Serica Energy plc: Results of Spaniards East Well
06 November 2012 - 6:00PM
Marketwired
Serica Energy plc (TSX:SQZ)(AIM:SQZ) announces that well 15/21a-60,
drilled to appraise a possible easterly extension of the Spaniards
discovery in Block 15/21a, has reached a total depth of 10,694 feet
and is being plugged and abandoned. The well, operated by Premier
Oil, encountered 75 feet of Jurassic sands but these were
interpreted to be water bearing from the log data.
Tony Craven Walker, Chairman and Interim CEO stated: "There was
a reasonable pre-drill expectation that the Spaniards discovery
extended over a wider area and, given its proximity to existing
production facilities, could therefore be commercial. Whilst a full
analysis of the well results will be required before a final
conclusion can be reached, the initial interpretation now indicates
that the accumulation is likely to be confined to a more limited
area around the original discovery well."
The technical information contained in the announcement has been
reviewed and approved by Peter Sadler, Business Development
Director 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 was formed in 2004 and, since then, has drilled in
locations as diverse as the UK Offshore, the Atlantic margin
offshore Ireland, offshore Indonesia (North West Sumatra, East
Kalimantan and Java) and offshore Vietnam. Seventeen wells were
drilled by the Company as Operator, fourteen of the wells
encountered oil or gas and six of these were commercial. The first
of the commercial discoveries, the Kambuna field in North West
Sumatra, was developed by the Company. The second, the Columbus
field in the UK North Sea, is now in the pre-development stage with
project sanction pending. The Company also has a residual economic
interest in the Bream oil field offshore Norway, which will be
crystallised when the field is developed, and licence interests
offshore Ireland, Morocco and Namibia.
The Company is listed on both the Toronto Stock Exchange and the
London AIM under the ticker SQZ.
To receive Company news releases via email, please contact
serica@collegehill.com and specify "Serica press releases" in the
subject line.
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:
geological, geophysical and technical risk, 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.
Contacts: Serica Energy plc Tony Craven Walker Chairman +44
(0)20 7487 7300tony.cravenwalker@serica-energy.com Serica Energy
plc Peter Sadler Business Development Director +44 (0)20 7487
7300peter.sadler@serica-energy.com Serica Energy plc Chris Hearne
CFO +44 (0)20 7487 7300chris.hearne@serica-energy.com J.P. Morgan
Cazenove Michael Wentworth Stanley +44 (0)20 7588
2828michael.wentworthstanley@jpmorgancazenove.com RBC Capital
Markets Matthew Coakes +44 (0)20 7653 4871matthew.coakes@rbccm.com
College Hill Matthew Tyler +44 (0)20 7457
2020matthew.tyler@collegehill.com College Hill Catherine Wickman
+44 (0)20 7457 2020catherine.wickman@collegehill.com College Hill
Alexandra Roper +44 (0)20 7457
2020alexandra.roper@collegehill.com