Serica is preparing to conduct drilling operations at two prospects: the Oates prospect in the UK Central North Sea and the Conan prospect in the UK East Irish Sea.
Oates Prospect - UK Central North Sea
The Ensco 100 jackup drilling rig has been secured for an exploration well on the Oates prospect in UK Central North Sea Block 22/19c. Mobilization of the drilling rig to the location is expected in June 2010.
The rig has been contracted by the license operator, Premier Oil, and the expected duration of the well is 30 days.
Serica holds a 50% interest in the license and its share of the well costs is being carried by Premier Oil under the terms of a farm-in agreement.
Conan Prospect - UK East Irish Sea
Serica is preparing to drill the Conan prospect in Blocks 113/26b and 113/27c. As previously announced, the Company has secured the Ensco 80 jackup drilling rig. This is expected to be mobilized from Humberside at the end of this month and to spud the well early in May.
Serica holds a 65% interest in the Conan prospect and the majority of its share of the costs is being paid by Agora Oil & Gas (UK) AS under the terms of a farm-out agreement. Serica is the operator of Blocks 113/26b and 113/27c, which contain the Conan and Doyle prospects.