CASH AND RISK MANAGEMENT IS KEY SERICA IS WELL PLACED FOR GROWTH Lean and focussed During current industry downturn focus is on near term projects and production Low headcount and overheads no debt Smaller board Key consultants…
FINANCIAL HIGHLIGHTS WELL BALANCED SERICA IS PROTECTING ITS CASH BASE End year cash balances US9.9 million, increasing to over US14.0 million upon Erskine completion in June with no borrowings Existing cash resources plus Erskine…
SERICA ASSET BASE PRODUCTION, DEVELOPMENT, EXPLORATION CURRENT FOCUS IS ON CENTRAL NORTH SEA UK/NORWAY ATLANTIC MARGIN Production, development and High impact exploration exploration assets portfolio focussed on underexplored Atlantic…
CORE AREA FOR NEAR-TERM GROWTH SERICA IS BUILDING A CENTRAL NORTH SEA POSITION UK CENTRAL NORTH SEA Erskine - robust producing field Opportunities to: Improve efficiency and uptime Extend field life Utilise tax position Columbus…
ERSKINE ERSKINE DEAL TRANSFORMATIONAL BRINGS MATERIAL BENEFITS TO SERICA AT LOW COST: 3.6 million barrels of oil equivalent as at 1 January 2014 acquired at US4 per barrel Sericas share of decommissioning liability up to 31.32…
ERSKINE DEAL TERMS ERSKINE TERMS VERY LOW COST/BOE TRANSACTION TERMS MATERIALLY IMPROVE SERICAS CASH POSITION: Base consideration set at US11.1 million plus 27 million Serica shares transaction effective 1 January 2014 Adjustments…
ERSKINE - SUB SURFACE ERSKINE SUBSUFACE IS WELL UNDERSTOOD RESERVOIR MODEL Five wells drain the four reservoir regions Field has produced for 16 years Produced Reserves: 120mmboe (gross)* Remaining Reserves acquired (gross):…
ERSKINE - OFFTAKE ROUTE AND INFRASTRUCTURE ERSKINE ACCESSES KEY DOWNSTREAM ERSKINE OFFTAKE ROUTE INFRASTRUCTURE Erskine Platform Unmanned wellhead platform for 5 production wells Entry point for production flow from wells commingled…
ERSKINE - CURRENT OPERATIONS ERSKINE PRODUCTION IS STEADILY RAMPING UP Production capability W5 W2 Erskine capable of producing at 27,000 boepd gross (4,860 boepd net to Serica) from 5 wells at full capacity W1 Relies upon Lomond…
ERSKINE BOEPD HISTORY - NET TO SERICA IMPROVED UP-TIME EXPECTED Lomond restricted Erskine in 2014 Lomond shutdown for investment 4500 4000 3500 3000 2500 2000 Transaction 1500 Completed. Erskine restart 1000 500…
ERSKINE FIELD PERFORMANCE SINCE RESTART EARLY SIGNS OF IMPROVEMENT IMPROVED FACILITY EVIDENT PERFORMANCE Investment over 2014/15 expected to Serica Net Erskine Production boe/d From May 15 improve up-time significantly Lomond 100%…
ERSKINE - WELL POTENTIAL ERSKINE WELLS CAN DELIVER WELL AVAILABILITY Net boepd Serica share 3 out of 5 wells currently producing 4 out of 5 wells will produce after commissioning work (4,000 boe/d) net Well intervention work…
COLUMBUS DEVELOPMENT COLUMBUS CAN UNLOCK FURTHER VALUE IN ERSKINE DEVELOPMENT OPTIONS Columbus is fully appraised Serica interest in Erskine can help unlock Columbus Various development options are possible via Lomond, single well…
COLUMBUS OPERATED BY SERICA COLUMBUS POTENTIAL COLUMBUS POTENTIAL: 5.2 mmboe currently classified as contingent resources pending agreement on export route Located very close to Lomond platform Discussions with BG continue on…
CENTRAL NORTH SEA: 22/19c LOW RISK - LOW COST HIGH REWARD EXPLORATION BLOCK 22/19c Located in proven play area Analogous discoveries in the area Close to Columbus field and infrastructure in which Serica has an interest…
CENTRAL NORTH SEA: 22/19c LOW COST HIGH REWARD EXPLORATION MAIN PROSPECT Rowallan subsea Metres Rowallan Two reservoir targets Triassic and Middle West East Jurassic Eocene Structural prospect on 3D seismic 3000…
EXPLORATION PORTFOLIO NW EUROPE WORK CONTINUES TO MATURE OTHER PROSPECTS UK Southern North Sea Greater York Area Ranking prospects to identify drilling target. Close to infrastructure (York) East Irish Sea Doyle Prospect, Carry on…
EXPLORATION PORTFOLIO - AFRICA MAINTAIN POSITION FOR HIGH IMPACT EXPLORATION MOROCCO Tarfaya-Ifni Basin, Sidi Moussa SM-1 well encountered oil. Evaluating drilling and fluid analysis results Further work under review including…
CONCLUSIONS SERICA IS SET FAIR FOR GROWTH THE ERSKINE TRANSACTION TRANSFORMS SERICAS ABILITY TO GROW Sericas tax position, zero debt, limited commitments and established position puts Serica in an enviable position amongst its peers…
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