• Spain Overview
• Abiego , Barbastro, Binefar and Peraltilla Exploration Permits

Serica obtained its Spanish exploration permits in 2003. They are located onshore in north-eastern Spain, in the foothills of the Pyrenees Mountains. Serica identified this area as having a working petroleum system, demonstrated by the presence of reservoir and seal rocks in outcrop, gas seeps at surface and gas shows in many of the wells drilled in the area. In January 2008 Serica acquired a new 2D seismic survey, the results of which have led to several prospects being identified.

In order to allow more time to complete environmental and well planning studies, the government agreed to suspend the Permits. A drill or drop decision must be made prior to November 2010 and Serica is seeking a farm-in partner.

The following table provides a summary of Serica’s Spanish assets:

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