First Quarter Results

Serica Energy plc
29 April 2008


                               Serica Energy plc
                          ('Serica' or the 'Company')


                   FIRST QUARTER 2008 REPORT TO SHAREHOLDERS


London, 29 April 2008 - Serica Energy plc (TSX Venture & AIM: SQZ) today
announces its financial results for the three months ending 31 March 2008.  The
results and associated Management Discussion and Analysis are included below and
copies are available at www.serica-energy.com and www.sedar.com


Q1 2008 Highlights


Operational


• Significant progress on the development of the Kambuna field, Indonesia
       
  o  Excellent terms agreed for the sale of gas (average of approximately 
     US$6.00 per mcf expected)

  o  Kambuna production platform successfully installed

  o  Kambuna wells 2, 3 and 4 drilled and ready for completion and initial 
     testing

  o  First production due at the end of 2008

• Columbus Field Development Plan to be submitted to the UK authorities
  later this year
• Acquired additional 25.5% working interest in the Kutai PSC in East
  Kalimantan, Indonesia
• 2D seismic survey completed in Spain, data currently being interpreted


Financial & Corporate

• Completion of a placing raising approximately US$49 million for the Company
• Jonathan Cartwright, Finance Director of Caledonia Investments plc, joined
  the Board as a non-executive director


Forward Programmes


South East Asia

• Kambuna development continues

  o  Onshore and offshore pipelines to be laid and onshore facilities to be 
     built later this year

• Offshore South Vietnam - Exploration well due to be drilled in 2H 08


Europe

• Two appraisal wells due to be drilled on the Bream field in Norway in Q3 2008
• Site surveys to be completed in the Slyne basin, Offshore Ireland in Q3 2008, 
  ahead of a 2009 drilling programme
• Site survey to be carried out in the Chablis gas field, in preparation for
  drilling an appraisal well


Serica's Chief Executive, Paul Ellis commented:

 'For the remainder of 2008 Serica's priority is the completion of the Kambuna
field development programme with first production targeted for the end of the
year.  Serica also expects to participate in the drilling or completion of seven
development, exploration or appraisal wells in Western Europe and South East
Asia.

Serica's strategic objective is to bring forward its development programmes and
to build its production revenue base as rapidly as possible, in order to make
the business self-sufficient and to create shareholder value.'


Enquiries:

Serica Energy plc
Paul Ellis,                           [e-mail]                        [phone]

Chief Executive Officer
Chris Hearne,                         [e-mail]                      [phone]

Finance Director

JPMorgan Cazenove
Steve Baldwin                         [e-mail]                  [phone]

Tristone Capital Limited
Majid Shafiq                          [e-mail]                         [phone]

Pelham Public Relations -UK
James Henderson                       [e-mail]                        [phone]
Alisdair Haythornthwaite              [e-mail]               [phone]

CHF - Canada
Sarah Gingerich                       [e-mail]                                     [phone]


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MANAGEMENT OVERVIEW

During the first quarter 2008 Serica Energy plc ('Serica' or the 'Company') has
focused its efforts on its programme of development wells in the Kambuna field,
offshore Indonesia, and reported that excellent terms have been agreed for the
sale of gas to be produced from the field.

In January the Company announced the completion of a placing of 24,770,354 new
ordinary shares on both AIM in London and the TSX Venture Exchange in Toronto.
The total amount raised for the Company was approximately US$49 million after
expenses.  The funding available from the US$100 million senior debt facility,
in conjunction with the finance raised in the placing, provides resources to
progress the Company's exploration, appraisal and development programmes.

In March Serica announced that Jonathan Cartwright had joined the Board as a
non-executive director.  Mr Cartwright is Finance Director of Caledonia
Investments plc which owns 13% of the Company's ordinary shares.


Field Appraisal and Development


Kambuna Field, Offshore North Sumatra, Indonesia

As reported in the Company's Full Year Results, an independent reserves report
prepared by RPS Energy estimated that, at a 10% discount factor, the post-tax
net present value to Serica of the Proved plus Probable ('2P') Kambuna Field
Reserves at constant prices and costs was US$145 million as at 31 December 2007.
  Total 2P reserves, on a 100% basis, were estimated to be 29.7 million barrels
of oil equivalent, representing a 15% year-on-year increase. Since the reserves
report was prepared, terms were agreed for a second tranche of gas and Serica
ultimately expects to achieve an average gas price close to US$6.00 per thousand
cubic feet, about 10% higher than that assumed in the reserves report.

Significant progress was made during the quarter on development activities in
the Kambuna field, in which Serica holds a 65% interest and which it operates.
The Kambuna No. 3 and No. 4 deviated development wells are being drilled from
the Kambuna production platform, installed earlier this year at the location of
the Kambuna No. 2 well, the first of the three planned development wells.
Kambuna No. 3 was drilled to a total depth of 7,483 ft true vertical depth below
mean sea level ('TVDSS'). The well entered the target Belumai reservoir at a
depth of 7,166 ft TVDSS and encountered gas-bearing sands over an interval of
107 ft with a net pay of 77 ft (67 vertical ft).  Kambuna No. 4 was drilled to a
total depth of 7,408 ft TVDSS.  The well entered the Belumai reservoir at 7,140
ft TVDSS and encountered gas-bearing sands over an interval of 115 ft with a net
pay of 107 ft (66 vertical ft).  There was no indication of a gas-water contact
in any of these wells and all three are now being completed for production.

