Serica Energy to Drill Chablis Prospect in October

Serica Energy  has reached an agreement with Hansa Hydrocarbons Limited for Hansa to farm-in to Serica's UK licenses covering Block 48/16b and Block 48/17d in the Southern North Sea. Completion is subject to the receipt of UK government consent.

Serica currently has a 100% working interest in the Licenses. Under the terms of the farm-out agreement, Hansa will earn a 35% working interest in the Licenses in return for contributing on a promoted basis to the cost of a well to appraise the Chablis prospect in Block 48/16b, scheduled to commence drilling in mid October, 2008. Serica will remain as operator and retains the remaining 65% working interest in the license.

To meet this drilling program Serica has contracted Northern Offshore's Energy Enhancer jackup to drill the well. The well to be drilled will appraise the gas-bearing Permian Leman sandstone reservoir encountered in well 48/16a-2 drilled in 2002 and will be located approximately two kilometers to the east of the earlier well. The Leman sandstone is the reservoir for the numerous producing gas fields adjacent to the Licenses.

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