LONDON, June 9 /CNW/ - 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.
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.
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