SOURCE: Serica Energy plc

May 30, 2013 02:00 ET

Serica Energy plc Announces Final Results

LONDON--(Marketwired - May 30, 2013) - Serica Energy plc (TSX: SQZ)

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  and .

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:


Columbus field (Serica operator - 33.2%)

* Field export route to be revised following BG's cancellation of
* Discussions in hand to take Columbus production direct to Lomond
* New route technically feasible - commercial discussions will
  determine outcome
* Alternative routes under review
* NSAI estimate 5.4 mmboe reserves net to Serica unchanged

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the associated PDF document. 

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