Serica in talks with other parties after gas deal stalls

OIL and gas group Serica Energy said yesterday it was talking to other potential buyers of its Kambuna gas field in Indonesia after delays on an agreed deal.

It had been due to sell the producing field to Pace Petroleum, a new company formed to invest in south-east Asian oil and gas, in June, as part of plans to focus on the UK North Sea, western Europe and Africa.

Pace’s private-equity financing was delayed, however, and “in the light of current market conditions” Serica said it was holding discussions with other parties.

The group said it had a multi-well drilling programme planned for 2012 in the UK, including the Spaniards discovery and North Sea blocks adjacent to the Otter oil field.

Serica posted pre-tax losses of £1.59million, for the second quarter of 2011, compared with a £2million deficit 12 months earlier. The results did not include revenue from the Indonesian assets.