LONDON--(Marketwired - May 30, 2013) - Serica Energy plc (
Serica Energy plc ("Serica" or the "Company") Results for the year ended 31 December 2012 London, 30 May 2013 - Serica Energy plc (TSX & AIM: SQZ), the oil and gas exploration and production company with assets in the UK, Norway and the Atlantic margins off Africa and Ireland, today announces its financial results for the year ended 31 December 2012. The results and associated Management Discussion and Analysis are included below and copies are available at www.serica-energy.com and www.sedar.com . Operations Highlights: * Overall targets met in 2012 * Secured preliminary development consent for the Columbus Field and took development to tender document stage * Completed four farmouts - Luderitz Blocks, Foum Draa, Sidi Moussa and UK Block 22/19c with a fifth, UK Blocks 113/26b & 27c (Doyle), awaiting completion * Net benefit to Company from farmouts in excess of US$40 million * Completed largest continuous 3D seismic acquisition programme offshore Namibia * Preparations for drilling Doyle and two wells offshore Morocco have commenced * 2H2013 drilling decision in Namibia awaits outcome of seismic interpretation - proceeding well Financial Highlights: * End year cash balances US$22.3 million, no debt * Kambuna field generated net cash of US$9.2 million during the year but gross loss of US$3.9 million after non-cash depletion charges * Loss for the year of US$24.7 million - includes cost of Spaniards well (US$8.8 million) and impairment charges to Kambuna field as it nears end of economic life (US$4.4 million) * Existing resources cover 2013 work programme and commitments Asset Highlights: UK: Columbus field (Serica operator - 33.2%) * Field export route to be revised following BG's cancellation of BLP * Discussions in hand to take Columbus production direct to Lomond field * New route technically feasible - commercial discussions will determine outcome * Alternative routes under review * NSAI estimate 5.4 mmboe reserves net to Serica unchanged Click on, or paste the following link into your web browser, to view the associated PDF document. http://www.rns-pdf.londonstockexchange.com/rns/8509F_1-2013-5-29.pdf This information is provided by RNS The company news service from the London Stock Exchange END
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