Serica discovers oil off Irish coast

A LONDON-based exploration company has made what it claims to be the first oil discovery off the west coast of Ireland for the best part of three decades.

Serica Energy – which is listed on London’s Alternative Investment Market (AIM) – announced yesterday that it has made an initial oil discovery as part of early exploration work, ironically for gas, on three blocks it part owns off the west coast, near Co Mayo.

Serica won the Irish Petroleum Exploration Licence FEL 1/06 – which comprises of three blocks – in the Slyne Basin, off the Mayo coast in early 2006. It co-owns the licence – on a 50/50 basis – with German exploration company, RWE Dea AG.