Blocks 15/21g and 15/21a (part) Spaniards

Serica 21%, Premier Oil 28% (operator), Cairn Energy 21%, Parkmead Group 12.62%, Faroe Petroleum 8.4%, Maersk Oil UK 5.74%, Atlantic Petroleum 3.24%

Serica has 21% equity of the amalgamated area in Blocks 15/21g and 15/21a which contain the Spaniards discovery.  The Spaniards oil discovery is a  combination stratigraphic and structural trap which has been tested by discovery well 15/21a-38z, which flowed 2,660 bpd of 25⁰ API oil from high porosity Upper Galley (Jurassic, mid Volgian) sands. 

Serica paid 30% of the 15/21a-60 well (dry hole cost) to appraise the Spaniards discovery. Prior to this appraisal well, subsurface mapping and interpretation of pressure data, supported by the presence of high oil saturations in down-dip well 15/21-2, indicated that the Spaniards discovery could have extended across both 15/21a and 15/21g, with potentially significant upside present within the 15/21g block. In November 2012, well 15/21a-60, drilled by the semi-submersible drilling rig, WilPhoenix, reached a total depth of 10,694 feet. The well encountered 75 feet of Jurassic sands but these were interpreted to be water bearing from the log data, and the well was plugged and abandoned.

Further work will be needed to assess the potential size of the Spaniards oil accumulation, and whether or not further appraisal well drilling can be justified.