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Serica Energy plc announces results of Spaniards East well

Wednesday, Nov 07, 2012

Serica Energy plc (TSX:SQZ)(AIM:SQZ) announces that well 15/21a-60, drilled to appraise a possible easterly extension of the Spaniards discovery in Block 15/21a, has reached a total depth of 10,694 feet and is being plugged and abandoned. The well, operated by Premier Oil, encountered 75 feet of Jurassic sands but these were interpreted to be water bearing from the log data.

Tony Craven Walker, Chairman and Interim CEO stated: "There was a reasonable pre-drill expectation that the Spaniards discovery extended over a wider area and, given its proximity to existing production facilities, could therefore be commercial. Whilst a full analysis of the well results will be required before a final conclusion can be reached, the initial interpretation now indicates that the accumulation is likely to be confined to a more limited area around the original discovery well."

The technical information contained in the announcement has been reviewed and approved by Peter Sadler, Business Development Director of Serica Energy plc. Peter Sadler is a qualified Petroleum Engineer (MSc Imperial College, London, 1982) and has been a member of the Society of Petroleum Engineers since 1981.

Source: Marketwire

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