London, 13 November 2014 - Serica Energy plc (AIM & TSX: SQZ) confirms that testing operations have now concluded on the SM-1 well (Serica 5% working interest) on the Sidi Moussa Licence, offshore Morocco. The well was drilled to a total depth of 2,825 metres sub-sea and encountered oil in fractured and brecciated cavernous Upper Jurassic carbonates.
During the course of drilling and well control operations, 26 degree API oil was produced to surface with the drilling fluids. A subsequent testing programme confirmed the presence of oil but it was not possible to achieve all of the objectives of the testing programme, most likely as a consequence of the significant reservoir damage suffered during the earlier well control operations. Further evaluation of the drilling and testing results is required before any definitive conclusions can be drawn. The well will now be plugged and abandoned and the Noble Paul Romano semi-submersible rig will be released.
Tony Craven Walker, Serica's Chairman and CEO said:
"The SM-1 well has provided some valuable information regarding the future prospectivity of the Sidi Moussa Licence. The presence of good quality oil encountered by the well is encouraging for the remaining prospects on the licence and further tests on the oil samples taken will help determine the provenance of the oil which in turn will aid the identification of optimal locations for potential oil accumulations."
Click on, or paste the following link into your web browser, to view the associated PDF document. http://www.rns-pdf.londonstockexchange.com/rns/9049W_1-2014-11-13.pdf
Contact
Enquiries: Serica Energy pl Tony Craven Walker, Chairman & CEO tony.cravenwalker@serica-energy.com +44 (0)20 7487 7300
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London, 13 November 2014 - Serica Energy plc (AIM & TSX: SQZ) confirms that testing operations have now concluded on the SM-1 well (Serica 5% working interest) on the Sidi Moussa Licence, offshore Morocco. The well was drilled to a total depth of 2,825 metres sub-sea and encountered oil in fractured and brecciated cavernous Upper Jurassic carbonates.
