UK Northern North Sea

Licence P2501 North and South Eigg – Blocks 3/24c, 3/29c

Serica 100%

Blocks 3/24c and 3/29c contain the North Eigg and South Eigg prospects and are located in the Northern North Sea, adjacent to the Serica operated Rhum Field in Block 3/29a. The prospects are high pressure and temperature (HPHT) and interpreted to share many geological similarities with the Rhum Field. North Eigg is the primary target and is clearly defined on 3D seismic data and forms a structural trap sealed against the East Shetland bounding fault. Serica has carried out an in-house evaluation of the prospects and its estimate of unrisked prospective (recoverable) resources, based on seismic mapping and Rhum analogue data, is shown below.

Prospective Resources (Recoverable)
	Dry Gas (bcf)			Oil / Condensate (mmbbls)
	P90	P50	P10	P90	P50	P10
North Eigg	105	367	1216	1.2	8.3	53.3
South Eigg	69	263	939	2.1	11.3	61.9

Serica has committed to drilling an exploration well within three years of licence award, and in the event of a commercial discovery, intends to develop the field via a subsea tie-back to the Serica operated and 98% owned Bruce facilities. As well as providing Serica with potentially significant additional reserves, a tie-back to the Bruce platform would reduce unit operating costs and extend the economic life of this strategic North Sea infrastructure.

SERICA 32ND ROUND EXPLORATION ACREAGE

UK Northern North Sea

Licence P2506 – Blocks 3/25b, 3/30, 4/26, 9/5a

Serica (operator) 100%

Serica Energy has been awarded a 100% working interest in licence P2506 covering blocks 3/25b, 3/30, 4/26, 9/5a in the greater Bruce / Rhum area located in the UK Northern North Sea. The blocks are adjacent to the Serica operated Bruce and Rhum fields. Several prospects and leads have been mapped and will be worked up to maturity. The proposed work programme includes purchasing 3D seismic data, technical studies and a contingent well decision after three years.