Serica Energy plc: Update on Operations in Morocco
LONDON, UNITED KINGDOM -- (Marketwired) -- 12/20/13 -- Serica Energy
plc (TSX: SQZ) *T
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."
Serica Energy plc
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