These six blocks (collectively licence FEL 1/09), in which Serica has a 100% interest, were awarded to Serica during the Irish Rockall Licensing Round in July 2009. The licence covers a total area of 390 square kilometres and lies in the north-eastern part of the offshore Rockall Basin, a deep-water basin west of Ireland. The Rockall Basin has an areal extent of over 100,000 square kilometres in which only three exploration wells in the Irish sector have been drilled to date; the basin is therefore highly underexplored.
Blocks 5/22 and 5/23 lying within licence FEL 1/09 contain a very large fault block prospect (Muckish) covering an area of approximately 30 square kilometres with over 600 metres of vertical closure in a water depth of 1,450 metres. Internal Serica estimates attribute P50 most likley recoverable resources of 1,285 bcf of gas and 85 mmbls of condensate. Serica's high case P10 resource estimate is 227 mmbbls of condensate and 3,442 bcf of gas.
Although gas or gas-condensate is considered to be the most likely hydrocarbon phase that could be found, oil is also possible. Muckish is analogous to the nearby gas-condensate bearing Dooish structure drilled by Enterprise in 2002, which encountered a 214 metre hydrocarbon column. Two further prospects, Muckish East and Mackoght have also been identified in the licence area and are obvious follow-up prospects in the event of success at Muckish. The Company has developed plans to test drill the Muckish prospect and is seeking partners to share the drilling cost.