SOURCE: Serica Energy plc

December 20, 2013 02:00 ET

Serica Energy plc Update on Operations in Namibia

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








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