SOURCE: Serica Energy plc

March 28, 2013 10:37 ET

Columbus Export Route Update

LONDON--(Marketwire - Mar 28, 2013) -


Serica Energy plc 
("Serica" or the "Company")


London, 28 March 2013 - BG has informed Serica, as Operator of the
Columbus field, that it has decided not to proceed with the
construction of a Bridge Linked Platform ("BLP") adjacent to the BG
operated Lomond field. The BLP was to be part of the export route for
gas and gas condensate from the Columbus field.

As a consequence, the Columbus group are reviewing other alternatives
for the export of Columbus gas and liquids production. This includes
the possibility of the Columbus field being tied directly to the Lomond
Platform. Serica believes this to be a viable alternative and will be
reviewing this with its partners and with BG to provide, as far as
possible, that the impact on the Columbus sub-sea development programme
and timetable will be minimal.

Tony Craven Walker, Chairman and Interim CEO, said "The decision by BG 
not to construct the Lomond BLP was unexpected but we are confident 
that we will be able to conclude alternative export arrangements and 
limit the impact on Columbus which remains commercially viable as a 
separate field development. BG's decision is unrelated to the 
Columbus field and we look forward to discussing production alternatives 
with them. It is important, at a time of severe gas shortages in the 
UK, that we bring ashore as expeditiously as we can, those reserves of 
gas and related liquids which still remain to be developed in the 
North Sea and we remain confident that we can do that with Columbus."

We continue to make good progress on all our activities, particularly
those relating to the major exploration potential of our interests in
the largely unexplored Atlantic Margin basins offshore Ireland, Morocco
and Namibia, and I look forward to providing an update on these, as
well as Columbus, in due course."

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