Serica Energy PLC reported unaudited consolidated earnings results for the first quarter ended March 31, 2012. For the quarter, the company reported sales revenue of $4,038,000 compared to $8,577,000 a year ago. Operating loss before net finance revenue and tax was $1,961,000 compared to $409,000 a year ago. Loss before taxation was $1,107,000 compared to $1,223,000 a year ago. Loss for the period was $1,391,000 or $0.01 basic and diluted per share compared to $2,465,000 or $0.01 basic and diluted per share a year ago. Loss for the period from continuing operations was $1,391,000, compared to $1,889,000 for the last year. Cash used in operations was $1,325,000 compared to cash generated from operations of $6,423,000 a year ago. Purchase of property, plant & equipment was $514,000 compared to $223,000 a year ago. Columbus project sanction anticipated mid 2012. Kambuna field expects to produce at 20 mmscfd (gross) of gas with associated condensate until fourth quarter 2012. Spaniards appraisal well scheduled to drill in third quarter of 2012. Morocco farm-out process to close in second quarter of 2012. Second license phase commences in third quarter 2012. 3D seismic survey results offshore Namibia expects to end in third quarter 2012. Plans for drilling Muckish to be brought forward. Doyle to be drilled after 27th licensing round. Continuing strategy of de-risking portfolio through on-going farm-outs.