Serica says that the Conan exploration well 113/26b-3 has reached a total depth of 1,827 meters without encountering hydrocarbons.

The Conan well was spudded on May 10. The target of the well was the gas potential of the Triassic age Sherwood Sandstone, which is the principal producing reservoir in the existing gas fields in the East Irish Sea. The data acquired on the Conan well confirms that the Sherwood Sandstone was entered at approximately 1,776 meters and that no hydrocarbons are present in the sands at this location. The well will be plugged and abandoned as a dry hole.

Following a farm-out agreement with Agora, announced on January 20, 2010, Agora is paying 70% of the Conan costs in order to earn a 35% interest in the license, Serica retains a 65% interest.

Serica CEO Paul Ellis said, "It is disappointing that the Conan well did not encounter hydrocarbons, but the cost to Serica of this well has been relatively small. We now look forward to drilling the Oates prospect in the Central North Sea in July."

Tags: Serica Energy plc