North Sea Acreage Exchange

Serica Energy plc
14 November 2006


FOR IMMEDIATE RELEASE: Tuesday, 14 November, 2006


                          SERICA ENERGY PLC ANNOUNCES
                  NORTH SEA ACREAGE EXCHANGE WITH BG GROUP PLC

London, 14 November, 2006 - Serica Energy plc (AIM and TSX Venture: SQZ)
('Serica') announces that it has entered into an agreement with BG International
Limited, a subsidiary of BG Group plc ('BG') that provides for an exchange of
adjacent exploration licence interests in the UK Central North Sea.

Serica is currently drilling the Columbus prospect in Block 23/16f, in which it
has a 50% interest and is the operator. BG has an equity holding in part of the
adjacent Block 23/21 ('Part Block 23/21') into which Serica believes the
Columbus prospect may extend.

Serica and BG have entered into a cross-assignment agreement that provides, in
certain specific circumstances, for Serica to exchange with BG a 25% interest in
Block 23/16f for a 25% interest in Part Block 23/21 (excluding the Lomond field)
and for BG to participate in the costs of the Columbus well, 23/16f-11. The
assignments of interest will be subject to regulatory and partner approvals.


Paul Ellis, Chief Executive Officer, commented:

'We are delighted to have reached this agreement with BG. If Columbus is
successful, the prospective common interests of Serica and BG in Blocks 23/16f
and 23/21 will enable appraisal wells to be drilled and the development of any
discovery to be commenced in the most efficient manner.'

Background Notes

Serica Energy plc is an international oil and gas exploration company with
operations in Indonesia, the UK North Sea, Spain, Ireland and Vietnam. The
Company's ordinary shares are listed in London on AIM and on the Canadian TSX
Venture Exchange under the symbol 'SQZ'. The 2005 Annual Report and Accounts are
available at www.serica-energy.com and www.sedar.com.

Enquiries:

Serica Energy plc
Paul Ellis,                  [e-mail]              [phone]
Chief Executive Officer
Chris Hearne,                [e-mail]             [phone]
Finance Director

Pelham Public Relations -UK
James Henderson              [e-mail]          [phone]
Alisdair Haythornthwaite     [e-mail] [phone]

CHF Investor Relations - Canada
Jan Moir                     [e-mail]                         [phone] x237
                             ---------------
Heather Colpitts             [e-mail]                     [phone] x223
                             -------------------

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 there from.


The TSX Venture Exchange has not reviewed and does not accept responsibility for
                   the adequacy or accuracy of this release.


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