Serica Energy plc - Morocco Update
LONDON, UNITED KINGDOM -- (Marketwired) -- 10/28/13 -- Serica Energy
plc (TSX: SQZ)
Serica Energy plc
("Serica" or the "Company")
Drilling commences in Foum Draa licence, offshore Morocco
London, 28 October 2013 - Serica Energy plc (TSX & AIM: SQZ) is pleased
to confirm the start of drilling operations in the Foum Draa licence,
Cairn Energy, as Operator, announced this morning that drilling
operations have commenced with the FD-1 wildcat exploration well using
the Cajun Express, a fifth generation semi-submersible drilling unit.
The well is located in 1,500 metres of water approximately 120
kilometres offshore and will test the F prospect, a slope apron clastic
fan of Cretaceous/Jurassic age. The planned total drilling depth is
5,500 metres True Vertical Depth Sub Sea (TVDSS) and operations are
anticipated to take approximately 60 days.
Serica has an 8.33% interest in the Foum Draa licence and is carried on
the drilling costs of the well up to a gross cap of US$60 million with
an expected limited contribution above this level.
The Foum Draa licence extends over an area of 3,300 square kilometres
approximately 150 kilometres south west of Agadir and lies in a highly
underexplored area of the Atlantic Margin with water depths ranging
between 1,000 and 2,000 metres. A large number of salt diapir related
and stratigraphic traps have been mapped on the block. The FD-1 wildcat
is drilling a play type previously untested offshore Morocco.
Tony Craven Walker, Chairman and Interim CEO, said"The spudding of the FD-1
well is the start of what we hope will be an
exciting period of drilling for Serica, which kicks off with two wells
in our acreage offshore Morocco. In both of these wells our costs are
being largely met by others, thus providing the Company and its
shareholders with material upside in the case of success and little
downside cost. This is particularly relevant in Morocco where the risks
are higher due to the frontier nature of the Moroccan blocks. With the
spudding of this well commencing our drilling operations we are looking
forward to the coming period of increased activity."
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