CORRECTED - UPDATE 1-Serica plans drilling in Ireland, Vietnam

Tue Jan 8, 2008 2:12pm GMT
 
Email | Print | | Single Page
[-] Text [+]

(Corrects CEO's surname to Ellis from Harris) (Adds CEO comment, detail, shares)

By John Bowker

LONDON, Jan 8 (Reuters) - British oil & gas explorer Serica Energy (SQZ.L) is planning this year to start drilling on new territories offshore Ireland and in Vietnam, Chief Executive Paul Ellis said on Tuesday.

The company raised $52 million in a share placing completed on Monday to be used on new exploration and Harris said the firm was ready to expand outside existing operations in Indonesia, Norway and the North Sea.

"We raised $50 million for exploration -- we have attractive licenses off the West Coast of Ireland and we want to get those drilled as soon as we can," he said in a telephone interview.

"They are look-a-like prospects to Shell's (RDSa.L) Corrib prospects, and are attractive partly due to the tax rate in Ireland."

He added that drilling slots were booked for Ireland -- although due to weather restrictions it was not definite the wells would be drilled this year. The firm hopes to begin drilling in Vietnam in September or October.

Shares in Serica were up 3 percent at 96.25 pence by 1332 GMT, valuing the company at 170 million pounds ($336.1 million).

Ellis was speaking from Jakarta, where he is awaiting results from the group's second well on the Biliton block in the Java Sea, due this weekend.  Continued...

 

Market Update

  • UKUK
  • USUS
  • Europe
  • Asia
  • UK Most Actives

Most Popular Business News on Reuters UK

  • Articles
  • Videos