OIL and gas explorer Serica Energy – which is listed in both London and Toronto – expects its first revenue of £2-£2.7million a month from the Kambuna gas field offshore Indonesia from June.
The company, which also has exploration prospects in the UK North Sea, Ireland and Vietnam, said yesterday it was also exploring merger and acquisition opportunities in western Europe and south-east Asia.
Serica said that in 2008 its proven and probable reserves increased by 48% to 28.5million barrels of oil equivalent and it had strengthened its finances with the sale of a 15% stake in Kambuna and through exploration farm-out deals.
It is planning to drill in the UK, Ireland and Vietnam.
The company reported pre-tax losses yesterday of £550,000 for 2008 compared with a deficit of £11.5million the year before.