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Serica wins ‘out of round’ North Sea licence

Serica energy
Serica Energy CEO Mitch Flegg.

Exploration and production firm Serica Energy has announced an “out of round” North Sea licence award.

The company snapped up 100% interest in the UK petroleum licence P2501, blocks 3/24c and 3/29c, located in the area adjacent to the Serica operated Rhum field.

The Rhum field is located 240 miles north-east of Aberdeen.

The award contains the North Eigg and South Eigg prospects.

Mitch Flegg, chief executive of Serica Energy, said: “We are delighted to have received this Out of Round award.

“Since we completed our acquisition of the Bruce, Keith and Rhum (BKR) assets just over a year ago, our strategy has been to optimise economic returns through a hub strategy that includes operating efficiencies, investment and securing new third-party business in the BKR catchment area.

“Not only is this award an important step in our BKR hub strategy, it reinforces exploration as a material part of Serica’s upstream business.”

The primary prospect is North Eigg which is estimated to contain 360 bcf (P50) and potentially over 1Tcf (P10) of recoverable gas.

Serica claim the North Eigg prospect is understood to share many geological similarities with the Rhum field.

Mr Flegg added: “These are exploration prospects and so there is no guarantee of success.

“In the event of a commercial discovery, the optimal development option will be a tie-back to the Bruce platform, which we would seek to fast track.

“In the meantime, our other efforts to enhance the value of the BKR assets will continue unabated.

“These include planning for the rig intervention in 2020 designed to bring the Rhum-3 well into production for the first time and efforts to bring new third-party business to the Bruce facilities.”

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