Serica Expands at UK's Rhum Field
London-listed Serica Energy has picked up a new licence next to its Rhum gas field in the North Sea following an out-of-round contest, the company said in a stock filing on December 18.
Licence P2501 covers blocks 3/24c and 3/29c containing the high-pressure, high-temperature North Eigg and South Eigg prospects. North Eigg holds 367bn ft3 in P50 and more than 1.2 trillion ft3 in P10 gas resources, sharing similar geological qualities to Rhum, according to Serica. South Eigg has 259bn ft3 in P50 and 929bn ft3 in P10 gas.
Serica established itself as a significant North Sea player by acquiring shares in the Rhum and nearby Keith and Bruce fields last year through several deals. It operates Rhum with a 50% stake, while its partner, the National Iranian Oil Co., owns the remaining share.
The company said it had committed to drilling an exploration well at P2501 within three years, and if commercial gas is found, would develop the field using a tie-back to facilities at Bruce.
Serica will also sink another production well at Rhum next year, while continuing to seek a partner at Bruce, where it has a 98% interest. It recently secured a renewed waiver from the US sanctions regime against Iran for Rhum.