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Serica Energy seals new North Sea tie-up with JX Nippon

Published: 10:04 19 Sep 2012 BST

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Serica Energy (LON:SQZ) has brought in a new partner into an exploration venture in the UK Central North Sea.

Japanese oil firm JX Nippon Exploration will acquire 85 per cent of the licence 22/19c licence block through the deal.

The new partner will pay US$250,000 upfront and it will cover Serica’s share of the future costs. This will include the drilling of a well at the JX Nippon’s discretion. 

"We are very pleased to have partnered with JX Nippon in pursuing these technically exciting and relatively new deeper plays in the Central North Sea,” said chairman Tony Craven Walker.

“Although not a commitment in the current licence term, such wells can be physically challenging if drilled and so we have prudently managed that risk by exchanging equity for a carry on the well cost."

This comes after Premier Oil withdrew from the project after a well on the Oates prospect proved unsuccessful in 2010.

The plan going forward is to explore deeper prospects.

 

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