21/05/2008
Explorer Serica Energy reports a daily gas flow rate of 73 million cubic feet from two wells at Kambuna, offshore Indonesia.
The AIM-quoted company, which is the operator of the Kambuna Field with 65 per cent of the project, has so far tested two of its three wells. Kambuna-3 produced gas at a maximum raised rate of 40 million cubic feet a day, plus 2,840 barrels of condensate, following a test at Kambuna-2 showing a stabilised production rate of 33 million cubic feet a day.
London-based Serica plans to test Kambuna-4 within the next few weeks. Floated at 95p three years ago, the shares reached 128.5p in 2006 before halving to 63.5p by March this year. They have now rallied to 105p, valuing the company at £185.2 million.
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