OTCPK:SQZZF - Post by User
Post by
jcjohn36on Aug 17, 2010 9:44am
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Post# 17356699
Oates hole is dry
Oates hole is dry
the bright side is it didn't cost us a penny,
Serica Energy plc ("Serica" or the "Company"): Serica Operations Update
Tue Aug 17, 9:00 AM
LONDON, UNITED KINGDOM--(Marketwire - Aug. 17, 2010) - Serica Energy plc ("Serica" or the "Company") (TSX VENTURE: SQZ.V)(AIM: SQZ) provides an operations update on the Oates exploration well in Block 22/19c in the Central North Sea and on its Indonesian offshore drilling programme.
The Oates well 22/19c-6 was spudded on 30 July. The target of the well was the Palaeocene age Forties Sandstone, which is a significant oil and gas producing reservoir in the Central North Sea. The data acquired on the Oates well confirms that the Forties Sandstone was entered at 9,531 feet MD BRT but logging indicates that no hydrocarbons are present in the sands at this location and the well will be plugged and abandoned as a dry hole. Detailed analysis of the well results will be used to evaluate the remaining potential of Block 22/19c, which also contains a second Forties Sandstone prospect known as Bowers.
Under the terms of a farm-in agreement, Premier Oil plc is paying 100% of the Oates drilling costs in order to earn a 50% interest in the Block 22/19c licence and has assumed the operatorship of the block. Serica retains a 50% interest in the licence.