Marindan-1 Exploration Well

RNS Number : 1217V

Serica Energy plc

28 October 2010

 



Serica Energy plc

("Serica" or the "Company")

Marindan-1 Exploration Well, Kutai PSC, Indonesia

Serica Energy (TSX Venture & AIM: SQZ) announces that on 27 October the Trident IX jack-up drilling rig spudded the Marindan-1 well in the southern part of the Kutai PSC offshore East Kalimantan, Indonesia.  The well is targeting five separate multilayer clastic and carbonate reservoirs of late Miocene to early Pliocene age in the interval from 1,400 to 3,500 metres measured depth and will be deviated at a maximum angle of approximately 30 degrees in order to reach each target at the optimum subsurface location.  The reservoirs have been prognosed on the basis of offset well data and modern 3D seismic.

The Marindan well is being drilled about 2.5 kilometres from the Pegah-1 well drilled by a previous operator in 1974.  Pegah-1 found trace shows of oil and produced a small volume of gas during a drill stem test.

Water depth at the well location is 55 metres and the well is expected to take approximately 30 days to complete.

Serica is operator of the Kutai PSC and holds a 30% interest.

28 October 2010

Enquiries:

Serica Energy plc
Paul Ellis, CEO	[e-mail]	[phone]
Chris Hearne, CFO	[e-mail]	[phone]
J.P.Morgan Cazenove
Patrick Magee	[e-mail]	[phone]
RBC Capital Markets
Josh Critchley	[e-mail]	[phone]
Matthew Coakes	[e-mail]	[phone]
College Hill
Nick Elwes	[e-mail]	[phone]
Simon Whitehead	[e-mail]	[phone]

The technical information contained in the announcement has been reviewed and approved by Peter Sadler, Chief Operating Officer of Serica Energy plc.  Peter Sadler is a qualified Petroleum Engineer (MSc Imperial College, London, 1982) and has been a member of the Society of Petroleum Engineers since 1981.

www.serica-energy.com

Forward Looking Statements

This disclosure contains certain forward looking statements that involve substantial known and unknown risks and uncertainties, some of which are beyond Serica Energy plc's control, including: the impact of general economic conditions where Serica Energy plc operates, industry conditions, changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced, increased competition, the lack of availability of qualified personnel or management, fluctuations in foreign exchange or interest rates, stock market volatility and market valuations of companies with respect to announced transactions and the final valuations thereof, and obtaining required approvals of regulatory authorities.  Serica Energy plc's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward looking statements will transpire or occur, or if any of them do so, what benefits, including the amount of proceeds, that Serica Energy plc will derive therefrom.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

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