Serica Energy Ord Shs SQZZF

Worth some study - some notes

[geomean]

Serica Energy from spreadsheet notes 2006 H2 2007 H1 2007 H2 2008 H1 2008 H2 2009 H1 2009 H2 2010 H1 2010 H2 No. of shares in issue: 151 million No. of shares fully diluted: 158 million No debt $75MM cash Columbus 50% WI 8.4 MMBO contingent resource Well 23/16f 11 IP 17.5 million scfd of gas and 1060 bopd of 47.5 degrees API condensate Appraisal with SEDCO 704 rig Possible First Production guess 2500 BOPD NET Chablis Discovery Area 100% WI 48/16b-2 was a gas discovery ('Chablis') drilled by Conoco in 2002. It encountered gas in the Rotliegend Leman Sandstone but the well was not tested. Serica has commissioned a comprehensive feasibility report due to be completed early in 2007 East Irish Sea - Blocks 113/26b and 113/27c (part) identified a number of leads on these blocks and will be reprocessing the 3D seismic data in order to define prospects for drilling Offshore Ireland Blocks 27/4 27/5 (part) and 27/9 covered by existing modern 3D seismic data and Serica will be reprocessing this data to assess the prospectivity of the blocks. Prospects have been identified by Serica in the Triassic sands that have proven to be gas bearing and productive in the Corrib gas field which lies about 40 kilometres to the north and is currently under development by Shell. Offshore Norway Licence 406 and Licence 407 Bream Appraisal Well Operator BG plans a Bream 20% 40-100 MMBO Already 5000 BOPD on tests appraisal well in 1Q 2008 Offshore Indonesia Glagah Kambuna TAC 65% WI Potential $350K per day revenue in late 08 or 136MM per year Kambuna-2 appraisal well. 17.5 mmscfd and over 1,500 bpd of 55º API gravity condensate appraisal and development drilling first phase scheduled to commence production in late 2008. Drill Kambuna #3 and #4 development wells in 4Q 2007 with the Production to start in 2008 Seadrill 5. Re-completion of Kambuna #2 at 50 mmscfd with approx. 5 Asahan Offshore PSC 5 bcpd Togar-1A exploration well in the Asahan Offshore Production Sharing Contract (PSC) Indonesia has discovered gas in the Middle Keutapang sandstones The well encountered 22 feet of net gas pay sand with a gas-water contact at 3 410 ft.ss. The sands are of excellent reservoir quality with porosities reaching 35%. Well not tested Serica may carry out an exploration programme in the second half of 2007 Biliton PSC Serica will have a retained 45% interest in the PSC. two wells in 3Q 2007 with Seadrill 5 jack-up Success would transform Serica ???? Kutai PSC just awarded 52% Interest Potential Daily Revenue from I.D.'d flows? SWAG $350,000 $350,000 $535,000 $650,000 Potential Yearly Revenue SWAG $127,750,000(08) $127,750,000(08) $195,275,000 (09) $237,250,000 (10) Increase for exploration success.