Executive Summary
Serica Energy plc (LON:SQZ) is an international oil and gas exploration company with operations in Indonesia, the UK North Sea and Irish Sea, Ireland and Vietnam. Serica has operations in the UK North Sea, Ireland, Spain, Morocco and Indonesia and has built a portfolio of exploration, appraisal and development projects, striking a balance between established hydrocarbon-producing basins where the chances of success are high, and untested basins where success is less certain but the rewards are more significant.
Serica has c. 177m shares in issue (187m fully diluted); management have a shareholding of 4.8% (10% fully diluted). It is listed in Toronto & AIM, both with a ticker of SQZ so it can be held in an ISA. For further details, see the 2008 report & accounts [1] or the web site [2]
Latest News
- On 9th June 09 Serica announced that their Bandon well off the North West coast of Ireland had encountered OIL, whereas they had been expecting to find GAS. Paul Ellis (CEO) said:
'This is the first oil discovery west of Ireland for nearly 30 years. Serica's 600 square kilometre licence area contains several prospects and we shall now be evaluating them as potential drilling targets. Although much more work needs to be done before the commercial potential of the discovery and the rest of the licence can be established, the Bandon oil discovery could mark the beginning of an exciting phase of Irish exploration.'
- new acreage aquired in Morocco
- new acreage aquired in N Sea close to Columbus discovery with analgous play
- first Vietnam well P&Ad
Directors & Management
- Chairman - Tony Craven Walker (5.7m shares): TCW founded two British independent oil companies, Charterhouse Petroleum plc - acquired by Petrofina for £140 million in 1986 - and Monument Oil and Gas plc - acquired by Lasmo for £600 million in 1999.
- Chief Executive – Paul Ellis (850k shares): PE joined Serica from Emerald Energy plc where he was Chief Operating Officer. Previously he had been Technical Director at Charterhouse Petroleum and Director, International E&P at British Gas
- Chief Operating Officer – Peter Sadler: PS was formerly Chief Executive of Indago Petroleum plc. Previously he was Regional Manager for Novus Petroleum in Dubai .
- Finance Director - Chris Hearne (710k shares): CH joined Serica from Intrepid Energy & Co.…
