Serica was awarded a Production License over Block 22/19c in the UK 25th Round of Offshore Licensing. Serica is the License operator and holds a 100% working interest.
Block 22/19c lies in the UK Central North Sea and is located approximately 20 kilometers to the west of Serica's Columbus field, currently under development. The License contains two Palaeocene Forties sand prospects known as Oates and Bowers. The Oates prospect is considered low risk and exhibits a well-defined amplitude response on the 3D seismic data, similar to that seen in the Columbus field, in which three successful wells have been drilled by the Company. The Oates prospect has estimated prospective resources of 180 billion standard cubic feet of gas or 60 million barrels of oil, depending upon whether oil or gas is found.
The License is classed as a Traditional License and, during the initial term of four years, Serica must drill a well to test the Palaeocene target and at the end of the initial term 50% of the License area must be relinquished.
Serica CEO Paul Ellis said, "We are delighted to have been awarded Block 22/19c as it was the highest ranked block in our 25th Round applications. Success with the Oates prospect could also enhance the economics of the Columbus development, through the shared use of facilities such as pipelines and risers. We look forward to an early start to our drilling program, so that potential development synergies may be realized."
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