Serica Energy Regulatory News (SQZ)

16 Oct 2006 14:30

Serica Energy plc16 October 2006 For immediate release: Monday, October 16, 2006 SERICA ENERGY PLC DRILLING STARTS ON THE OAK PROSPECT London, October 16, 2006 - Serica Energy plc (AIM and TSX Venture: SQZ)announces that it has commenced drilling the Oak prospect in UK Block 54/1b. Located in the Southern Gas Basin of the UK North Sea, well 54/1b-6 was spuddedon 15th October and drilling operations are scheduled to take about 30 days.Serica is the operator of the Block and has a 50% interest. Its partner CentricaResources Limited also has a 50% interest and will be bearing the majority ofthe drilling costs under the terms of the farm-in agreement announced on TuesdayOctober 10 2006. Later this month the Company will also drill the Columbus prospect in Block 23/16f, located in the Central North Sea. Serica has an interest of 50% in theBlock. Background Notes Serica Energy plc is an international oil and gas exploration company withoperations in Indonesia, the UK North Sea, Spain, Ireland and Vietnam. TheCompany's ordinary shares are listed in London on AIM and on the Canadian TSXVenture Exchange under the symbol "SQZ". The 2005 Annual Report and Accounts areavailable at www.serica-energy.com and www.sedar.com. Enquiries: Serica Energy plcPaul Ellis, pellis@serica-energy.com +44 (0)20 7487 7300Chief Executive OfficerChris Hearne, chearne@serica-energy.com +44 (0)20 7487 7300Finance Director Pelham Public Relations -UKJames Henderson james.henderson@pelhampr.com +44 (0)20 7743 6673Alisdair Haythornthwaite alisdair.haythornthwaite@pelhampr.com +44 (0)20 7743 6676 CHF Investor Relations - CanadaJan Moir jan@chfir.com +1 416 868 1079 x237Heather Colpitts heather@chfir.com +1 416 868 1079 x223 Forward Looking Statements This disclosure contains certain forward looking statements that involvesubstantial known and unknown risks and uncertainties, some of which are beyondSerica Energy plc's control, including: the impact of general economicconditions where Serica Energy plc operates, industry conditions, changes inlaws and regulations including the adoption of new environmental laws andregulations and changes in how they are interpreted and enforced, increasedcompetition, the lack of availability of qualified personnel or management,fluctuations in foreign exchange or interest rates, stock market volatility andmarket valuations of companies with respect to announced transactions and thefinal valuations thereof, and obtaining required approvals of regulatoryauthorities. Serica Energy plc's actual results, performance or achievementcould differ materially from those expressed in, or implied by, these forwardlooking statements and, accordingly, no assurances can be given that any of theevents anticipated by the forward looking statements will transpire or occur, orif any of them do so, what benefits, including the amount of proceeds, thatSerica Energy plc will derive there from. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. To receive Company news releases via email, please contact heather@chfir.com and specify "Serica press releases" in the subject line. This information is provided by RNS The company news service from the London Stock Exchange