Serica Secures Jack-up for Oak Prospect

Serica Energy plc

Serica Energy plc reported that it has secured the use of the Ensco 92 jack-up drilling rig to drill an exploration well to test the "Oak" prospect in U.K. offshore Block 54/1b. The well will be operated by Peak Well Management Limited on behalf of Serica.

It is anticipated that the well will be drilled in October 2006. Serica holds a 100% interest in the block and has received a number of offers regarding a potential farm-in that are being reviewed.

“Securing the Ensco 92 rig adds a second well to our 2006 exploration drilling program in the U.K. North Sea,” said Paul Ellis, Serica’s chief executive. “We now anticipate that in October this year we shall be drilling both the Block 23/16f Columbus prospect in the Central North Sea and the Block 54/1b Oak prospect in the Southern Gas Basin. We shall also be adding further rig time to that which we have already secured for our 2007 exploration program, which includes exploration, appraisal and development wells in the U.K. and Indonesia.”

Serica Energy plc is an international oil and gas exploration company with operations in Indonesia, the U.K. North Sea, and Spain. The company's ordinary shares are listed in London on AIM and on the Canadian TSX Venture Exchange under the symbol “SQZ.”

Peak Well Management Limited is part of The Peak Group, which in May 2006 was acquired by The Ability Group (AGR) of Norway. Ability Group is now established as the world's leading independent well operator.