SERICA ENERGY PLC - SQZ.V @ 1.33 on 573,000 shares traded - spiked way up at the open on news and is in pullback mode ... keep an eye (closed yesterday at 1.08) .. still a little frothy even at these levels ... on radar watch
News Today:
LONDON, June 9 /CNW/ - Serica Energy plc (AIM & TSX-V: SQZ) announces that it has completed its drilling operations on the Bandon offshore exploration well in licence FEL 1/06 in the Slyne Basin, west of Ireland.
Serica spudded well 27/4-1 on 11 May with the Ocean Guardian semisubmersible drilling rig and drilled to a total depth of 6,233 feet through the Jurassic and Sherwood intervals. Oil was encountered and a sidetrack was drilled to acquire additional data and samples.
The volume of oil in place cannot yet be estimated with certainty as considerable technical work remains to be done, but the results to date are encouraging. Using the geological and petrophysical data obtained, Serica will now carry out a remapping exercise using the 3D seismic data to evaluate further the prospectivity of licence FEL 1/06 as well as the potential of the three remaining Sherwood sand gas prospects in the licence.
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