Serica Energy mulls sale of Indonesia ops

9th Nov 2010 15:45

Oil explorer is Serica Energy is considering selling its Indonesian assets to focus on upcoming projects in the North Sea, Western Europe and Africa. The company, which is starting a strategic review, said it would be prepared to swap Indonesian production for producing assets in the UK or Western Europe.Indonesian assets include a 25% interest in the producing Kambuna gas/condensate field, operated interests in a further two Production Sharing Contracts and significant new venture opportunities which are currently being pursued. "For some time we have been concerned that the underlying value of our Indonesian business has not been fully recognised and the board has therefore decided to review the alternatives," chief executive Paul Ellis said."Serica sees more opportunity for growth outside of Indonesia. This was a further reason for conducting the review, which we expect will be concluded early next year."