Serica Energy’s half-year results outlined development options with the potential to unlock value in assets located in the UK, Morocco and offshore Ireland. All of these options, though promising, are nonetheless pending and investors – many of whom will be nursing hefty ‘paper-losses’ – will require yet more patience.
Serica did reveal that it has reached contingent agreement for a farm-out of its 25 per cent interest in the Foum Draa and Sidi Moussa blocks offshore Morocco. This could potentially result in a two-well drill programme as early as next year, but details have yet to finalised. Discussions are also underway with a number of parties to fund the development of the North Sea Columbus project following sanction being granted by the Department of Energy and Climate Change.