Serica Wins License Offshore Ireland

Serica Energy plc said that, in the 2006 Irish Offshore Licensing Round, it has been awarded a License covering Blocks 27/4, 27/5 (part block) and 27/9 ("the Blocks") which covers an area of approximately 611 sq km in the Slyne Basin off the west coast of Ireland. Serica is the operator and will hold a 100% interest in the License.

The Blocks are already covered by modern 3D seismic data and Serica will be reprocessing around 300 square kilometers of this data as part of its work program to assess the prospectivity of the Blocks in the first phase of the License. If Serica elects to proceed to the second phase of the License it will drill at least one exploration well.

Chris Atkinson (Chief Operating Officer) commented:

"We are delighted to have been awarded these Blocks offshore Ireland as part of our strategy to expand into new areas in which we have technical knowledge. Our technical team has a detailed understanding of the Slyne Basin and is looking forward to re-evaluating its undoubted prospectivity with the benefit of modern 3D seismic data."

The Blocks lie in water depths of 200 to 300 meters, about 40 km south of the Corrib Gas Field. Corrib was discovered by Enterprise Oil plc in 1996 and is now being developed by Shell. It is expected to produce up to 350 million cubic feet of gas per day at peak production.

A number of prospects have been identified in the Blocks in the Triassic Sherwood Sandstone, the producing reservoir in the Corrib Field. There are also secondary targets in the Middle Jurassic sandstones.

Serica Energy plc is an international oil and gas exploration company with operations in Indonesia, the UK North Sea and Spain.

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