Serica Expands Presence in North Sea

Serica has been awarded a Production License over Blocks 210/19a and 210/20a in the Northern North Sea ("NNS") in the 26th Round of UK Offshore Licensing. Possible grants of further licenses applied for by Serica remain subject to the results of environmental assessments by the Department of Energy and Climate Change.

Serica will be the operator of the new license and has a 100% interest.

Blocks 210/19a and 210/20a are contiguous part blocks immediately adjacent to the Otter field in the NNS. A number of oil prospects have been provisionally identified on the blocks at Jurassic Brent Group and Home Sand levels. Two of the Brent Group prospects are down-faulted traps, an emerging and successful play in the NNS, and the other is a conventional Brent fault block. The fourth prospect is in a shallower Jurassic reservoir known as the Home Sand. The four prospects have estimated mean prospective resources ranging from 17 to 51 million barrels.

The work program will include the licensing and interpretation of 3D seismic data and Serica will make a drill or drop decision within two years of the formal award.

Paul Ellis, Chief Executive of Serica, commented, "We are delighted to have been awarded a new UK offshore license in the established Northern North Sea. Serica has not previously held acreage in this area, which has seen renewed exploration success in recent years, and we look forward to an active program on this multi-prospect license."