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Serica Energy PLC: Drilling Commences in Sidi Moussa Licence
LONDON, UNITED KINGDOM--(Marketwired - Jul 31, 2014) - Drilling Commences in Sidi Moussa licence, offshore Morocco
Serica Energy PLC (TSX: SQZ) (LSE: SQZ)
Serica Energy plc
("Serica" or the "Company")
Serica Energy plc (AIM & TSX: SQZ) is pleased to confirm the commencement of drilling of the SM-1 well in Morocco.
Genel Energy, the operator of the Morocco Sidi Moussa licence, has informed Serica that the semi-submersible rig 'Noble Paul Romano' has been secured on location and that the SM-1 well spudded at 23:10 hours on 30 July 2014. The well, located approximately 60km off the west coast of Morocco in c.990m of water, is anticipated to take between 60 and 90 days to complete operations.
Serica holds a 5% interest in the Sidi Moussa licence and is carried on the drilling costs of the well up to a gross cap of US$50 million with an expected limited contribution above this level. This well is a commitment well in the first extension period of the licence.
The Sidi Moussa licence extends over an area of over 5000 square kilometres approximately 75 kilometres south west of Agadir.
Tony Craven Walker, Serica's Chairman and CEO said:
"The SM-1 is well placed to test the carbonate reservoir potential in the Sidi Moussa licence. Serica is largely carried on this frontier exploration well. Morocco is still underexplored and the potential is there for a material oil find."
Enquiries:
Serica Energy plc | ||
Tony Craven Walker, Chairman & CEO | +44 (0)20 7487 7300 | |
Mitch Flegg, COO | +44 (0)20 7487 7300 | |
Chris Hearne, CFO | +44 (0)20 7487 7300 | |
Peel Hunt | ||
Richard Crichton | +44 (0)20 7418 8900 | |
Charles Batten | +44 (0)20 7418 8900 | |
Instinctif | ||
David Simonson | +44 (0)20 7457 2020 | |
Catherine Wickman | +44 (0)20 7457 2020 |
To view the full announcement, please click on the following link.
http://www.rns-pdf.londonstockexchange.com/rns/8545N_1-2014-7-31.pdf
