Serica to sell some Vietnam assets

Oil and gas explorer Serica Energy Plc said on Monday it agreed to sell some of its assets in Vietnam and Indonesia to a Singapore-based, private exploration company for $98.6 million in cash.

The company said it would sell a package of assets in Indonesia and Vietnam to recently formed KrisEnergy Ltd and use the proceeds to invest in next year’s exploration program and for suitable acquisitions.

The assets to be sold comprise a 25 percent interest in the Kambuna gas field and a 24.6 percent stake in the Kutai production sharing contract (PSC), both in Indonesia, and a 33.3 percent interest in a PSC in Vietnam, Serica said.

Following the sale, the company will no longer hold any interests in Vietnam, it said.

Source: Reuters

Tags: Vietnam oil and gas