Serica targets Irish asset partners

By Geoff Percival

British exploration company Serica Energy is actively looking for development partners to move forward its Irish assets to the drilling stages.

The London-based company’s chief focus is on the North Sea, where it plans two major drilling campaigns this year and completion of three asset acquisitions from BP, which were agreed in November.

However, it is also working on developing its non-UK assets, in Ireland and Namibia. Serica has had a presence offshore Ireland since 2006. In 2009 the company —while drilling for gas — made the first oil discovery off the west coast in 30 years. While the find was initially deemed non-commercial, the company still has hopes for the discovery at the Bandon field in the Slyne Basin.

Last year, Serica was also granted a two-year extension to find a funding partner for an exploration well at its two licences in the Rockall Basin off the north-west coast. It also won an additional licence in the Government’s 2011 Atlantic Margin licensing round.

“We still like these assets and we still think we have a good exploration portfolio [in Ireland] and we want to take it forward,” said chief executive Mitch Flegg.

Mr Flegg, the former chief executive of now defunct Irish-founded explorer Circle Oil, said while there are signs of recovery and interest in the Irish offshore, the bulk of Serica’s Irish licences are categorised as ‘deepwater’ assets, which is showing slower investor interest. However, he said Serica is actively looking for partners and is working on the process even though its North Sea expansion is taking centre stage.