Onshore and offshore facilities and a 14-inch offshore pipeline are planned to
be installed later this year, with production targeted to commence in December
2008.


Columbus Field, UK Central North Sea

Rising UK gas prices encourage the early development of Serica's Columbus
discovery and Serica expects to submit the Columbus Field Development Plan to
the UK authorities later this year.  Serica is the operator of the Columbus
field in Block 23/16f and holds a 50% interest. Following the two appraisal
wells drilled in 2007, that have confirmed the Columbus field development
potential, Serica has acquired a new 3D seismic survey that is now being
calibrated with the well results. This will lead to a better understanding of
the extent of the field outside of the immediate vicinity of the wells and will
be used to calculate new reserve estimates. The Columbus gas-condensate field
lies in close proximity to existing production infrastructure, providing the
potential to commence production as soon as arrangements for oil and gas
transportation have been made and development wells have been drilled and
tied-in.  The main options being considered involve the completion of horizontal
production wells with sub-sea tie-back to a host production platform.


Chablis Field, UK Southern North Sea

Serica operates Block 48/16b, which contains the Chablis gas discovery, and
holds a 100% interest in the block.  A site survey vessel has been contracted
and the survey will shortly be carried out in preparation for drilling the first
Chablis appraisal well.  The field is in close proximity to existing production
infrastructure and would be produced via a sub-sea tie-back to a host platform.
On successful appraisal, Serica will work closely with infrastructure owners to
achieve the earliest production from the field.


Bream Field, Offshore Norway

In the Egersund Basin Licence PL407, preparations are well in hand for the
drilling of two Bream oil field appraisal wells that operator BG Norge indicates
will be drilled starting in 3Q08.  The aim of these wells is to obtain
sufficient subsurface information to be able to put forward a Field Development
Plan to the Norwegian authorities in 2009.  Serica has a 20% interest in the
Bream field.


Exploration


Indonesia

In the Biliton PSC in the Java Sea, two exploration wells were drilled in
December 2007 and January 2008.  Neither well contained hydrocarbons and costs
associated with the Biliton PSC have been expensed in the 2007 financial
statements with a further small amount in Q1 2008.

In the Kutai PSC in East Kalimantan, Serica acquired an additional 25.5% working
interest in February 2008.  Serica is the operator of the Kutai Block and now
holds a 78% interest.  The Company is evaluating more than 2,000 square
kilometres of 3D seismic data and has already contracted to acquire further 3D
and 2D seismic data this year in order to select locations for its 2009 drilling
programme.


Vietnam

Serica holds a 33.33% interest in the Block 06/94 PSC, which is operated by
Pearl Energy and lies in the Nam Con Son Basin about 350 kilometres offshore
South Vietnam. The Ocean General semi-submersible drilling rig has been
contracted to drill the first exploration well in 2H08 in the south-western part
of the block where oil and gas prospects have been identified.  A further 1,000
square kilometre 3D seismic survey is expected to be acquired in May 2008 in
order to evaluate further the prospectivity of the acreage.


Ireland

Serica is the operator and holds a 100% interest in Blocks 27/4, 27/5 (west) and
27/9, which cover an area of 611 square kilometres in the Slyne Basin off the
west coast of Ireland and lie 42 kilometres south of the Corrib gas field, which
is currently being developed by Shell. Four significant prospects have been
identified on the blocks and Serica has contracted a vessel for a site survey,
which must be completed at least three months before drilling is due to take
place.  It had been hoped that this survey would be acquired in April but, due
to continuing bad spring weather in the Atlantic, it has now been scheduled for
this summer. Because of the short weather window for Atlantic drilling, Serica
now plans to commence exploration drilling on the blocks in the summer of 2009.


Norway

In Licence PL406, immediately to the south of Serica's Bream field Block PL407,
a 3D seismic survey is already underway in order to confirm the location of an
exploration well to be drilled in 2009.  Operator Premier Oil expects shortly to
finalise a rig contract for the drilling programme.  Serica holds a 20% interest
in Blocks PL406 and PL407.


Spain

Serica holds a 75% interest and operatorship in its four exploration Permits
onshore northern Spain.  The 315 kilometre 2D seismic survey, which commenced in
2007, was completed in the first quarter and the data is currently being
interpreted.


Forward Programme

For the remainder of 2008 Serica's priority is the completion of the Kambuna
field development programme, which includes completing three production wells,
laying an offshore and onshore pipeline and building the required onshore gas
and condensate reception facilities.  In addition, exploration and appraisal
wells will be drilled in Western Europe and South East Asia and a field
development plan will be prepared for the Columbus field in the UK North Sea.
Serica expects to participate in the drilling or completion of seven wells
during 2008.

Serica's strategic objective is to bring forward its development programmes and
to build its production revenue base as rapidly as possible, in order to make
the business self-sufficient and to create shareholder value by demonstrating
the potential of the Company's exploration, appraisal and development portfolio
in South East Asia and Western Europe.  The first stage in this process is to
achieve revenue from the Kambuna field, which the Company expects to start
production at the end of this year.


MANAGEMENT'S DISCUSSION AND ANALYSIS

The following management's discussion and analysis ('MD&A') of the financial and
operational results of Serica Energy plc and its subsidiaries (the 'Group')
contains information up to and including 25 April 2008 and should be read in
conjunction with the attached unaudited interim consolidated financial
statements for the quarter ended 31 March 2008. The interim financial statements
for the three months ended 31 March 2008 have been prepared by and are the
responsibility of the Company's management, and the Company's independent
auditors have not performed a review of these financial statements.

