Serica set to drill Irish Sea prospect

Agora Oil & Gas UK has agreed to farm into two Irish Sea blocks operated by Serica Energy.

Offshore staff

LONDON -- Agora Oil & Gas UK has agreed to farm into two Irish Sea blocks operated by Serica Energy. Blocks 113/26b and 113/27c contain the Conan and Doyle prospects.

Subject to approval by the UK government, Agora will fund 70% of an exploration well this spring on Conan, due to be drilled to a sub-surface depth of around 5,000 ft (1,524 m). In exchange, Agora will gain a 35% interest in both blocks.

Serica describes Conan as a high potential Triassic Sherwood sand gas prospect. The structure has been identified from 3D seismic data, and extends over an area of around 28 sq km (10.8 sq mi). Serica believes it is the largest undrilled seismic anomaly in the East Irish Sea, off northwest Englan.

Conan is near to the producing Millom field and the recent Rhyl gas find. Nearby production infrastructure should facilitate development, if Conan proves commercial.

01/21/2010

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