Board Appointment

RNS Number : 0469U

Serica Energy plc

20 December 2012

 



Serica Energy plc

("Serica" or the "Company")

SERICA APPOINTS NEW NON-EXECUTIVE DIRECTOR

London, 20 December 2012- Serica Energy plc (TSX & AIM: SQZ) is pleased to announce that Jeffrey Harris is joining the Board of Serica as a non-executive director with effect from 20 December, 2012.

Jeffrey brings a wealth of experience in financial markets to the Serica Board.  After a twenty-eight year career with Warburg Pincus, during which period he invested in and advised companies in the industrial, consumer, technology and energy sectors, Jeffrey founded Global Reserve Group, LLC to advise and invest in energy and technology companies.  Global Reserve Group is the registered holder of 25,501,736 (approximately 13.95%) of the Company's issued ordinary shares.

During his career, Jeffrey has served on the board of directors of over thirty companies, including twelve publicly-traded entities. He is past chairman of the National Venture Capital Association.  Currently, he is Vice Chairman of the Board of Trustees for the Cranbrook Educational Community, and a member of the Board of Trustees of New York-Presbyterian Hospital.

In addition, Jeffrey is an adjunct professor at the Columbia University Graduate School of Business where he teaches courses on venture capital, and entrepreneurship and innovation.  He has a B.S. in Economics from the Wharton School at the University of Pennsylvania, and an M.B.A. from Harvard Business School.

Tony Craven Walker, Chairman and Interim CEO, welcomed the appointment.

"Jeffrey's experience in the financing of international oil and gas exploration businesses over the past 30 years brings considerable benefit to the Board of Serica and complements the considerable depth and oil industry experience that already exists on Serica's Board.

The immediate focus of Serica's Board is to unlock the value of Serica's reserves and prove up the substantial potential of Serica's exploration portfolio.  We have made considerable progress to this end during 2012, with important farm-outs achieved in Namibia, Morocco and the North Sea and the Columbus project proceeding well, on course for a scheduled 2015 start-up.

Jeffrey's insight and contribution will be invaluable to our continuing efforts to maintain this progress.  We are delighted that he has accepted our invitation to join the Board and look forward to working with him to achieve our objectives."

Enquiries:

Serica Energy plc
Tony Craven Walker, Chairman & Interim CEO	[e-mail]	[phone]
Peter Sadler, Business Development Director	[e-mail]	[phone]
Chris Hearne, CFO	[e-mail]	[phone]
J.P.Morgan Cazenove
Michael Wentworth-Stanley	[e-mail]	[phone]
RBC Capital Markets
Matthew Coakes	[e-mail]	[phone]
College Hill
Matthew Tyler	[e-mail]	[phone]
Catherine Wickman	[e-mail]	[phone]
Alexandra Roper	[e-mail]	[phone]

NOTES TO EDITORS

Serica Energy was formed in 2004 and, since then, has drilled 20 wells in locations as diverse as the UK Offshore, the Atlantic margin offshore Ireland, offshore Indonesia (North West Sumatra, East Kalimantan and Java) and offshore Vietnam.  Seventeen of these wells were drilled by the Company as Operator, fourteen of the wells encountered oil or gas and six of these were commercial.  The first of the commercial discoveries, the Kambuna field in North West Sumatra, was developed by the Company.  The second, the Columbus field in the UK North Sea, is now in the pre-development stage with final project sanction pending. The Company also has a residual economic interest in the Bream oil field offshore Norway, which will be crystallised when the field is developed, and licence interests offshore Ireland, Morocco and Namibia.

The Company is listed on both the Toronto Stock Exchange and the London AIM under the ticker SQZ. 

To receive Company news releases via email, please contact [e-mail] and specify "Serica press releases" in the subject line.

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: geological, geophysical and technical risk, 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.

 

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