Serica encounters oil offshore Morocco

Serica Energy plc confirms that the SM-1 well in the Sidi Moussa block offshore Morocco has reached a TD of 2,825 m (9,268 ft) measured depth below rotary table, and encountered oil. Preparations are under way to perform cased-hole testing.

Offshore staff

LONDONSerica Energy plc (AIM & TSX: SQZ) confirms that the SM-1 well in the Sidi Moussa block offshore Morocco has reached a TD of 2,825 m (9,268 ft) measured depth below rotary table, and encountered oil. Preparations are under way to perform cased-hole testing.

Serica has a 5% working interest in the Sidi Moussa block. Its partners areGenel Energy (operator) and San Leon Energy.

Tony Craven Walker, chairman and CEO of Serica, said, “We are at a very early stage, and the presence of hydrocarbons in this frontier block will require further evaluation. At this stage, it is premature to make any definitive technical interpretation. The planned well test is being designed to achieve this objective as far as possible, and an update will be released once these operations are concluded.”

10/20/2014

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