Operations in United Kingdom and Ireland
Overview
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Serica has been actively involved in exploration in the UK since 2001 and holds licenses in the Central North Sea, the Southern North Sea and the East Irish Sea. To date, Serica has participated in the drilling of three wells offshore UK and each of these wells was a gas discovery. In the Southern North Sea, Serica holds a 100% interest in the Block 48/16b Chablis gas discovery and a 50% interest in the Block 54/1b Oak gas discovery. In the Central North Sea Serica holds a 50% interest in the Block 23/16f Columbus gas condensate discovery. Of these discoveries, the Columbus field is now under appraisal and it is expected that the Chablis discovery will be appraised in 2008. The Oak discovery was tested but the gas proved to contain a material proportion of inert components and is therefore unlikely to be immediately commercial.
In addition to its discoveries under appraisal, Serica has a portfolio of prospective exploration acreage in the North Sea and East Irish Sea and expects to drill further exploration wells on its acreage in the course of the next two years. Serica operates all of these blocks and hold interests of 50-100%.
Ireland
In August 2006, Serica was awarded an offshore exploration licence in the Slyne basin off the west coast of Ireland. The area is covered by modern 3D seismic data and is on trend with the Corrib gas field, currently being developed by Shell. Serica holds a 100% interest in its Slyne Basin blocks..