Serica Energy plc ("Serica" or the "Company") - Two successful appraisal wells drilled in Columbus field



    LONDON, Nov. 6 /CNW/ - Serica Energy plc (AIM & TSX-V: SQZ) is pleased to
announce the results of both the Columbus appraisal well 23/16f-12 and the
sidetrack well 23/16f-12z in the UK Central North Sea. Both wells are
successful appraisals of the Columbus field discovery well 23/16f-11, drilled
by Serica and its co-venturers in December 2006.
    Well 23/16f-12 was drilled as a vertical well approximately three
kilometres north of the Columbus discovery well and encountered
gas/condensate-bearing Paleocene sands at a higher elevation than those tested
in well 23/16f-11. A full evaluation of the hydrocarbon-bearing interval was
carried out and reservoir fluid samples were obtained for further analysis.
Reservoir pressure measurements indicate that this reservoir is separate to
that discovered in well 23/16f-11 and the full extent of this new accumulation
is not yet known. The net pay sand in this new reservoir is approximately 40
vertical feet.
    To further evaluate the Columbus discovery, the 23/16f-12 well was then
sidetracked to a bottom-hole location approximately 2.2 kilometres north of
the Columbus discovery well and encountered gas/condensate-bearing Paleocene
sands similar to those found in 23/16f-11. Evaluation of down-hole pressure
data indicates that the sands encountered in the sidetrack are in pressure
communication with those in the discovery well. The net pay sand in the
sidetrack well is approximately 70 vertical feet, compared with 56 vertical
feet in 23/16f-11. Reservoir fluid samples were obtained and the sidetrack
well 23/16f-12z will now be suspended for potential use in the development of
the Columbus field.
    The successful outcome of the two new wells supports the commercial
development of Columbus and data from these wells will be used to advance
field development studies. In conjunction with BP, the operator of the
adjacent Lomond field, Serica has recently commissioned an engineering study
into the production of Columbus via a subsea tieback to Lomond and this study
has concluded that export via this route is a practical option. Serica also
continues to study alternative export routes for early development of the
field.
    The interests held in Block 23/16f are Serica Energy (UK) Limited 50%
(operator), Endeavour Energy UK Limited (25%) and EOG Resources United Kingdom
Limited (25%).
    Paul Ellis, Chief Executive of Serica said that "These two successful
appraisal wells confirm that the Columbus field has significant development
potential. The fact that hydrocarbons have been found over three kilometres
from the discovery well has opened up a second reservoir target in the field,
the extent of which is as yet unknown. The sidetrack has found a thicker and
potentially more productive Columbus reservoir than that encountered in the
discovery well, which is very encouraging for the prospects of development of
Columbus and for further exploration in the area."

    Further Well Details

    Well 23/16f-12 reached its final depth of 10,502 feet on 20 October after
26 days drilling. A core sample 240 feet long was taken throughout the
Paleocene reservoir interval. The well encountered gas/condensate-bearing
sands with a gross gas column of approximately 60 feet. The sands were
encountered at a depth of 9,665 feet subsea, approximately 70 feet higher than
at the Columbus discovery well 23/16f-11. After wireline logging and sampling
had been completed, the well was plugged back in order to drill a sidetrack.
    Sidetrack well 23/16f-12z was kicked off from a depth of 4,816 feet on
28 October and reached its final depth of 11,880 feet on 2 November after 5
days drilling. The sidetrack was deviated to a location at top reservoir level
approximately 2.2 kilometres north of the discovery well 23/16f-11. The
sidetrack encountered the top of the gas/condensate-bearing Paleocene sands at
a depth of 9,802 feet subsea, approximately 70 feet lower than at the
discovery well. Hydrocarbons were seen down to 9,893 feet subsea, some 32 feet
lower than seen at 23/16f-11. The well will be plugged back and the upper
section of 23/16f-12z suspended for potential use in the Columbus development.
    Neither well was flow tested as sufficient information for field
development purposes was obtained from drilling, coring, well logging and
fluid sampling.
    Paul Ellis MA (Oxon) Engineering and Serica's Chief Executive, who has
over 35 years' experience in the upstream oil and gas industry, has reviewed
and approved the technical information contained in this announcement.

    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
kelly@chfir.com and specify "Serica press releases" in the subject line.

    %SEDAR: 00022686E




For further information:

For further information: Serica Energy plc, Paul Ellis, Chief Executive
Officer, paul.ellis@serica-energy.com, +44 (0)20 7487 7300; Chris Hearne,
Finance Director, 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 -
UK, James Henderson, james.henderson@pelhampr.com, +44 (0)20 7743 6673;
Alisdair Haythornthwaite, alisdair.haythornthwaite@pelhampr.com, +44 (0)20
7743 6676; CHF - Canada, Kelly Cody, kelly@chfir.com, (416) 868 1079

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