News

January 21, 2010

Serica Energy Signs Conan Farm-Out As Agora Oil & Gas Makes Its UK Debut

Serica Energy has agreed farm-out terms for the Conan prospect in the East Irish Sea, ensuring its own drilling plans in UK waters are fully funded and bringing new blood onto the UKCS. TSX- and AIM-quoted Serica signed the agreement with Stavanger-based newcomer Agora Oil & Gas, which will earn a 35 per cent interest in Blocks 113/26b and 113/27c in return for paying 70 per cent of the costs of an exploration well on the Conan prospect. Serica will retain a 65 per cent interest in the project

The Conan well is expected to spud in Q2 2010 to a depth of 5,000 feet.  Conan is a high potential Triassic Sherwood sand gas prospect covering some 28 sq km, the largest undrilled Sherwood seismic anomaly in the East Irish Sea basin.  It has been covered by 3D seismic and is adjacent to the producing Millom gas field and the recent Rhyl gas discovery, making any find here a candidate for a fast-track development using the existing production infrastructure. 

The farm-out is...