Last checked at 26 Jun 2009 07:00
Serica Energy plc
("Serica" or the "Company")
SERICA ANNOUNCES TUONG VI-1X EXPLORATION WELL RESULTS
London, June 26, 2009 - Serica Energy plc ("Serica" or the "Company") announces that the exploration well 06/94-TV-1X (Tuong Vi-1X) offshore Vietnam has reached a target depth of 2,700 metres.
The primary target of the well was the oil potential of the Mio-Oligocene Dua and Cau Formation sandstones. Wireline logs acquired to date indicate that no significant hydrocarbons are present in good quality sands in the objective section. The well is being plugged and abandoned.
The well was drilled using Diamond Offshore's semi-submersible rig, the Ocean General.Serica has a 10% carried interest in the 06/94 Production Sharing Contract.
Serica CEO Paul Ellis said: "Although it is disappointing that our first well in Vietnam did not encounter commercial hydrocarbons, we are encouraged that a new oil play in the south-eastern part of Block 06/94 has been opened up by the oil discovery announced this week by Premier Oil in Block 07/03, 25 kilometres to the south of Block 06/94."
Enquiries:
| Serica Energy plc | | |
| Paul Ellis, CEO | paul.ellis@serica-energy.com | +44 (0)20 7487 7300 |
| Chris Hearne, CFO | chris.hearne@serica-energy.com | +44 (0)20 7487 7300 |
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| JPMorgan Cazenove | | |
| Steve Baldwin | steve.baldwin@jpmorgancazenove.com | +44 (0)20 7588 2828 |
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| Tristone Capital Limited | | |
| Majid Shafiq | mshafiq@tristonecapital.com | +44 (0)20 7355 5872 |
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| Pelham Public Relations | | |
| Philip Dennis Andy Cornelius | philip.dennis@pelhampr.com andy.cornelius@pelhampr.com | +44 (0)20 7337 1516 +44 (0)20 7337 1514 |
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| CHF – Canada | | |
| Cathy Hume | cathy@chfir.com | +1 416 868 1079 |
| Catarina Cerqueira | catarina@chfir.com | +1 416 868 1079 |
Forward Looking Statements
This disclosure contains certain forward looking statements that involve substantial known and unknown risks and uncertainties, some of which are beyond Serica Energy plc's control, including: the impact of general economic conditions where Serica Energy plc operates, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities. Serica Energy plc's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that Serica Energy plc will derive therefrom.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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