Serica Moves Forward with Drilling Program Offshore Ireland

AGR Petroleum Services, the world's largest independent well management company, has secured a contract worth US $1.1 million (£835,000) to provide a drilling program on behalf of Serica Energy.

As a result of this award, AGR Petroleum Services has contracted the Ocean Guardian semisub from Diamond Offshore which will be used to drill the Bandon exploration prospect off the west coast of Ireland in License PEL 01/06. Offshore operations are scheduled to start in early May 2009 and are expected to continue for approximately six weeks.

Ian Burdis, vice president of well management at AGR Petroleum Services said, "It is great to have the opportunity to work with Serica Energy, a long-standing client, on this project. Our teams have extensive experience of working in the Atlantic and we look forward to using this experience on this project to provide an effective and efficient drilling program."

According to Serica, the Bandon gas prospect has a potential resource range of 230 billion cubic feet to 1.7 trillion cubic feet. Serica’s costs on this well will be largely carried by RWE-DEA, which is farming in to earn a 50% interest in the Licence, with Serica remaining operator and retaining 50%.

In August 2006 Serica was awarded offshore exploration licence 01/06, covering three blocks in the Slyne Basin off the west coast of Ireland. The license is covered by modern 3D seismic data and is on trend with the Corrib gas field, currently being developed by Shell.

Serica has identified four prospects within the license, including two which exhibit strong amplitude anomalies and are ready to drill.

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