Serica Energy plc 2014 AGM Chief Operating Officers Review 26th June 2014
Introduction Atlantic Margin UK/Norway Ireland: UK Central North Sea Rockall Exploration Slyne Development Production UK Southern North Sea Morocco: Exploration Tarfaya-Ifni UK East Irish Sea Exploration Namibia: Norwegian North…
UK Central North Sea
UK Central North Sea The UK Central North Sea is becoming the hub of Sericas UK activity The acquisition of the Erskine asset complements and enhances our existing portfolio 22/19c The Erskine field produces through the 23/16f…
Erskine Field Discovered by BP in 1981 First HPHT field developed in UK Rich gas/condensate field Five producing wells Developed using a stand-alone, normally unattended wellhead platform with gas processing and export via…
Erskine Reservoir Machar Reserves contained in three separate Jurassic HPHT reservoirs Erskine Sandstone Heather Sandstone Erskine Pentland Sandstone Three main structural blocks Produced Reserves: 120mmboe (gross)* W E…
Erskine Production 16 First Erskine production in late 1997 14 Several incidents have restricted 12 production 2000 pipeline rupture 10 2007/8 dropped anchor and stuck mmboe/year 8 Gas pig Condensate 6 2010 platform…
Erskine Transaction Acquired 18% interest in UK blocks 23/26a (Area B) and 23/26b (Area B) containing the Erskine Field from BP Increases Sericas 2P reserves from estimated 5.2mmboe to 8.8mmboe Consideration of 11.1 million in cash…
Block 22/19c Serica 15%, ENI 50% (Operator), JX Nippon 35% Three significant structural HPHT prospects at Jurassic (Pentland Sandstone) & Triassic levels, with similarities to Erskine Field Rowallan Well planned for Rowallan…
Columbus
Columbus Field Lomond platform is located less than 8km from Columbus and has available spare processing capacity Lomond (and Erskine) economics are improved by Columbus revenue stream There are no major technical obstacles to…
Potential Alternative Offtake Routes Lomond provides the closest access to processing capacity and has always been the preferred off-take route To Everest 47 km Acquiring an interest in Erskine provides access to Lomond…
UK Exploration
UK East Irish Sea Blocks 113/26b & 27c Block 113/22a awarded December 2013 Serica interest 20%, Centrica operator Farm-out to Centrica recently agreed Doyle Prospect: fault/dip closed structure with Triassic Sherwood Sandstone…
UK Southern North Sea Depth seismic line through Prospects A, B & C Serica WI 37.5%: operator Centrica 3D seismic survey acquisition completed June 2013 Next to the producing York Gas Field Low cost developments for York…
Norway: Bream Field Bream is a Jurassic oil field in the Norwegian Egersund Basin Serica sold its interest in 2008 and is due a cash payment on commencement of production Recent activity has seen: Operator Premier increase its…
Ireland
Serica Ireland Rockall & Slyne Basin Licences Serica Large structural prospects close to FEL 1/09 proven oil and gas discoveries New work has identified potentially significant Cretaceous stratigraphic Serica upside in Rockall…
Serica Ireland Rockall Basin Licences Dooish Muckish Prospect: large tilted fault block Discovery mapped on 3D seismic data, which closely resembles the nearby Dooish gas- FEL 4/13 condensate discovery Muckish Prospect Muckish P50…
Lower Cretaceous Stratigraphic Upside in Rockall Up-dip pinch-out of West Midleton Prospect fan over Midleton underlying structural Prospect structural high high Rocka ll Basin Albian turbidite fan lobe lead N Potential…
Serica Ireland Slyne Basin Licence Serica 27/4-1z oil Low risk exploration, Slyne Basin, west FEL 1/06 sample of Ireland FEL 1/06 operated by Serica (50%) in partnership with RWE Slyne Basin Water depth 200m Proven oil on block…
Slyne Basin Petroleum System Two Proven Plays Proposed Boyne 27/4-1,1z 27/5-1 E W well location TWT(s) Oil shows in high quality 0.5 Middle Jurassic 150m thick immature sandstones oil prone source rocks in Lower Jurassic…
Farm Out Progress Government commissioned Wood Mackenzie report into fiscal regime This had a delaying effect on the farm out market Results of review announced on June 18th .a maximum rate of 55% applying in the case of new…
Namibia
Why Namibia Highly under-explored but prospective continental margin Several proven hydrocarbon systems including recent oil discovery Close to large markets Stable democracy Favourable fiscal terms Business language is English…
Serica Namibia Introduction Serica 85% (operator) NAMCOR (10%) & IEPL (5%) Water depth 500 2000 m 4,176 km2 3D seismic data acquired in 2012 Multiple Lower Cretaceous structural prospects with billion-barrel oil potential…
Namibia Recent Exploration History 2012 to Present Day Tapir 1811/5-1 200km P&A dry, well encountered Namibe Basin high-quality Cretaceous sands; also Lower Cretaceous carbonate Welwitschia-1,1A P&A dry, reservoirs poorly-…
Namibia Recent Farm-in Activity Recent entry of 200km Namibe Basin Tullow, Shell, Tullow farm-in to Murphy and OMV, Pancontinental, 2013-2014 September 2013 Walvis Basin Wingat Oil Discovery 2212/7-1 Luderitz Basin…
Prospect B, Barremian Carbonate (3D Depth Perspective) 128 FINAL 3D SNAP+ - Seabed Correction (0.3) Namibia Prospect B 5km Luconia Carbonate Platform N Line of section Namibia Prospect B Luconia Carbonate Platform…
Prospect B Seismic Character (Inline 4400 flattened on 0.25 * seabed) Prospect B sTWT Low angle sigmoidal Strongly layered Top Albian WSW ENE clinoforms & mounding internal platform 101 Ma Clinoforms Mid Aptian 120 Ma…
Stratigraphic Upside above Prospect B N Channel Prospect D (structural trap) Lead A mature Aptian oil source Sand drape over Prospect B Prospect B Base of slope channels & fans mature Aptian Direct oil migration up-dip…
Namibia Prospect B Conclusions Prospect B Multiple Lower Cretaceous structural WSW ENE prospects with billion-barrel oil potential Prospect B: giant structure mapped on high-quality 3D seismic Seismic character consistent with a…
Morocco
Serica Morocco Foum Draa & Sidi Moussa Licences Highly prospective frontier area with recent upsurge in exploration activity Licences covered by high-quality 3D seismic Operated by large, reputable exploration companies: - Foum…
Foum Draa Licence: The Fig Prospect Foum Draa: 3D Perspective, early Fig Prospect was an early Cretaceous / Cretaceous stratigraphic plays latest Jurassic high-amplitude feature interpreted as a turbidite channel stratigraphic play…
Sidi Moussa Licence: The Nour Prospect NW SE Well scheduled for Q3 2014 Nour Prospect Serica has 5% (capped) carried interest Three plays: Upper Jurassic carbonate reef play analogous to Cap Juby oil discovery Middle Jurassic…
Finance
Financial Highlights 2013 Successful financing in November 2013 raised gross 19.5mm End year cash balances 26.1mm, no debt; cash of 20mm at 31 May 2014 Existing resources cover 2014/15 work programme and commitments UK tax losses…
Capital Raising November 2013 Placing and Open Offer successfully concluded in November 2013 raising gross proceeds of US19.5 million First capital raise since January 2008 67,408,729 new Ordinary shares admitted to AIM on 15…
Future Commitments and Outlook Current programme through 2014/2015 fully funded through 2013 equity raise Forward exploration well programme includes: Sidi Moussa 2H 2014 (capped carry) Doyle prospect 2015 (capped carry) Block…
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