Serica Energy and Premier Oil start drilling at Oates prospect, UK North Sea

Serica Energy (TSX-V:SQZ, LON:SQZ) said that that on July 30, drilling operations

commenced at the Oates exploration well location in Block 22/19c in the UK Central North Sea.
The well will be drilled by the Ensco 100 jack-up drilling rig to a depth of approximately 10,000 feet and is anticipated to take approximately 30 days to drill. Serica has a 50 percent interest in the well, with Premier Oil (LON:PMO).
The Oates prospect has estimated prospective resources of 180 billion standard cubic feet of gas or 60 million barrels of oil, depending upon whether oil or gas is found. The exploration well is being funded by Premier in return for its 50% stake and operatorship.

London-headquartered Serica holds exploration and production licences principally in the UK North Sea and East Irish Sea, the Atlantic Margins of Ireland and Morocco and in Indonesia. The Company's key producing and development assets are a 25 percent interest in the producing Kambuna field offshore Indonesia and a 50 percent stake in the UK Central North Sea Columbus field, under development.