References to the 'Company' include Serica and its subsidiaries where relevant.
All figures are reported in US dollars ('US$') unless otherwise stated.


Summary of Activities

Serica's activities are centred on the UK and Indonesia, with other interests in
Norway, Spain, Ireland and Vietnam. The Group has no current oil and gas
production, with the main emphasis placed upon its near term developments and
future exploration drilling programmes. In 2008 to date, work has continued on
advancing the Indonesian development, moving the Columbus field development
options forward and managing its portfolio of interests. Further details are
noted in the Management Overview.

The results of Serica's operations detailed below in this MD&A, and in the
financial statements, are presented in accordance with International Financial
Reporting Standards ('IFRS').


Results of Operations

Serica generated a loss of US$3.3 million for the three months ended 31 March
2008 ('Q1 2008') compared to a loss of US$1.6 million for the three months ended
31 March 2007 ('Q1 2007').

                                                          2008        2007      2007        2007      2007
                                                            Q1          Q4        Q3          Q2        Q1
                                                        US$000      US$000    US$000      US$000    US$000

Sales revenue                                                -           -         -           -         -

Expenses:

Administrative expenses                                (1,973)     (2,665)   (1,658)     (1,728)   (1,846)
Foreign exchange (loss)/gain                              (55)         384        31        (36)        15
Pre-licence costs                                        (188)        (74)      (76)       (124)     (101)
Asset write offs                                         (375)     (9,282)         -           -         -
Share-based payments                                     (375)       (514)     (485)       (464)     (499)
Depletion and depreciation                                (58)        (63)      (34)        (26)      (26)

Operating loss before net finance
revenue and taxation                                   (3,024)    (12,214)   (2,222)     (2,378)   (2,457)

Finance revenue                                            576         498       663         791       862
Finance costs                                            (878)       (321)         -           -         -

Loss before taxation                                   (3,326)    (12,037)   (1,559)     (1,587)   (1,595)

Taxation credit/(charge)                                     -         353     2,796           -         -

(Loss)/profit for the period                           (3,326)    (11,684)     1,237     (1,587)   (1,595)

Basic and diluted loss per share                        (0.02)      (0.08)       N/A      (0.01)    (0.01)
Basic and diluted earnings per share                       N/A         N/A      0.01         N/A       N/A


Administrative expenses of US$2.0 million for Q1 2008 increased from US$1.8
million for the same period last year. The increase reflects the growing scale
of the Company's activities over the past twelve months.

No significant foreign exchange movements impacted Q1 2008 or Q1 2007 results.

Pre-licence costs include direct cost and allocated general administrative cost
incurred on oil and gas interests prior to the award of licences, concessions or
exploration rights. The expense of US$0.2 million for Q1 2008 increased from
US$0.1 million for the same period last year and is attributable to work
undertaken during the recent quarter on the 25th Licencing Round in the UK North
Sea.

Share-based payment charges of US$0.4 million reflect share option grants made
and compare with US$0.5 million for both Q4 2007 and Q1 2007. Whilst further
share options have been granted in March 2008, the incremental charge generated
from those options has been offset by the decline in charge of the options
granted in 2005, 2006 and 2007.

Negligible depletion, depreciation and amortisation charges in all periods
represent office equipment and fixtures and fittings.  Those costs of petroleum
and natural gas properties classified as exploration and evaluation assets are
not currently subject to such charges pending further evaluation. The Kambuna
asset costs classified as 'development' costs and held within plant, property
and equipment will be depleted once production commences.

Finance revenue comprising interest income of US$0.6 million for Q1 2008
compares with US$0.5 million for Q4 2007 and US$0.9 million for Q1 2007. Finance
revenue fell during the course of 2007 as average cash deposit balances dropped
as expenditure was incurred on drilling programmes. The January 2008 equity
placing raised further funds which have caused the increase in finance revenue
earned in Q1 2008 over Q4 2007.

The first drawdown on the senior secured debt facility occurred soon after the
facility was arranged in Q4 2007. Finance costs consist of interest payable,
issue costs spread over the term of the bank loan facility, and other fees.

The taxation credit/(charge) of US$nil in Q1 2008 is represented by a current
taxation credit of expected tax recoveries on Norwegian expenditure in the
quarter, offset by an equivalent deferred income tax charge from the timing
differences arising from capitalised exploration expenditure.

The net loss per share of US$0.02 for Q1 2008 compares to a net loss per share
of US$0.01 for Q1 2007.

                              
Summary of Quarterly Results

                                     2008         2007        2007        2007        2007         2006        2006
Quarter ended:                     31 Mar       31 Dec      30 Sep      30 Jun      31 Mar       31 Dec      30 Sep
                                   US$000       US$000      US$000      US$000      US$000       US$000      US$000

Sales revenue                           -            -           -           -           -            -           -
(Loss)/profit for the quarter     (3,326)     (11,684)       1,237     (1,587)     (1,595)     (13,456)     (3,795)
Basic and diluted loss per
share US$                          (0.02)       (0.08)           -      (0.01)      (0.01)       (0.09)      (0.03)
Basic and diluted earnings
per share                               -            -        0.01           -           -            -           -

The fourth quarter 2007 loss includes asset write offs of US$9.0 million in
regard to the Biliton PSC.

The fourth quarter 2006 loss includes asset write offs of US$12.7 million in
regard to the Asahan Offshore PSC.


