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Columbus Field Development Project Update

March 6, 2013 - London

 Serica Energy plc (TSX: SQZ)

("Serica" or the "Company")

Serica commences tender process for Columbus Field development project

Serica Energy plc (AIM & TSX: SQZ) announces the
issue of tender documents for development of the North Sea Columbus
field. The Field Development Plan provides for the supply of 51.3
million cubic feet of gas per day at peak to the UK gas market and
3,600 barrels per day of condensate and natural gas liquids (NGLs) with
the recovery of proven and probable reserves estimated at 78 billion
cubic feet of gas and 4.8 million barrels of condensate and NGLs.

The planned development of the Columbus field is a significant step for
Serica. Tender documents are being issued to pre-qualified contractors
for the fabrication, installation and hook-up of subsea facilities and
for the provision of associated subsea equipment and systems. Field
development is scheduled to commence in 2H2013 with first production
targeted for the summer of 2015.

The Department of Energy and Climate Change has indicated its approval
of the Field Development Plan subject to certain standard requirements
which include completion of financing arrangements. The field will be
developed in parallel with the construction by BG of a Bridge Linked
Platform (BLP), to be connected to the nearby producing Lomond field,
and will be linked to the BLP via a 7.7km pipeline. With tender
submissions now received for the BLP and the tendering process now
underway for the Columbus subsea facilities, Serica can progress the
financing alternatives which are available for the field development.

Serica has a 33.2% interest in the Columbus field and is field
operator. It is also involved in several other active gas projects
offshore UK, including work underway on the Doyle and Darwen North
prospects in the East Irish Sea. It has a 37.5% participation in a 3-D
seismic programme to evaluate gas prospectivity adjacent to the
Centrica operated York gas field, which started production on 1 March,
and it has a carried interest in Block 22/19c in which potentially
significant deeper prospects are under evaluation.

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This information is provided by RNS
The company news service from the London Stock Exchange


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