Serica Energy plc: Update on Operations in Morocco LONDON, UNITED KINGDOM -- (Marketwired) -- 12/20/13 -- Serica Energy plc (TSX: SQZ) *T TSX:SQZ Serica Energy plc ("Serica" or the "Company") Update on Operations in Morocco London, 20 December 2013 - Serica Energy plc (TSX & AIM: SQZ) announces that Cairn Energy, the operator of the Foum Draa licence offshore Morocco, has reported today that well FD-1 has reached a Total Depth of 5,255m MDBRT (measured depth below rotary table). Serica has an 8.33% working interest in the Foum Draa licence. The well was drilled to test the presence of a Late Jurassic/Early Cretaceous deep-water turbidite slope fan and channel complex. Cairn has stated that, although commercial hydrocarbons and clastic reservoir rocks were not found, gas shows were encountered indicating an active thermogenic petroleum system. The well is now in the process of being plugged and abandoned. Tony Craven Walker, Chairman and Interim CEO, said"The results of this first well in Morocco have not yielded commercial hydrocarbons but Serica's cost and risk exposure was largely protected as a result of our farm-out in 2012 to Cairn Energy. We now move on to drill our second well in Morocco which is scheduled to start late in the first half of 2014 in the Sidi Moussa licence operated by Genel Energy. The well, which will be drilled by the Noble Paul Romano semi-submersible drilling rig, is aimed at evaluating a large carbonate structural prospect. Serica has a 5% working interest in this licence and is also largely carried for its share of drilling costs, thus maintaining the Company's policy of providing Serica shareholders with material upside in the case of success but with little downside exposure." Enquiries: Serica Energy plc Tony email@example.com +44 (0)20 7487 7300 Craven Walker, Chairman& Interim CEO Mitch Flegg, COO firstname.lastname@example.org +44 (0)20 7487 7300 Chris Hearne, CFO email@example.com +44 (0)20 7487 7300 Peel Hunt Richard Crichton firstname.lastname@example.org +44 (0)20 7418 8900 Charles Batten email@example.com +44 (0)20 7418 8900 RBC Capital Markets Matthew Coakes firstname.lastname@example.org +44 (0)20 7653 4000 Daniel Conti email@example.com +44 (0)20 7653 4000 College Hill David firstname.lastname@example.org +44 (0)20 7457 2020 Simonson Catherine email@example.com +44 (0)20 7457 2020 Wickman Alexandra firstname.lastname@example.org +44 (0)20 7457 2020 Roper Click on, or paste the following link into your web browser, to view the associated PDF document. http://www.rns-pdf.londonstockexchange.com/rns/1019W_1-2013-12-20.pdf This information is provided by RNS The company news service from the London Stock Exchange END Contacts: RNS Customer Services 0044-207797-4400 email@example.com http://www.rns.com
Serica Energy plc: Update on Operations in Morocco
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