Serica Energy plc

Serica Energy plc

February 01, 2010 02:39 ET

Serica Energy plc ("Serica" or the "Company"): Drilling Rig Secured for Conan Prospect

LONDON, UNITED KINGDOM--(Marketwire - Feb. 1, 2010) - Serica Energy plc (TSX VENTURE:SQZ)(AIM:SQZ) announces that it has secured the use of the Ensco 80 jack-up drilling rig for an exploration well on the Conan prospect in UK East Irish Sea Blocks 113/26b and 113/27c. Mobilisation of the drilling rig to the East Irish Sea is expected to commence in April 2010.

The rig has been contracted through AGR Peak Well Management Limited and the expected duration of the well is 24 days excluding mobilisation and demobilisation.

Serica is the operator of Blocks 113/26b and 113/27c and holds a 65% interest. Its partner, Agora Oil & Gas (UK) AS holds the remaining 35% interest, subject to completion of the farm-out agreement announced on 20 January 2010.

1 February 2010

The technical information contained in the announcement has been reviewed and approved by Peter Sadler, Chief Operating Officer of Serica Energy plc. Peter Sadler is a qualified Petroleum Engineer (MSc Imperial College, London, 1982) and has been a member of the Society of Petroleum Engineers since 1981.

Notes to Editors

Serica Energy plc is an oil and gas exploration and production company using specialised geophysical technology to create value through the discovery of new hydrocarbon reserves. Serica is based in London, England, and holds exploration and production licences principally in the UK North Sea and East Irish Sea, the Atlantic Margins of Ireland and Morocco and in Indonesia. The Company's key producing and development assets are a 25% interest in the producing Kambuna field offshore Indonesia and a 50% stake in the UK Central North Sea Columbus field, under development.

Serica's business objective centres on building shareholder value through successful exploration and appraisal drilling. Serica is also focused on improving its market liquidity, optimising its risk profile and managing the company's portfolio of opportunities through acquisition and divestment. Serica's strategy involves minimising its exploration drilling costs through promoted farm-outs while retaining high working interests in the potential for exploration success.

Serica has a material 2010 exploration programme, drilling five wells that are targeting a total of around 90 mmboe risked prospective resources net to the Company.

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: 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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Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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