Serica awarded North Sea blocks

Serica Energy has been offered three UK exploration licenses in the UK 25th Seaward Licensing Round.

Offshore staff

LONDON -- Serica Energy has been offered three UK exploration licenses in the UK 25th Seaward Licensing Round. The licenses cover interests in block 15/21e (split) in the central North Sea, block 48/16a (part) in the southern North Sea, and block 110/2d in the east Irish Sea. The blocks have been offered under traditional license terms and Serica will operate two of the three blocks.

Block 15/21e (split) lies in the central North Sea and Serica will have a 30% interest. The block lies immediately west of the Scott field and contains a potentially significant extension to an existing Jurassic oil discovery in well 15/21a-38, the company says. A subsidiary of Encore Oil will be the license operator.

Block 48/16a (part) lies in the southern North Sea and Serica will operate the license. The block lies immediately west of Serica's Chablis field, in which appraisal drilling will begin shortly, and the field may extend into the new license.

Serica will initially have a 100% interest, but this may be reduced to 65% under the terms of a farm-out agreement. Serica presently holds a 65% operated interest in the Chablis field in blocks 48/16b and 48/17d.

Block 110/2d lies in the East Irish Sea adjacent to the Morecambe gas field and south of Serica's blocks 113/26b and 113/27c, which contain the Conan and Doyle prospects. Serica will operate the license with a 100% interest.

11/17/2008

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