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Serica Awarded Block in the UK 27th Offshore Licensing Round

Source: www.gulfoilandgas.com 12/2/2013, Location: Europe

Serica Energy plc is pleased to announce that it has been offered a Traditional Licence in the latest stage of the 27th Offshore Licensing Round, announced by the Department of Energy and Climate Change on Friday 29 November.

Block 113/22 in the East Irish Sea has been offered to a group in which Serica has a 35% interest and is operator for the group. This block is adjacent to Serica Block 113/27c, which contains the Doyle Triassic gas prospect, a fault and dip closed structure which possibly extends into the newly awarded licence. Work commitments include obtaining 150 kilometres of 2D seismic data and a drill or drop decision on a well within 3 years.

In June 2013, Serica announced that it had agreed to farm-out its interest in Blocks 113/26b & 113/27c to Hydrocarbon Resources Limited (“HRL”), a subsidiary of Centrica, in return for HRL meeting Serica’s share of the costs of drilling a well in the Doyle prospect up to a gross well cost of US$17 million. The farm-out agreement extends to the new licence offered. As a result, Serica will have a 20% interest both in the new licence offered and in Blocks 113/26b & 27c on completion of the farm-out and will be carried on the well. A site survey has been completed and the well is planned for late 2014.

The participants in the new licence award are:
Serica Energy (UK) Limited – Operator 35%
Hydrocarbon Resources Limited (a subsidiary of Centrica) 30%
MPX Limited 25%
Agora Limited (a subsidiary of Cairn Energy) 10%

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Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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