Serica Submits Columbus Field Development Plan

Columbus Discovery
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Serica Energy, as operator of UK Block 23/16f, has submitted the Field Development Program ("FDP") for the Columbus field in the UK Central North Sea to the UK government.

In December 2006, Serica announced the discovery of the Columbus gas-condensate field with well 23/16f-11. The well was tested at a rate of 17.5 million cubic feet of gas per day and 1,060 barrels of condensate per day. In 2007 Serica drilled two successful appraisal wells in Block 23/16f and demonstrated that development of the Columbus field would be a commercial project.

Engineering studies have been carried out in cooperation with neighboring infrastructure operators and the Columbus FDP envisages production via a subsea tie-back to the BP operated Eastern Trough Area Project ("ETAP"), a well-established Central Processing Facility ("CPF"). From the ETAP CPF the Columbus gas would be exported via the ETAP gas export pipeline into the Central Area Transmission System ("CATS") to the processing terminal in Teesside on the North East coast of England.

The Columbus condensate would be exported via the existing ETAP oil export pipeline which ties into the Forties Pipeline System and to the Kinneil oil export terminal near Grangemouth, on the Firth of Forth about twenty miles west of Edinburgh, Scotland. The gas and condensate transportation arrangements are subject to commercial negotiations and development is subject to the approval of the Columbus FDP by the UK government.

Serica is the operator of the Columbus field and holds an interest of 50% in Block 23/16f.

Serica CEO Paul Ellis said,"The submission of the Columbus FDP is a big step towards the development of the field and demonstrates the progress being made in our strategy for organic growth, building shareholder value through the development of reserves that Serica has discovered through its own exploration efforts.

"We have a fully funded drilling program for the next nine months including the Chablis well in the Southern North Sea at the end of this month and, early next year, the Bandon prospect in Ireland and the Conan prospect in the East Irish Sea. With interests of at least 50% in each of these prospects, Serica is poised to unlock further value in its core offshore Western Europe portfolio."


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