Working Capital, Liquidity and Capital Resources


Current Assets and Liabilities

An extract of the balance sheet detailing current assets and liabilities is
provided below:
                                                                    31 March 2008   31 December 2007           31 March
                                                                                                                   2007
                                                                           US$000             US$000             US$000
Current assets:
   Inventories                                                              6,051              6,991              6,785
   Trade and other receivables                                             22,076             21,906             11,369
Tax receivable                                                              3,387              3,387                  -
   Cash and cash equivalents                                               50,931             22,638             72,175
Total Current assets                                                       82,445             54,922             90,329

Less Current liabilities:
   Trade and other payables                                              (28,979)           (23,604)           (11,864)

Net Current assets                                                         53,466             31,318             78,465


At 31 March 2008, the Company had net current assets of US$53.5 million which
comprised current assets of US$82.5 million less current liabilities of US$29.0
million, giving an overall increase in working capital of US$22.1 million in the
three month period.

Inventories decreased from US$7.0 million to US$6.0 million over the period.

Trade and other receivables at 31 March 2008 totalled US$22.1 million, which
included US$10.2 million upfront deposit payments in respect of the ongoing
Kambuna drilling programme and significant recoverable amounts from partners in
Joint Venture operations in the UK and Indonesia. Other smaller items included
prepayments and sundry UK and Indonesian working capital balances. The tax
receivable represents expected recovery of exploration expenditure from the
Norwegian fiscal regime.

Cash and cash equivalents increased from US$22.6 million to US$50.9 million in
the quarter. The Company received US$48.6 million from the issue of share
capital in January 2008, partially offset by cash outgoings in Q1 2008 covering
capital expenditure on the Kambuna development, operational expenses and other
exploration work. In addition cash receipts of US$0.6 million of interest income
were also received in the quarter.

Trade and other payables of US$29.0 million at 31 March 2008 chiefly include
significant trade creditors and accruals from the Kambuna drilling programme,
and other creditors and accruals from UK and Indonesia. Other smaller items
include sundry creditors and accruals for administrative expenses and other
corporate costs.


Long-Term Assets and Liabilities

An extract of the balance sheet detailing long-term assets and liabilities is
provided below:
                                                                     31 March 2008   31 December 2007          31 March
                                                                                                                   2007
                                                                            US$000             US$000            US$000

Exploration & evaluation assets                                             75,393             71,874            45,738
Property, plant and equipment                                               39,274             19,543               316
Goodwill                                                                       768                768             1,200
Financial assets                                                             4,680              4,680                 -
Long-term other receivables                                                  2,382              1,224               668
Financial liabilities                                                      (9,829)            (9,582)                 -
Deferred income tax liabilities                                            (4,589)            (3,910)             (955)

During Q1 2008, total investments in petroleum and natural gas properties,
represented by exploration and evaluation assets, increased by US$3.5 million to
US$75.4 million. Of the Q1 2008 investment in the UK & NW Europe; US$1.0 million
related to Spain, US$0.9 million related to Norway, US$0.9 million in the UK and
Ireland on exploration work and G&A. US$0.2 million was spent in Indonesia
principally on exploration work and G&A on the Kutai concession, and US$0.5
million in Vietnam.

The US$19.7 million increase in property, plant and equipment from US$19.5
million to US$39.1 million is substantially caused by expenditure of US$19.6
million during the quarter on the Kambuna development. The property, plant and
equipment also includes immaterial balances of US$0.4 million for office
fixtures and fittings and computer equipment.

Goodwill, representing the difference between the price paid on acquisitions and
the fair value applied to individual assets, remained unchanged at US$0.8
million.

Financial assets represent US$4.7 million of restricted cash deposits.

Long-term other receivables of US$2.4 million represented value added tax 
('VAT') on Indonesian capital spend, which would be recovered from future 
production, and the long-term element of expected tax recovery of exploration 
from the Norwegian fiscal regime.

Financial liabilities are represented by the first drawdown under the senior
secured debt facility, which occurred in Q4 2007. This includes accrued interest
payable and is disclosed net of the unamortised portion of allocated issue
costs.

The deferred income tax liability increase of US$0.7 million from US$3.9 million
to US$4.6 million occurred from timing differences arising following the
recognition of the Norwegian tax recovery assets.


Shareholders' Equity

An extract of the balance sheet detailing shareholders' equity is provided
below:

                                                                31 March 2008          31 December             31 March
                                                                                              2007                 2007
                                                                       US$000               US$000               US$000

Total share capital                                                   207,452              158,871              157,817
Other reserves                                                         14,104               13,729               12,226
Accumulated deficit                                                  (60,011)             (56,685)             (44,651)

Total share capital includes the total net proceeds (both nominal value and any
premium on the issue of equity capital). Issued share capital during 2008 was
increased by the issue of 19,826,954 ordinary shares at £1.02 and 4,943,400 at
Cdn$2.10.

Other reserves include amounts credited in respect of cumulative share-based
payment charges and the amount of the increment of fair value liability (over
cash received) of share warrants eliminated upon exercise of those share
warrants. The increase in other reserves from US$13.7 million to US$14.1 million
reflects the amortisation of share-based payment charges in Q1 2008.


Capital Resources

At 31 March 2008, Serica had US$53.5 million of net working capital, US$9.8
million of long-term debt and no capital lease obligations.  At that date, the
Company had commitments to future minimum payments under operating leases in
respect of rental office premises, office equipment and motor vehicles for each
of the following periods/years as follows:
             
                                                                              US$000

31 December 2008                                                                 286
31 December 2009                                                                 389
31 December 2010                                                                  83


During 2007 the Company contracted the Sedco 704 drilling rig for 96 days during
2007 and 2008 for UK & NW Europe operations. As at 31 March 2008 the Company had
a commitment for a remaining 40 days at a gross cost of US$13.5 million. Since
the period end the Company has released this commitment in favour of a third
party.

