Serica says Kambuna is already beating gas target
The group, which has a market cap of 194 million, said the Kambuna-3 production well tested at a maximum stabilised rate of 40mmscfd.
In April, Serica said the Kambuna-2 production well had tested at a rate of 33mmscfd.
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Hide AdThe group is yet to test the final well, Kambuna-4, which will be tested in the next few weeks.
Chief executive Paul Ellis said: "With two of our three wells now tested at high rates and the third well yet to be tested, we have already demonstrated a total stabilised flow rate of 73mmscfd, which exceeds our sales gas target of 50mmscfd by a comfortable margin."
He added: "This provides excellent assurance that the Kambuna field will produce at the planned initial rates."
Serica is the operator of the Kambuna Field and holds an interest of 65 per cent in the project.
In addition to its work in Indonesia, the company also has interests in Norway, Spain, Ireland and Vietnam.