Gas Condensate Field
The Licence (FEL 4/13) covers Blocks 11/10, 11/15, 12/1, 12/6 and 12/11 (part), an area of approximately 925 square kilometres in the Rockall Basin. Serica has a 100% interest in the blocks. Together with Serica’s Exploration Licence FEL 1/09, covering Blocks 5/17, 5/18, 5/22, 5/23, 5/27 and 5/28, Serica has two licences to explore some 1,915 square kilometres in the Rockall Basin. They contain an area of proven hydrocarbon potential in which large prospective structures have already been identified from existing 3D seismic data.
FEL 4/13 contains two large pre-Cretaceous fault block prospects, Aghla More (formerly Midleton) and Aghla Beg (formerly West Midleton). Aghla More is the larger of the two prospects, with an areal closure of 61 square kilometres, and has the potential for P50 reserves of 1,431 bcf of gas and 94 mmbls of condensate (Serica estimates). These prospects complement and provide additional diversity to the large Muckish prospect lying in Serica’s acreage just to the north east. Recent in-house analysis of Serica’s extensive seismic database has also indicated the presence of turbidite fans, the largest of which, the Derryveagh Prospect, is draped over the top of the Aghla More Prospect; both Aghla More and Derryveagh targets could be tested with a single vertical exploration well. Derryveagh has the potential for P50 reserves of 1,276 bcf of gas and 84 mmbls of condensate (Serica estimates). Given the size of the prospects and their position in a proven gas-condensate bearing basin, the Licence significantly expands the options open to Serica to deliver an active drilling campaign in the area.
Under the terms of the FEL 4/13 Licence, Serica has completed 3D seismic reprocessing work and a number of geological studies to firm up all three prospects. Serica is seeking farm-in partners in conjunction with Licence FEL1/09 to take the exploration programme to the next stage.