The Company also has obligations to carry out defined work programmes on its oil
and gas properties, under the terms of the award of rights to these properties,
over the next twelve months as follows:


Nine months ending 31 December 2008 US$24,000,000

These obligations reflect the Company's share of interests in the defined work
programmes and were not formally contracted at 31 March 2008. The Company is not
obliged to meet other joint venture partner shares of these programmes.

In the absence of revenues generated from oil and gas production Serica intends
to utilise its existing cash balances, together with the US$100 million senior
secured debt facility, to fund the immediate needs of its investment programme
and ongoing operations.


Off-Balance Sheet Arrangements

The Company has not entered into any off-balance sheet transactions or
arrangements.


Critical Accounting Estimates

The Company's principal accounting policies are detailed in note 2 to the
attached financial statements.  International Financial Reporting Standards have
been adopted. The cost of exploring for and developing petroleum and natural gas
reserves are capitalised.  Unproved properties are subject to periodic
impairment tests whilst the costs of proved properties are depleted over the
life of such producing fields.  In each case, calculations are based upon
management assumptions about future outcomes, product prices and performance.


Financial Instruments

The Group's financial instruments comprise cash and cash equivalents, bank loans
and borrowings, accounts payable and accounts receivable. It is the management's
opinion that the Group is not exposed to significant currency, interest or
credit risks arising from its financial instruments other than as discussed
below:

Serica has exposure to interest rate fluctuations; given the level of
expenditure plans over 2008/9 this is managed in the short-term through
selecting treasury deposit periods of one to six months. Cash and treasury
credit risks are mitigated through spreading the placement of funds over a range
of institutions each carrying acceptable published credit ratings to minimise
counterparty risk.

Where Serica operates joint ventures on behalf of partners it seeks to recover
the appropriate share of costs from these third parties. The majority of
partners in these ventures are well established oil and gas companies. In the
event of non payment, operating agreements typically provide recourse through
increased venture shares.

It is the management's opinion that the fair value of its financial instruments
approximate to their carrying values, unless otherwise noted.


Share Options

As at 31 March 2008, the following director and employee share options were
outstanding: -
                                                              Expiry Date                Amount           Exercise cost
                                                                                                                   Cdn$

                                                                 Jun 2008               400,000                 720,000
                                                                 Feb 2009               247,499                 494,998
                                                                 May 2009               100,000                 200,000
                                                                 Dec 2009               275,000                 275,000
                                                                 Jan 2010               600,000                 600,000
                                                                 Jun 2010             1,100,000               1,980,000

                                                                                                          Exercise cost
                                                                                                                      £

                                                                 Nov 2010               561,000                 544,170
                                                                 Jan 2011             1,275,000               1,319,625
                                                                 May 2011               180,000                 172,800
                                                                June 2011               270,000                 259,200
                                                                 Nov 2011               120,000                 134,400
                                                                 Jan 2012             1,056,000               1,077,120
                                                                 May 2012               405,000                 421,200
                                                              August 2012             1,200,000               1,182,000
                                                               March 2013             1,812,000               1,359,000
                                                               March 2013               850,000                 697,000



Business Risk and Uncertainties

Serica, like all exploration companies in the oil and gas industry, operates in
an environment subject to inherent risks.  Many of these risks are beyond the
ability of a company to control, particularly those associated with the
exploring for and developing of economic quantities of hydrocarbons: volatile
commodity prices; governmental regulations; and environmental matters.


Disclosure Controls and Procedures and Internal Controls over Financial
Reporting

Serica's management, including the Chief Executive Officer and Chief Financial
Officer, has reviewed and evaluated the effectiveness of the Company's
disclosure controls and procedures in accordance with Multilateral Instrument
52-109 and Canadian securities regulations as of 31 March 2008. Management has
concluded that, as of 31 March 2008, the disclosure controls and procedures were
effective to provide reasonable assurance that material information relating to
the Company and its consolidated subsidiaries would be made known to them by
others within those entities, particularly during the period in which this
report was being prepared.

Management has designed internal controls over financial reporting to provide
reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with
IFRS. There have been no changes in the Company's internal controls over
financial reporting during the period that have materially affected, or are
reasonably likely to materially affect, the Company's internal controls over
financial reporting.


Nature and Continuance of Operations

The principal activity of the Company is to identify, acquire and subsequently
exploit oil and gas reserves primarily in Asia and Europe.

The Company's financial statements have been prepared with the assumption that
the Company will be able to realise its assets and discharge its liabilities in
the normal course of business rather than through a process of forced
liquidation. The Company currently has no operating revenues, and during the
three month period ended 31 March 2008 the Company generated a loss of US$3.3
million from continuing operations. At 31 March 2008, the Company held cash and
cash equivalents of US$50.9 million and a financial asset of restricted cash of
US$4.7 million.


Outstanding Share Capital

As at 25 April 2008, the Company had 176,418,310 ordinary shares issued and
outstanding.


