LONDON--(Marketwired - Dec 20, 2013) -
(TSX :SQZ ) Serica Energy plc ("Serica" or the "Company") Update on Operations in Namibia London, 20 December 2013 - Serica Energy plc (TSX :SQZ ) (AIM :SQZ ) announces that, following a portfolio review, BP has decided not to exercise an option to increase its interest in Luderitz Basin licence 0047, offshore Namibia. The option, which expires at the end of 2013, required BP to drill a well on the licence before the end of 2015. Accordingly, under the terms of Serica's farm-out agreement with BP, BP will re-assign its 30% interest to Serica with effect from the end of 2013. From that date Serica will hold an interest of 85% in the licence with its partners National Petroleum Corporation of Namibia (Pty) Limited (NAMCOR) holding 10%, and Indigenous Energy (Pty) Limited holding 5%. With positive results from the 3D survey and recent third party drilling demonstrating the regional presence of both source rock and recovered oil samples, Serica believes that all of the necessary ingredients for significant oil accumulations are present in its licence area. The withdrawal of BP leaves Serica with a valuable and extensive data set and interpretation and provides the Company with an opportunity to attract new partners and to retain a larger percentage interest. Click on, or paste the following link into your web browser, to view the associated PDF document. http://www.rns-pdf.londonstockexchange.com/rns/0450W_1-2013-12-19.pdf Enquiries: Serica Energy plc Tony tony.cravenwalker@serica-energy.com +44 (0)20 7487 7300 Craven Walker, Chairman & Interim CEO Mitch mitch.flegg@serica-energy.com +44 (0)20 7487 7300 Flegg, COO Chris chris.hearne@serica-energy.com +44 (0)20 7487 7300 Hearne, CFO Peel Hunt Richard richard.crichton@peelhunt.com +44 (0)20 7418 8900 Crichton Charles charles.batten@peelhunt.com +44 (0)20 7418 8900 Batten RBC Capital Markets Matthew matthew.coakes@rbccm.com +44 (0)20 7653 4000 Coakes Daniel daniel.conti@rbccm.com +44 (0)20 7653 4000 Conti College Hill David david.simonson@collegehill.com +44 (0)20 7457 2020 Simonson Catherine catherine.wickman@collegehill.com +44 (0)20 7457 2020 Wickman Alexandra alexandra.roper@collegehill.com +44 (0)20 7457 2020 Roper This information is provided by RNSThe company news service from the London Stock Exchange END
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