2010-03-11-2010-01-20

To buy 35% WI in blocks 113/26b & 113/26c Conan prospect in East Irish Sea.

Agora Oil & Gas (U.K.) Ltd., a subsidiary of recently formed Agora Oil and Gas AS, Stavanger, Norway, has agreed to farm into two East Irish Sea blocks owned by Serica Energy Plc, London, (Toronto Venture: SQZ). The deal is Agora's first.

Agora will fund 70% of an exploration well on the Conan prospect in return for a 35% interest in blocks 113/26b and 113/26c. Serica will retain a 65% interest and operatorship.

The well is expected to be drilled in the second quarter to a depth of approximately 5,000 feet. Conan is a Triassic Sherwood sand gas prospect adjacent to the recent Rhyl gas discovery. Serica says that it's believed to be the largest undrilled Sherwood seismic anomaly in the East Irish Sea.

The agreement is subject to U.K. government approval.