Last checked at 9 Jun 2009 14:00
Serica Energy plc
("Serica" or the "Company")
SERICA ANNOUNCES RESULTS OF BANDON WELL OFFSHORE IRELAND
London, 9 June 2009 - Serica Energy plc (AIM & TSX-V: SQZ) announces that it has completed its drilling operations on the Bandon offshore exploration well in licence FEL 1/06 in the Slyne Basin, west of Ireland.
Serica spudded well 27/4-1 on 11 May with the Ocean Guardian semisubmersible drilling rig and drilled to a total depth of 6,233 feet through the Jurassic and Sherwood intervals. Oil was encountered and a sidetrack was drilled to acquire additional data and samples.
The volume of oil in place cannot yet be estimated with certainty as considerable technical work remains to be done, but the results to date are encouraging. Using the geological and petrophysical data obtained, Serica will now carry out a remapping exercise using the 3D seismic data to evaluate further the prospectivity of licence FEL 1/06 as well as the potential of the three remaining Sherwood sand gas prospects in the licence.
Serica CEO Paul Elis said: "This is the first oil discovery west of Ireland for nearly 30 years. Serica's 600 square kilometre licence area contains several prospects and we shall now be evaluating them as potential drilling targets. Although much more work needs to be done before the commercial potential of the discovery and the rest of the licence can be established, the Bandon oil discovery could mark the beginning of an exciting phase of Irish exploration."
Notes to Editors:
Serica holds a 50% interest in Irish Petroleum Exploration Licence FEL 1/06 comprising Blocks 27/4, 27/5 (part) and 27/9 in the Slyne Basin off the west coast of Ireland. This Frontier Licence was granted by the Irish government in December 2006 for a maximum term of 15 years and Serica is the licence operator. The remaining 50% interest is held by RWE Dea AG.
Serica is the operator of the Columbus field, under development offshore UK, and until July 2008 was the operator of the Kambuna field, under development offshore Indonesia. Serica has a 50% interest in both of these fields and holds other exploration and appraisal interests in the UK, Spain and Indonesia and in Vietnam, where it is currently drilling the Tuong Vi-1X exploration well in the 06/94 PSC in the Nam Con Son Basin.
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 |
| JPMorgan Cazenove | ||
| Steve Baldwin | steve.baldwin@jpmorgancazenove.com | +44 (0)20 7588 2828 |
| Tristone Capital Limited | ||
| Majid Shafiq | mshafiq@tristonecapital.com | +44 (0)20 7355 5872 |
| 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 |
| CHF - Canada | ||
| Cathy Hume | cathy@chfir.com | +1 416 868 1079 |
| Catarina Cerqueira | catarina@chfir.com | +1 416 868 1079 |
The technical information contained in the announcement has been reviewed and approved by Peter Sadler, Chief Operating Officer of Serica Energy plc. Peter Sadler is a qualified Petroleum Engineer (MSc Imperial College, London, 1982) and has been a member of the Society of Petroleum Engineers since 1981.
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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