The exercise of these warrants represents a 100% take-up of the original 6,875,000 warrants issued at a price of Cdn$1.20, expiring 6 August 2006. 1,135,575 of the warrants had been exercised prior to 30 June 2006. The proceeds will be directed primarily towards the Company's extensive exploration and appraisal drilling program in the UK North Sea and Indonesia and on its development projects in Indonesia.
Paul Ellis (Chief Executive Officer) commented:
"I am pleased that all warrant holders chose to exercise their warrants, showing support for the Company's progress and excitement about the upcoming exploration and appraisal drilling programs in the UK North Sea and Indonesia."
The warrants were issued in connection with a financing by Serica in November 2004. The Company now has 150,537,956 issued shares and 157,181,456 on a fully diluted basis. The Company has no further warrants outstanding.
Serica Energy plc is an international oil and gas exploration company with operations in Indonesia, the UK North Sea and Spain.
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