Centrica farm-in and AGM Statement
LONDON -- (Marketwired) -- 06/27/13 -- Serica Energy plc (TSX: SQZ)
Serica Energy plc
("Serica" or the "Company")
Centrica to farm-in to Serica's blocks 113/26b and 27c, UK East Irish
AGM Statement and Company Presentation
London, 27 June 2013- Serica Energy plc (AIM & TSX: SQZ) announces
that it has reached agreement with Centrica through its subsidiary
Hydrocarbon Resources Limited ("HRL") for the farm-out of UK East Irish
Sea Blocks 113/26b and 27c (Licence P.1482), in which Serica
presently holds a 65% interest.
Under the agreement, HRL will acquire 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 cap of $17 million.
A gas prospect lying in the north of Block 113/27c, the Doyle prospect
has been fully matured as the result of work performed in 2011 and is
ready to drill. The site survey for this prospect has recently been
completed at no cost to Serica. As plans for the well are ready for
early drilling, a fast track timeframe announcement for this is also
The agreement is subject to UK government approval. Completion also
requires agreement with the operator of a wind farm planned nearby.
However this is now at an advanced stage with final agreement expected
Serica also announces that a statement to be made by Tony Craven
Walker, Chairman and Interim CEO, at today'sAGM which is due to
commence at 10am (British Summer Time) at The Registry, Royal Mint
Court, London, EC3N 4QN, United Kingdom is available to view at
www.serica-energy.com together with a copy of the company presentation
also given at the AGM.
Click on, or paste the following link into your web browser, to view
the associated PDF document.
This information is provided by RNS
The company news service from the London Stock Exchange
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