Licence Acquisition (5362J)
June 30 2011 - 1:05PM
UK Regulatory
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RNS Number : 5362J
Serica Energy plc
30 June 2011
Serica Energy plc
("Serica" or the "Company")
Licence Acquisition
London, 30 June 2011 - Serica Energy plc (AIM & TSX: SQZ)
reports a Licence Acquisition.
Serica has a 30% interest in Block 15/21g (P1655) and today
EnCore Oil plc as operator made the following announcement
regarding the adjoining Block 15/21a (P218):
"Block 15/21a (P218)
EnCore Oil plc (LSE: EO.) and its P1655 (Block 15/21g) partners,
Nautical Petroleum plc and Serica Energy plc (the P1655 group),
announce they have agreed terms to acquire a 70 per cent. interest
in a part of adjoining Licence P218 (Block 15/21a). P218 is
currently operated by DEO Petroleum with co-venturers, Faroe
Petroleum plc, Maersk Oil UK Ltd and Atlantic Petroleum (the P218
group). The area in P218 to be acquired includes the 15/21a-38z
Spaniards/Gamma discovery well, drilled in 1989 by Amerada Hess,
which flowed 2,600 bbls/day of 26 API oil on test. In
consideration, the P1655 group have agreed to assign the P218 group
a 30 per cent. interest in P1655, and have agreed to fund the cost
of the first well to appraise the Spaniards/Gamma discovery. It has
also been agreed that a subsequent appraisal well, if deemed
necessary and approved by the partnership, would be funded on
promoted terms by the current P218 partners as shown in the table
below, after which funding for any further wells would be by equity
share.
Subject to DECC approval, it is expected that part of the P218
licence will be amalgamated into P1655 and it is anticipated that
the initial equities and funding obligations in the newly enlarged
P1655 licence will be as follows:
First Second
Enlarged Spaniards Spaniards
Current P1655 P1655 Appraisal Well Appraisal Well
Company Equity % Equity % Funding % Funding %
---------------- -------------- ---------- --------------- ---------------
EnCore Oil
plc* 40.00 28.00 40.00 22.86
---------------- -------------- ---------- --------------- ---------------
Nautical
Petroleum 30.00 21.00 30.00 17.14
---------------- -------------- ---------- --------------- ---------------
Serica Energy 30.00 21.00 30.00 17.14
---------------- -------------- ---------- --------------- ---------------
Current P218
Equity %
---------------- -------------- ---------- --------------- ---------------
DEO Petroleum 42.08 12.62 nil 18.03
---------------- -------------- ---------- --------------- ---------------
Faroe Petroleum 28.00 8.40 nil 12.00
---------------- -------------- ---------- --------------- ---------------
Maersk Oil
UK 19.12 5.74 nil 8.19
---------------- -------------- ---------- --------------- ---------------
Atlantic
Petroleum 10.80 3.24 nil 4.63
---------------- -------------- ---------- --------------- ---------------
* Operator
The first well, is expected to commence drilling in Q2 2012,
subject to suitable rig availability and receipt of the necessary
permitting and site survey approvals."
30 June 2011
Enquiries:
Serica Energy plc
Tony Craven Walker, tony.cravenwalker@serica-energy.com +44 (0)20 7487
Chairman 7300
Chris Hearne, CFO chris.hearne@serica-energy.com +44 (0)20 7487
7300
J.P.Morgan Cazenove
Patrick Magee patrick.magee@jpmorgancazenove.com +44 (0)20 7588
2828
RBC Capital Markets
Josh Critchley joshua.critchley@rbccm.com +44 (0)20 7002
2435
Matthew Coakes matthew.coakes@rbccm.com +44 (0)20 7653
4871
College Hill
Nick Elwes nick.elwes@collegehill.com +44 (0)20 7457
2020
Simon Whitehead simon.whitehead@collegehill.com +44 (0)20 7457
2020
To receive Company news releases via email, please contact
nick.elwes@collegehill.com and specify "Serica press releases" in
the subject line.
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 based in London, England, and holds exploration and
production licences offshore UK, Spain, Indonesia and in the
Atlantic Margin basins of Ireland and Morocco. 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. Serica's gross oil and gas
production amounts to approximately 2,800 barrels of oil equivalent
per day.
The Company is listed on the London AIM market and the Toronto
TSX market under the symbol "SQZ".
www.serica-energy.com
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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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