Serica banks first oil revenues

30th Nov 2009 16:08

Money has started flowing in at Serica Energy as production at the Kambuna gas and oil field kicked in during the third quarter of 2009. Third quarter revenue was $4.17m.Loss before tax in the third quarter was $0.72m versus a loss of $2.5m in the preceding quarter and a profit of $33.4m a year earlier when results benefited from a $36.6m profit from a disposal.The company's cash stood at $21m at the end of September, down from $30.5m at the end of June.'With Kambuna up and running the excitement in the next twelve months will come from our exploration portfolio which includes plans to drill the Conan and Oates prospects in the UK and up to five wells in South East Asia,' said Paul Ellis, chief executive of Serica.