Serica Energy PLC (SQZZF), an energy company, Thursday said the indicated volume of hydrocarbons present at the Marindan-1 Exploration Well, Kutai PSC, Indonesia, is not expected to be sufficient to justify commercial development and the well will be plugged and abandoned.

MAIN FACTS:

-Serica and its partners spudded the Marindan-1 offshore exploration well on Oct. 27 using the jack-up drilling rig Trident IX.

-The objective of the well was to investigate the potential for hydrocarbon accumulations in a sequence of Miocene sands and carbonates.

-Marindan-1 was drilled as a deviated well and on Dec. 2 reached total depth of 3,469 meters measured depth, or MD(3,225 meters true vertical depth subsea).

-Shares at 1406 GMT down 6 pence, or 11.5%, at 46 pence valuing the company at GBP85.6 million.
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