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Farm-in Opportunities

Ireland - Rockall Basin

Licence FEL 1/09 farm-in opportunity

The Muckish Prospect is a large tilted fault block analogous to Dooish, located in the Rockall Basin, Offshore Ireland, 30 kms north of the Dooish discovery.  Recent in-house analysis of the extensive seismic database has also indicated the presence of turbidite fans, a play type not previously considered.

  • Serica’s interest 100%
  • Water depth 1,450m
  • Depth to top reservoir ~4,000mSS
  • 31 km2 areal closure and over 600m of vertical closure full-to-spill
  • P50 recoverable reserves 1,285 bcf and 85 mmbls condensate
  • Geological chance of success 20%
  • Follow up prospects: Muckish East & Mackoght
  • Follow up acreage: FEL 4/13 (Aghla More, Derryveagh and Aghla Beg Prospects)
  • All structural prospects have similar pre-rift seismic character indicative of layered sedimentary section

This is a high value farm-in opportunity with significant upside. Serica is looking for partner to carry it through the next phase of exploration by drilling an exploration well on the Muckish Prospect.

Ireland - Slyne Basin

Licence FEL 1/06 farm-in opportunity

There are two significant drill-ready prospects on FEL 1/06, the Boyne and the Liffey Prospects. The Achill prospect is fully interpreted. The prospects are located in the Slyne Basin, Offshore Ireland, 42 kms south of the Corrib gas field in water depth of 180 to 280m.

  • Serica’s interest 100%
  • The Bandon oil discovery 27/4-1,1z (Serica 2009) proved a new play:
  • Lower Jurassic Sandstone reservoirs and Lower Jurassic oil source.
  • Additional reservoir potential at Triassic Sherwood Sandstone levels
  • Depth to top reservoir ~ 1,700 to 2,300 mSS
  • Total on block prospect resources 42 to 1,000 mmboe (P90 to P10)
  • This is a high value farm-in opportunity with moderate risk and significant upside. Serica is looking for a partner to invest in an exploration well to drill the Boyne Prospect in return for significant equity in the Licence.

 

Namibia - Luderitz Basin

Blocks 2512a, 2513a, 2513b and 2612a (part) farm-in opportunity

Serica 85% (operator), NAMCOR 10%, IEPL 5%

Serica's four licence blocks in Namibia's offshore Luderitz Basin cover over 17,000 square kilometres and contain multiple carbonate and clastic prospects and leads which have been identified from 2D seismic, regional studies and over 4,000 square kilometres of proprietary 3D data.

Prospect B, one of three major structures identified at Lower Cretaceous (Barremian) level, has been fully delineated by high quality 3D seismic data shot in 2012.  A giant structure mapped on high-quality 3D seismic data, it covers 700 square kilometres areal closure with up to 300 metres of vertical relief.  It has a distinctive tiered back-stepping platform geometry, as well as internal seismic geometries including prograding clinoforms and mounded features, all of which are consistent with a large-scale carbonate platform build-up. The prospect is analogous to numerous examples of carbonate-hosted hydrocarbon fields worldwide, and similarities can be drawn with major oil discoveries made in carbonate reservoirs of a similar early Cretaceous age in other countries bordering the South Atlantic; in particular, offshore Brazil and Angola.  Modelling of the seismic data suggests that the internal seismic amplitudes and velocities are consistent with porous carbonate of good reservoir quality.  In addition to Prospect B at Barremian level, there is further prospectivity within shallower structural closures overlying Prospect B, as well as further structural prospects elsewhere on Serica’s acreage, large-scale canyon-slope channel turbidite systems and shelf edge leads. 

The seismic interpretation suggests that the Barremian carbonate platform is draped by thick Aptian marine oil-prone shale source rock, which have been proven by drilling both to the north and the south of Serica’s acreage. Thermal modelling of this source rock interval indicates that it is likely to be mature for oil generation and expulsion on Serica’s acreage. Turbidite fans of Aptian age are clearly imaged via seismic amplitude mapping and are particularly well placed to receive an oil charge at this level. Furthermore, the seismic data has revealed the presence of thick syn-rift sedimentary sequences beneath Prospect B that could contain additional high-quality oil-prone lacustrine shale source rocks.

Key Facts

  • Serica’s working interest 85%
  • Water depth 1,460m
  • Depth to top reservoir ~4,190mSS
  • 700 km2 areal closure and 300m vertical closure full-to-spill
  • Estimated P50 recoverable reserves 622 mmbls oil at Barremian (Lower Cretaceous) carbonate level (independent resource estimate, Netherland, Sewell & Associates, Inc, September 2013)
  • Potential upside in Prospect B at several shallower secondary targets above the Barremian
  • Further on-block prospectivity: Large structural closures (Prospects A & C), significant shelf edge prospects (Prospects D & F) and canyon-channel turbidite plays (Channel Leads A & B).

This is a very high value farm-in opportunity with significant upside. Serica is looking for a partner to participate in the next phase of exploration which will include the drilling of an exploration well most probably on Prospect B.

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