Serica operates Irish Frontier Exploration Licence FEL 1/06, comprising blocks 27/4 (part), 27/9 (part) and 27/5 (part), which together cover an area of 305 square kilometres in the Slyne Basin off the west coast of Ireland. The blocks lie some 40 kilometres south of the Triassic Sherwood Sandstone Corrib discovery, which has reserves of approximately 800 billion cubic feet of gas.
As a result of reprocessing approximately 1,000 square kilometres of 3D seismic, four large Triassic Sherwood Sandstone gas prospects were originally mapped, Bandon, Boyne, Achill and Liffey. In December 2008 the Company completed a farm-in agreement with RWE Dea AG, under which RWE acquired a 50% interest in FEL 1/06 in return for contributing the bulk of the cost to drill the first exploration well.
Well 27/4-1 was spudded in May 2009 to test the Bandon prospect and reached a total depth of 1,871 metres in the Triassic Sherwood Sandstone. No gas was found but an oil accumulation in Jurassic sands was encountered and a sidetrack well 27/4-1z was drilled to confirm the discovery. Oil samples were taken in both wells for analysis. The discovery of oil has opened a new oil play in the Slyne Basin and enhanced the prospectivity of the blocks. Two deeper Jurassic oil prospects have now been identified at Boyne and Liffey, each with an underlying gas prospect in the Sherwood as proven by the Corrib field.
Site surveys have been completed on the Boyne and Liffey prospects to follow up on the presence of oil discovered by Serica on the blocks. A well is planned to test the Boyne prospect subject to the outcome of a current farm-out campaign to seek an additional drilling partner.