Serica Spies Oil at Bandon Well Offshore Ireland

Serica Energy plc

Serica Energy has completed its drilling operations on the Bandon offshore exploration well in license FEL 1/06 in the Slyne Basin, west of Ireland.

Serica spudded well 27/4-1 on May 11 with the Ocean Guardian semisubmersible drilling rig and drilled to a total depth of 6,233 feet through the Jurassic and Sherwood intervals. Oil was encountered and a sidetrack was drilled to acquire additional data and samples.

The volume of oil in place cannot yet be estimated with certainty as considerable technical work remains to be done, but the results to date are encouraging. Using the geological and petrophysical data obtained, Serica will now carry out a remapping exercise using the 3D seismic data to evaluate further the prospectivity of license FEL 1/06 as well as the potential of the three remaining Sherwood sand gas prospects in the license.

Serica CEO Paul Elis said, "This is the first oil discovery west of Ireland for nearly 30 years. Serica's 600 square kilometer license area contains several prospects and we shall now be evaluating them as potential drilling targets. Although much more work needs to be done before the commercial potential of the discovery and the rest of the license can be established, the Bandon oil discovery could mark the beginning of an exciting phase of Irish exploration."