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Serica Energy plc has reached agreement with JX Nippon Exploration and Production (U.K.) Ltd. for the farmout of UK central North Sea Block 22/19c, in which Serica presently holds a 100% interest. The agreement is subject to UK government approval.
Under the agreement, JX Nippon will acquire an operated 85% interest in the license, with Serica retaining 15%.
As consideration, JX Nippon will pay to Serica $250,000 and carry Serica's share of all future costs associated with the license up to and including, at JX Nippon's discretion, the drilling of an exploration well to the Jurassic or deeper.