Additional Information

Additional information relating to Serica can be found on the Company's website
at www.serica-energy.com and on SEDAR at www.sedar.com


Approved on Behalf of the Board

Paul Ellis                                                  Christopher Hearne
Chief Executive Officer                                     Finance Director

29 April 2008


Forward Looking Statements

This disclosure contains certain forward looking statements that involve
substantial known and unknown risks and uncertainties, some of which are beyond
Serica Energy plc's control, including: the impact of general economic
conditions where Serica Energy plc operates, industry conditions, changes in
laws and regulations including the adoption of new environmental laws and
regulations and changes in how they are interpreted and enforced, increased
competition, the lack of availability of qualified personnel or management,
fluctuations in foreign exchange or interest rates, stock market volatility and
market valuations of companies with respect to announced transactions and the
final valuations thereof, and obtaining required approvals of regulatory
authorities.  Serica Energy plc's actual results, performance or achievement
could differ materially from those expressed in, or implied by, these forward
looking statements and, accordingly, no assurances can be given that any of the
events anticipated by the forward looking statements will transpire or occur, or
if any of them do so, what benefits, including the amount of proceeds, that
Serica Energy plc will derive there from.


The TSX Venture Exchange has not reviewed and does not accept responsibility for
                   the adequacy or accuracy of this release.


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Serica Energy plc
Group Income Statement

Unaudited                                                                                      Three              Three
                                                                                              months             months
                                                                                               ended              ended
                                                                                              31 Mar             31 Mar
                                                                                                2008               2007
                                                         Notes                                US$000             US$000

Sales revenue                                                                                      -                  -

Cost of sales                                                                                      -                  -

Gross profit                                                                                       -                  -

Administrative expenses                                                                      (1,973)            (1,846)
Foreign exchange (loss)/gain                                                                    (55)                 15
Pre-licence costs                                                                              (188)              (101)
Asset write offs                                                                               (375)                  -
Share-based payments                                                                           (375)              (499)
Depreciation & depletion                                                                        (58)               (26)

Operating loss before finance
revenue and tax                                                                              (3,024)            (2,457)

Finance revenue                                                                                  576                862
Finance costs                                                                                  (878)                  -

Loss before taxation                                                                         (3,326)            (1,595)

Taxation credit/(charge) for the period                 6                                          -                  -

Loss for the period                                                                          (3,326)            (1,595)

Loss per ordinary share (US$):
Basic and diluted loss per share                                                              (0.02)             (0.01)



Serica Energy plc
Consolidated Balance Sheet

                                                                               31 March          31 Dec        31 March
                                                                                   2008            2007            2007
                                                                                 US$000          US$000          US$000
                                                                          (Unaudited)         (Audited)     (Unaudited)
Non-current assets
Exploration & evaluation assets                                                  75,393          71,874          45,738
Property, plant and equipment                                                    39,274          19,543             316
Goodwill                                                                            768             768           1,200
Financial assets                                                                  4,680           4,680               -
Other receivables                                                                 2,382           1,224             668
                                                                                122,497          98,089          47,922
Current assets
Inventories                                                                       6,051           6,991           6,785
Trade and other receivables                                                      22,076          21,906          11,369
Tax receivable                                                                    3,387           3,387               -
Cash and cash equivalents                                                        50,931          22,638          72,175
                                                                                 82,445          54,922          90,329

TOTAL ASSETS                                                                    204,942         153,011         138,251

Current liabilities
Trade and other payables                                                       (28,979)        (23,604)        (11,864)

Non-current liabilities
Financial liabilities                                                           (9,829)         (9,582)               -
Deferred income tax liabilities                                                 (4,589)         (3,910)           (955)

TOTAL LIABILITIES                                                              (43,397)        (37,096)        (12,819)

NET ASSETS                                                                      161,545         115,915         125,432


Share capital                                         4                         207,452         158,871         157,817
Other reserves                                                                   14,104          13,729          12,266
Accumulated deficit                                                            (60,011)        (56,685)        (44,651)

TOTAL EQUITY                                                                    161,545         115,915         125,432


Serica Energy plc
Statement of Changes in Equity
For the period ended 31 March 2008


Group                                                Share capital         Other       Deficit         Total
                                                                        reserves
                                                            US$000        US$000        US$000        US$000

At 1 January 2008 (audited)                                158,871       13,729       (56,685)       115,915

New shares issued (net)                                     48,581             -             -        48,581
Share-based payments                                             -           375            -            375
Loss for the period                                              -            -        (3,326)       (3,326)

At 31 March 2008 (unaudited)                               207,452        14,104      (60,011)       161,545


Group                                                Share capital         Other       Deficit         Total
                                                                        reserves
                                                            US$000        US$000        US$000        US$000

At 1 January 2007 (audited)                                157,283       11,767       (43,056)       125,994

Conversion of options                                          534            -             -            534
Share-based payments                                             -          499             -            499
Loss for the period                                              -            -        (1,595)       (1,595)

At 31 March 2007 (unaudited)                               157,817        12,266      (44,651)       125,432

Conversion of options                                        1,054             -             -         1,054
Share-based payments                                             -           464             -           464
Loss for the period                                              -             -       (1,587)       (1,587)

At 30 June 2007 (unaudited)                                158,871        12,730      (46,238)       125,363

Share-based payments                                             -           485             -           485
Loss for the period                                              -             -         1,237         1,237

At 30 September 2007 (unaudited)                           158,871        13,215      (45,001)       127,085

Share-based payments                                             -           514             -           514
Loss for the period                                              -             -      (11,684)      (11,684)

At 31 December 2007 (audited)                              158,871        13,729      (56,685)       115,915



