The Kambuna field offshore North Sumatra, Indonesia appears as fulsome as Serica Energy managers asy they expected, after one of three planned development wells proved a 67-foot column of gas and no signs of water.

After the well went down to 7,483 feet, a production liner was set in the No. 3 well. Kambuna No. 4 has yet to reach target depth. Later in April all three development wells will be completed for production and short production tests will be carried out, a statement by the company’s veteran chief executive, Paul Elis, said.

“After tax”, the company’s Kambuna reserves are said to be worth $131.5 million for the 29.7 million barrels of oil equivalent on site. Serica already appears to have a buyer for the gas at $6.00 per thousand cubic feet.

Tags: Serica Energy plc