LONDON, June 26 /CNW/ - 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
Serica has a 10% carried interest in the 06/94 Production Sharing
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."
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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