Serica Energy plc

Serica Energy plc

September 05, 2012 02:00 ET

Serica Energy plc: Mitch Flegg, Chief Operating Officer, Appointed to Board of Serica

LONDON, UNITED KINGDOM--(Marketwire - Sept. 5, 2012) - Serica Energy plc (TSX:SQZ)(AIM:SQZ) is pleased to announce that Mitchell Robert Flegg (52), Serica's Chief Operating Officer, has been made an Executive Director of the Company with effect from today, 5th September 2012.

Mitch has been Chief Operating Officer for Serica since March 2011. He joined Serica in 2006 and has, since then, been responsible for the successful execution of Serica's drilling programme both as Operator and non-Operator, which included 17 wells drilled in locations as diverse as offshore Indonesia, offshore Vietnam, the North Sea, the East Irish Sea and the Atlantic off the west coast of Ireland, and has represented Serica in the Company's joint venture interests. As Chief Operating Officer, Mitch is responsible for the current seismic acquisition programme offshore Namibia, the development of the Columbus field in the North Sea, the numerous other interests in the UK and west of Ireland which Serica operates and the overall operational management of the Company's assets. He is responsible for ensuring that the Company meets the high Environmental and Health & Safety standards that it sets itself. Mitch is a director of the Company's subsidiary, Serica Holdings UK Limited.

Mitch has 31 years operational experience in the oil industry. He started his career in 1981, gaining field experience with Schlumberger and Flopetrol. In 1992 he joined Enterprise Oil, subsequently becoming responsible for drilling related operations for wells drilled in UK, Australia, Cambodia, Vietnam, Ireland, Romania and Bulgaria. Following the acquisition of Enterprise Oil by Shell in 2002 Mitch worked on the global implementation of new technology in well engineering before moving into asset management. With Serica, as well as managing Serica's drilling programme, Mitch has been responsible for the development of both the Kambuna field in Indonesia and the Columbus field in the North Sea. Mitch brings a wealth of operating experience to the Serica Board.

Mitch holds a total of 97,629 shares in the Company, including 71,816 held under the Company's Share Incentive Plan. He also has options over 1,447,750 shares at exercise prices ranging from £0.21 to £1.02 per share.

There are no matters to be disclosed in respect of the AIM Rules Schedule 2 paragraph g (iii) to (viii) inclusive.

Tony Craven Walker, Serica's Chairman and Interim Chief Executive said:

"Mitch has been a very important factor behind Serica's considerable success as an operator. The fact that we have been able to drill wells in such diverse offshore locations worldwide with a superb technical, environmental and safety record is wholly as a result of Mitch's contribution and I am very pleased that he has accepted the Board position. With the large 3-D seismic acquisition programme offshore Namibia now past the 75% point, project sanction for the Columbus field development anticipated in the near term, the Spaniards well, in which we are a non-operating partner, due to commence drilling in approximately four weeks and activity expected to increase in Morocco and in our Irish Atlantic margin blocks, Serica is entering a very active operational period. I am delighted that Mitch will be overseeing these operations on behalf of Serica as a full Board member."


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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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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