Old Serica – UK North Sea

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Blocks 3/24c & 3/29c

Serica Energy (UK) Limited (“Serica”) is offering a select group of companies the opportunity to acquire an interest in UKCS licence P2501, which covers Blocks 3/24c and 3/29c.

Key points:

  • Acquire up to a 45% interest in two, highly prospective blocks, located in a mature hydrocarbon province with a proven hydrocarbon system, a highly productive reservoir and access to nearby excellent infrastructure;
  • North Eigg, located in 110 m water, has potential recoverable resources of 557 Bcf gas (Pmean) and 1,216 Bcf gas (P10) with associated condensate;
  • Participate in the drilling of the North Eigg HPHT exploration well at an estimated dry hole cost of GBP 20 million;
  • Success at North Eigg significantly de-risks the South Eigg prospect, which provides excellent upside of 422 Bcf gas (Pmean) and 939 Bcf gas (P10) with associated condensate;
  • In the event of success, the discovery(s) is planned to be developed as a subsea tie-back to existing infrastructure, for which there are multiple options.