14th Nov 2006 14:30
Serica Energy plc14 November 2006 FOR IMMEDIATE RELEASE: Tuesday, 14 November, 2006 SERICA ENERGY PLC ANNOUNCES NORTH SEA ACREAGE EXCHANGE WITH BG GROUP PLC London, 14 November, 2006 - Serica Energy plc (AIM and TSX Venture: SQZ)("Serica") announces that it has entered into an agreement with BG InternationalLimited, a subsidiary of BG Group plc ("BG") that provides for an exchange ofadjacent exploration licence interests in the UK Central North Sea. Serica is currently drilling the Columbus prospect in Block 23/16f, in which ithas a 50% interest and is the operator. BG has an equity holding in part of theadjacent Block 23/21 ("Part Block 23/21") into which Serica believes theColumbus prospect may extend. Serica and BG have entered into a cross-assignment agreement that provides, incertain specific circumstances, for Serica to exchange with BG a 25% interest inBlock 23/16f for a 25% interest in Part Block 23/21 (excluding the Lomond field)and for BG to participate in the costs of the Columbus well, 23/16f-11. Theassignments of interest will be subject to regulatory and partner approvals. Paul Ellis, Chief Executive Officer, commented: "We are delighted to have reached this agreement with BG. If Columbus issuccessful, the prospective common interests of Serica and BG in Blocks 23/16fand 23/21 will enable appraisal wells to be drilled and the development of anydiscovery to be commenced in the most efficient manner." Background Notes Serica Energy plc is an international oil and gas exploration company withoperations in Indonesia, the UK North Sea, Spain, Ireland and Vietnam. TheCompany's ordinary shares are listed in London on AIM and on the Canadian TSXVenture Exchange under the symbol "SQZ". The 2005 Annual Report and Accounts areavailable at www.serica-energy.com and www.sedar.com. Enquiries: Serica Energy plcPaul Ellis, [email protected] +44 (0)20 7487 7300Chief Executive OfficerChris Hearne, [email protected] +44 (0)20 7487 7300Finance Director Pelham Public Relations -UKJames Henderson [email protected] +44 (0)20 7743 6673Alisdair Haythornthwaite [email protected] +44 (0)20 7743 6676 CHF Investor Relations - CanadaJan Moir [email protected] +1 416 868 1079 x237 ---------------Heather Colpitts [email protected] +1 416 868 1079 x223 ------------------- Forward Looking Statements This disclosure contains certain forward looking statements that involvesubstantial known and unknown risks and uncertainties, some of which are beyondSerica Energy plc's control, including: the impact of general economicconditions where Serica Energy plc operates, industry conditions, changes inlaws and regulations including the adoption of new environmental laws andregulations and changes in how they are interpreted and enforced, increasedcompetition, the lack of availability of qualified personnel or management,fluctuations in foreign exchange or interest rates, stock market volatility andmarket valuations of companies with respect to announced transactions and thefinal valuations thereof, and obtaining required approvals of regulatoryauthorities. Serica Energy plc's actual results, performance or achievementcould differ materially from those expressed in, or implied by, these forwardlooking statements and, accordingly, no assurances can be given that any of theevents anticipated by the forward looking statements will transpire or occur, orif any of them do so, what benefits, including the amount of proceeds, thatSerica Energy plc will derive there from. The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release. To receive Company news releases via email, please contact [email protected] and specify "Serica press releases" in the subject line. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
Serica EnergyBG..L