19th Sep 2008 15:07
SERICA ENERGY AGREES UK NORTH SEA FARM-OUT
RIG CONTRACTED TO DRILL CHABLIS IN OCTOBER
London, 19 September 2008 - Serica Energy plc (AIM & TSX-V: SQZ) ("Serica" or "the Company") is pleased to announce an agreement with Hansa Hydrocarbons Limited ("Hansa") for Hansa to farm-in to Serica's UK licences covering Block 48/16b and Block 48/17d (the "Licences") in the Southern North Sea. Completion is subject to the receipt of UK government consent.
Serica currently has a 100% working interest in the Licences. Under the terms of the farm-out agreement, Hansa will earn a 35% working interest in the Licences in return for contributing on a promoted basis to the cost of a well to appraise the Chablis prospect in Block 48/16b, scheduled to commence drilling in mid October, 2008. Serica will remain as operator and retains the remaining 65% working interest in the licence.
To meet this drilling programme Serica announces that it has contracted the Northern Offshore Energy Enhancer jack-up drilling rig to drill the well. The well to be drilled will appraise the gas-bearing Permian Leman sandstone reservoir encountered in well 48/16a-2 drilled in 2002 and will be located approximately two kilometres to the east of the earlier well. The Leman sandstone is the reservoir for the numerous producing gas fields adjacent to the Licences. Further information on Serica's Chablis prospect can be found in the most recent presentation posted on Serica's web-site at www.serica-energy.com
Enquiries:
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Serica Energy plc |
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Paul Ellis, Chief Executive Officer |
+44 (0)20 7487 7300 |
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Chris Hearne, Finance Director |
+44 (0)20 7487 7300 |
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JPMorgan Cazenove |
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Steve Baldwin |
+44 (0)20 7588 2828 |
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Tristone Capital Limited |
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Majid Shafiq |
+44 (0)20 7355 5872 |
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Pelham Public Relations -UK |
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James Henderson |
+44 (0)20 7743 6673 |
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Alisdair Haythornthwaite |
+44 (0)20 7743 6676 |
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CHF - Canada |
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Sasha Abrams |
+1 416 868 1079 |
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