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Serica Completes Farm out to UK East Irish Sea Blocks

Source: www.gulfoilandgas.com 8/5/2014, Location: Europe

Serica Energy plc has completed the farm out of UK East Irish Sea Blocks 113/26b and 113/27c (Licence P.1482) with Centrica through its subsidiary Hydrocarbon Resources Limited ("HRL").

Under the agreement, HRL has acquired an operated 45% interest in the licence, with Serica retaining 20%, in consideration for HRL bearing Serica's share of costs associated with the drilling of an exploration well, up to a gross cap of £11 million. In addition, the transaction involved the transfer from Serica to HRL of a 15% interest and operatorship in the adjacent Block 113/22a (Licence P.2124), which was awarded in the 27th Offshore Licensing Round. The equity interests over the two licences are now aligned.

The Doyle gas prospect, lying in the north of Block 113/27c and extending into Block 113/22a, is ready to drill. The site survey for this prospect has been completed and planning for the well is under way.

Tony Craven Walker, Serica's Chairman and CEO said:
"We are extremely pleased to complete this agreement and look forward to confirming the drilling of the Doyle well in the near future. Successful negotiations with the nearby Walney Extension Wind Farm owners have secured a corridor for a potential gas pipeline to Rhyl. In the event of a commercial discovery, Doyle is ideally placed for a fast-track development and early gas production due to available capacity in nearby infrastructure."

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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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