Serica Energy Regulatory News (SQZ)

19 Mar 2007 14:00

Serica Energy plc19 March 2007 For immediate release: Monday 19 March 2007 SERICA ENERGY SECURES DRILLING RIG FOR COLUMBUS APPRAISAL London, 19 March 2007 - Serica Energy plc (AIM and TSX Venture: SQZ) is pleasedto announce that it has secured the use of the SEDCO 704 semi-submersibledrilling rig for appraisal wells on the Columbus prospect, in Central North SeaBlock 23/16f. The rig has been contracted through AGR Peak Group and Serica will have thefirst two slots in the programme, with drilling due to commence in Q3 2007.Serica is the operator of the licence. Serica will initially drill a vertical appraisal well and, depending upon theoutcome, then intends to sidetrack the well to drill and test a horizontaldevelopment well. The Columbus appraisal wells follow the successful exploration well, announcedin December 2006, which tested at a rate of 17.5 million scfd and 1,000 bopd ofcondensate. Paul Ellis, Chief Executive, said: "We are pleased to have already secured a drilling rig for Columbus appraisalwells. The Columbus discovery was made in December 2006, less than a year afterthe award of the licence, and we are looking forward to confirming the field'spotential with early appraisal drilling. We also expect to drill and complete ahorizontal section in order to carry out a high rate production test." Correction to press release of 15 March 2007 On 15 March 2007 Serica announced a farm-out of half of its 90% interest in theBiliton Block to Nations Petroleum, a subsidiary of Nations Petroleum CompanyLimited, which was incorrectly referred to as Nations Energy Company Limited. Enquiries: Serica Energy plcPaul Ellis, pellis@serica-energy.com +44 (0)20 7487 7300 Chief Executive OfficerChris Hearne, Finance Director chearne@serica-energy.com +44 (0)20 7487 7300 Pelham Public Relations -UKJames Henderson james.henderson@pelhampr.com +44 (0)20 7743 6673Alisdair Haythornthwaite alisdair.haythornthwaite@pelhampr.com +44 (0)20 7743 6676 CHF Investor Relations - CanadaJan Moir jan@chfir.com +1 416 868 1079Heather Colpitts heather@chfir.com +1 416 868 1079 JPMorgan CazenoveSteve Baldwin +44 (0) 20 7588 2828 Background Notes Serica Energy plc is an international oil and gas exploration company withoperations in the UK North Sea, Norway, Ireland, Spain, Indonesia and Vietnam.The Company's ordinary shares are listed in London on AIM and on the CanadianTSX Venture Exchange under the symbol "SQZ". The 2005 Annual Report and Accountscan be obtained from the Company's web-site www.serica-energy.com and atwww.sedar.com. Forward Looking Statements This disclosure contains certain forward looking statements that involvesubstantial known and unknown risks and uncertainties, some of which are beyondSerica Energy plc's control, including: the impact of general economicconditions where Serica Energy plc operates, industry conditions, changes inlaws and regulations including the adoption of new environmental laws andregulations and changes in how they are interpreted and enforced, increasedcompetition, the lack of availability of qualified personnel or management,fluctuations in foreign exchange or interest rates, stock market volatility andmarket valuations of companies with respect to announced transactions and thefinal valuations thereof, and obtaining required approvals of regulatoryauthorities. Serica Energy plc's actual results, performance or achievementcould differ materially from those expressed in, or implied by, these forwardlooking statements and, accordingly, no assurances can be given that any of theevents anticipated by the forward looking statements will transpire or occur, orif any of them do so, what benefits, including the amount of proceeds, thatSerica 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. To receive Company news releases via email, please contact heather@chfir.com and specify "Serica press releases" in the subject line. This information is provided by RNS The company news service from the London Stock Exchange