Chariot oil have nothing to do with SQZ, the only way it will have an effect if irresponsible people, as is currently the case on iii, use it as a de-ramping tool. We are surveying 4,125 sq miles with high grade seismic to make sure that we don't come up dry. I hope that genuine holders on here are not stupid enough to allow the shorters to manipulate them.
it is promising, we have a date to go by for the seismic survey results which BP are covering the cost of, we've had an aim to bring forward a drilling programme which is great news, and revenues look great.
London, 11 May 2012 - Serica Energy plc (TSX & AIM: SQZ), the oil and gas exploration and production company, today announces its financial results for the three months ended 31 March 2012. The results and associated Management Discussion and Analysis are included below and copies are available at www.serica-energy.com and www.sedar.com.
Ø Company now focused on two business units
o North Sea and East Irish Sea
o International exploration across four Atlantic Margin basins
Ø Substantial value enhancement across asset portfolio occurred during first quarter
o Columbus development agreed for production to commence late 2014 or early 2015
o Farm-out of Luderitz Basin blocks to BP
o Extensive 3D seismic survey of up to 4,150 sq. kms. offshore Namibia underway
UK Assets and Norwegian North Sea
Ø Columbus field achieves landmark to allow development to proceed:
o Agreement reached with all partners and infrastructure owners to allow export via Lomond Field end 2014
o Serica to drill two development wells and install sub-sea manifolds and pipeline to nearby Lomond platform
o BG to build Bridge Linked Platform to Lomond platform and associated infrastructure
o All cost sharing and tariffing terms agreed
o Terms result in greatly improved CAPEX profile for Serica with bulk of expenditure not until 2014
o Increased Small Field Allowances expected to apply to Columbus
o Debt funding alternatives under review for Columbus development
o Field interests agreed
o NSAI estimate 16.7 mmboe gross 2P reserves in Columbus - Serica share 5.6 mmboe
Ø Spaniards discovery appraisal well scheduled for 3Q 2012 (Serica 21%)
Ø Progress made to drill Doyle and South Otter prospects later this year or 2013
Ø Bream Field partners in Norway announce field progressing to development
o Serica's economic interest, based on currently forecasted prices at indicated Bream production start, projected at over US$20 million
Non UK Assets
o Completed farm-out with BP for central Luderitz Basin blocks. Substantial value demonstrated
o Serica fully carried on cost of extensive 3D seismic survey and to receive U$5 million in respect of past costs
o Serica interest in Luderitz Basin blocks after farm-out 55%
o 3D seismic survey commenced early May - target of 4,150 sq km
o Serica remains Operator for the venture during the seismic acquisition phase
o BP has option to earn a further 37.5% by meeting the costs of drilling and testing a well
o Farm-out process underway in Foum Draa and Sidi Moussa licences prior to drilling the first well offshore
o Farm-out process commencing in Rockall basin licences co
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