LONDON, Sept. 27 /CNW/ - Further to the Operations Update issued by
Serica on 25th September 2007, the following clarifications are noted:
1. The Best Estimate of Serica net contingent resources for the North Sea
Block 23/16f Columbus discovery of 10.8 million barrels of oil equivalent
has an effective date of 26th March 2007.
2. The resource estimates were prepared in accordance with Canadian
National Instrument 51-101 and 51-321 and the reserves and resource
definitions of the Canadian Oil and Gas Evaluation Handbook.
3. Contingent resources are those quantities of oil and gas estimated on
a given date to be potentially recoverable from known accumulations but
are not currently economic.
4. The contingencies that prevent contingent resources being classified
as reserves is a sanctioned development plan. The plan shows intent to
develop and how the field will be exploited together with the investment
and production profiles to back up the recoverable volumes of gas and
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