Serica awarded Rockall basin license

Offshore staff

LONDON-- Serica Energy has been awarded Frontier Exploration License FEL1/09 covering blocks 5/17, 5/18, 5/22, 5/23, 5/27, and 5/28 in the Rockall basin off the west coast of Ireland. Serica is the operator and holds a 100% working interest.

License FEL 1/09 lies in the northeastern part of the offshore Rockall basin – the six blocks cover a total area of 993 sq km (383 sq mi). The Rockall basin has an areal extent of over 100,000 sq km (38,610 sq mi) in which only three exploration wells have been drilled to date. Of these exploration wells, the 12/2-1 Dooish gas-condensate discovery, lies approximately 9 km (5.6 mi) to the south of the license and encountered a 214-m (702-ft) hydrocarbon column.

Serica has already acquired a 3D seismic survey and is reprocessing the data in order to enhance its understanding of the principal prospect, a structure known as Muckish that covers an area of approximately 30 sq km (12 sq mi) in a water depth of 1,450 m (4,757 ft). Serica estimates that Muckish has a most likely prospective resource of 675 bcf of gas equivalent. Given the frontier nature of the area, it is also possible that the structure could contain oil, the company says. In order to learn more about its hydrocarbon potential, Serica will acquire several 2D long-offset seismic lines across the Muckish structure.

The license is classed as a Frontier Exploration License and may be held for up to sixteen years subject to work program and relinquishment requirements. Upon a commercial discovery, a Petroleum Lease will be granted. In the initial license phase of four years, Serica is committed to carry out geological and geophysical studies and to acquire 400 km (249 mi) of long-offset 2D seismic data.

07/21/2009