Serica Energy Completes Offering

On December 13, 2005, the ordinary shares of Serica Energy plc were admitted to trading on the AIM Market of the London Stock Exchange. Serica continues to be listed on the TSX Venture Exchange. Serica is an international oil and gas exploration and production company with primary activities in Indonesia, the UK North Sea and Spain.

Concurrently with the listing on AIM, Serica completed an institutional offering of ordinary shares in the UK for gross proceeds of approximately £64 million (C$130.5 million). Funds from the offering will be used to finance Serica's planned exploration, appraisal and development program over the next 24 months, principally on operated blocks where Serica has substantial interests.

JP Morgan Securities Ltd. acted as underwriter in connection with the offering, and JPMorgan Cazenove Ltd. acted as Serica's nominated adviser and UK broker for purposes of the AIM rules.

Serica was represented in Canada by Blake, Cassels & Graydon LLP with a team that included Ken Pearce and Michael Fabbri (corporate/securities) and Ron Richler (tax); in the UK by Wedlake Bell with a team that included Simon Jones, Stuart Robertson and Sarah Jacobs; and in the US by Mark Mandel and Martin Glass of White & Case LLP in New York.

The underwriter and financial advisor were represented by Lovells in the UK with a team that included Nigel Read, Daniel Bingham, Christopher Horton and Hywel Llewellyn.