Serica Energy plc
Consolidated Cash Flow Statement

Unaudited                                                                                      Three              Three
                                                                                              months             months
                                                                                               ended              ended
                                                                                              31 Mar             31 Mar
                                                                                                2008               2007
                                                                                              US$000             US$000
Cash flows from operating activities:
Operating loss                                                                               (3,024)            (2,457)

Adjustments for:
Depreciation and depletion                                                                        58                 26
Asset write offs                                                                                 375                  -
Share-based payments                                                                             375                499
Changes in working capital                                                                     4,550            (4,978)
Cash generated from operations                                                                 2,344            (6,910)

Taxes received                                                                                     -                  -

Net cash in/(out)flow from operations                                                          2,334            (6,910)

Cash flows from investing activities:
Interest received                                                                                576                862
Proceeds from disposals                                                                            -              5,000
Purchases of property, plant & equipment                                                    (19,679)                  -
Purchase of intangible exploration assets                                                    (3,519)            (4,617)

Net cash used in investing                                                                  (22,622)              1,245

Cash proceeds from financing activities:
Issue of shares (net)                                                                         48,581                  -
Proceeds on exercise of warrants/options                                                           -                534

Net cash from financing activities                                                            48,581                534

Cash and cash equivalents
Net increase/(decrease) in period                                                             28,293            (5,131)
Amount at start of period                                                                     22,638             77,306

Amount at end of period                                                                       50,931             72,175



Serica Energy plc


Notes to the Unaudited Consolidated Financial Statements


1.     Corporate information

The interim condensed consolidated financial statements of the Group for the
three months ended 31 March 2008 were authorised for issue in accordance with a
resolution of the directors on 29 April 2008.

Serica Energy plc is a public limited company incorporated and domiciled in
England & Wales. The Company's ordinary shares are traded on AIM and the TSX
Venture Exchange. The principal activity of the Company is to identify, acquire
and exploit oil and gas reserves.


2. Basis of preparation and accounting policies


Basis of Preparation

The interim condensed consolidated financial statements for the three months
ended 31 March 2008 have been prepared in accordance with IAS 34 Interim
Financial Reporting.

These unaudited interim consolidated financial statements of the Group have been
prepared in accordance with International Financial Reporting Standards
following the same accounting policies and methods of computation as the
consolidated financial statements for the year ended 31 December 2007. These
unaudited interim consolidated financial statements do not include all the
information and footnotes required by generally accepted accounting principles
for annual financial statements and therefore should be read in conjunction with
the consolidated financial statements and the notes thereto in the Serica Energy
plc annual report for the year ended 31 December 2007.


Significant accounting policies

The accounting policies adopted in the preparation of the interim condensed
consolidated financial statements are consistent with those followed in the
preparation of the Group's annual financial statements for the year ended 31
December 2007, except for the adoption of the following new standards and
interpretations, noted below,

IFRIC 11 'IFRS2 - Group and Treasury Share Transactions' - Effective for periods
starting 1 March 2007

IFRIC 12 'Service Concession Arrangements' - Effective date 1 January 2008

IFRIC 14 'IAS 19 - The Limit on a Defined Benefit Asset, Minimum Funding
Requirements and their Interaction' - Effective date 1 January 2008

The adoption of these did not affect the Group's results of operations or
financial position.

The Group financial statements are presented in US dollars and all values are
rounded to the nearest thousand dollars (US$000) except when otherwise
indicated.


Basis of Consolidation

The consolidated financial statements include the accounts of the Company and
its wholly-owned subsidiaries Serica Energy Corporation, Serica Energy Holdings
B.V., Asia Petroleum Development Limited, Petroleum Development Associates
(Asia) Limited, Serica Energia Iberica S.L., Serica Holdings UK Limited, Serica
Energy (UK) Limited, PDA Lematang Limited, APD (Asahan) Limited, APD (Biliton)
Limited, APD (Glagah Kambuna) Limited and Serica Energy Pte Limited, Serica
Kutei B.V., Serica Nam Con Son B.V. and Serica Energy Norge AS. Together, these
comprise the 'Group'.

All inter-company balances and transactions have been eliminated upon
consolidation.


3.            Segmental Information

The primary segment reporting format is determined to be geographical segments
and they are based on the location of the Group's assets. The Group has only one
business segment, that of oil & gas exploration and development.

The following tables present profit information regarding the Group's
geographical segments for the three months ended 31 March 2008 and 2007. No
revenue was earned by the Group in either period.


Three months ended 31 March 2008            Indonesia &    UK & NW Europe            Spain             Total
                                                Vietnam            
                                                 US$000            US$000           US$000            US$000

Loss for the period                               (623)           (2,671)             (32)           (3,326)

Three months ended 31 March 2007            Indonesia &    UK & NW Europe            Spain             Total
                                                Vietnam
                                                 US$000            US$000           US$000            US$000

Loss for the period                               (287)           (1,255)             (53)           (1,595)


4.  Equity Share Capital
                                                      31 March       31 March          31 December          31 December
                                                          2008           2008                 2007                 2007
                                                        Number         US$000               Number               US$000
Authorised:
Ordinary shares of US$0.10                         200,000,000         20,000          200,000,000               20,000
Ordinary 'A' share of £50,000                                1             90                    1                   90
                                                   200,000,001         20,090          200,000,001               20,090

On incorporation, the authorised share capital of the Company was £50,000 and
US$20,000,000 divided into one 'A' share of £50,000 and 200,000,000 ordinary
shares of US$0.10 each, two of which were issued credited as fully paid to the
subscribers to the Company's memorandum of association.

