Serica Energy plc

TSX : SQZ
AIM : SQZ


Serica Energy plc

October 09, 2012 12:29 ET

Serica Energy-Option Awards

LONDON, UNITED KINGDOM--(Marketwire - Oct. 9, 2012) - Serica Energy plc (TSX:SQZ)(AIM:SQZ) announces that on Monday 8 October 2012, an option award over 400,000 shares was made under the Company's Share Option Plan 2005 (as amended) to each of the following directors:

Chris Hearne, Finance Director
Peter Sadler, Business Development Director
Mitch Flegg, Chief Operating Officer

The exercise price for the options is 29 pence per share being the middle market price of the Company's shares on AIM on 5 October 2012, the dealing date prior to the date of grant. The options are subject to performance conditions. The earliest vesting date is 8 October 2015 and the options will expire after ten years.

NOTES TO EDITORS

Serica Energy was formed in 2004 and, since then, has drilled 19 wells in locations as diverse as the UK Offshore, the Atlantic margin offshore Ireland, offshore Indonesia (North West Sumatra, East Kalimantan and Java) and offshore Vietnam. Seventeen of these wells were drilled by the Company as Operator, fourteen of the wells encountered oil or gas and six of these were commercial. The first of the commercial discoveries, the Kambuna field in North West Sumatra, was developed by the Company. The second, the Columbus field in the UK North Sea, is now in the pre-development stage with project sanction pending. The Company also has a residual economic interest in the Bream oil field offshore Norway, which will be crystallised when the field is developed, and licence interests offshore Ireland, Morocco and Namibia.

The Company is listed on both the Toronto Stock Exchange and the London AIM under the ticker SQZ.

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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: geological, geophysical and technical risk, 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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