from production of £2.52million during the quarter.
Ithaca Energy said yesterday it had completed its deals with Maersk Oil and Dyas on Stella.
The North Sea-focused oil and gas operator paid Maersk £6.06million at this final completion of its acquisition of the group’s 33.33% interest in Stella and undeveloped satellite discovery Harrier and 50% interest in undeveloped find Hurricane. Ithaca said it would pay Maersk a further £1.82million at field-development approval and £3.03million at first oil.
Ithaca also completed its sale to Dyas of 31.67% of Stella and received £5.27million in cash. It is now finalising plans with its partners and contractors to drill a well on the Stella discovery before the end of the month.