Serica has a 5% interest in the Sidi Moussa licence, offshore Tarfaya Basin in the Central Atlantic Margin. A deep-water exploration well was drilled in the Licence in 2014 and recovered 26 API oil to surface during drilling operations. The well was subsequently plugged and abandoned as uncommercial. The licence operator was considering a second well in which Serica retained an option to buy back in but has decided to seek to undertake an alternative work programme. In view of this decision, the materiality of a 5% interest to Serica and in line with Serica’s view of the costs and benefits of retaining an interest, Serica is now in the process of relinquishing its interest in the licence.