Serica Energy Completes Farm Out of Doyle Gas Prospect

UK-focused junior explorer Serica Energy reported Tuesday that it has completed the farm out of UK East Irish Sea Blocks 113/26b and 113/27c (comprising UK license P1482) to Centrica.

The deal sees Centrica subsidiary Hydrocarbon Resources Limited acquire an operated interest of 45 percent in the blocks, with Serica retaining 20 percent. In return, HRL will bear Serica's share of costs associated with the drilling of an exploration well – up to a gross cap of $18.7 million (GBP 11 million). In addition, the transaction see the transfer from Serica to HRL of a 15-percent interest in, and operatorship of, the adjacent Block 113/22a (UK license P2124), which was awarded in the 27th Offshore Licensing Round.

Serica added that the Doyle gas prospect, lying in the north of Block 113/27c and extending into Block 113/22am, is now ready to drill. The site survey for this prospect has been completed and planning for the well is under way.

Serica Chairman and CEO Tony Craven Walker commented in a company statement:

"We are extremely pleased to complete this agreement and look forward to confirming the drilling of the Doyle well in the near future. Successful negotiations with the nearby Walney Extension Wind Farm owners have secured a corridor for a potential gas pipeline to Rhyl. In the event of a commercial discovery, Doyle is ideally placed for a fast-track development and early gas production due to available capacity in nearby infrastructure."

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