The balance classified as total share capital includes the total net proceeds
(both nominal value and share premium) on issue of the Group and Company's
equity share capital, comprising US$0.10 ordinary shares and one 'A' share.


Allotted, issued and fully paid:                                               Share          Share               Total
                                                                             capital        premium       Share capital
Group                                                          Number         US$000         US$000              US$000

At 1 January 2007                                         150,537,956         15,144        142,139             157,283

Options exercised (1)                                       1,110,001            111          1,477               1,588

As at 31 December 2007                                    151,647,957         15,255        143,616             158,871

Shares issued (2)                                          24,770,354            248         48,333              48,581

As at 31 March 2008                                       176,418,311         15,503        191,949             207,452


(1) From 1 January 2007 until 31 December 2007, 1,110,001 employee share options
were converted to ordinary shares at prices ranging from Cdn$1.11 to Cdn$2.00.

(2) From 1 January 2008 until 31 March 2008, 19,826,954 ordinary shares were
issued at £1.02 and 4,943,400 at Cdn$2.10. The proceeds net of expenses are
credited to share capital and share premium.



5.  Share-Based Payments


Share Option Plans

Following a reorganisation (the 'Reorganisation') in 2005, the Company
established an option plan (the 'Serica 2005 Option Plan') to replace the Serica
Energy Corporation Share Option Plan (the 'Serica BVI Option Plan').

Serica Energy Corporation ('Serica BVI') was previously the holding company of
the Group but, following the Reorganisation, is now a wholly owned subsidiary of
the Company. Prior to the Reorganisation, Serica BVI issued options under the
Serica BVI Option Plan and, following the Reorganisation, the Company has agreed
to issue ordinary shares to holders of Serica BVI Options already awarded upon
exercise of such options in place of the shares in Serica BVI to which they
would be entitled. There are currently options outstanding under the Serica BVI
Option Plan entitling holders to acquire up to an aggregate of 2,722,499
ordinary shares of the Company. No further options will be granted under the
Serica BVI Option Plan.

The Company has granted 7,984,000 options under the Serica 2005 Option Plan,
7,729,000 of which are currently outstanding. The Serica 2005 Option Plan will
govern all future grants of options by the Company to Directors, officers, key
employees and certain consultants of the Group.

The Serica 2005 Option Plan is comprised of two parts, the basic share option
plan and a part which constitutes an Enterprise Management Incentive Plan ('EMI
Plan') under rules set out by the H.M. Revenue & Customs in the United Kingdom.
Options granted under the Serica 2005 Option Plan can be granted, at the
discretion of the Board, under one or other of the two parts but, apart from
certain tax benefits which can accrue to the Company and its UK employees if
options are granted under the part relating to the EMI Plan meeting the
conditions of that part of the Serica 2005 Option Plan, all other terms under
which options can be awarded under either part are substantially identical.

The Directors intend that the maximum number of ordinary shares which may be
utilised pursuant to the Serica 2005 Option Plan will not exceed 10 per cent. of
the issued ordinary shares of the Company from time to time, in line with the
recommendations of the Association of British Insurers.

In December 2005, 330,000 options were awarded to executive directors
exercisable only if certain performance targets are met. 110,000 of these were
cancelled during Q2 2007. In August 2007, 1,200,000 options were awarded to
non-executive directors exercisable only if certain performance targets are met.
In March 2008, 850,000 options were awarded to executive directors exercisable
only if certain performance targets are met. The Company calculates the value of
share-based compensation using a Black-Scholes option pricing model (or other
appropriate model for those Directors' options subject to certain performance
targets) to estimate the fair value of share options at the date of grant. The
estimated fair value of options is amortised to expense over the options'
vesting period. US$375,000 has been charged to the income statement in the
period ended 31 March 2008 and a similar amount credited to other reserves.

The assumptions made for the options granted during 2005, 2006, 2007 and 2008
include a weighted average risk-free interest rate of 6%, no dividend yield and
a weighted average expected life of options of three years. The volatility
factor of expected market price of 50% used for options granted during 2005 and
2006 was reduced to 40% for options granted in 2007 and 2008.

The following table illustrates the number and weighted average exercise prices
(WAEP) of, and movements in, share options during the period:

                                                                                               Number         WAEP Cdn$
Serica BVI Option Plan

Outstanding at 31 December 2006                                                             3,975,833              1.57

Exercised during the period                                                               (1,110,001)              1.63
Cancelled during the period                                                                 (143,333)              1.58

Outstanding at 31 December 2007 and 31 March 2008                                           2,722,499              1.57

         
Serica 2005 Option Plan                                                                                               £

Outstanding at 31 December 2006                                                             2,516,000              1.01

Granted during the period                                                                   2,661,000              1.01
Cancelled during the period                                                                 (110,000)            (0.97)

Outstanding at 31 December 2007                                                             5,067,000              1.00

Granted during the period                                                                   2,662,000              0.77

Outstanding at 31 March 2008                                                                7,729,000              0.92


6. Taxation

The major components of income tax in the consolidated income statement are:


Three months ended 31 March:                                                                    2008               2007
                                                                                              US$000             US$000

Current income tax credit                                                                        679                  -
Deferred income tax (charge)/credit                                                            (679)                  -

Total tax (charge)/credit                                                                          -                  -


In 2008, expected tax recoveries from Norwegian expenditure to date have been
recorded as a current income tax credit. These are offset by a deferred income
tax charge from the timing differences arising from capitalised exploration
expenditure.


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