Serica Energy plc is looking for partners to help fund the drilling of an exploration well on the deep-water Muckish prospect and in return it is offering equity in FEL 1/09 and FEL 4/13 (previously OP 11/01). Muckish lies within a tilted fault block which is analogous to the Dooish discovery, which lies 30 km to the south. It has an aerial closure of up to 31 sq km and vertical closure of 600 m. The prospect is believed to have a Permian to Middle Jurassic reservoir. Serica estimate P50 most likely recoverable resources of 1,285 Bcf and 85 MMbbl of condensate. Serica's P10 resource estimate is over 3 Tcf and 227 MMbbl of condensate. Costs for an exploration well are estimated to be in the region of USD 52 million (GBP 32 million, dry hole). Two further prospects, Muckish East and Mackoght, have also been identified in the licence area and are follow-up prospects in the event of success at Muckish.   FEL 4/13 contains two large pre-Cretaceous prospects, Aghla More and Aghla Beg. Aghla More is the larger of the two prospects and is a tilted fault block with seismic character suggesting a reservoir analogous to the nearby Dooish Discovery. Alpha More has an aerial closure of 61 sq km and Serica estimates P50 reserves of 1.4 Tcf of gas and 94 MMbbl of condensate. Aghla Beg is a fractured basement play, with a seismic character analogous to the Lancaster and Clair fields, West-of-Shetlands, UK. Serica estimate P50 reserves of 762 Bcf and 50 MMbbl of condensate. The company have interpreted the presence of turbidite fans in FEL 4/13. The largest fan forms the Derryveagh Prospect and is draped over the top of the Aghla More prospect. Both Aghla More and Derryveagh could be tested with a single vertical exploration well. Derryveagh has internal estimated P50 reserves of 1,276 Bcf and 84 MMbbl of condensate. Under the terms of FEL 4/13, Serica has firmed up the three prospects by completing 3D seismic reprocessing and a number of geological studies.  Serica has developed plans to test drill the Muckish prospect and is seeking farm-in partners to share the drilling cost and to take the exploration programme to the next stage in FEL 4/13. In September 2018, Serica announced it was holding discussions with the authorities about securing an extension of FEL 1/09 beyond the November 2018 expiry of the current term. Serica also confirmed that it is still seeking a partner to participate in drilling a well in one or both licences.  Interest in licenses FEL 1/09 and FEL 4/13 is held solely by Serica Energy (UK) Ltd.  For further information regarding the Farm-out opportunity please contact:  Clara Altobell, International Asset Manager  Tel â 0044 (0) 207 487 7300  Email: Clara.altobell@serica-energy.com
Serica Energy plc is looking for partners to help fund the drilling of an exploration well on the deep-water Muckish prospect and in return it is offering equity in FEL 1/09 and FEL 4/13 (previously OP 11/01). 