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Serica Energy plc: Results for the Year Ended 31 December 2013

LONDON, UNITED KINGDOM -- (Marketwired) -- 04/10/14 -- Serica Energy plc (TSX: SQZ) (AIM: SQZ) ("Serica" or the "Company") today announces its financial results for the year ended 31 December 2013. The results are included below and copies are available at www.serica-energy.com and www.sedar.com.

Operations Highlights

  • Progress continues on all four of Serica's UK gas-centric projects
    • Centrica to carry Serica for 20% on Doyle well in Block 113/27c - Serica also received award of adjacent block 113/22a into which prospect likely extends
    • ENI joins as operator in block 22/19c where large HPHT prospects evident - Serica (15%) carried by JX Nippon through first well
    • 3D Seismic acquired and processed in Greater York area - interpretation underway - Serica 37.5% interest
    • Export route for Columbus field under negotiation - commercial discussions continue with BG and others - infrastructure support from Wood Report and DECC
  • Atlantic Margin and Africa exploration moving forward on programme
    • Namibia - partnering process underway - huge benefit from BP's involvement in Luderitz Basin - c. US$50 million of high quality data at nil cost to Serica
    • Morocco - first Foum Draa well drilled, results non-commercial - first well in Sidi Moussa spuds early 2H2014 - Serica largely carried on both wells
    • Ireland - Ministry awards full Frontier Licence in Rockall Basin and extends Serica's existing licence - partnering process underway in Slyne Basin blocks
  • Competent Person's Report flags major potential in all of Serica's licences - highlights in Operations Review
  • Operator of Bream has indicated end year development decision - would provide a large uplift in value to Serica

Financial Highlights:

  • Funded to meet planned expenditure through end 2015
  • End year cash balance of US$26.1 million, nil debt
  • Successful fundraise of US$19.5 million - well supported by new and existing shareholders
  • Reduced loss for the year from continuing operations of US$5.1 million (2012: US$16.4 million)
  • Efficiencies improved - costs strictly controlled - all major commitments farmed-out

Click on, or paste the following link into your web browser, to view the associated PDF document.

http://www.rns-pdf.londonstockexchange.com/rns/4851E_1-2014-4-9.pdf

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