UPDATE 1-Island Oil & Gas unit, Serica win 2 exploration permits

* Permits cover total area of 12,700 kms offshore Morocco

* Island Oil & Gas as operator has 50 pct interest

* Serica & ONHYM have 25 pct interest each (Adds details)

June 19 (Reuters) - A unit of Island Oil & Gas Plc (IOG.L) and Serica Energy Plc (SQZ.L) signed two petroleum exploration permits offshore Morocco with ONHYM, which represents the interests of the Kingdom of Morocco in the exploration and production of hydrocarbons and mining resources.

AIM-listed Serica, which has operations in the UK North Sea, Ireland, Spain, Indonesia and Vietnam, said the two petroleum pacts were for the contiguous areas of Sidi Moussa Offshore and Foum Draa Offshore.

The agreements are for up to eight years and together cover a total area of about 12,700 square kilometres in the sparsely explored Agadir Basin, about 100 kilometres south west of the Moroccan city of Agadir, Irish company Island Oil & Gas said in a separate statement.

The joint venture partners in the exploration permits are Island Oil & Gas's unit Island International Exploration Morocco, which as the operator has a 50 percent interest, while both Serica and ONHYM have 25 percent each.

Island Oil & Gas shares closed at 10.5 pence and Serica closed at 61 pence on Thursday on the London Stock Exchange. (Reporting by Shivani Singh in Bangalore; Editing by Himani Sarkar)