SOURCE: Serica Energy plc

November 11, 2013 02:00 ET

Serica Energy plc: Result of Open Offer

LONDON, UNITED KINGDOM--(Marketwired - Nov 11, 2013) - Serica Energy plc (TSX: SQZ)


TSX:SQZ

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11 November 2013



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

Result of Open Offer

On 22 October 2013, the Board of Serica Energy plc announced details of
a Placing to raise approximately GBP10.2m (approximately US$16.6 million)through the issue of 56,870,934 New Ordinary Shares and an Open Offer
to raise up to approximately GBP4.1 million (approximately US$6.7
million) through the issue of up to 22,846,288 New Ordinary Shares,
both at an Issue Price of 18 pence per New Ordinary Share.

The Open Offer closed for acceptances at 11.00 a.m. on 8 November 2013.
The Company is pleased to announce that it has received valid
acceptances in respect of 6,093,351 Open Offer Shares from Qualifying
Shareholders, including applications under the Excess Application
Facility. This represents 26.7 per cent. of the Open Offer Shares
offered. In addition, the Company is pleased to announce the placing
at the Issue Price of 4,444,444 New Ordinary Shares not taken up by
Qualifying Shareholders under the Open Offer (the "Lapsed Entitlements
Placing"), representing a further 19.5 per cent of the Open Offer
Shares offered.

The Company has therefore raised aggregate gross proceeds of
approximately GBP12.1 million (approximately US$19.6 million) through
the Capital Raising, after taking account of the Lapsed Entitlements
Placing.

The Capital Raising, including the Lapsed Entitlements Placing remains
conditional upon, inter alia, the approval by Shareholders of certain
resolutions to be proposed at the General Meeting of the Company to be
held at 11.00 a.m. on 11 November 2013 and Admission occurring no later
than 8.00 a.m. on 15 November 2013 or such later time or date as the
parties to the Placing Agreement may determine (not being later than
8.00 a.m. on 30 November 2013).

Application will be made to AIM, a market operated by the London Stock
Exchange plc, for the admission of 67,408,729 New Ordinary Shares and
the TSX has granted conditional approval with regard to the listing of
the New Ordinary Shares on the TSX. It is expected that Admission of
the New Ordinary Shares to AIM will become effective at 8.00 a.m.
(London time) on 15 November 2013.


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